DECA Entrepreneurship Practice Tests
questions n answers already passed
True or False: In general, opportunities can arise from someone else's missed chances or from new
developing innovations. - correct answer ✔✔True
Describe the relationship between innovation and entrepreneurship. - correct answer ✔✔Innovation
creates new avenues to solve consumer problems in entrepreneurship
Define entrepreneurship - correct answer ✔✔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 answer ✔✔Obtaining funding
from friends or family to start the business
How is entrepreneurship related to economic activity? - correct answer ✔✔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 answer
✔✔Uncertain
Economic activity, innovation, potential for profit, and risk-bearing characterize which of the following? -
correct answer ✔✔Entrepreneurship
The ABC Company specializes in promoting businesses on social media. What industry or business
segment is the ABC Company operating in? - correct answer ✔✔Marketing
What is a trend? - correct answer ✔✔A movement with a sustained momentum
, What is the gig economy? - correct answer ✔✔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 answer ✔✔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
answer ✔✔Conducting research
Leonard created and has begun to implement a plan to make store-bought water bottles reusable. What
word best describes Leonard? - correct answer ✔✔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 answer
✔✔Decision-making
Decision-making, planning, multi-tasking, and problem-solving are categorized as ____ skills and are
important for an entrepreneur to possess. - correct answer ✔✔Practical skills
Leadership, negotiation, communication, and listening are categorized as ____ skills and are important
for an entrepreneur to possess. - correct answer ✔✔People skills
A _________ is a formal analysis of a prospective business idea. - correct answer ✔✔Feasibility study
A feasibility study should be completed _______ the development of a business plan. - correct answer
✔✔Before
This type of research includes data previously collected by someone else. - correct answer ✔✔Secondary
questions n answers already passed
True or False: In general, opportunities can arise from someone else's missed chances or from new
developing innovations. - correct answer ✔✔True
Describe the relationship between innovation and entrepreneurship. - correct answer ✔✔Innovation
creates new avenues to solve consumer problems in entrepreneurship
Define entrepreneurship - correct answer ✔✔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 answer ✔✔Obtaining funding
from friends or family to start the business
How is entrepreneurship related to economic activity? - correct answer ✔✔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 answer
✔✔Uncertain
Economic activity, innovation, potential for profit, and risk-bearing characterize which of the following? -
correct answer ✔✔Entrepreneurship
The ABC Company specializes in promoting businesses on social media. What industry or business
segment is the ABC Company operating in? - correct answer ✔✔Marketing
What is a trend? - correct answer ✔✔A movement with a sustained momentum
, What is the gig economy? - correct answer ✔✔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 answer ✔✔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
answer ✔✔Conducting research
Leonard created and has begun to implement a plan to make store-bought water bottles reusable. What
word best describes Leonard? - correct answer ✔✔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 answer
✔✔Decision-making
Decision-making, planning, multi-tasking, and problem-solving are categorized as ____ skills and are
important for an entrepreneur to possess. - correct answer ✔✔Practical skills
Leadership, negotiation, communication, and listening are categorized as ____ skills and are important
for an entrepreneur to possess. - correct answer ✔✔People skills
A _________ is a formal analysis of a prospective business idea. - correct answer ✔✔Feasibility study
A feasibility study should be completed _______ the development of a business plan. - correct answer
✔✔Before
This type of research includes data previously collected by someone else. - correct answer ✔✔Secondary
