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Entrepreneurship Review

Total questions: 100

Worksheet time: 2hrs 40mins

Name
Class
Date
1.
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 which characteristic for what they do?
a)
Reservations
b)
Concerns
c)
Apathy
d)
Passion
2.
Home-based businesses are attractive to many people because of which factor?Home-based businesses usually:
a)
yield higher profit margins.
b)
provide owners a steady income.
c)
have lower start-up costs.
d)
require less technical training.
3.
What is a disadvantage of entrepreneurship?
a)
Fewer resources
b)
Personal satisfaction
c)
Lower taxes
d)
Uncertain income
4.
Which is a financial concern that entrepreneurs often face when starting new businesses?
a)
Irregular paychecks
b)
Long working hours
c)
Shorter vacations
d)
Lower production standards
5.
What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
a)
Creativity
b)
Self-discipline
c)
Risk-taking
d)
Flexibility
6.
Which is considered a reliable information source for a business start-up?
a)
Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
b)
The Project Management Institute (www.pmi.org)
c)
The Small Business Administration (www.sba.gov)
d)
The National Retail Federation (www.nrf.com)
7.
Which statement is true about a business environment?
a)
It can be avoided.
b)
It is always changing.
c)
It consists of the economy and technology.
d)
It may not affect the business, depending on the industry.
8.
Which is an example of a demographic trend?
a)
The aging of the population
b)
Shifting political climates
c)
Rising interest rates
d)
A concern for fitness and health
9.

What might be a motivation to become an entrepreneur

a)

Lack of responsibility

b)

Risk of financial ruin

c)

Being your own boss

d)

Doing paperwork

10.

What is a benefit of starting a new business from scratch

a)

The business will make profits quickly

b)

The business will have name and brand recognition

c)

Your start-up costs will be small

d)

You are creating something that is uniquely your own

11.

Which is an advantage of owning a franchise?

a)

Owners spend a lot of time in the beginning getting things up and running.

b)

Owners pay a large franchise fee up front to "buy-in"

c)

Owners are locked into franchise rules, food, menu, etc

d)

The company has wide-spread name and brand recognition

12.

What are successful entrepreneurs willing to do?

a)

hurt people

b)

play it safe

c)

get a large loan

d)

take risks

13.

Age and gender are an example of ____?

a)

Geographics

b)

Demographics

c)

Psychographics

d)

Decographics

14.

The definition of an entrepreneur is a person who

a)

Provides entertainment to people in a variety of ways

b)

Is active in their community and encourages business owners

c)

Works for a large company creating new products

d)

Is willing to take a risk in the hunt for new business opportunities

15.

Why is collecting feedback from customers important?

a)

So your customers think you care about what they think.

b)

To generate ideas for the business's marketing campaigns.

c)

To better understand what your customers like and dislike about your business.

d)

So your customers can’t put a bad review on Yelp

16.

Identifying the target market for a product allows an entrepreneur to _____.

a)

develop plans for expanding their business

b)

worry less about the future of their business

c)

better budget their time and money

d)

market the product to specific people

17.

What is the purpose of networking with other businesses?

a)

To create a supportive system of sharing information and resources with businesses who have similar goals, interests, and clients.

b)

To have businesses outside the network understand the benefits of being in the network.

c)

To create stronger and more stable internet access for those who subscribe to the network.

d)

To develop a web of organizations that is mutually beneficial while remaining exclusive and competitive.

18.

If you owned a flower shop what kinds of businesses would you network with?

a)

A high school, nail salon and a burger restaurant

b)

A pet store, a tire store and cell phone store

c)

A wedding chapel, a funeral home and a hospital

d)

A comic book shop, a sea food shop and a greeting card shop

19.

What is a target customer?

a)

The possible customers for a business

b)

The ideal customers a business should try to attract

c)

The customers a business should avoid

d)

The customers marketed to by competitors

20.

Which is the best definition of "marginal benefit?"

a)

The added satisfaction or benefit a person gets from a substitute product or service.

b)

The added benefit a person gets to their quality of life from buying one more product or service.

c)

The added satisfaction or benefit a person gets from buying one more product or service.

d)

The added benefit a person gets from staying inside the margins.

21.

A person goes on the same amusement park ride five times in a row. Which ride do you think produced the highest marginal benefit for the person?

a)

The first ride

b)

The third ride

c)

The fifth ride

d)

None of the rides

22.

Long-term planning is focused on _______.

a)

Cutting expenses

b)

Raising expenses

c)

Cutting revenue

d)

Raising revenue

23.

What is marginal cost?

a)

The cost of total overhead due to changes in production levels

b)

The change in the cost of producing one more unit of product

c)

The change in total production cost when the quantity produced changes by one unit.

d)

The cost of total expenses required to get a business up and running.

24.

You have $500 more in revenues than expenses, which statement is true about your company?

a)

It was in the black

b)

It was in the red

c)

It was neutral

d)

It was in the purple

25.

For a business to make a profit which of the following has to be true?

a)

Total revenues > Total expenses

b)

Total revenues < Total expenses

c)

Total revenues = Total expenses

d)

Total revenues x Total expenses

26.

Short-term planning is focused on _______.

a)

Cutting expenses

b)

Raising expenses

c)

Cutting revenue

d)

Raising revenue

27.

What does total revenue minus total expenses indicate?

a)

The total cost to keep the business open.

b)

The total cost to run the business.

c)

The profit or loss made by the business.

d)

The total amount a company earned in a given time period.

28.

Which of these is NOT a characteristic of an entrepreneur?

a)

Risk taker

b)

Fearful

c)

Self-starter

d)

Good communicator

29.

Which of these is NOT a benefit of buying an existing business?

a)

Tax debt

b)

Existing customers

c)

Existing location(s)

d)

Trained and experienced staff

30.

Which kind of business opportunity is like buying a business kit?

a)

Buying a franchise

b)

Buying an existing business

c)

Starting a new business from scratch

d)

Starting a small business in your garage

31.

What kind of business opportunity is started from a scratch?

a)

A franchise

b)

An existing business

c)

Corporate freelance business

d)

A new business

32.

Which business opportunity would be created by opening a store on the World Wide Web?

a)

A franchise

b)

An internet-based business

c)

An existing business

d)

A home-based business

33.

Which is an example of information you would find in researching the wants and needs of potential customers for a food-service business?

a)

People like their cats and feed them expensive foods.

b)

Most people don't like to go to the grocery store?

c)

1 in 133 people suffer from Celiac Disease and need to eat gluten free foods.

d)

Pink is a popular color among adolescent girls.

34.

A person doing medical billing from their living room is an example of a/an

a)

Internet-based business

b)

Home-based business

c)

Franchise

d)

Corporate freelance business

35.

Based on the Yelp Market Research assignment, what is market saturation?

a)

Number of positive reviews

b)

Number of negative reviews

c)

Number of competitors

d)

Number of reviews

36.

Lifestyle such as fun-seeking or status-seeking is an example of:

a)

Geographics

b)

Demographics

c)

Psychographics

d)

Decorgraphics

37.

What is a market segment?

a)

The produce section in a shopping center

b)

A group sharing common resources and costs used during business start-ups

c)

A breakdown of business strategy provided to customers for review and investigation.

d)

A subgroup of a larger market that shares at least one characteristic or need

38.

Marketing is the _____.

a)

act or process of promoting your business to potential customers

b)

act or process of going to the grocery store

c)

act or process of selling an existing business

d)

act or process of creating a sales plan

39.

What should you do when you receive feedback from customers?

a)

Ignore them completely.

b)

Laugh at them behind their backs.

c)

Thoughtfully consider their opinions.

d)

Do everything everyone suggests.

40.

What is a business's competition?

a)

A similar business you want to be better than.

b)

A business with a percentage of the market share

c)

A business you plan to steal customers from.

d)

A business owned by someone you don’t get along with.

41.

Providing products or services that could be raffled off by a non-profit organization to raise money is an example of a business _____.

a)

asking for free stuff

b)

giving back to the community

c)

marketing plan

d)

trying to look good

42.

Which of the following is an appropriate response to negative feedback

a)

Call the person providing the feedback names

b)

Refusing to acknowledge you received the feedback

c)

Thank the person giving the feedback and tell them you'll consider it

d)

Yell at the person giving the feedback until they go away

43.
A reason or motive for starting a business is the desire to make money.  This is called the
a)
profit margin
b)
opportunity
c)
function
d)
profit motive
44.
This function of business is to make sure the organization meets its goals & obligations. 
a)
marketing
b)
operations
c)
management
d)
human resources
45.
This type of business lets the owner keep all the profits but he also has to pay for everything needed for the business and has unlimited liability.
a)
sole proprietorship
b)
corporation
c)
franchise
d)
partnership
46.
This type of business is fairly easy to start, and is owned by two or more people.
a)
partnership
b)
corporation
c)
franchise
47.
This is what you call a business when its facilities (offices) are in different countries.  Examples are Coca-Cola, Wal-Mart, Honda, BMW, etc.
a)
local
b)
national
c)
multinational
d)
central
48.
A disadvantage to owning a franchise is....
a)
you are limited in what product/service you can sell.
b)
it is easy to start.
c)
you can get help if you need it.
d)
you can rely on the good name of the parent company.
49.
If you are earning more revenue than expenses, you are called a 
a)
non-profit business.
b)
franchise.
c)
profit-making business.
d)
corporation.
50.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
51.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
52.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
53.
ALL entrepreneurs have a college degree.
a)
True
b)
False
54.

Which is a common characteristic of an entrepreneur?

a)

organized

b)

vindictive

c)

impressionable

d)

irresponsible

55.

Entrepreneurs create ____________________ for themselves and others.

a)

wealth

b)

risk

c)

plans

d)

none of these

56.
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
57.
Business entity that is easy to start and has a single owner.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
58.
Getting people together to accomplish goals and objectives using available resources.
a)
leadership
b)
management
c)
entrepreneurship
d)
franchising
59.

Select all of the qualities an entrepreneur should possess.

a)

Takes risks

b)

Procrastination

c)

Organised

d)

Motivated

60.

What is entrepreneurship?

a)

A management style

b)

An exciting new product

c)

A person who organises, operates and assumes the risk for a business.

d)

Steve Jobs

61.

What is multi-tasking?

a)

Keeping an organised schedule.

b)

Manufacturing a quality product

c)

Ability to perform more than one task at a time.

d)

The name of a computer game.

62.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
63.

A target market is

a)

a group of investors willing to put capital into a business

b)

a generational group of individuals

c)

a group of consumers at which a product/service is aimed

d)

an industry willing to sell and market your product

64.
Which type of business does this image represent? 
a)
Wholesale
b)
Retail
c)
Service
d)
Manufacturing
65.

Which trait or characteristic would describe a successful entrepreneur?

a)

Lazy

b)

Shy

c)

Bossy

d)

Self Starter

66.

What are the four P's of marketing

a)

product, produce, production, price

b)

person, place, produce, practice

c)

promotion, product, practice, price

d)

promotion, place, price, product

67.
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
68.
Any reward or benefit that motivates people to do something.
a)
incentive
b)
money
c)
bonus
d)
financial gain
69.
When private entrepreneurs purchase the rights to open and run a location of a larger company.
a)
corporate model
b)
franchise
c)
partnership
d)
private enterprise
70.
Which type of business is typically traded on a stock exchange?
a)
proprietorship
b)
local franchise
c)
public corporation
d)
small partnership
71.
A person who works in a business owned by someone else
a)
slave
b)
entrepreneur
c)
owner
d)
employee
72.
The personal qualities or traits that make you unique
a)
Character
b)
Soul
c)
Stress
d)
Personality
73.
A customer can belong to more than one target market.
a)
True
b)
False
74.
A business that performs tasks for customers.
a)
retail business
b)
service business
c)
franchise
d)
corporation
75.
A business that sells products like food, clothing, and cars.
a)
retail business
b)
service business
c)
franchise
d)
corporation
76.

A target market is

a)

a group of investors willing to put capital into a business

b)

a generational group of individuals

c)

a group of consumers at which a product/service is aimed

d)

an industry willing to sell and market your product

77.
The amount or quantity of goods or services consumers are willing and able to buy
a)
demand
b)
supply
c)
Equilibrium
d)
Scarcity
78.
-------------- is when several businesses strive for the same customer dollar 
a)
Demand
b)
Exporting
c)
Monoploy
d)
Competition 
79.
Selling and shipping goods to another country is: 
a)
importing
b)
franchising
c)
exporting
d)
venture capitalism 
80.
Sorting customers by their physical and social characteristics is called ______ segmentation.
a)
behavioral
b)
statistical
c)
psychographic
d)
demographic
81.
A target market can be described as the 
a)
direction the market is headed
b)
group of customers the business seeks to attract
c)
way a business draws its customers
d)
sample of the market
82.
A customers interest in playing basketball can help a marketer determine his/her ______.
a)
Psychographic criteria
b)
Geographic criteria
c)
Demographic criteria
d)
Behavioral criteria
83.
___________ is a method used to identify customers with similar wants and needs.
a)
Selling
b)
Planning
c)
Market Segmentation
d)
Sales pitch
84.

A _____ offers legal protection to an inventor and excludes others from making and selling copies of the protected invention.

a)

target market

b)

patent

c)

pro forma

d)

differentiated offering

85.

Identifying your target market makes it easier and more cost effective to ______.

a)

appeal to everyone

b)

sell your products to the masses

c)

reach your potential customers

d)

push away unnecessary customers

86.

Tells you who your customer is by providing statistical information about their age, gender, location, education level, income level, etc.

a)

demographics

b)

psycholgraphics

c)

geographics

d)

target marketing

87.

Tells you why your customer buys by providing information about their habits, hobbies, attitudes, beliefs, values, etc.

a)

demographics

b)

psychographics

c)

geographics

d)

target marketing

88.

Which of the following is an example of demographic information?

a)

married with children

b)

loves to travel

c)

enjoys volunteering

d)

participates in an art club

89.

Which of the following is an example of psychographic information?

a)

lives in a rural area

b)

single, no children

c)

enjoys running

d)

lives in a cold climate area

90.
Which is a way to gain customer satisfaction?
a)
Confidence in service
b)
Not dealing with problems
c)
Slow service
d)
Long queues
91.
The staff in the shop are very polite, they are ______________________.
a)
courteous 
b)
efficient
c)
faithful
d)
uncaring
92.

Acting in ways consistent with what society and individuals typically think are good values.

a)

Ethical Behavior

b)

Customer Service

c)

Referrals

d)

Customer Feedback

93.

Support offered from the employee to the customer

a)

First Impressions

b)

Stereotypes

c)

Judgement

d)

Customer Service

94.

What is the main goal for businesses?

a)

profit

b)

productivity

95.

What is productivity?

a)

working on products

b)

goods that are produced

c)

amount of goods or services workers can produce in a period of time

96.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
97.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
98.

Strategic planning is meant for _________ goals

a)

Long-term

b)

Short-term

c)

Immediate

d)

part-time

99.

Operational planning is for ____________ goals.

a)

Long-term

b)

Short-term

c)

Future

d)

Distant

100.
  _______ divides buyers into different groups based on social class, lifestyle, and personality characteristics.
a)
Demographic segmentation
b)
Behavior segmentation
c)
Psychographic segmentation
d)
Geographic segmentation

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