30 Questions
What is a key aspect of people skills according to the text?
Genuinely liking and respecting others
What is the ability to convince others to make a conscious decision?
Sales ability
What is characterized by being hardworking according to the text?
Strong work ethics
What is the ability to take calculated risks where you perceive the chances for winning to be good?
Risk taking
Why is it important to have strong leadership qualities according to the text?
To win people over
What is the ability to plan and take different actions to overcome an obstacle?
Persistence
What is the primary way to measure the economy of a country?
Gross Domestic Product (GDP)
What is the primary goal of an enterprise?
To make a profit
What is entrepreneurship?
The practice of starting new organizations
What is the definition of a small business?
A business independently owned and operated by the owner
What is an example of a service?
Barber shop
What is a key characteristic of a successful entrepreneur?
Self-discipline
What is the primary function of planning in management?
Setting objectives and determining courses of action
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
What is the purpose of setting objectives in an organization?
To serve as the basis for efforts and services
What is the term for the diagram showing the organizational relationships of the positions?
Organizational chart
What is the right that a manager has to require a subordinate to accomplish something?
Authority
What is the duty that one has to fulfill in connection with the performance of their job?
Responsibility
What is the definition of accountability in an organizational context?
Being answerable to higher authorities
Which type of organizational structure involves a worker having multiple immediate superiors?
Functional Type
What is the primary goal of motivation in an organizational context?
To encourage subordinates to act in a desired manner
What is the process of examining present personnel to identify their skills, strengths, weaknesses, and potentials?
Examine Present Personnel
What is the definition of communication in an organizational context?
The exchange of ideas and thoughts within two or more individuals
What is the primary role of leadership skills in an organizational context?
To persuade subordinates to follow
What direction does upward communication flow in an organization?
From lower to higher levels
What is the purpose of establishing standards in the controlling process?
To measure and compare performance
What type of standard refers to the speed with which a job should be done?
Time Standard
What is one of the benefits of legalizing a business?
Building trust and credibility
What is the simplest and most common form of business ownership?
Sole Proprietorship
What does ownership of a business refer to?
An exclusive right of a person to a business
Test your knowledge of the basics of entrepreneurship, including the economy, employment, and enterprise. Learn about the key concepts and terminology in this field. This quiz is perfect for students and entrepreneurs who want to understand the fundamentals of entrepreneurship.
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