WorksheetsEntrepreneurship Test Review
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
A ______________ is a quick description of your business that you use to explain it to potential investors.
a)
a. business pitch
b)
b. sales forecast
c)
c. business plan
d)
d. business analysis
2.
__________________ are the operating expenses that a business must pay regardless of how many sales are made.
a)
a. Fixed operating expenses
b)
b. Variable expenses
c)
c. Profits
d)
d. Production costs
3.
___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.
a)
a. Sales force
b)
b. An Indirect Competitor
c)
c. A Direct Competitor
d)
d. The Market
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)
a. Competition report
b)
b. Audience analysis
c)
c. Market Research
d)
d. A customer report
5.
The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.
a)
a. contribution margin
b)
b. overhead
c)
c. profit
d)
d. salary
6.
What does a SWOT analysis evaluate?
a)
a. Strengths, Weaknesses, Opportunities, Threats
b)
b. Strengths, Weaknesses, Opportunities, Targets
c)
c. Strengths, Weaknesses, Opposition, Threats
d)
d. Symptoms, Weaknesses, Opportunities, Threats
7.
Which of the following is NOT considered a risk of being an entrepreneur?
a)
a. Financial Insecurity
b)
b. Providing value to others
c)
c. Long hours and hard work
d)
d. Potential Business Failure
8.
What is the definition of an entrepreneur?
a)
a. An entrepreneur is someone who manages a business.
b)
b. An entrepreneur is someone who owns a business and makes profit from that business
c)
c. An entrepreneur is someone who creates a business and potentially makes money and runs the business.
d)
d. None of these
9.
Which of the following is NOT true about an entrepreneur?
a)
a. An entrepreneur has ownership in the business
b)
b. An entrepreneur gets to act as his own boss.
c)
c. An entrepreneur is responsible for the success of their business
d)
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)
a. Time
b)
b. Money
c)
c. A Car
d)
d. All of the above
11.
Which of the following is NOT a true statement about business plans?
a)
a. They should never be revised
b)
b. They should include an overview of your business goals and how you think you are going to achieve them
c)
c. They can help lower the risk of starting a new business
d)
d. They are created before starting a business
12.
Which of the following is an advantage of starting your own business?
a)
a. You are in charge of the decision making so there is little to no risk
b)
b. You have control over where and when you work
c)
c. During the startup phase, you do not have to think about funding
d)
d. As long as you make a business plan, you will know what obstacles to expect
13.
What is the main difference between a personal characteristic and a skill?
a)
a. Characteristics become skills over time
b)
b. You can learn a characteristic, but not skills
c)
. Many people are born with business skills, but not characteristics
d)
d. Skills can be learned while characteristics are inherent qualities
14.
What role do entrepreneurs play in economics?
a)
a. Entrepreneurs tell consumers what they should want or need
b)
b. Entrepreneurs create the businesses that produce products that meet the wants and needs of consumers
c)
c. Entrepreneurs borrow money from the economy to start their businesses
d)
d. None of the above
15.
Which of the following ensures a good idea for a business is an actual business opportunity?
a)
a. The idea solves a unique need or want in the market that a group of customers is willing to buy.
b)
b. The idea is something that no one has ever thought of before
c)
c. The entrepreneur is really passionate about the idea
d)
d. The entrepreneur will have to spend a lot of money and time to implement the idea
16.
Which of the following should you NOT do when collecting and evaluating data on your market?
a)
a. Find data on what your target market segment thinks and shift your business to meet their needs or wants
b)
b. Only look for data that supports your initial idea
c)
b. Only look for data that supports your initial idea
d)
d. Collect data from a variety of sources and perspectives
17.
Which of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold?
a)
a. Decrease the monthly fixed expenses for the business
b)
b. Change how the unit is defined
c)
c. Increase the selling price
d)
d. Decrease the variable expenses per unit
18.
Why is it important to use the information gathered from your market research on your target market segment to build your marketing plan?
a)
a. Marketing strategies should be designed to appeal to these potential customers
b)
b. It's less costly if you use research to build marketing strategies
c)
c. Magazines and TV stations will ask to see research before you can buy advertisements
d)
d. None of the above-market research is not important
19.
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
a)
a. Challenge the Usual
b)
b. Draw Idea Maps
c)
c. Judge Each Idea as Realistic or Not
d)
d. Think Backward
20.
Sharon is thinking about opening a bakery. Which of the following would NOT be a good early step?
a)
a. Immediately put down a deposit for a storefront property
b)
b. Estimate the target market
c)
c. Create a business pitch
d)
d. Get a mentor
100 %
