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WorksheetsEntrepreneurship/Business Plan/College Practice Test
Total questions: 40
Worksheet time: 20mins
Name
Class
Date
1.
______________ a person who recognizes a business opportunity and organizes, manages and assumes the risk of starting a business.
a)
entrepreneur
b)
partner
c)
corporate officer
d)
financial specialist
2.
The activity of setting up a business or businesses, taking on financial risk in hope of profit.
a)
Leadership
b)
Entrepreneurship
c)
Planning
d)
designing
3.
A distinguishing quality or characteristic.
a)
trait
b)
skill
c)
profit
d)
technology
4.
The body of knowledge devoted to creating tools, processing actions and extracting of materials. We use it everyday in class and at home.
a)
business
b)
technology
c)
mechanics
d)
robotics
5.
An experienced and trusted advisor.
a)
mentor
b)
teacher
c)
coach
d)
all the above
6.
Skill such as reading and writing or adding or subtracting.
a)
basic skills
b)
transferable skills
c)
job specific skills
d)
unrealated skills
7.
Skills learned that can be transferred from one job to another.
a)
basic skills
b)
transferable skills
c)
job specific skills
d)
unrealated skills
8.
Skills that are obtained from receiving some type of degree or certificate.
a)
job specific skills
b)
transferable skills
c)
basic skills
d)
unrelated skills
9.
What are the five P's of entrepreneurship?
a)
passion, persistence, problem solving, professionalism, perseverance
b)
positive, passion, profit, planning, people
c)
purpose, passion,persistence, people, profit
d)
passion, perseverance, patience, positive protection
10.
What is the Small Business Administration?
a)
They offer advice and support to small business owners.
b)
They issue money to small business owners to start their business.
c)
There is no such agency.
d)
Ms. Gore made that agency up.
11.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
12.
The action of leading a group of people or an organization. Being in a position of a leader.
a)
planning
b)
motivating
c)
leadership
d)
entrepreneurship
13.
An organization or economic system where goods and services are exchanged for one another or for money.
a)
technology
b)
business
c)
mentor
d)
remodeling
14.
Which is NOT a reason a business closes?
a)
Bad customer service
b)
Competition
c)
Good service
d)
Putting the business in a location hard to find
15.
Which is a disadvantage to being an entrepreneur?
a)
Good income
b)
Job satisfaction
c)
Work long hours
d)
You are the boss
16.
What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.
a)
A business plan
b)
A medium term plan
c)
A strategic plan
d)
An SBA certified business plan
17.
Why is being an entrepreneur risky?
a)
Because there are no more creative enterprises to create a business out of.
b)
Because entrepreneurs always fail.
c)
Because you often risk your own personal wealth.
d)
Because people don't trust entrepreneurs.
18.
If you possess excellent organizational skills, but are risk-averse and don't like taking initiative, would being an entrepreneur be a good profession for you?
a)
Yes, entrepreneurs should be risk-averse.
b)
No, entrepreneurs should rely on others to organize the business.
c)
No, entrepreneurs must be risk-takers who take initiative and have excellent organizational skills.
d)
Yes, all you need is good organizational skills.
19.
This section of the business plan will help determine your financial needs.
a)
Financial Plan
b)
Goals and objective
c)
Marketing plan
d)
Organizational Plan
20.
This section of your business plan, will explain how the business will be managed on a day-to-day basis.
a)
Marketing
b)
Financial plan
c)
Goals and objective
d)
Nature of the business
21.
A business plan is NOT intended for
a)
Your competition
b)
Potential investors
c)
Your bank
d)
None of the above
22.
The purpose of a business plan includes which of the following?
a)
it explains your idea for a product or service
b)
it sets specific objectives and describes how they will be achieved
c)
it describes the backgrounds and experiences people who will run the business
d)
all answers are correct
23.
A business plan is important for a new business for all of the following reasons EXCEPT
a)
it makes you think about all aspects of your business
b)
it can help you communicate your ideas to others
c)
it guarantees you will get financing for your business
d)
it can serve as a tool for managing your business
24.
Writing a business plan
a)
is a quick and easy process
b)
is quick but difficult
c)
requires patience, research, thought, and time
d)
none of the above
25.
In a business plan, it is NOT important to describe the industry in which you will operate
a)
True
b)
False
26.
What you are selling is called?
a)
Product
b)
Price
c)
Place
d)
Promotion
27.
What degree takes approximately 2 years to complete?
a)
Bachelors Degree
b)
Associates Degree
c)
Doctorates Degree
d)
None of the above
28.
A mission statement...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
d)
none of the above
29.
Mission or Vision:
"To bring inspiration and innovation to every athlete in the world."
"To bring inspiration and innovation to every athlete in the world."
a)
Mission Statement
b)
Vision Statement
30.
Mission or Vision:
"To passionately create innovation for our stakeholders at the intersection of chemistry, biology and physics."
"To passionately create innovation for our stakeholders at the intersection of chemistry, biology and physics."
a)
Mission
b)
Vision
31.
Which major business has the slogan "I'm Lovin' it" ?
a)
Nike
b)
KFC
c)
McDonald's
d)
Burger King
32.
Which major sports brand has the slogan "Just Do It" ?
a)
Adidas
b)
Puma
c)
Nike
d)
Reebok
33.
What company logo is this?
a)
Nintendo
b)
Playstation
c)
XBox
d)
Android
34.
What company logo is this?
a)
Instagram
b)
Vine
c)
Twitter
d)
FaceBook
35.
What company logo is this?
a)
Starbucks
b)
Subway
c)
Folgers
d)
Caribou Coffee
36.
What company slogan is this: "Because I'm Worth It"
a)
Cover Girl
b)
Loreal
c)
Suave
d)
Maybelline
37.
Colleges that offer specialized training in a particular industry or career. Possible programs of study include the culinary arts, firefighting, dental hygiene and medical-records technology.
a)
Liberal Arts
b)
Vocational-Technical & Career
c)
Colleges w/ Special Focus
d)
Arts
38.
Colleges that offer four-year program that leads to a Bachelor's degree.
a)
Public
b)
Private
c)
2-Year
d)
4-Year
39.
Besides tuition, most colleges also charge their students for...
a)
room & board
b)
extra fees
c)
books
d)
all of the above
40.
The following are all forms of degrees:
Associate, bachelor's, master's, Ph. D
Associate, bachelor's, master's, Ph. D
a)
True
b)
False
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