Entrepreneurship and Business Quiz

Identify the risks, benefits, opportunities, and drawbacks of being an entrepreneur What are some of the greatest rewards of becoming an entrepreneur? Select all that apply.

• A. A predictable schedule

• B. Potential for financial gain

• C. Financial stability

• D. Being your own boss

Identify the risks, benefits, opportunities, and drawbacks of being an entrepreneur Enrique wants to start a small business so he can follow his passion of interior design. What are some of the risks he will face as an entrepreneur? Select all that apply.

• A. Losing his investment

• B. Losing time with family

• C. Experiencing stress about decisions

• D. Having to report to others

Identify elements of the design thinking process Which of the following statements about the Design Thinking Process are true? Select all that apply.

• A. You need to define a user's problem before you can solve it.

• B. The Design Thinking Process is finished after Step 5.

• C. Empathy helps you understand a user's problems without bias.

• D. An MVP prototype is a finished version of your solution.

Complete a SWOT analysis Which of the following statements about SWOT analysis are True? Select all that apply.

• A. It is easy to act upon threats that come from changes in the economy.

• B. It is easy to act upon opportunities that arise in everyday life.

• C. It is easy to build upon existing strengths.

• D. It is easy to strengthen the weaknesses we observe.

• E. Being flexible is important when dealing with unforeseen threats.

Define elements of product/market fit hypothesis Which of the following statements about Product-Market Fit are true? Select all that apply.

• A. You should test a growth hypothesis before testing a value hypothesis.

• B. Customers must love your product in order to achieve Product-Market Fit.

• C. The first step is determining whether there is a problem worth solving.

• D. If customers want your product, you can always find a way to make it.

Define performance/quality criteria Paul's band wants to start playing a different style of music. To test the interest in this music with their fans, the band is playing one of these new songs at a local club. What are two criteria that the band can use to determine whether their fans will enjoy their new music? (Choose two.)

• Practice the new song many times

• Observe how the fans react when the band plays the song

• Keep the new song short

• Sell the song online and track the number of downloads

• Give the song a memorable title

Identify elements of a marketing plan Which three of the following are marketing plan segments? (Choose three.)

• Retention rate

• Psychographics

• Behavioral

• Employee numbers

• Geographics

Identify marketing platforms Which of the following marketing platforms are offline?

• Google ads

• TV ads

• E-mail

• Flyers/pamphlets

• Newspaper ads

Differentiate between fixed and variable costs Which of the following are examples of Variable Costs? Select all that apply.

• Packaging costs

• Monthly rent payments

• Hourly wages

• Cost for materials

• Insurance payments

What are two ways that fulfillment centers differ from direct distribution centers?

• Direct distribution centers are considered zero level channels, whereas distribution centers are just one of several channels.

• Fulfillment centers pack and ship items for a manufacturer, whereas direct distribution centers pack and ship to customers.

• For both, inventory is created as it is needed rather than stored for later.

• Warehousing is a primary role of both.