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ENTREPRENEURSHIP Ms. R Stewart

Total questions: 82

Worksheet time: 43mins

Name
Class
Date
1.
Which is a benefit to businesses of offering customized services to their customers?
a)
Businesses charge higher prices for customized services, which can lead to higher profit margins.
b)
Businesses save time by offering customized services to their customers.
c)
Customized services are also considered to be standardized services.
d)
By customizing their services, businesses deliver more consistent products to their customers.
2.
When considering the services to offer customers, a business should determine if a specific service would accomplish which goal?
a)
Enhance customer satisfaction levels
b)
Increase the number of products possibly returned by customers
c)
Offend the existing competitors of the business
d)
Stabilize variable interest rates
3.
A business is extending its operating hours to accommodate its customers. Which is a business cost associated with this service?
a)
Higher payroll expenses
b)
Increased sales volume
c)
Higher profit margins
d)
Increased customer satisfaction
4.
When a business offers a service that saves time for a customer, which is a benefit to the customer?
a)
Price
b)
Convenience
c)
Consistency
d)
Quantity
5.
Before identifying the USP of a company, which situation should happen first?
a)
Determine if one is really needed to be successful
b)
Determine if the advertising costs are affordable
c)
Determine if one already exist
d)
Determine if there are many successful ones that can copied
6.
Which location would be most appropriate for a small business selling convenience products such as groceries that customers purchase on a regular basis?
a)
Downtown shopping area
b)
Neighborhood shopping area
c)
Regional shopping center
d)
Super-regional shopping center
7.
Marketers often condense USPs into short slogans due to which situation?
a)
A successful USP is always very short.
b)
All work team members must memorize them.
c)
There cannot be product differentiation through any other means.
d)
Customers tend to remember just one thing from an advertisement.
8.
If a company cannot fulfill its USP, what will most likely happen?
a)
It will go bankrupt. 
b)
It will spend more money.
c)
It will lose credibility.
d)
It will gain business.
9.
To guard an USP from its competitors, which action should be performed?
a)
Repeating it as much as possible
b)
Printing it in a foreign language
c)
Making it difficult to understand
d)
Avoid letting it become public
10.
A hairstylist cutting the hair of a client is providing which example of a distribution channel?
a)
Producer to agent to consumer
b)
Producer to consumer
c)
Producer to retailer to consumer
d)
Producer to wholesaler to consumer
11.
Indirect channels of distribution are usually of which attribute than direct channels?
a)
Longer
b)
Shorter
c)
Cheaper
d)
More efficient
12.
A benefit of channels of distribution is which feature?
a)
Producers must spend more money.
b)
Businesses can easily obtain products from all over the world.
c)
Retailers must spend more money.
d)
Businesses spend more time looking for products wanted.
13.
A large car manufacturer purchases materials that it will use to create parts for automobiles. What is the car manufacturer?
a)
A retailer
b)
A wholesaler
c)
An industrial user
d)
An agent
14.
Channel members should share an equal commitment to which component of the product?
a)
Name
b)
Price
c)
Quality
d)
Packaging 
15.
Marketers determine distribution intensity so they can achieve which outcome?
a)
Ideal market exposure
b)
Complete market coverage
c)
Perfect market balance
d)
Total market saturation
16.
Which product would likely use an exclusive distribution pattern?
a)
A silk necktie
b)
A gallon of milk
c)
A home-decoration magazine
d)
A large piece of farm machinery
17.
The first decision that marketers must make when managing channels is performing which action?
a)
Setting channel objectives
b)
Determining distribution patterns
c)
Selecting channel members
d)
Determining channel responsibilities
18.
A channel task should be performed by the channel member who has which attribute?
a)
Performs its best
b)
Has the least money
c)
Has the most money
d)
Wants to perform it
19.

The possible handicap(s) to start up a business is/are …..

a)

education

b)

age

c)

no business idea

d)

all of the above

20.

The following are the sources of business idea, except ………

a)

money

b)

hobby

c)

•results of creativity and innovation

d)

skill

21.

The characteristics of entrepreneurship is/are …..

a)

desire for responsibility

b)

future orientation

c)

desire for immediate feedback

d)

all of the above

22.
Business entity with two or more owners that share the company's profits and losses.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
23.
Business entity that is easy to start and has a single owner.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
24.
Business entity that blends elements of partnership and corporate structures.
a)
proprietorship
b)
limited liability company
c)
partnership
d)
corporation
25.
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
26.
Process of examining the advantages and disadvantages of each available choice and then making a decision.
a)
cause and effect
b)
cost/benefit analysis
c)
marketing plan
d)
correlation analysis
27.
What does limited liability mean?
a)
A business can only borrow a limited amount of money from a bank.
b)
The business has a limited number of partners.
c)
If the business fails, the onwers may lose the money they invested but none of their personal possessions. 
28.
What is a franchise?
a)
The right to vote
b)
A new business started from scratch by an entrepreneur.
c)
A book or movie series.
d)
A contract allowing an entrepreneur to open a location of an established business.
29.
A person who organizes and runs his or her own business
a)
President
b)
entrepreneur
c)
employee
d)
entrepreneurship
30.
The process of starting a new business
a)
apprenticeship
b)
entrepreneurship
c)
internship
d)
job
31.
These are all characteristics of a entrepreneur, except
a)
Flexible
b)
Confidence
c)
Innovative
d)
Lazy
32.
A physical reaction to a difficult or demanding situations
a)
happy place
b)
emotion
c)
stress
d)
empathy
33.
The symbolic embodiment of all the information connected with a product or service.
a)
brand
b)
branding
34.
A business that performs tasks for customers.
a)
retail business
b)
service business
c)
franchise
d)
corporation
35.
The right to sell a company's products in a specified area.
a)
sole proprietorship
b)
corporation
c)
franchise
d)
retail business
36.
A business that sells products like food, clothing, and cars.
a)
retail business
b)
service business
c)
franchise
d)
corporation
37.
A business that can legally act as a single person, even though many people may own it.
a)
Corporation
b)
Entrepreneurship
c)
Franchise
d)
Partnership
38.
What is entrepreneurship?
a)
working with others to make create a business.
b)
the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
c)
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
d)
coming up with ideas to start a business.
39.
Which is a characteristic of a entrepreneur?
a)
stubborn
b)
opinionated
c)
motivitional
d)
indecisive
40.
Common reasons for entrepreneurial failure include all but which one of the following?
a)
poor
impleme-
ntation
b)
adequate financial support
c)
faulty product 
desgin
d)
lack of capital
41.
Bankers say that most business fail because _____ inability to plan properly.
a)
investors 
b)
marketers 
c)
entrepreneurs 
d)
consultants
42.
The entrepreneur should have a good idea of who the customer or target market will be.
a)
true 
b)
false
43.
The most important characteristic of a successful business website is
a)
speed
b)
innovation
c)
products
d)
graphics
44.
In the United States, approximately one-third of new firms fail within their first four years.
a)
false
b)
true
45.
The belief that successful entrepreneurship needs only a great idea is a misconception about entrepreneurship. 
a)
ture
b)
false
46.
Having the courage to do the right thing because it is right is called
a)
Morality
b)
Integrity
c)
Honesty
d)
Immorality
47.
Space allowed between two or more people 
a)
Business space 
b)
Optional space 
c)
Personal Space 
d)
Appropriate Space 
48.
Skills used to interact with others on a daily basis 
a)
Interactive 
b)
Employability 
c)
Interpersonal 
d)
Survival 
49.
Process of investigating and assessing ideas and information in order to achieve sound decisions and results 
a)
Critical thinking 
b)
Guessing 
c)
Test taking 
d)
Reasonable doubt 
50.

The mechanic (not the owner) lets a friend use the service department after hours to fix his own car

a)

YES (demonstrates good work ethic)

b)

NO (does not demonstrate good work ethic)

51.

A worker at the ice cream weighs each cone before serving it to the customer.

a)

YES (demonstrates good work ethic)

b)

NO (does not demonstrate good work ethic)

52.

The summer intern clocks our for a friend who needs to leave work early.

a)

YES (demonstrates good work ethic)

b)

NO (does not demonstrate good work ethic)

53.

The production worker (decides on his own) to slow down at his station because others in the production line can't seem to keep up.

a)

YES (shows good work ethic)

b)

NO (does not show good work ethic)

54.

An office worker is sick and stays home. She doesn't call to let anyone know of her absence.

a)

YES (shows good work ethic)

b)

NO (does not show good work ethic)

55.

A salesman at the car dealership has a flat tire on the way to work. He calls to let the sales manager know he will be late.

a)

YES (shows good work ethic)

b)

NO (does not show good work ethic)

56.

A cashier at the convenience store ignores a customer who is clearly having trouble serving herself at the refreshment center.

a)

YES (shows good work ethic)

b)

NO (does not show good work ethic)

57.

A cashier at the convenience store ignores a customer who is clearly having trouble serving herself at the refreshment center.

a)

YES (shows good work ethic)

b)

NO (does not show good work ethic)

58.

A new employee at the department store shows up to work well groomed, cheerful and eager to serve customers.

a)

YES (shows good work ethic)

b)

NO (does not show good work ethic)

59.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
60.
Which one of these is NOT a characteristic of an entrepreneur?
a)
risk taker
b)
idea person
c)
generalist
d)
specialist
61.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
62.
Business entity that is easy to start and has a single owner.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
63.
An experienced and trusted advisor.
a)
mentor
b)
teacher
c)
coach
d)
all the above
64.
Skills that are obtained from receiving some type of degree or certificate.
a)
job specific skills
b)
transferable skills
c)
basic skills
65.
Skills learned that can be transferred from one job to another
a)
basic skills
b)
transferable skills
c)
job specific skills
66.
What are the five P's of entrepreneurship?
a)
passion, persistence, problem solving, professionalism, perserveance
b)
positive, passion, profit, planning, people
c)
purpose, passion,persistence, people, profit
67.
Working capital is money needed to start a business.
a)
True
b)
False
68.

What could cause a new business to have very few sales during its first year?
a)
Failure to apply for a loan or a grant
b)
Lack of a good advertising campaign
c)
Lack of a trademark for the company logo
d)
Failure to pay taxes for the new business
69.

Amazon is considered a "brick and mortar" store?

a)

YES

b)

NO

70.

How much is a one year business license in the City of Sunnyvale?

a)

37 dollars

b)

50 dollars

c)

75 dollars

d)

100 dollars

e)

150 dollars

71.

Which of the following websites allows you to build a free website?

a)

Entrepreneur.com

b)

Wix.com

c)

GoDaddy.com

d)

Vistaprint.com

e)

cnbc.com

72.

One requirement to being an entrepreneur is having a college degree

a)

TRUE

b)

FALSE

73.

Most successful entrepreneurs have a low tolerance for ambiguity.

a)

TRUE

b)

FALSE

74.

Many entrepreneurs own their first business while in their teens.

a)

TRUE

b)

FALSE

75.

Most of the money needed to start a new business comes from the entrepreneur and his or her family and friends.

a)

TRUE

b)

FALSE

76.

The American private enterprise system discourages risk-taking and innovation.

a)

TRUE

b)

FALSE

77.

Most Americans are employed by a small business.

a)

TRUE

b)

FALSE

78.

A large number of small businesses in the United States are service businesses.

a)

TRUE

b)

FALSE

79.

Many small businesses fail simply because the owners do not keep adequate records.

a)

TRUE

b)

FALSE

80.

It is not wise to start a new business when demand for the product or service you plan to sell is high, because already-established companies will have a clear advantage over you.

a)

TRUE

b)

FALSE

81.

The most important step in starting a business is developing confidence.

a)

TRUE

b)

FALSE

82.

The first step in developing a business plan is to gather and review information.

a)

TRUE

b)

FALSE

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