Unit 1- Entrepreneurship

Which of the following is NOT true about an entrepreneur?

• An entrepreneur gets to act as their own boss.

• An entrepreneur has ownership in the business.

• An entrepreneur is responsible for the success of their business.

• An entrepreneur's salary is evaluated based on their ability to complete the tasks assigned to them.

An example of an asset is

• Time

• Money

• Car

• All of the above

Which of the following is NOT true about business plans?

• They should never be revised or changed at all.

• They can help lower the risk of starting a new business.

• They are created before starting a business.

• They should include an overview of your business goals and how you think you are going to be able to achieve them.

What is the main difference between a characteristic and a skill?

• You can learn a personal characteristic, but you are not able to learn any new skills.

• Personal characteristics become skills over time.

• Many people are born with business skills, but you can't be born with characteristics.

• Skills can be learned and developed, while personal characteristics are qualities within.

What role do entrepreneurs play in economics?

• Entrepreneurs tell consumers what they should want or need.

• Entrepreneurs create the businesses that produce products and services that meet the needs and wants of consumers.

• Entrepreneurs borrow money from the economy to start their business.

• None of the above.

Susan is thinking about opening up a bakery. She knows that she wants to set her own hours, reduce stress, and be able to make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step for Susan?

• Immediately finding a storefront property and putting down a deposit and signing a lease.

• Contacting a mentor who has experience in the industry.

• Creating an initial business pitch with her information to start asking around for advice.

• Starting to estimate her target market for her business.

What are the four parts of the SWOT analysis?

• Sales, work ethic, organization, training

• Strengths, weaknesses, obstacles, threats

• Strengths, weaknesses, opportunities, threats

• Strengths, weaknesses, options, threats

Which is not a part of the consumer profile?

• Polygraphics

• Demographics

• Psychographics

• Buying Patterns

Which of these is a fixed expense for a food truck?

• Salaries for the employees

• Truck Insurance

• Advertising

• All of the above

Which of the following would be considered a start up cost for a food truck?

• Gas

• Cell phone bill

• Kitchen appliances and other equipment needed to run her business

• All of the above