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Entrpren. Units 1-2

Test Review for Entrepreneurship Units 1 & 2

QuestionAnswer
What is a synonym for entrepreneur? Owner
What is true of entrepreneurial traits? Traits are personality characteristics
Scenario: An entrepreneur was denied a loan that they were planning to use to increase manufacturing. Instead of applying for a new loan, they raised the money from stakeholders in their community. Which trait did the entrepreneur MOST demonstrate? Persistent
Scenario: An entrepreneur was denied a loan that they were planning to use to increase manufacturing. Instead of applying for a new loan, they raised the money from stakeholders in their community. Which behavior did the entrepreneur MOST demonstrate? Living comfortably with failure
What is the relationship between successful entrepreneurs and risk? They assess risk and determine ways to reduce it
What are soft skills? Skills that support a workplace
Which hard skill is helpful for entrepreneurs in a variety of industries? Economics
What makes a skill transferable? It can be beneficial from one job to the next.
What hard skill most complements an entrepreneur in the field of accounting? Record keeping
Which term best describes ethics? Morals
A business sells food in a small town to families and travelers. Which term describes the people impacted by this business? Stakeholder
True or False: Entrepreneurs are required to obtain a college degree in Entrepreneurship. False
What is the BEST example of an entrepreneur acting ethically toward their suppliers? Requiring safe working conditions
Why are entrepreneurial ethics important? The actions of one entrepreneur can have many impacts.
True or False: Ethical codes are one way to create a system of ethics in a workplace. True
What describes the actual or potential purchasers of a product or service? consumers
What is a process that successful business ventures utilize to conceptualize new products? design-thinking method
What provides consumers with a summarized argument for purchasing a particular product or service? value proposition
What is the term commonly used to describe a subset of the population that is expected to purchase a specific product or service? target market
What tool do companies conducting market research use to gather data on consumers by asking relevant questions of a target market? survey
What term refers to the unique aspects of a product or service that often influence purchasing preferences? product features
What principle of the design-thinking method is best undertaken by a group as opposed to an individual? brainstorming
What is the difference between a target market and a sampling group? Sampling groups are meant to be representative of target markets.
A sample consumer profile includes Gender, Age, Race, and Address as characteristics. What can be said about this profile? It lacks psychographic data.
When asked what soda they’d like to purchase, a consumer said that they will purchase whichever is cheapest. What is the consumer revealing? a buyer purchasing preference
A company adjusts a product or service after the success of a competitor’s similar product or service. That adjustment was made in response to what? consumer demand
True or False: A person’s gender is an example of psychographic information. False
Estée Lauder provided free cosmetic gifts to those interested in buying her products. This was a solution to which of the following problems Estee Lauder faced as a young company? advertising budget
Utilizing the design-thinking method, which activity should occur first? defining a problem to be solved
True or False: Estée Lauder’s use of providing free samples and gifts to buyers and potential buyers was an example of a business owner setting a marketplace trend. True
Created by: user-1774101
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