Business Innovation and Technology Quiz

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Why is entrepreneurship considered an art and not a science?

Because it is constantly changing and innovative (correct)

Because it remains static and stagnant

Because it is limited by strict guidelines

Because it requires following absolute rules

How does entrepreneurship relate to creativity according to the text?

Creativity leads to stagnation in entrepreneurship

Creativity limits entrepreneurship

Creativity contributes to enhancing the enterprise in entrepreneurship (correct)

Creativity is unrelated to entrepreneurship

What does the term 'wealth' represent in the context of entrepreneurship?

Wealth is measured by the operating performance of a business in entrepreneurship

Wealth is solely defined by economists in entrepreneurship

Wealth is equivalent to profit in entrepreneurship

Wealth creation is the focus rather than profit generation in entrepreneurship (correct)

Why is profit considered different from wealth in the realm of entrepreneurship?

Profit measures the business's performance while wealth denotes abundance Signup and view all the answers

Which term is used in entrepreneurship to represent the excess income or revenue from costs and expenses?

Profit Signup and view all the answers

What makes entrepreneurship a constantly evolving field according to the text?

Consistent creativity and innovation Signup and view all the answers

What is the term used to describe the critical evaluation and thorough study of the environment where a business operates?

Environmental scanning Signup and view all the answers

Which of the following is NOT included in the economic forces or factors affecting businesses?

Health and safety of workers Signup and view all the answers

What do legal forces include legislation on related to, among other things?

Product control and labeling Signup and view all the answers

Which of the following is considered a technological force affecting businesses?

Social media trends Signup and view all the answers

What is the main focus of environmental scanning in business?

Understanding the business environment Signup and view all the answers

Which of the following is NOT a technological force impacting businesses?

Consumer confidence Signup and view all the answers

Which of the following is NOT included in the societal environment as per Wheelen and Hunger?

Technological forces Signup and view all the answers

What are some examples of social forces mentioned in the text?

Values and traditions Signup and view all the answers

What is the main focus of entrepreneurship?

Providing value to customers Signup and view all the answers

In the societal environment, what do cultural forces mainly refer to?

Religion and beliefs Signup and view all the answers

How is risk viewed in entrepreneurship?

Risk is inherent in an entrepreneurial venture Signup and view all the answers

Which of the following is primarily influenced by changes in the Philippine economy?

Entrepreneurial venture Signup and view all the answers

What does entrepreneurship aim to provide to consumers?

Valuable goods and services Signup and view all the answers

Which of the following is NOT a part of cultural forces based on the text?

Literacy Signup and view all the answers

Where should the value of goods and services be defined according to the text?

From the buyer's perspective Signup and view all the answers

What aspects do economic forces primarily result from according to Wheelen and Hunger (2010)?

Movements in the Philippine economy Signup and view all the answers

What does entrepreneurship originate from according to the text?

French word for 'undertake' Signup and view all the answers

How does the text define an entrepreneur?

A person who organizes, operates, and assumes the risk of business ventures Signup and view all the answers

What is a key aspect an entrepreneur should think about to make an existing product more appealing?

Offering special services to enhance customer satisfaction Signup and view all the answers

How can an entrepreneur leverage technology to improve the production of goods or services?

By implementing efficient production methods using technology Signup and view all the answers

Why is it important for an entrepreneur to have access to suppliers in the local area?

To have connections with local producers for resources Signup and view all the answers

What is one way an entrepreneur can identify problems and find solutions?

By observing and understanding what the community needs Signup and view all the answers

Why is taking advantage of previous work experience beneficial for an entrepreneur?

It helps in building new connections and referrals Signup and view all the answers

What role does an entrepreneur play in the economy according to the summary provided?

A contributor to economic growth, acting as an agent of change and employer Signup and view all the answers