Chad Collins
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ENT 1 Objective 2.01 Quiz

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Chad Collins
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ENT 1 Objective 2.01 Quiz

Question 1 of 7

1

The entrepreneurial discovery process requires knowledge and the recognition of which situation?

Select one of the following:

  • Economic crisis

  • Preventable accident

  • Market need

  • Creative observation

Explanation

Question 2 of 7

1

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner will most likely accomplish which goal?

Select one of the following:

  • Satisfy an unmet demand

  • Form a technological monopoly

  • Improve economic sanctions

  • Change legal requirements

Explanation

Question 3 of 7

1

After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from which situation?

Select one of the following:

  • Advancements in technology

  • Changes in travel habits

  • Differences in priority

  • Shifts in popularity ethnicity

Explanation

Question 4 of 7

1

Which statement is true about entrepreneurial discovery?

Select one of the following:

  • It ensures that start-up businesses have continuous funding.

  • It is an ongoing process that facilitates the success rate of a business.

  • It provides entrepreneurs with professional development training.

  • It is a way to determine the long-term profit that a start-up company can generate.

Explanation

Question 5 of 7

1

For a prospective entrepreneur, what is necessary to determine the existence of goods and services?

Select one of the following:

  • Demographic changes

  • Product standards

  • Entrepreneurial discovery

  • Raw materials

Explanation

Question 6 of 7

1

Identifying new product opportunities usually requires a person to possess which characteristic?

Select one of the following:

  • Decisiveness

  • Emotional

  • Awareness

  • Indifference

Explanation

Question 7 of 7

1

Which is an example of a demographic trend that has encouraged entrepreneurial discovery?

Select one of the following:

  • Interest rate fluctuations

  • Increased cultural diversity

  • Industry deregulation

  • Technological advancements

Explanation

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