AnswersPersonal Financial and Money Management 21023710 BCPS 2026-27Labor

Entrepreneurship Answers

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An entrepreneur would most likely be a

A
low risk taker.
B
spontaneous person with an unclear vision.
C
person who works well alone.
D
person who has a brief work week.
2
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What led to Henry Ford’s success as an entrepreneur?

A
His personal wealth.
B
His innovative production methods.
C
His commitment to improving labor laws.
D
His desire to pay high wages.
3

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
a willingness to admit failure
C
an ability to learn from mistakes
D
an assumption of responsibility
4

To be successful, an entrepreneur must be willing to invest money, considerable effort, and.

Answer not available
5

What is one purpose of writing a business plan before entering the market?

A
to prove that the new company will be successful
B
to show that the enterprise is realistically based
C
to have a useful tool when applying for funding
D
to differentiate the new company from the competition
6

An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

A
part of the management team.
B
responsible for organizing the business.
C
expected to contribute positively to society.
D
expected to dedicate the most hours to the business.
7

What is one way for an entrepreneur to decrease risk?

A
by mimicking popular products
B
by maintaining personal flexibility
C
by creating a strong business strategy
D
by developing reliable sources for materials
8

How are Bill Gates and Henry Ford similar? Check all that apply.They both streamlined factory production.They both became wealthy and successful.They both helped better the lifestyles of others.They both developed products that filled a human need or needs.They both founded a company when they were very young.

A
They both streamlined factory production.
B
They both became wealthy and successful.
C
They both helped better the lifestyles of others.
D
They both developed products that filled a human need or needs.
E
They both founded a company when they were very young.
9

An entrepreneur is someone who

A
starts and runs a business.
B
is an employee of a business.
C
invents products for other businesses.
D
works for multiple developing businesses.
10

What was the main effect of entrepreneurship in China?

A
Poverty noticeably declined.
B
Foreign investment declined.
C
New products were invented.
D
Product exports exceeded imports.

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