Introduction to Entrepreneurship: Economy and Enterprise

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What is a key aspect of people skills according to the text?

Effective communication
Ability to outperform others
Sacrificing integrity for success
Genuinely liking and respecting others (correct)

What is the ability to convince others to make a conscious decision?

Risk taking
Well-organized
Sales ability (correct)
Persistence

What is characterized by being hardworking according to the text?

Strong work ethics (correct)
Competitiveness
Strong leadership qualities
Sales ability

What is the ability to take calculated risks where you perceive the chances for winning to be good?

Risk taking (A) Signup and view all the answers

Why is it important to have strong leadership qualities according to the text?

To win people over (C) Signup and view all the answers

What is the ability to plan and take different actions to overcome an obstacle?

Persistence (A) Signup and view all the answers

What is the primary way to measure the economy of a country?

Gross Domestic Product (GDP) (C) Signup and view all the answers

What is the primary goal of an enterprise?

To make a profit (D) Signup and view all the answers

What is entrepreneurship?

The practice of starting new organizations (C) Signup and view all the answers

What is the definition of a small business?

A business independently owned and operated by the owner (D) Signup and view all the answers

What is an example of a service?

Barber shop (A) Signup and view all the answers

What is a key characteristic of a successful entrepreneur?

Self-discipline (A) Signup and view all the answers

What is the primary function of planning in management?

Setting objectives and determining courses of action (A) Signup and view all the answers

What is the term for the process of gathering information about the society or events and their relationships within an organization's internal and external environments?

Environmental scanning (A) Signup and view all the answers

What is the purpose of setting objectives in an organization?

To serve as the basis for efforts and services (D) Signup and view all the answers

What is the term for the diagram showing the organizational relationships of the positions?

Organizational chart (D) Signup and view all the answers

What is the right that a manager has to require a subordinate to accomplish something?

Authority (D) Signup and view all the answers

What is the duty that one has to fulfill in connection with the performance of their job?

Responsibility (A) Signup and view all the answers

What is the definition of accountability in an organizational context?

Being answerable to higher authorities (A) Signup and view all the answers

Which type of organizational structure involves a worker having multiple immediate superiors?

Functional Type (B) Signup and view all the answers

What is the primary goal of motivation in an organizational context?

To encourage subordinates to act in a desired manner (D) Signup and view all the answers

What is the process of examining present personnel to identify their skills, strengths, weaknesses, and potentials?

Examine Present Personnel (B) Signup and view all the answers

What is the definition of communication in an organizational context?

The exchange of ideas and thoughts within two or more individuals (C) Signup and view all the answers

What is the primary role of leadership skills in an organizational context?

To persuade subordinates to follow (D) Signup and view all the answers

What direction does upward communication flow in an organization?

From lower to higher levels (A) Signup and view all the answers

What is the purpose of establishing standards in the controlling process?

To measure and compare performance (A) Signup and view all the answers

What type of standard refers to the speed with which a job should be done?

Time Standard (D) Signup and view all the answers

What is one of the benefits of legalizing a business?

Building trust and credibility (D) Signup and view all the answers

What is the simplest and most common form of business ownership?

Sole Proprietorship (B) Signup and view all the answers

What does ownership of a business refer to?

An exclusive right of a person to a business (C) Signup and view all the answers