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WorksheetsEntrepreneurship 2nd Nine Weeks Exam
Total questions: 30
Worksheet time: 30mins
Name
Class
Date
1.
SMART goals are
a)
approximate
b)
measureable
c)
all of these
d)
safe
2.
A barber ship is an example of a(n)
a)
service business
b)
mining and extracting business
c)
agricultural business
d)
manufacturing business
3.
Small businesses
a)
employ fewer than 1 percent of American workers.
b)
Can be more creative and take more risks than large companies.
c)
are found in only a few sectors of the U.S. economy.
d)
contribute very little to the U.S. economy.
4.
An assessment of your interests is
a)
a nonfinancial goal
b)
an advantage of entrepreneurship
c)
self discipline
d)
helpful in deciding what business is right for you
5.
Characteristics of successful entrepreneurs include
a)
loyalty
b)
indiscretion
c)
independence
d)
wealth
6.
Which of the following is a retailing business?
a)
jewelry store
b)
paper mill
c)
appliance repair ship
d)
orange grower
7.
An evaluation of your strengths and weaknesses is
a)
a self discipline
b)
an advantage of entrepreneurship
c)
an aptitude
d)
a self assessment
8.
People who work for someone else are called
a)
franchisees
b)
employees
c)
merchandisers
d)
entrepreneurs
9.
The very first step in the problem solving process is to
a)
gather information
b)
define the problem
c)
evaluate alternative solutions
d)
take action
10.
Disadvantages of entrepreneurship include
a)
risk
b)
working long hours
c)
uncertain income
d)
all of these
11.
Steps in the problem solving process include
a)
setting financial goals
b)
gathering information
c)
filing a report
d)
all of these
12.
A business plan does all of the following except
a)
describe what your business will produce
b)
guarantee the success of your new business
c)
explain who will run your business
d)
state what your business will do to gain and keep customers
13.
All of the following would be included in the introduction section of a business plan except
a)
the advantages you and your business have over your competitors
b)
a detailed description of the business and its goals
c)
the location of your business
d)
the ownership of the business and the legal structure
14.
All of the following would be included in the introduction section of a business plan except
a)
the advantages you and your business have over your competitors
b)
a detailed description of the business and its goals
c)
the location of your business
d)
the ownership of the business and the legal structure
15.
This part of a business plan comes after the main body.
a)
cover letter
b)
table of contents
c)
statement of purpose
d)
appendix
16.
Which of the following would not be considered a mistake when preparing a business plan?
a)
failing to define the target market
b)
spending time studying the competition
c)
overestimating the potential for growth
d)
using out-of-state data and information
17.
Experienced entrepreneurs do not need business plans. Only those who are starting their very first business need them.
a)
True
b)
False
18.
A business plan may help you secure financing for your business.
a)
True
b)
False
19.
Once your business is up and running, your business plan will be of no further use to you.
a)
True
b)
False
20.
The executive summary should be written before the main body of the business plan has been completed.
a)
True
b)
False
21.
The table of contents of a business report should include the name of your company, the date, the owner of the company, the title of the owner, and the address and phone number of the company.
a)
True
b)
False
22.
Your business plan is your best opportunity to let other people know what you want to do with your company.
a)
True
b)
False
23.
When writing a business plan you likely need to seek out advice from others.
a)
True
b)
False
24.
Products you can see and touch are called
a)
services
b)
factors of production
c)
economic resources
d)
goods
25.
In this kind of economy, the government determines what, how, and for whom products and services are produced.
a)
market economy
b)
traditional economy
c)
command economy
d)
laissez-faire economy
26.
When you make an economic choice, the value of the next best alternative is called
a)
scarcity
b)
a tradeoff
c)
opportunity cost
d)
the profit motive
27.
Everyone's wants and needs are the same.
a)
True
b)
False
28.
Communism is an example of a traditional economy.
a)
True
b)
False
29.
The rivalry among businesses to sell their goods and services is called competition.
a)
True
b)
False
30.
Ford Motor Company is an example of a retailing business.
a)
True
b)
False
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