Entrepreneurship and Business Quiz

What are the four types of business organizations?

• Sole proprietorship, Partnership, Corporation, Cooperative

• Sole proprietorship, Partnership, Corporation, Innovation

• Sole proprietorship, Partnership, Corporation, Manufacturing

• Sole proprietorship, Partnership, Corporation, Merchandising

What distinguishes an entrepreneur from an ordinary business person?

• Experience, Education, Location

• Innovation, Creativity, Imitation

• Risk-taking, Networking, Sales

• Investment, Marketing, Production

What are the Four M's of production?

• Manpower, Method, Machine, Materials

• Manpower, Method, Machine, Money

• Materials, Method, Machine, Marketing

• Management, Marketing, Money, Materials

Which factor is considered the most serious and main factor of production?

• Manpower

• Materials

• Method

• Machine

What is the role of raw materials in the Four M's of production?

• Marketing materials

• Human resources

• Raw materials

• Finished products

Which section of a Business Plan discusses how you will manage your business and the people you need to help you in your operations?

• Management Section

• Executive Summary

• Introduction

• Marketing Section

What does the Competitive Analysis section of a Business Plan involve?

• Developing product designs and pricing strategies

• Creating organizational charts

• Calculating financial projections and budgets

• Identifying major competitors and researching their products, sales, and marketing strategies

What does the Organizational chart component in a Business Plan show?

• Relation of company officials graphically

• Financial projections

• Market analysis

• Product design and pricing