Question

1. entrepreneurs must manage risk because:

a) it can never be predicted
b) it impacts business survival
c) it eliminates success
d) it is always negative

1. professionalism includes:

a) gossip
b) respect and reliability
c) laziness
d) avoiding responsibility

1. an entrepreneur is someone who:

a) takes risks to create solutions
b) avoids innovation
c) copies competitors
d) never plans
section b — fill in the blank (20 questions)
use the word bank to complete each sentence.
word bank
revenue, profit, target audience, demographics, psychographics, smart, integrity, break - even, primary research, secondary research, swot, opportunity, threat, fixed cost, variable cost, inventory, value proposition, competitive advantage, trend, cost

1. ______ is money earned from sales.
2. ______ is money left after subtracting expenses.
3. a business chooses a specific ______ to market to.
4. age and income are examples of ______
5. motivations and lifestyles describe ______
6. a ______ goal has five components.
7. ______ means doing the right thing even when no one is watching
8. ______ means no profit and no loss.

Explanation:

Question 68

• Option A: Risk can be predicted (e.g., through analysis), so A is wrong.
• Option B: Risk impacts if a business survives (e.g., financial risks can close a business), so B is correct.
• Option C: Risk doesn't eliminate success; it's part of entrepreneurship, so C is wrong.
• Option D: Risk can be positive (opportunity risk), so D is wrong.

• Option A: Gossip is unprofessional, so A is wrong.
• Option B: Respect and reliability are key to professionalism, so B is correct.
• Option C: Laziness is unprofessional, so C is wrong.
• Option D: Avoiding responsibility is unprofessional, so D is wrong.

• Option A: Entrepreneurs take risks to solve problems/create value, so A is correct.
• Option B: Entrepreneurs innovate, so B is wrong.
• Option C: Entrepreneurs create unique offerings, not copy, so C is wrong.
• Option D: Entrepreneurs plan (business plans), so D is wrong.

Answer:

B. It impacts business survival

Question 69