Entrepreneurship Test 1

Question 1

Entrepreneur

Answer 1

Someone who takes the risk to start a business to earn a profit

Question 2

Venture capital

Answer 2

Money provided by large investors to finance new products/businesses that they believe will be successful

Question 3

Innovation

Answer 3

Invention/ creation/ idea that is brand new

Question 4

Improvement

Answer 4

Design change that increases the usefulness of a product or service or process

Question 5

Small business

Answer 5

Fewer than 500 employees

Question 6

Business plan

Answer 6

Written description of business idea, how it will be carried out, including all major business activities

Question 7

Start up financing

Answer 7

Money needed to open a business

Question 8

Short term financing

Answer 8

Money needed to pay for the day to day operating activities of a business

Question 9

Long term financing

Answer 9

Money needed for the main resources of a business

Question 10

Freelancing

Answer 10

Being your own boss and you are the only boss

Question 11

Franchising

Answer 11

A continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration. Franchising is a form of business by which the owner (franchisor) of a product, service or method obtains distribution through affiliated dealers (fran

Question 12

Crowdfunding

Answer 12

Getting people to donate towards the cause of starting a business

Question 13

Microloan

Answer 13

Small-short term loan

Question 14

Entrepreneurship

Answer 14

Process of starting, organizing, managing, and assuming responsibility for a business