Back to Library

Introduction to Entrepreneurship

Business Studies

Fundamental concepts of business, goods, services, and the role of an entrepreneur for young students.

business economics entrepreneurship
20 Questions Easy Ages 5+ Apr 18, 2026
Practice Test PDF Answer Key PDF

Choose a Study Format

Quiz
Test your knowledge with multiple-choice questions and instant feedback.
Flashcards
Flip through cards to review terms, definitions and key concepts.
True or False
Quickly decide if statements are true or false to reinforce understanding.
Match Game
Race against time to match questions with their correct answers.
Study Guide
Read through all topics and answers as a comprehensive study reference.
Listen Mode
Listen to questions and answers read aloud — great for audio learners on the go.
Embed This Study Set

Add this interactive study set to your website or blog — all 6 formats included.

<div data-quixly-id="1912"></div> <script src="https://www.quixlylearn.com/assets/embed/widget.js"></script>
Learn more about embedding →

About this Study Set

This study set covers Business Studies through 20 practice questions. Fundamental concepts of business, goods, services, and the role of an entrepreneur for young students. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

Questions & Answers

Browse all 20 questions from the Introduction to Entrepreneurship study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 What is the term for a person who starts a new business and takes on financial risks?
  • A Teacher
  • B Entrepreneur
  • C Employee
  • D Customer
2 Which of these is an example of a 'good' that a business might sell?
  • A A haircut
  • B A bicycle
  • C Cleaning a room
  • D Tutoring
3 What is the term for work done for others, such as fixing a computer or mowing a lawn?
  • A A service
  • B A good
  • C A material
  • D A resource
4 What is the money left over after a business pays all of its costs called?
  • A Debt
  • B Tax
  • C Profit
  • D Loss
5 What is the term for a person who buys goods or services from a business?
  • A Supplier
  • B Investor
  • C Consumer
  • D Manufacturer
6 Which document describes how a business will operate and reach its goals?
  • A Menu
  • B Business plan
  • C Recipe
  • D Map
7 What is the name for the amount of money a business charges for a product?
  • A Cost
  • B Interest
  • C Price
  • D Salary
8 What does a business need to use to create a product, such as wood or plastic?
  • A Raw materials
  • B Profit
  • C Marketing
  • D Tax
9 Which of these is a common reason for a business to advertise?
  • A To pay taxes
  • B To hire friends
  • C To tell people about their products
  • D To close the business
10 What is 'innovation' in the context of entrepreneurship?
  • A Closing a shop
  • B Creating something new or improved
  • C Calculating taxes
  • D Buying old products
11 What is the term for the people who work for a business and receive a wage?
  • A Owners
  • B Investors
  • C Employees
  • D Competitors
12 What is a 'need' as opposed to a 'want' in economics?
  • A A new toy
  • B A computer game
  • C Basic food and water
  • D A fancy hat
13 What is the name of a business owned by only one person?
  • A Sole trader
  • B Partnership
  • C Corporation
  • D Non-profit
14 What is the purpose of a brand name or logo?
  • A To pay bills
  • B To identify the business
  • C To calculate profit
  • D To hide products
15 What does 'sustainability' mean for a business?
  • A Hiring only family
  • B Operating without harming the environment
  • C Spending all profits
  • D Never selling products
16 What is a 'competitor' in the business world?
  • A A partner
  • B A customer
  • C A business selling similar products
  • D A bank
17 What is the name for a person or company that supplies materials to a business?
  • A Consumer
  • B Supplier
  • C Buyer
  • D Accountant
18 What is the primary goal of most businesses?
  • A To have no customers
  • B To make a profit
  • C To waste money
  • D To avoid work
19 What is a 'niche market'?
  • A The entire world
  • B A small, specialized group of customers
  • C A large retail store
  • D All products
20 What is a 'budget'?
  • A A plan for how to spend money
  • B A type of product
  • C A business name
  • D A way to travel
📱

Study on the go

Download Quixly and access all study formats on your phone — anywhere, anytime.

Download on App Store Get it on Google Play Get it on Chrome Web Store