NEW
Font size
S
M
L
XL
WorksheetsENTREPRENEURSHIP CHAPTER 3 TEST: RECOGNIZING OPPORTUNITY
Total questions: 33
Worksheet time: 17mins
Name
Class
Date
1.
The first step in the entrepreneurial process is to _____.
a)
identify a business opportunity
b)
secure financing
c)
find a backer
d)
find a strategic alliance
2.
A/An _____ conducts business by means of the Internet.
a)
home-based business
b)
online business
c)
service business
d)
manufacturing business
3.
Services are _____ things that businesses do for us that enhance our lives.
a)
basic
b)
tangible
c)
intangible
d)
various
4.
_____ is contracting with other companies for services.
a)
Hiring
b)
Outsourcing
c)
Packaging
d)
Cooperation
5.
Hiring a firm to design and produce packaging for your product is an example of _____.
a)
goodwill
b)
outsourcing
c)
packaging
d)
cooperation
6.
Forming a partnership with another company is known as a _____.
a)
joint venture
b)
corporation
c)
strategic alliance
d)
melding
7.
A/An _____ is a new venture started inside a large corporation.
a)
corporate venture
b)
new company
c)
spin-off
d)
independent company
8.
When you _____, you think freely to generate ideas.
a)
brainstorm
b)
daydream
c)
interface
d)
network
9.
_____ describe personal characteristics of a population.
a)
Diversities
b)
Demographics
c)
Ethnicities
d)
Cultural segmentation
10.
Sometimes reading about a/an _____ field can spark an idea that applies to your field.
a)
similar
b)
unrelated
c)
philosophical
d)
educational
11.
A _____ magazine is a periodical published for specific types of businesses or industries.
a)
technology
b)
specialty
c)
trade
d)
news
12.
Your _____ are the beliefs and principles by which you choose to live.
a)
code of ethics
b)
corporate ideas
c)
mission statement
d)
core values
13.
Continued customer loyalty after you take over an existing business is called _____.
a)
goodwill
b)
customer base
c)
inheritance
d)
personal relationship
14.
A/An _____ is a legal agreement to begin a new business in the name of a recognized company.
a)
investment
b)
contract
c)
franchise
d)
venture
15.
A/An _____ is someone whose job is to bring buyers and sellers together.
a)
agent
b)
business broker
c)
manufacturer's representative
d)
business partner
16.
Which of the following are some of the major trends for the creation of new businesses?
a)
new kinds of strategic alliances
b)
increased emphasis on outsourcing
c)
growth of home-based businesses
d)
all of the choices are correct
17.
One way to prevent some of the problems that family businesses face is to _____.
a)
be creative
b)
hire a business broker
c)
establish clear lines of responsibility
d)
accept all the responsibilities yourself
18.
To identify consumer markets, you should be aware of _____.
a)
services
b)
demographic changes
c)
technology
d)
investors
19.
Before you can determine if a new venture is feasible, you must prepare _____.
a)
employees
b)
taxes
c)
the office
d)
a business plan
20.
Hiring a firm to design and produce packaging for your product is an example of _____.
a)
outsourcing
b)
demographics
c)
innovation
d)
corporate venture
21.
To find a new business, you may need to hire a/an _____.
a)
banker
b)
investor
c)
owner
d)
business broker
22.
A/An _____ is a small, specialized market.
a)
profit center
b)
opportunity
c)
mass market
d)
niche
23.
An asset of acquiring an existing business is customer loyalty, or _____.
a)
goodwill
b)
the use of customer's credit cards
c)
ill will
d)
customers' curiosity about the new owner
24.
McDonald's is an example of a/an _____.
a)
hardware store
b)
retail chain
c)
franchise
d)
family-owned business
25.
A disadvantage of a family business is _____.
a)
the trust and togetherness that family members have
b)
that business owners can never get away from the business
c)
that a family working as a team can achieve more than its individual members can
d)
all of the choices given
26.
One secret to finding a good business opportunity is the ability to understand __________, because changes in interests create profitable niches for new businesses to fill.
a)
industry
b)
history
c)
entrepreneurship
d)
science
27.
One source for creative ideas for new businesses can come from _________.
a)
inheritance
b)
quizizz.com
c)
the younger generation
d)
people watching
28.
The greatest advantage of a family business is the ______________ that family members share.
a)
financial condition
b)
trust and togetherness
c)
availability
d)
images
29.
Many _________ can be turned into successful business adventures.
a)
secrets
b)
interests
c)
liabilities
d)
previews
30.
Starting a new business entails more __________ than opening a franchise.
a)
money and leisure
b)
trust and togetherness
c)
time and effort
d)
sugar and cream
31.
The entrepreneurial process involves taking the steps to recognize a(n) ________ and create a business for profit.
a)
opportunity
b)
perception
c)
niche
d)
market
32.
Instead of starting a new business, you could enter a(n) __________ or buy an existing business.
a)
family business
b)
game show
c)
specialized market
d)
market segment
33.
An increased reliance on _________ is one of the main trends that affect business today.
a)
technology
b)
television
c)
radio
d)
media
Reset
