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WorksheetsEntrepreneurship Test Review
Total questions: 21
Worksheet time: 11mins
Which of the following is NOT a benefit of being an entrepreneur?
Steady, reliable income because you always get to pay yourself first
Work in a field, on a project, that you're passionate about and that you enjoy
Be your own boss rather than reporting to someone else
Ability to provide a good or service that no existing company is doing
Connie lives in Tallahassee, FL, and wants to start an exercise studio that focuses on low-impact fitness classes that can be done in a seated position with light weights. Which of these groups most likely represents Connie's target demographic?
Pre-school age children
Professional athletes
International viewers who could stream the workouts online
Retirees who live in the community
What is the most significant difference between a small business and a startup?
Startups intend to grow large quite rapidly, whereas small business tend to remain small
Startups tend to be self-funded, whereas small businesses tend to have investors
Startups are typically technology companies, whereas small businesses are typically restaurants
Startups are far less risky than starting your own small business
True or False: Your business plan should always include advertising strategies in each of the 6 media types -- broadcast, print, support, direct marketing, product placement, and the internet.
True
False
Angelo thinks he has an outstanding idea for a startup, and he's pretty confident he's got all the qualities to be a successful entrepreneur -- he's confident, passionate about his work, not afraid to take risk -- but he's not so great at managing money and keeping to a budget. What should Angelo do next?
Not form the startup -- he doesn't have all the necessary skills
Start a nonprofit instead of a business, so that he doesn't need to worry about finance at all
Find a partner to join the startup who IS good with finances, so his chances of success are higher
Go forward with the startup and don't worry about the money -- his idea is so good the finances won't be an issue
A ______________ is a quick description of your business that you use to explain it to potential investors.
Business plan
Sales forecast
Elevator pitch
Business analysis
__________________ are the operating expenses that a business must pay regardless of how many sales are made.
Fixed operating expenses
Variable expenses
Profits
Production costs
Which of the following is NOT a true statement about business plans?
They should include an overview of your business goals and how you think you are going to achieve them
They are created before starting a business
They should never be revised
They can help lower the risk of starting a new business
Sharon is thinking about opening a bakery. Which of the following would NOT be a good early step?
Get a mentor
Immediately put down a deposit for a storefront property
Estimate the target market
Create a business pitch
___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.
A Direct Competitor
Sales force
An Indirect Competitor
The Market
What kind of research would be used to effectively evaluate a potential business opportunity?
Conduct market research to determine whether the business opportunity meets a customer need or want
Analyze national chains that are similar and model your store after it
Talk to your cousin that shops at local stores
Talk to a friend that has money to invest
___________ 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 customer report
Market Research
Competition report
Audience analysis
The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.
contribution margin
profit
overhead
salary
The act of assuming the risk of organizing productive resources to produce goods and services.
business
critical thinking
entrepreneurship
risk management
Business entity that is easy to start and has a single owner.
sole proprietorship
partnership
limited liability company
corporation
Business entity with two or more owners that share the company's profits and losses.
answer choices
corporation
sole proprietorship
partnership
limited liability company
Business entity that blends elements of partnership and corporate structures.
sole proprietorship
partnership
limited liability company
corporation
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
sole proprietorship
partnership
limited liability company
corporation
When private entrepreneurs purchase the rights to open and run a location of a larger company.
corporate model
franchise
partnership
private enterprise
Exclusive rights given to the inventor of a product, for a specific period of time, to protect them from others copying their product.
copyright
trademark
patent
exclusivity rights
Exclusive rights to symbols or designs.
trademark
patent
copyright
exclusivity rights
