Entrepreneurship Revision Quiz

Entrepreneurial Mindset - Vertical thinking is logical but lateral thinking is _______________

• emotional

• generational

• horizontal

In setting yourself apart from the competition, 3 ways to stand out are:

• marketing, selling and promoting

• bragging, bartering and boasting

• expertise, value and communication

Legal Structure of The Business -

The simplest business to create with the greatest financial risk is __________

• sole proprietorship

• limited partnership

• LLC

A financial statement used to summarize the amounts of revenues earned and the expenses incurred over a period of time is called an ________________

• accounting equation

• balance sheet

• income statement

Which element should NOT be included in the business plan:

• Executive Summary

• Vendor requirements

• Market analysis

The SWOT analysis outlines the strengths, weaknesses __________ and threats.

• Options

• Outcomes

• Opportunities

A _________ gives its owner the right to prevent anyone else producing, importing or selling within the geographical jurisdiction.

• patent

• potion

• portion

Which budgeting option starts with "zero baseline"?

• Top-down budgeting

• Zero-based budgeting

• Bottom-up budgeting

Marketing answers which important question for customers?

• How do I find it?

• How much does it cost?

• What's in it for me?

Brand _______ can provide word of mouth advertising that has a unique credibility with the public.

• Champions

• Characters

• Citizens