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WorksheetsEntrepreneurship SLO Review
Total questions: 22
Worksheet time: 35mins
Name
Class
Date
1.
Use the following scenario to answer questions 1-4. Haven is a college student who works part-time as a dog groomer. She enjoys her position and hours. The owners of the grooming salon are elderly and want to retire. The owners have extended an opportunity to Haven to buy the business before they place it for sale on the open market. Haven does her research and assembles a business plan to take to the bank to get a loan to purchase the business. After getting the funds necessary to open the business, Haven does a little remodeling and modernizing; but leaves everything else the same. Shortly after obtaining the business, several of the groomers and the receptionist quit. They had worked at the grooming salon for a long time. She does not understand why they were so unhappy. Haven is forced to seek temporary workers to accommodate her customers. With no formal business training and no management experience, Haven did not know how to deal with all the massive problems. Haven is seriously considering selling her business.
1. Haven has learned that an effective business tool is SWOT analysis .which of the following would be examples of a SWOT analysis?
1. Haven has learned that an effective business tool is SWOT analysis .which of the following would be examples of a SWOT analysis?
a)
Established business, competition, ability, no business training
b)
Competition, ability, no business training, established business
c)
Ability, no business training, established business, competition
d)
Do business training, established business, competition, threat.
2.
Haven does not want to make the same mistakes with the new employees that she made with the old employees. She reflects upon her poor management style, researches employee success, and consults with other business owner's to develop a plan for increasing employee motivation and decreasing turnover. Determine which of the following would be the most successful plan for training and evaluating employees.
a)
Allow employees to schedule their own hours, set their own grooming fees, and commission.
b)
Create consistent work schedules, hours of operation, and standard grooming practices.
c)
Create consistent work schedules, hours of operation, standard grooming practices, and commission rates.
d)
Allow employees to rent a grooming booth, set their own working hours, and grooming prices.
3.
In addition to spending money for remodeling, what are some other expenses that would have been important for Haven to use the money for the she received from the bank?
a)
Advertising, expansion, training
b)
Advertising, insurance, licenses, permits
c)
Advertising, market development, training
d)
Advertising, legal fees, cash advance, training
4.
________ advertising would be the most effective and economical for a beginning entrepreneur like Haven.
a)
Social media
b)
Newspaper
c)
Radio
d)
Word-of-mouth
5.
What is the mission of FBLA-PBL?
a)
To bring students and educators together in a positive working relationship through innovative leadership and career development programs.
b)
To bring business and education together in a positive working relationship through getting students jobs in their desired field of work.
c)
To bring students and entrepreneurs
6.
Use the following scenario to answer questions 6-8. You find that a small business loan in the amount of $50,000 is the amount you need to purchase a restaurant location for your new business. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% simple interest for years.
6. Rounded to the nearest dollar, what is the monthly payment for this loan?
6. Rounded to the nearest dollar, what is the monthly payment for this loan?
a)
$4,500
b)
$4,542
c)
$649
d)
$536
7.
Use the following scenario to answer questions 6-8. You find that a small business loan in the amount of $50,000 is the amount you need to purchase a restaurant location for your new business. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% simple interest for years.
7. What is the unpaid balance of the loan at the end of the first year?
7. What is the unpaid balance of the loan at the end of the first year?
a)
$46,712
b)
$49,351
c)
$42,212
d)
$47,216
8.
Use the following scenario to answer questions 6-8. You find that a small business loan in the amount of $50,000 is the amount you need to purchase a restaurant location for your new business. After researching banks to find the best interest rate, you find that banks for small businesses offer the best interest rate of 9% simple interest for years.
8. What is the unpaid balance at the end of the 6th year?
8. What is the unpaid balance at the end of the 6th year?
a)
$7,788
b)
$7,772
c)
$4,500
d)
$4,452
9.
The purpose of an executive summary in a long report is to provide
a)
an introduction
b)
background information
c)
key decision points
d)
a document that only executives may read
10.
Which of the following is unethical behavior for a salesperson?
a)
telling a customer that the low-price item they want is unavailable, so they will have to buy a more expensive product.
b)
finding out what types of products the customers likes so you can show the things they will be more likely to buy
c)
Negotiating a price with the customer who does not wish to pay the "list price."
d)
Emphasizing only the best features of a product during the sales presentation.
11.
Warren wants to collect data on the number of sales per day for a month in order to compare the average number of sales for each day of the week. He wants to be able to sort the data and prepare a graph of the data. Which of the following software applications would best meet his needs?
a)
Word processor
b)
Spreadsheet
c)
database
d)
file manager
12.
Which comment below is an example of constructive criticism?
a)
"you demonstrate excellent telephone courtesy, buy you always give inaccurate information."
b)
"We need you to work faster"
c)
"Get your safety glasses on now!"
d)
"You have been late for work five times this month. What changes can you make to get here on time?"
13.
The three major types of economic resources are
a)
Money, banks, and nuances
b)
land, labor, and capital
c)
equipment, goods, and services
d)
cash, profit, and marketing
14.
The demand curve shows that the quantity consumed of a good or service:
a)
Increases as price decreases;
b)
Increases as price increases;
c)
Decreases as price increases;
d)
It is not affected by price
15.
The benefits of global competition include:
a)
The challenge of changing your product or services to meet the needs of new markets.
b)
Decreased dependence on current markets and suppliers.
c)
Learning a new language.
d)
Traveling to other countries.
16.
A manager must spend time communicating, motivating, inspiring, and encouraging employees towards a higher level of productivity as part of this function.
a)
Organizing
b)
controlling
c)
leading
d)
planning
17.
Supposed that a manager sets up a committee to develop procedures for dealing with company-wide training needs and then assign people to conduct specific training programs. This manager is performing which management function?
a)
planning
b)
organizing
c)
leading
d)
controlling
18.
When a shop foreman is trying to determine how to revise the production department so that it can produce more units per day and achieve its quota, this is part of which function?
a)
organizing
b)
leading
c)
controlling
d)
entrepreneuring
19.
The best choice of organizational structure depends on:
a)
technology, human resources, strategy, and external environment
b)
strategy, external environment, size of organization, and human resources
c)
external environment, resource availability, strategy, and technology
d)
technology, centralization, internal environment, human resources
20.
The volume of sales that must be made to cover all the expenses of a business is
a)
the break-even point
b)
impossible to determine
c)
net revenue from sales
d)
the profit point
21.
Units that deal directly with the production of the organization's primary goods and services.
a)
Staff departments
b)
line departments
c)
delegation
d)
integration
22.
Units that support line departments in an advisory and supportive capacity.
a)
delegation
b)
standardization
c)
staff departments
d)
line departments
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