Entrepreneurship Final Exam / Actual Test Questions with Detailed Verified Answers / Already Graded A / 2025.What do small businesses and entrepreneurs contribute to the economy?
Select all that apply. - Answer: jobs
innovation competition
What negatively affects small businesses? - Answer: regulations
Match each term with the correct definition. - Answer: *discipline* - the ability to stick to rules of own free will *competitiveness* - the property of having a strong desire for success and achievement *perseverance* - steadfastness and commitment in achieving a goal *vision* - an image of what the future could look like or hold *adaptability* - the ability to adjust to different ways or conditions *confidence* - the property of having a strong desire for success and achievement *risk-taking* - doing something that might result in loss in order to achieve business goals 1 / 2
What are reasons for author J. K. Rowling's entrepreneurial success?
Select all that apply. - Answer: She persevered through publisher rejections.
She rebuilt her life from nothing.Historically, the United States and states such as California have been leaders in entrepreneurship and innovation because their entrepreneurs are comfortable with risk-taking.
Is the previous statement true or false? - Answer: true
Tyler decides to follow his dream of opening a vinyl record store. Even though he is a natural risk-taker, he still wants to avoid unnecessary risk. What strategies can he take to reduce risk?
Select all that apply. - Answer: prepare a risk management plan
develop a business exit strategy How did LUSH Cosmetics set itself apart from the competition?
Select all that apply. - Answer: by sharing a different viewpoint on beauty
by creating fresh, handmade products by participating in ethical buying practices Which is an example of a small business showing social responsibility to individuals within the
company? - Answer: allowing employees to work from home
Match each step of the creative process with the correct description of what takes place during that step. - Answer: *preparation* - researching, goal setting, and brainstorming *implementation* - turning ideas into a final product or service
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