Entrepreneurship Test Review

A ______________ is a quick description of your business that you use to explain it to potential investors.

• a. business pitch
• b. sales forecast
• c. business plan
• d. business analysis

__________________ are the operating expenses that a business must pay regardless of how many sales are made.

• a. Fixed operating expenses
• b. Variable expenses
• c. Profits
• d. Production costs

___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.

• a. Sales force
• b. An Indirect Competitor
• c. A Direct Competitor
• d. The Market

___________ is an organized way to gather and understand information needed to make informed business decisions based on the potential customers and competitors that exist in the market.

• a. Competition report
• b. Audience analysis
• c. Market Research
• d. A customer report

The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.

• a. contribution margin
• b. overhead
• c. profit
• d. salary

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

Which of the following is NOT considered a risk of being an entrepreneur?

• a. Financial Insecurity
• b. Providing value to others
• c. Long hours and hard work
• d. Potential Business Failure

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

Which of the following is NOT true about an entrepreneur?

• a. An entrepreneur has ownership in the business
• b. An entrepreneur gets to act as his own boss.
• c. An entrepreneur is responsible for the success of their business
• d. An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him

Which of the following are assests?

• a. Time
• b. Money
• c. A Car
• d. All of the above