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WorksheetsFall Final Exam Review
Total questions: 100
Worksheet time: 50mins
An entrepreneur
is responsible for his or her business success
works for someone else
must take college level courses
must employ more than five employees
By definition, an entrepreneur
has fewer benefits than an employee
works in a larger company than an employee
risks more than an employee
earns less than an employee
Which of the following is a reward of being an entrepreneur?
making your own hours
doing work you enjoy
acting on your own decisions
all of the above
Which of the following is not a risk of being an entrepreneur?
getting fired
losing time with family
not making much money
making a bad business decision
A serial entrepreneur is
someone who uses money from sale of a business to start another business
someone who learns from previous successes and failures
someone who starts more than one business
all of the above
A dot-com company is
a company that operates internationally
a company that runs most of its business from the Internet
a company focused on protecting the environment
a company that has more than 100 employees
The classic entrepreneur is one who starts a new business based on an existing concept.
True
False
Which of the following is true about American entrepreneurs?
many work from home
they work hard
they are all ages
all of the above
The ability to perform a specific kind of task after practice is referred to as having
self-esteem
an aptitude
an attitude
a skill
An attitude is
a way of thinking about something that affects how you feel about it
a feeling you can choose to have
a feeling that can be positive or negative
all of the above
Self-assessment is something that
is more important for employees than entrepreneurs
helps you maximize your strengths and weaknesses
entrepreneurs do not consider when hiring employees
all of the above
Which trait is not part of the NFTE Entrepreneurial Mindset?
risk avoidance
flexibility
persistence
critical thinking
Instead of seeing problems, a successful entrepreneur usually sees opportunities.
True
False
The practice of giving employees the chance to try out new ideas within a company is called
mentoring
envisioning
intrapreneurship
entrepreneurship
Job shadowing means
to thank someone for hiring you
to call and make an appointment for a job interview
to take someone’s job
to follow someone around at his or her job to learn about it
Volunteers are well-paid workers.
T
F
By donating money to a nonprofit organization, an entrepreneur demonstrates
in-kind donation
philanthropy
sustainability
all of the above
One way to reduce a business's carbon footprint is through
greenwashing
ethical sourcing
carbon offsets
in-kind donations
Writing a code of ethics will help a business to
attract quality employees
avoid legal problems
enhance its reputation
all of the above
A brand name can be legally protected by a
patent
copyright
trademark
all of the above
A code of ethics describes a business's moral philosophy when it reflects
fair use
protection of confidentiality
universal values
environmental responsibility
Copyright includes works published on the internet
T
F
A blog is an example of social media.
T
F
An executive summary is a separate report that contains highlights of a business plan.
T
F
One of "The Three C's" in a business plan is Challenge.
T
F
You can recognize potential business ideas from which of the following sources?
problems that need solving
new discoveries
changes in laws
all of the above
Which of the following describes creative thinking?
recognizing opportunities
brainstorming
looking at something in a new way
all of the above
Using an idea map can
help you put your ideas in order of importance
help you organize your business potential
help you explain the directions of a new idea
help you come up with multiple ideas at once
Which of the following is not a creative-thinking technique?
daydreaming
thinking backward
being flexible
being practical
Generating creative ideas
is an important part of being an entrepreneur
is helped by fear of failure
is not relevant to business in the real world
is for artists, not entrepreneurs
Creative thinking is also called
intelligent thinking
artistic thinking
entrepreneurial thinking
lateral thinking
Ideation is
the process of overcoming objections to a business idea
the way entrepreneurs evaluate business ideas
the process of forming new business opportunities
the process of forming new ideas
To generate business ideas, ask other people about their pain points.
T
F
A manufacturer with whom you discuss a product idea should sign this type of agreement to
keep the information that is discussed confidential.
prototype agreement
privacy agreement
feasibility agreement
nondisclosure agreement
You can buy an independent business from a
franchisor
franchisee
business broker
all of the above
The time period for acting on a business opportunity before it is lost is called the
business window
window of opportunity
starting period
opportunity time frame
Which of the following is not a benefit of buying a franchise?
customer awareness
easier financing
proven system
more entrepreneurial freedom
A royalty fee is paid
based on a percentage of the franchise earnings
to the franchisor
on a regular, ongoing basis
all of the above
A person who sells a franchise is called a franchisee.
T
F
Which of the following is not part of a SWOT analysis?
threats
organizations
strengths
weaknesses
Which of the following is not a method for determining the feasibility of a business idea?
opportunity-cost analysis
cost/benefit analysis
SWOT analysis
intangibility analysis
Critical thinking is an entrepreneurial mindset skill that involves
using the creative part of your mind to analyze or evaluate a situation
being critical of your business associates
thinking like a critic
using logic to analyze and evaluate a situation or object
If something is intangible, you can’t
see it
eat it
touch it
all of the above
A market is
a step in the product planning process.
a group of potential customers for a particular product or service
a group of entrepreneurs.
a place where businesses are bought and sold.
Carrying capacity indicates
the buying patterns for a particular market
the maximum number of market segments
the limitations of a particular method of market research
the growth potential for a business entering a particular industry
Companies that sell to other companies are called
B2C
B2B
none of the above
C2C
UE testing stands for
user ending testing
user experience testing
user eagerness testing
utility experience testing
The most important reason to do ongoing market research is
to help entrepreneurs find new ideas
to test assumptions about a business opportunity
to waste time in between sales
to throw out the work already done on an idea
Which of the following is not one of the basic steps of market research?
identifying research objectives
obtaining finances
analyzing the data gathered
organizing the data gathered
Entrepreneurs using the lean startup methodology
usually fail
avoid using websites
skip market research altogether
use feedback from their customers to improve their businesses
Another name for "business" is
capital
economic system
exchange
enterprise
Which of the following is not one of the fundamental questions of economics?
How are goods and services produced?
What goods and services are to be produced?
Where are goods and services produced?
For whom are goods and services produced?
In which type of economic system do suppliers and consumers control production and price of goods?
market
mixed
command
all of the above
Which of the following is not a benefit of entrepreneurship for the local economy?
paying tariffs
hiring employees
joining a civic organization
paying taxes
Economics is
a social science
the study of how people satisfy their wants and needs
the study of how economies work
all of the above
A country’s economic system is also called its
capitalism
economy
voluntary trade system
growth
The cash and goods a business owns are its
intellectual property
capital
demand
reputation
In a market economy, the government controls the production of goods and services
True
False
Which of the following is regarded as a problem that a nation would want to fix through its economic system?
equilibrium prices
limited supply of goods and services
supply and demand
entrepreneur's profit motive
The quantity of goods and services that a business is willing to sell at a specific price and a specific time is called
supply
surplus
demand
equilibrium
The quantity of goods and services that customers are willing to buy at a specific price and a specific time is called
market price
supply
excess capacity
demand
To get rid of a surplus, a business owner can
lower demand to increase the price
raise the price to increase supply
lower the price to increase demand
raise the price to increase demand
Which of the following are potential obstacles for entrepreneurs who want to conduct international trade?
cultural differences between countries
trade barriers
tariffs
all of the above
Coca Cola and HonestTea (which sells organic teas by the bottle) are an example of
weak direct competitors
indirect competitors
strong direct competitors
partner
Market share is
your target market minus your competitors’ customers
your target market
the biggest percentage of your total market
the percentage of your target market that is buying from your business
Competition between suppliers pushes
prices higher
consumers to buy less
prices lower
supply higher
A business makes a profit when
operating costs are higher than money from sales
money from sales is greater than money spent on expenses
competition is high
money from sales is lower than overhead
If a cupcake store owner makes $3.00 in profit on every $6.00 cupcake sold, her profit percentage is
60%
50%
30%
none of the above
Competition between consumers for a product or service will push its price up.
True
False
Competitive intelligence refers to
the experience of a competitive company
the knowledge base of a competitive business owner
the ability to think analytically about a business
the data collected about competitive businesses
Amazon was the first company to exclusively sell books, music and movies online. This was Amazon’s
differentiator
market research
competitive matrix
competitive intelligence
A competitive matrix is used to compare one business with
the mass market
its direct competitors
its indirect competitors
the market indicators
Posing as a customer at a competitor's place of business is a way to
uncover a competitive advantage
gather competitive intelligence
perform market research
all of the above
In market research, competitive data could include the number of employees and the annual sales of a competitor.
True
False
A competitive matrix is used to compare one business to its indirect competitors.
True
False
Which of the following is not an example of data that would be included in a B2C customer
profile?
geographic location of customer
type of industry
age of customer
gender of customer
Which of the following is true about a target market?
it can include more than one market segment
it represents a limited customer base
it can be based on buying patterns
all of the above
Facts about consumers that relate to their beliefs, lifestyle, and personal preferences are called
psychographics
demographics
geographics
all of the above
When you sign up for Facebook and fill in your online profile, you are giving Facebook
psychographic data
data it can sell to advertisers
demographic data
all of the above
To sell your product to a mass market means
to target as many consumers as possible with your marketing efforts
to amass as many consumers as possible
to use a small marketing budget
to choose the right target markets
A customer profile is
a detailed description of a single customer
a collection of psychographic data
a detailed description of your target market’s characteristics
a collection of demographic data
For a small business, the mass-market approach is the best strategy.
T
F
Value is
the relative worth of something
the total worth of something
the profitable worth of something
the absolute worth of something
When you think about buying an item to buy and a specific brand comes immediately to mind,
this is referred to as
brand marking
product share
market share
mind share
Which of the following is a benefit--not a feature--of a flashlight?
on/off switch is big
provides strong illumination in the dark
grip is rubber
battery lasts long
A value proposition is
a short statement of the features a company provides to its customers
a detailed report on the benefits a company provides to its customers
a bargain a company provides to its customers
a short statement of the benefits a company provides to its customers
McDonald's golden arches is an example of a brand mark.
T
F
A markup price is used
when a product follows an indirect distribution channel
to make a profit for the retailer
when a retailer buys a product from a wholesaler
all of the above
The type of pricing strategy that focuses on how much customers are willing to pay for a
product is called
demand-based pricing
cost-based pricing
competition-based pricing
consumer-based pricing
The practice of combining the price of several products into one price is called
unit packaging
market mix
product mix
bundling
Which of the following is not one of the "Five P's" of marketing strategy?
Product
Place
Percentage
People
The marketing strategy “Place” refers to
selling and delivery methods
markups
placing orders
where you will promote your business
Building rapport during a sales call means
creating feelings of mutual respect and trust
being persistent
getting ready to close the sale
answering objections
When a satisfied customer sends a new potential customer your way, that’s called a
objection
proposal
cold call
referral
Closing a sale happens when a salesperson
places the order
sends the order form
asks for the commitment
delivers the product
Which of the following is not one of the six key elements in a promotional mix?
personal selling
publicity
networking
advertising
Product placement means a company pays to have a product displayed during a movie or TV
show.
T
F
The communication model used by companies to plan, create, and manage product promotion
is
AIDA
AID
AIDD
IADA
A group of specific promotional activities built around a theme or goal is called a
networking campaign
promotional campaign
marketing event
promotional mix
A newsgroup is a form of electronic networking.
T
F
