Business Management 1A Unit 4 Quiz

Frederik is completing a self-assessment that includes questions about the last big risk he took; whether he gives up if he is not immediately successful at something; whether he sees the potential in others around him and finds ways to bring it out; and whether he learns from criticism. Based on these questions, what is Frederik assessing?

• personal characteristics that lead to entrepreneurial success

• intelligence level

• emotional intelligence

• conceptual creative thinking

Lila’s teacher asks her to revise the section of her business plan that describes how her business will operate; how it will make and distribute its products or deliver its services; how it will be organized; and how it will support its operations. What section will Lila need to go back and edit?

• operations plan

• management plan

• company description

• market analysis

Jonah, a future entrepreneur, has been saving up for a video game console with explosive new features. He should have enough money to buy the console in about five weeks, but when he sees a less expensive game console that he could buy right now, he must weigh his choices. Jonah believes that the more expensive console has better features, but the less expensive console could be purchased today. What skill is Jonah practicing that he will likely need to do as an entrepreneur one day?

• macroeconomics

• weighing pros and cons

• engaging in traditional debates

• shopping for personal items

Quentin has a business idea, but he isn’t sure that it has the potential to be successful. What can Quentin do to determine whether his business idea actually has a sufficient market to bring in revenue?

• Structure the business.

• Identify a location.

• Create a business plan.

• Do market research.

Janelle is looking at projections for her new business that she is starting next month. If her business takes the route that most businesses do for growth, how long will Janelle likely need to wait until she is able to pay herself some kind of salary and break even?

• after the fourth year

• in the beginning of the second year

• within the first year

• the third year

After Ian explains to his mom why he wants to be an entrepreneur one day, sje tells him there are a lot of downsides to entrepreneurship. Ian refutes his mom’s statement by mentioning some of the pros of entrepreneurship, including _____.

• working long hours at the office, learning about business laws as well as regulations, and being well-liked by people

• having a laid-back as well as easy schedule, having plenty of free time to travel, and having financial freedom

• being your own boss, controlling the business ideas, and making decisions about all aspects of the business

• achieving guaranteed success as well as riches, gaining the ultimate respect from others, and enjoying a laid-back schedule

Corrine took great care in hiring the most qualified and hardworking people to help look after the day-to-day running of her beauty product business. What will this allow Corrine as an entrepreneur to focus on that will ultimately benefit her business?

• finding ways to avoid paying taxes under the radar

• coming up with ideas and develop the company vision

• getting back in shape and improving her physical fitness

• kicking back and focusing on her personal life again

Jeff Bezos won’t go to a meeting with more people than two pizzas could feed. What entrepreneurial lesson can be learned and applied to a variety of business endeavors by his behavior?

• Look for creative ways to save money in every area of business.

• Find ways to cut down on wasted time and a lack of productivity.

• Avoid eating junk food or hanging out with lots of people.

• Never include food during important business meetings.

Taking responsibility for taxes, debts, and any damage that may occur as a business owner can be summed up by the word _____.

• investment

• SWOT

• liability

• corporation

Sim tells his business advisor that he wants to start a business, and while he doesn’t want to do it alone, he also wants to maintain most of the control of the company. What business structure will Sim’s business advisor likely suggest as a good fit for what Sim wants?

• LLC

• limited partnership

• corporation

• sole proprietorship