Entrepreneurship Test

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

• a. Judge Each Idea as Realistic or Not
• b. Challenge the Usual
• c. Draw Idea Maps
• d. Think Backward

Which of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold?

• a. Decrease the variable expenses per unit
• b. Increase the selling price
• c. Decrease the monthly fixed expenses for the business
• d. Change how the unit is defined

Why is it important to use the information gathered from your market research on your target market segment to build your marketing plan?

• a. Marketing strategies should be designed to appeal to these potential customers
• b. It's less costly if you use research to build marketing strategies
• c. Magazines and TV stations will ask to see research before you can buy advertisements
• d. None of the above-market research is not important

What kind of research would be used to effectively evaluate a potential business opportunity?

• a. Talk to a friend that has money to invest
• b. Talk to your cousin that shops at local stores
• c. Conduct market research to determine whether the business opportunity meets a customer need or want
• d. Analyze national chains that are similar and model your store after it

What is the best way to find information about local and online competitors in your industry?

• a. Go online and find listings of competitors and financial information
• b. Explore websites of similar businesses
• c. Think of friends who have relevant experiences
• d. All of the above

Which of the following is a start-up expense for Maria's food truck?

• a. Kitchen appliances
• b. Cell phone bill
• c. Gas
• d. All of the above

Which of these is NOT part of a consumer profile?

• a. Demographics
• b. Psychographics
• c. Buying Patterns
• d. Polygraphics

What is the most accurate way to calculate the Economics of One Unit?

• a. Guess and set a price without considering cost
• b. Go through the process of making cupcakes and measure the ingredients. Then calculate the cost per ingredient
• c. Estimate the cost to buy all ingredients at the store then divide by the number of cupcakes
• d. Go online and find competitor's expenses

What does a SWOT analysis evaluate?

• a. Strengths, Weaknesses, Opportunities, Threats
• b. Strengths, Weaknesses, Opportunities, Targets
• c. Strengths, Weaknesses, Opposition, Threats
• d. Symptoms, Weaknesses, Opportunities, Threats

What is the definition of an entrepreneur?

• a. An entrepreneur is someone who manages a business.
• b. An entrepreneur is someone who owns a business and makes profit from that business
• c. An entrepreneur is someone who creates a business and potentially makes money and runs the business.
• d. None of these