DECA Entrepreneurship Practice Test
Questions And Answers | Latest Update
True or False: In general, opportunities can arise from someone else's missed chances
or from new developing innovations. CORRECT ANSWERS True
Describe the relationship between innovation and entrepreneurship. CORRECT
ANSWERS Innovation creates new avenues to solve consumer problems in
entrepreneurship
Define entrepreneurship CORRECT ANSWERS The willingness to assume risks in
business for the rewards which may be found within the opportunities.
What is an activity entrepreneurs do that comes with a risk? CORRECT ANSWERS
Obtaining funding from friends or family to start the business
How is entrepreneurship related to economic activity? CORRECT ANSWERS involves
the operation of an enterprise with the goal of creating value or wealth by ensuring
optimal use of scarce resources, creations of jobs, and may involve the direct sales of
goods.
Entrepreneurship is continuously in the midst of a(n) _____ business environment.
CORRECT ANSWERS Uncertain
Economic activity, innovation, potential for profit, and risk-bearing characterize which of
the following? CORRECT ANSWERS Entrepreneurship
The ABC Company specializes in promoting businesses on social media. What industry
or business segment is the ABC Company operating in? CORRECT ANSWERS
Marketing
What is a trend? CORRECT ANSWERS A movement with a sustained momentum
What is the gig economy? CORRECT ANSWERS Workers who comprise the sharing
economy or who are freelancers.
Penny is an entrepreneur who has just started a local restaurant. Since her restaurant
just opened, she's often assuming many roles to ensure success. She's been a cook,
waiter, dishwasher, and back office manager just in her first week of business. What
skill is Penny utilizing? CORRECT ANSWERS Multi-tasking
The owner of ABC Company recently conducted a survey on current market trends.
They found 67% of their target market would prefer to buy products online. What role is
the owner practicing? CORRECT ANSWERS Conducting research
, Leonard created and has begun to implement a plan to make store-bought water bottles
reusable. What word best describes Leonard? CORRECT ANSWERS Innovator
Bernie is exploring the possibility of opening a new location of his company in an urban
area. He is weighing his options based on the information he has. What skill is Bernie
practicing? CORRECT ANSWERS Decision-making
Decision-making, planning, multi-tasking, and problem-solving are categorized as ____
skills and are important for an entrepreneur to possess. CORRECT ANSWERS
Practical skills
Leadership, negotiation, communication, and listening are categorized as ____ skills
and are important for an entrepreneur to possess. CORRECT ANSWERS People skills
A _________ is a formal analysis of a prospective business idea. CORRECT
ANSWERS Feasibility study
A feasibility study should be completed _______ the development of a business plan.
CORRECT ANSWERS Before
This type of research includes data previously collected by someone else. CORRECT
ANSWERS Secondary
Name 3 forms of primary research for a feasibility study. CORRECT ANSWERS
Interviews, surveys, focus groups
A ___________ consists of a set of customers or consumers with distinct characteristics
such as similar demographics or psychographics. CORRECT ANSWERS Market
segment
What is a minimally viable product? CORRECT ANSWERS An offering that is good
enough to satisfy early customers.
An opportunity to do business internationally comes from __________, which occurs
when a company seeks to obtain goods or a services from an outside or foreign
supplier. CORRECT ANSWERS Outsourcing
A food company wants to sell its ice cream treats globally with the name's of
professional baseball teams. What opportunity does the company need to engage in?
CORRECT ANSWERS Licensing
The franchisee is responsible for all business _____ but agrees to operate according to
a business ____ established by the franchiser. Select the correct answer to fill in the
blanks in the order they fall within the sentence. CORRECT ANSWERS Operations,
model
Questions And Answers | Latest Update
True or False: In general, opportunities can arise from someone else's missed chances
or from new developing innovations. CORRECT ANSWERS True
Describe the relationship between innovation and entrepreneurship. CORRECT
ANSWERS Innovation creates new avenues to solve consumer problems in
entrepreneurship
Define entrepreneurship CORRECT ANSWERS The willingness to assume risks in
business for the rewards which may be found within the opportunities.
What is an activity entrepreneurs do that comes with a risk? CORRECT ANSWERS
Obtaining funding from friends or family to start the business
How is entrepreneurship related to economic activity? CORRECT ANSWERS involves
the operation of an enterprise with the goal of creating value or wealth by ensuring
optimal use of scarce resources, creations of jobs, and may involve the direct sales of
goods.
Entrepreneurship is continuously in the midst of a(n) _____ business environment.
CORRECT ANSWERS Uncertain
Economic activity, innovation, potential for profit, and risk-bearing characterize which of
the following? CORRECT ANSWERS Entrepreneurship
The ABC Company specializes in promoting businesses on social media. What industry
or business segment is the ABC Company operating in? CORRECT ANSWERS
Marketing
What is a trend? CORRECT ANSWERS A movement with a sustained momentum
What is the gig economy? CORRECT ANSWERS Workers who comprise the sharing
economy or who are freelancers.
Penny is an entrepreneur who has just started a local restaurant. Since her restaurant
just opened, she's often assuming many roles to ensure success. She's been a cook,
waiter, dishwasher, and back office manager just in her first week of business. What
skill is Penny utilizing? CORRECT ANSWERS Multi-tasking
The owner of ABC Company recently conducted a survey on current market trends.
They found 67% of their target market would prefer to buy products online. What role is
the owner practicing? CORRECT ANSWERS Conducting research
, Leonard created and has begun to implement a plan to make store-bought water bottles
reusable. What word best describes Leonard? CORRECT ANSWERS Innovator
Bernie is exploring the possibility of opening a new location of his company in an urban
area. He is weighing his options based on the information he has. What skill is Bernie
practicing? CORRECT ANSWERS Decision-making
Decision-making, planning, multi-tasking, and problem-solving are categorized as ____
skills and are important for an entrepreneur to possess. CORRECT ANSWERS
Practical skills
Leadership, negotiation, communication, and listening are categorized as ____ skills
and are important for an entrepreneur to possess. CORRECT ANSWERS People skills
A _________ is a formal analysis of a prospective business idea. CORRECT
ANSWERS Feasibility study
A feasibility study should be completed _______ the development of a business plan.
CORRECT ANSWERS Before
This type of research includes data previously collected by someone else. CORRECT
ANSWERS Secondary
Name 3 forms of primary research for a feasibility study. CORRECT ANSWERS
Interviews, surveys, focus groups
A ___________ consists of a set of customers or consumers with distinct characteristics
such as similar demographics or psychographics. CORRECT ANSWERS Market
segment
What is a minimally viable product? CORRECT ANSWERS An offering that is good
enough to satisfy early customers.
An opportunity to do business internationally comes from __________, which occurs
when a company seeks to obtain goods or a services from an outside or foreign
supplier. CORRECT ANSWERS Outsourcing
A food company wants to sell its ice cream treats globally with the name's of
professional baseball teams. What opportunity does the company need to engage in?
CORRECT ANSWERS Licensing
The franchisee is responsible for all business _____ but agrees to operate according to
a business ____ established by the franchiser. Select the correct answer to fill in the
blanks in the order they fall within the sentence. CORRECT ANSWERS Operations,
model
