BUSINESS 101 MID TERM ACTUAL EXAM
QUESTIONS WITH VERIFIED SOLUTIONS
Entrepreneurs are skilled at channeling disruption into ______.
Opportunity
Being entrepreneurial means combining the ability to create or notice opportunities and
the ______.
Courage to act on them
Entities that produce or sell goods and services for profit are known as ______.
Business
The price a product or service sells for is known as ______.
Revenue
The amount of money gained after selling goods and services is known as ______.
Profit
The way a business describes their rationale for creating, delivering, and capturing value is
known as a(n) ______.
Business Model
The business component known as people refers to ______.
All employees that work a business
The three aspects of the gig economy are the ______.
Workers,companies,and consumers
The price a product or service sells for is known as profit.
True
Which of these is exempt from paying taxes?
Non profit organization
The gig economy benefits consumers who need ______.
A specific service
Some believe that the gig economy has led to ______.
Increased job satisfaction
, Today's world needs people who can think and act like an entrepreneur.
True
It is important for those who are not accountants to understand their business's financial
statements.
True
The nature of work is undergoing a major revolution.
True
The ability to quickly sense, take action, and get organized under certain circumstances is
known as a(n) ______ mindset.
Entrepreneurial
Which of these leads to habit formation?
Practice
Which part of VUCA refers to the extent to which the future is unknown?
Uncertainty
Businesses earn profit by ______.
Selling something at a price that is higher than what it cost to produce
Why is it difficult for businesses to keep up with the pace of today's business world?
Technology has quickened the pace
Instead of competing with machines, entrepreneurs should focus upon ______.
Creativity and compassion
Taking an entrepreneurial approach to business involves ______.
Having the right mindset
After serial entrepreneurs start a business, they often ______.
Grow tired of managing it
The idea of the "lemonade principle" within the theory of effectuation refers to the idea
that entrepreneurs ______.
Realize that mistakes and surprises are inevitable
What is the best way to build expertise?
Engage in deliberate practice
QUESTIONS WITH VERIFIED SOLUTIONS
Entrepreneurs are skilled at channeling disruption into ______.
Opportunity
Being entrepreneurial means combining the ability to create or notice opportunities and
the ______.
Courage to act on them
Entities that produce or sell goods and services for profit are known as ______.
Business
The price a product or service sells for is known as ______.
Revenue
The amount of money gained after selling goods and services is known as ______.
Profit
The way a business describes their rationale for creating, delivering, and capturing value is
known as a(n) ______.
Business Model
The business component known as people refers to ______.
All employees that work a business
The three aspects of the gig economy are the ______.
Workers,companies,and consumers
The price a product or service sells for is known as profit.
True
Which of these is exempt from paying taxes?
Non profit organization
The gig economy benefits consumers who need ______.
A specific service
Some believe that the gig economy has led to ______.
Increased job satisfaction
, Today's world needs people who can think and act like an entrepreneur.
True
It is important for those who are not accountants to understand their business's financial
statements.
True
The nature of work is undergoing a major revolution.
True
The ability to quickly sense, take action, and get organized under certain circumstances is
known as a(n) ______ mindset.
Entrepreneurial
Which of these leads to habit formation?
Practice
Which part of VUCA refers to the extent to which the future is unknown?
Uncertainty
Businesses earn profit by ______.
Selling something at a price that is higher than what it cost to produce
Why is it difficult for businesses to keep up with the pace of today's business world?
Technology has quickened the pace
Instead of competing with machines, entrepreneurs should focus upon ______.
Creativity and compassion
Taking an entrepreneurial approach to business involves ______.
Having the right mindset
After serial entrepreneurs start a business, they often ______.
Grow tired of managing it
The idea of the "lemonade principle" within the theory of effectuation refers to the idea
that entrepreneurs ______.
Realize that mistakes and surprises are inevitable
What is the best way to build expertise?
Engage in deliberate practice
