Entrepreneurship Quiz

What is the Break-Even Point for a business?

• When a business's expenses and sales are equal

• When a business's expenses are higher than sales

• When a business's expenses are lower than sales

• When a business's expenses and sales are irrelevant

What is a Business Pitch used for?

• To analyze the competition in the market

• To explain the business to customers and investors

• To determine the target market for the business

• To calculate the profit margin of the business

What are Financial Ratios in a business?

• Relationships between important financial data expressed as a fraction or percentage

• The total revenue earned by the business

• The number of employees working in the business

• The amount of taxes paid by the business

What is the purpose of Market Research in a business?

• To reduce the target market for the business

• To increase the competition in the market

• To gather and understand information needed to make informed business decisions

• To eliminate the need for a marketing plan

What is the definition of Net Profit in a business?

• The total revenue earned by the business

• The profit earned before paying taxes on it

• The amount of profit (or loss) the business earns after paying expenses and taxes

• The amount of money invested in the business

What is the role of a Wholesaler in the market?

• Offer services to customers, for example a shoe repair shop

• Sell products in larger volumes to the retailer

• Create a product, such as a factory that creates shoes

• Sell directly to the customer, for instance a local shoe store

What is the main purpose of a Business Plan?

• To calculate the break-even point of the business

• To determine the fixed operating expenses of the business

• To identify the direct competitors in the market

• An overview of business goals and details on how to achieve them

What is the definition of a Direct Competitor in the market?

• A business in the market that sells a product or service similar to yours

• A person employed for wages or salary

• A business that sells a different product or service from yours

• Someone who starts and runs their own business

What is the meaning of obtaining data through Focus Groups in market research?

• Bringing a small group of people together to help solve a problem or answer a set of questions

• Asking potential customers their thoughts regarding the business

• Visiting competitors in the area and observing how they interact with customers

• Gathering information needed to make informed business decisions

What is the definition of a Value Proposition in a business?

• The amount of money brought in by a business before any expenses

• What makes a business unique and potentially better than the competition

• The art of presenting a business in a way that communicates the value of the product or service

• The revenue the government collects in order to pay for services