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WorksheetsEntrepreneurship Test Review
Total questions: 21
Worksheet time: 11mins
Name
Class
Date
1.
A ______________ is a quick description of your business that you use to explain it to potential investors.
a)
business plan
b)
plastic chair
c)
business pitch
d)
business analysis
2.
__________________ are the operating expenses that a business must pay regardless of how many sales are made.
a)
Fixed operating expenses
b)
plastic chairs
c)
Variable expenses
d)
Profits
3.
___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.
a)
A Direct Competitor
b)
The Market
c)
An Indirect Competitor
d)
The plastic chair community
4.
___________ is an organized way to gather and understand information needed to make informed business decisions based on the potential customers and competitors that exist in the market.
a)
Audience analysis
b)
A customer report
c)
Market Research
d)
Plastic chair research
5.
The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.
a)
profit
b)
Plastic Chair
c)
contribution margin
d)
overhead
6.
What does a SWOT analysis evaluate?
a)
Symptoms, Weaknesses, Opportunities, Threats
b)
Strengths, Weaknesses, Opposition, Threats
c)
Plastic Chair
d)
Strengths, Weaknesses, Opportunities, Threats
7.
Which of the following is NOT considered a risk of being an entrepreneur?
a)
Providing value to others
b)
Potential Business Failure
c)
Financial Insecurity
d)
Strong Plastic Chairs
8.
What is the definition of an entrepreneur?
a)
An entrepreneur is someone who manages a business.
b)
An entrepreneur is someone who creates a business and potentially makes money and runs the business.
c)
Someone who inspects the strength of plastic chairs
d)
all of the above
9.
Which of the following is NOT true about an entrepreneur?
a)
An entrepreneur gets to act as his own boss.
b)
HATING PLASTIC CHAIRS
c)
An entrepreneur is responsible for the success of their business
d)
An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him
10.
Which of the following are assests?
a)
Time
b)
Money
c)
A Car
d)
All of the above
11.
Which of the following is NOT a true statement about business plans?
a)
They should never be revised
b)
They are created before starting a business
c)
They can help lower the risk of starting a new business
d)
They should include an overview of your business goals and how you think you are going to achieve them
12.
Which of the following is an advantage of starting your own business?
a)
You have control over where and when you work
b)
plastic chairs
c)
During the startup phase, you do not have to think about funding
d)
You are in charge of the decision making so there is little to no risk
13.
What is the main difference between a personal characteristic and a skill?
a)
Skills can be learned while characteristics are inherent qualities
b)
Many people are born with business skills, but not characteristics
c)
Characteristics become skills over time
d)
plastic chairs
14.
What role do entrepreneurs play in economics?
a)
None of the above
b)
Entrepreneurs create the businesses that produce products that meet the wants and needs of consumers
c)
They act as plastic chairs
d)
Entrepreneurs borrow money from the economy to start their businesses
15.
Which of the following ensures a good idea for a business is an actual business opportunity?
a)
The idea is something that no one has ever thought of before
b)
The idea solves a unique need or want in the market that a group of customers is willing to buy.
c)
The entrepreneur is really passionate about the idea
d)
if it involves plastic chairs
16.
Which of the following should you NOT do when collecting and evaluating data on your market?
a)
Gather data on what your competitors are doing and create a competitive advantage to stay relevant in the market
b)
Collect data from a variety of sources and perspectives
c)
Only look for data that supports your initial idea
d)
Find data on what your target market segment thinks and shift your business to meet their needs or wants
17.
Why is it important to use the information gathered from your market research on your target market segment to build your marketing plan?
a)
Because you can figure out if the plastic works with your chairs
b)
Marketing strategies should be designed to appeal to these potential customers
c)
It's less costly if you use research to build marketing strategies
d)
None of the above-market research is not important
18.
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
a)
Draw Idea Maps
b)
Judge Each Idea as Realistic or Not
c)
Challenge the Usual
d)
Think Backward
19.
Sharon is thinking about opening a bakery. Which of the following would NOT be a good early step?
a)
Get a mentor
b)
Create a business pitch
c)
Estimate the target market
d)
Immediately put down a deposit for a storefront property
20.
What kind of research would be used to effectively evaluate a potential business opportunity?
a)
Conduct market research to determine whether the business opportunity meets a customer need or wantThis
b)
Analyze national chains that are similar and model your store after it
c)
Talk to your cousin that shops at local stores
d)
Talk to a friend that has money to invest
21.
Are plastic chairs good?
a)
YES!!!!!!
b)
NO
c)
i dont care
d)
can i go home now
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