Unit 2 Test

Question 1

what is an Entrepreneur

Answer 1

someone who organizes, manages, and takes on the risk of starting and operating a new enterprise

Question 2

what is an invention

Answer 2

creating an entirely new product

Question 3

what is an innovation

Answer 3

taking an existing product aand making changes based on the needs of consumers to improve it

Question 4

what is a patent

Answer 4

gives you the legal right to exclusively make and sell a product (no on can copy your idea)

Question 5

what is a trend

Answer 5

patterns that occur in the marketplace

Question 6

what is a manager

Answer 6

a person responsible for controlling or administering all or part of a company orr similar organization

Question 7

what are the pros of being an entrepreneur

Answer 7

- Complete control 
can oversee any decisions made 
- can bring an idea to reality 
- flexible schedule 
- educational 
- you decide your salary 
- there’s more freedom

Question 8

what are the cons of being an entreprenur

Answer 8

riskier for you 
takes a lot of personal funds 
- takes a lot of 
- perseverance 
- tedious  
- work-life balance is - difficult to manage 
- a lot of responsibility 
- a lot of stress

Question 9

what are some skills and characteristics of an entrepreneur

Answer 9

self-discipline,
motivated,
determined,
hardworking,
risk-takers,
creative,
ambitious,
leadership,
organized,
passionate,
flexible,
responsible

Question 10

what are the four steps in the entrepreneurial process

Answer 10

1. idea generation
2. evaluate solutions to develop oppertunities
3. choose the solution
4. anticipate future challenges

Question 11

what are some examples of an invention

Answer 11

vaccinations, the internet, lightbulbs

Question 12

what are some examples of an innovation

Answer 12

mobile phone, music players

Question 13

what are some canadian inventions

Answer 13

heart pacemaker, snowblower, ovens, walkie talkie, goalie mask, snowmobile

Question 14

what are the four functions of a manager

Answer 14

leading, controlling, planning, organizing

Question 15

what are the three leadership styles

Answer 15

autocratic, democratic, laissez-faire

Question 16

what is human resources management

Answer 16

they are responsible for managing people, specifically attracting, developing, and keeping good, satisfied employees

Question 17

what are the six functions of HR

Answer 17

recruitment, selection, training, employee assessment, compensation, employee relations

Question 18

what is employee turnover

Answer 18

when employees quit and we need to hire new ones

Question 19

what is unlimited liability

Answer 19

the owners financial responsibility for the business is unlimited

Question 20

what is limited liability

Answer 20

the owners financial responsibility is limited to the amount you invested in the business

Question 21

what are the three types of business ownership

Answer 21

sole proprietorship, partnership, corporation

Question 22

what are the pros of a sole propriertorship

Answer 22

complete control

• sole decision-maker
• you are your own boss
• keep all the profits
• do what you want
• privacy

Question 23

what are the cons of a sole-proprietorship

Answer 23

• you take all the risk
• you need to take out a loan in your name
• no one to manage you and keep you in check
• you don’t have a second opinion
• more work is required
• you are responsible for all your decisions

Question 24

what are the pros of a partnership

Answer 24

• more ideas
• share responsibility
• share the start-up costs and financial costs
• share work/time

Question 25

what are the cons of a partnership

Answer 25

- conflict/disagreement between partners - share the profit - relying on other partners that may make decisions that you disagree with - lose control/say - not your ideas

Question 26

what is leading

Answer 26

a function of a manager that motivates employees as well as monitoring the employees and their work

Question 27

what is organizing

Answer 27

a function of a manager that uses physical, human and financial resources to achieve an objective. assign tasks, delegate authority

Question 28

what is planning

Answer 28

the function of a manager that decides where the company is going and how to take them there

Question 29

what is controlling

Answer 29

the function of a manager that determines company goals and identifies what is holding them back from achieving them

Question 30

what is autocratic leadership

Answer 30

when the leader makes decisions without the input of their employees

Question 31

what is democratic leadership

Answer 31

when the leader makes the final decision based on input and advice from others

Question 32

what is Laissez-faire Leadership

Answer 32

when the leader lets the employees make decisions on their own. The leader just acts as a guide

Question 33

what is recruitment

Answer 33

a function of hr that is responsible for attracting people to come and work for the business

Question 34

what is selection

Answer 34

the function of hr of hiring (choosing) the right people to come work for the company.

Question 35

what is training and development

Answer 35

the function of hr that trains employees on specific skills that are needed in the job. It is also responsible for helping employees develop leadership, communication, and teamwork skills.

Question 36

what is employee assessment

Answer 36

the funtion of hr that is responsible for creating formal evaluations of employees to see what they are doing wrong and right so that they can help them to improve

Question 37

what is employee compensation

Answer 37

the function of hr that is responsible for rewarding employees by determining employee salaries, wages and any bonuses, employee benefits (dental care, gym membership, eye care etc.)

Question 38

what is employee relations

Answer 38

is responsible for keeping employees happy and satisfied, it would include Social events, Health and safety in the workplace. It makes sure that the company has a good relationship with its employees.

Question 39

what is sole propriertorship

Answer 39

a business owned by one person

Question 40

what is a partnership

Answer 40

a business owned by two or more people

Question 41

what is a corporation

Answer 41

a type of business ownership in which the business is seen as a separate legal entity from the owners