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Entrepreneurship/Functions of Marketing

Total questions: 86

Worksheet time: 45mins

Name
Class
Date
1.
Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of  
a)
advertising.
b)
money
c)
employees.
d)
commitment
2.
Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have _______________ what they do.  
a)
passion for
b)
concerns about
c)
apathy for
d)
reservations about
3.
Before starting their business ventures, which of the following would entrepreneurs recognize first:  
a)
Regulations
b)
Opportunity
c)
Associations
d)
Liability
4.
Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and  
a)
what was done in the past
b)
how things are being done
c)
what needs to be done.
d)
when changes were last made
5.
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of  
a)
outsourcing
b)
success
c)
empathy
d)
productivity
6.
What is the importance of an entrepreneur in the economy?
a)
Entrepreneurs are our community leaders.
b)
Entrepreneurs help stabilize and grow the economy with their ability to discover new business.
c)
Entrepreneurs make all their own rules and new products come from them. 
d)
Entrepreneurs rely only on themselves and do not hire anyone else
7.
Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the _____________ she hopes to have as an entrepreneur.
a)
tax breaks and deductions
b)
flexibility and independence
c)
advanced technology
d)
personal commitment
8.
In the early stages of a start-up business, entrepreneurs assume sole responsibility for  
a)
global economic growth rates.
b)
all aspects of their businesses
c)
the daily activities of competitors
d)
reducing the need for financial records products.
9.
All of the following are advantages of entrepreneurship, except
a)
isolation
b)
independence
c)
control
d)
personal satisfaction
10.
The process of starting a new business
a)
apprenticeship
b)
entrepreneurship
c)
internship
d)
job
11.
The chance of danger or loss
a)
Risk
b)
Options
c)
Reward
d)
Benefit
12.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
13.

A written document that describes all the steps necessary for opening and operating a successful business.

a)

cover letter

b)

executive summary

c)

business plan

d)

statement of purpose

14.

a short restatement of the report (1 to 2 pages) that investors can read prior to getting into the detail of the main body of the business plan

a)

statement of purpose

b)

table of contents

c)

executive summary

d)

trade association

15.

An independent agency of the federal government that was created to help Americans start, build, and grow businesses; CAN PROVIDE FINANCIAL AID, counsel, and assistance to protect the interests of small business concerns

a)

SBA

b)

SBDC

c)

SCORE

d)

all of these

16.

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

17.

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 these

18.

Business entity that is easy to start and has a single owner.

a)

sole-proprietorship

b)

partnership

c)

limited liability company

d)

corporation

19.
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
20.
Business entity that blends elements of partnership and corporate structures.
a)
proprietorship
b)
limited liability company
c)
partnership
d)
corporation
21.
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
22.
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. 
23.
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.
24.
A business that performs tasks for customers.
a)
retail business
b)
service business
c)
franchise
d)
corporation
25.
A business that sells products like food, clothing, and cars.
a)
retail business
b)
service business
c)
franchise
d)
corporation
26.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
27.
Owners of stock in a company
a)
partnership
b)
sole proprietorship
c)
stockholders
d)
corporation
28.
Disadvantages to purchasing this type of business includes extremely high start-up cost and royalty fees
a)
Corporation
b)
Franchise
c)
Partnership
d)
Sole Proprietor
29.

The Executive Summary

a)

is what the reader most likely will read first.

b)

should generate enough interest to make someone want to read further.

c)

should stand out by delivering a strong message.

d)

all of the above

30.

Part of the business plan that projects the income, expenses, and profits of a business over a multi-year period

a)

Business Plan

b)

Operational Plan

c)

Sales/Marketing Plan

d)

Financial Plan

31.

The part of the business plan that includes supporting documents that provide additional information and backs up statements made in the body of the report.

a)

Concluding Statement

b)

Executive Summary

c)

Appendix

d)

Product/Service Description

32.

What part of the plan deals with details about promotion, pricing, and distribution, as well as on how the business will reach customers within their target market?

a)

Strategy and Implementation

b)

Market Analysis

c)

Company Description

d)

Financial Analysis

33.
This part of a business plan shows the knowledge of the industry and includes statistics on marketing data for the companies products/services, and evaluates competition
a)
Executive Summary
b)
Company Description
c)
Strategy
d)
Market Analysis
34.
Liabilities that are due within a year
a)
Long term liabilities
b)
Current liabilities
35.
Liabilities owed for more than a year
a)
Current liabilities
b)
Long term liabilities
36.
A financial statement which shows how a business incurs its revenue and expenses; and also shows a net income or net loss
a)
Income Statement
b)
Balance Sheet
37.
Total sales less sales discount and sales returns and allowances
a)
Net sales
b)
Gross sales
38.
What are accounts payable?
a)
Money that you owe but have not paid yet.
b)
Money that you have paid.
c)
An asset.
d)
The same as accounts receivable.
39.

The three essential financials statements are:

a)

Income Statement, Balance Sheet, and Cash Flow Statement

b)

Income Statement, Checking Account Ledger, Balance Sheet

c)

Balance Sheet, Sales Pro Forma, Income Statement

d)

Cash Flow Statement, Sales report, Checking Account Ledger

40.

The Income Statement...

a)

shows whether the difference between revenue (sales) and expenses (costs) is a profit or a loss over a given period.

b)

shows a "snapshot" at a particular point in time of what the company has today (assets), how much it owes (liabilities), and what it is currently worth (shareholder equity).

c)

tracks the movement of cash into (cash inflows) and out of (cash outflows) the company over a specific period of time.

d)

is like a cash register for the company

41.

The Balance Sheet...

a)

tracks the movement of cash into (cash inflows) and out of (cash outflows) the company over a specific period of time.

b)

shows a "snapshot" at a particular point in time of what the company has today (assets), how much it owes (liabilities), and what it is currently worth (shareholder equity).

c)

shows whether the difference between revenue (sales) and expenses (costs) is a profit or a loss over a given period.

d)

is also known as a profit and loss statement.

42.

The Cash Flow Statement...

a)

subtracts the Cost of Goods Sold (COGS) and expenses from the total revenue to give you a new income figure, which will either be a profit or a loss.

b)

is also known as a profit and loss statement.

c)

shows a "snapshot" at a particular point in time of what the company has today (assets), how much it owes (liabilities), and what it is currently worth (shareholder equity).

d)

tracks the movement of cash into (cash inflows) and out of (cash outflows) the company over a specific period of time.

43.

On the Income Statement, if revenues are greater than expenses, then...

a)

the balance will be positive, showing that the business is profitable.

b)

the balance will be negative, showing that the business is profitable.

c)

the balance will be positive, showing that the business is not profitable.

d)

the balance will be negative, showing that the business is not profitable.

44.

Assets includes...

a)

Items (tangible and intangible) a company owns that have monetary value.

b)

Tangible items that a company owns that have monetary value, but not intangible items such as accounts receivable that have not been collected on yet.

c)

money that has been invested in the business plus the cumulative net profits and losses the company has generated.

d)

capital stock or owners stock

45.

Liabilities are...

a)

all debts that a company has that must be paid

b)

only the debts that are payable in one year or less.

c)

only the debts that are to be repaid in more than one year.

d)

the cumulative amount of profit retained by the company and not paid out in the form of dividends to the owners.

46.
_______are anything of value owned, such as cash and buildings.
a)
Liabilities
b)
Assets
c)
Income Statement
d)
None of the Above
47.
The amount the customers owe the business is an asset called:
a)
Accounts Receivable
b)
Accounts Payable
c)
Fixed Assets
d)
None of the Above
48.
_______is the difference between total revenue and total expenses.
a)
Just Revenue
b)
Just Profit
c)
Profit or Loss
d)
"I don't know anything about that"
49.
Sales
a)
Assets
b)
Income
c)
Equity
d)
Liabilities
50.

Advertising for your business would be considered a(n):

a)

Asset

b)

Expense

c)

Revenue

d)

Allowance

51.

The equipment you own to operate your business would be considered a(n)

a)

Asset

b)

Expense

c)

Equity

d)

Liability

52.
Land
a)
Assets
b)
Expenses
c)
Equity
d)
Liabilities
53.

A mortgage loan for your store would be considered a(n):

a)

Asset

b)

Expense

c)

Equity

d)

Liability

54.

The inventory a business has would be considered a(n):

a)

Asset

b)

Expense

c)

Income

d)

Liability

55.

________________ are the costs incurred from operating the business which can include wages or rent.

a)

Long term liabilities

b)

Short term liabilities

c)

Operating Expenses

56.

Anything of value such as cash, inventory, prepaid expenses, etc

a)

Assets

b)

Liabilities

c)

Expenses

d)

Revenue

57.
On a balance sheet, if total assets are $15,000 and total liabilities are $10,000, total owner's equity is
a)
$25,000
b)
$7,500
c)
$2,500
d)
$5,000
58.

Entrepreneurs should prepare income statements

a)

daily

b)

monthly

c)

quarterly

d)

yearly

59.

In an income statement, subtracting the cost of goods sold from the net sales provides the

a)

revenue

b)

net operating income

c)

gross profit

d)

net income

60.

The cash flow equation is

a)

cash outflow - cash inflow = net profit

b)

cash outflow - cash inflow = net profit

c)

cash inflow - cash outflow = net cash

d)

cash inflow - cash outflow = net profit

61.

A balance sheet includes

a)

assets

b)

liabilities

c)

owner's equity

d)

all of the above

62.
Deciding where and to whom products need to be sold in order to reach the final users.
a)
promotion
b)
distribution
c)
MIM
d)
PSM
63.

Decisions about how much to charge for goods and services.

a)

Promotion

b)

Pricing

c)

Selling

d)

Finance

64.
To inform, persuade, or remind customers about your product.  Television, radio, print and online media are used to promote company’s products.
a)
Promotion
b)
Selling
c)
MIM
d)
PSM
65.

Gathering, accessing and evaluating data for use in making

business decisions is the responsibility of

a)

a. market planning

b)

b. product/service management

c)

c. marketing-information management/marketing research

d)

d. product development

66.
What function of marketing is described?
"A retail store employee puts a pair of shoes on a customer and asks how they feel."
a)
pricing
b)
selling
c)
promotion
d)
market planning
67.
What function of marketing is described?
"A television commercial stresses the benefits of buying a new protein bar."
a)
selling
b)
promotion
c)
market planning
d)
channel management
68.
A retailer decides to mark down all swimsuits in August. 
a)
Product Management
b)
Selling
c)
Distribution
d)
Pricing
69.
A team of workers approach customers in a mall to ask them their opinions about the upcoming political election and the candidates running for office.
a)
Marketing Information Management
b)
Product Management
c)
Selling
d)
Promotion
70.
Apple consistently responds to consumer wants by modifying the iPhone with new features that help their daily lives.
a)
Selling
b)
Product Management
c)
Marketing Information Management
d)
Promotion
71.
A need can best be describe as ....
a)
Something that a  person buys or sells to another person. 
b)
A necessity to survive like water or shelter.
c)
An item that provides a valuable service like a cell phone.
d)
A necessity to survive like Dr. Pepper and a mansion.
72.
Which of the following is a service?
a)
a restaurant meal
b)
a guitar lesson
c)
dry-cleaning fluid
d)
a concert t-shirt
73.
Physical items that you can touch and see are called:
a)
Goods
b)
Needs
c)
Services
d)
Wants
74.
The process of planning, pricing, promoting, selling, and distributing ideas, goods, or services to create exchanges that satisfy customers. 
a)
Marketing
b)
Market Segmentation 
c)
Mass Marketing
d)
Target Market
75.

marketing segmentation variable that concerns statistics that describe a population such as age, gender, ethnicity, education level, income, etc.

a)

Demographics

b)

Psychographics

c)

Geographics

d)

Social Responsibility

76.

marketing segmentation variable that includes region (country, state, neighborhood), population density (urban, suburban, rural), and climate

a)

Geographics

b)

Psychographics

c)

Demographics

d)

Market Segment

77.

describes the decisions made by marketers to appeal to their target markets and includes product, place, price, and promotion, also known as the 4 P's

a)

Marketing Mix

b)

Loyalty Programs

c)

Product Placement

d)

Branding

78.

smaller part of a larger market consisting of customers grouped by characteristic shared by others in their group

a)

Market Segment

b)

Product Placement

c)

Promotion Mix

d)

Family Branding

79.

marketing segmentation variable describes and groups customers by combining psychological characteristics (e.g., personality, attitude, lifestyle) with demographic characteristics (e.g., age, gender, income level)

a)

Psychographics

b)

Geographics

c)

Marketing

d)

Outsourcing

80.

the selection of specific groups of potential customers who will be the focus of an organizations marketing efforts

a)

Target Markets

b)

Promotion Mix

c)

Marketing Mix

d)

Family Branding

81.

costs that are directly associated with production and sales and, consequently, may change as the level of production or sales changes

a)

Variable Costs

b)

Fixed Costs

c)

Promotion Mix

d)

Family Branding

82.

In order to get a loan from a bank, an entrepreneur may have to offer collateral.

a)

True

b)

False

83.

Expenses that stay the same.

a)

Start up costs

b)

Variable costs

c)

Fixed costs

d)

Associative costs

84.

A sole proprietorship is typically ran by a board of directors.

a)

True

b)

False

85.

The most common source of funding an entrepreneur uses to start their business is ______________.

a)

a bank loan

b)

their own savings

c)

investors

d)

selling stock

86.

Which factors constitute a small business?

a)

Number of employees

b)

Amount of sales revenue

c)

the business cannot be the dominant company in an industry

d)

the business is in a local market

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