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WorksheetsEntrepreneurship Final Exam Study Guide 2
Total questions: 20
Worksheet time: 10mins
_____ describes personal characteristics of a population.
Diversities
Demographics
Ethnicities
Cultural segmentation
To find a new business, you may need to hire a(n)
banker
investor
owner
business broker.
An asset of acquiring an existing business is customer loyalty, or
goodwill
the use of customers’ credit cards
ill will
customers’ curiosity about the new owner
A franchisor:
Buys a franchise and must be trained to operate the business
Collects a finders fee for franchising a business
Opens a business from scratch
sells the right to open stores and sell products or services using its brand
Finding new ways of doing things is:
Innovation
Customer loyalty
Industry
Business accumen
When franchising a business, what is a royalty fee?
A percentage fee of taxes that must be to the Internal Revenue Service.
a fee calculated as a percentage for the use of a business' name, products and services, and customers.
the cost of doing business that a business incurs for selling goods or services.
Money paid to Mr. Hirsh
Starting a new business entails more ____________________ than opening a franchise.
time and effort
money
starting capital revenue
experience
One secret to finding a good business opportunity is the ability to understand ____________________, because changes in interests create profitable niches for new businesses to fill.
an industry
taxable income
good accountants
the law
Many _______________ can be turned into successful businesses.
Alliances
Clubs
Efforts
Interests
Which of the following are some of the major trends for the creation of new businesses?
New kinds of strategic alliances
Increased emphasis on outsourcing
Growth of home-based businesses
All of the above
To identify consumer markets, you should be aware of:
Services
Demographic changes
Technology
Investors
Chick-Fil-A is an example of a(n):
Hardware store
Investor
Franchise
Sole proprietorship
Before you can determine if a new venture is feasible, you must prepare:
Employees
Office Space
Taxes
A Business Plan
An overview of your Business Plan is called the:
Business Plan Overview
Executive Summary
Market Summary
Detailed Overview
The largest error an entrepreneur makes when writing a business plan is:
Not making a detailed enough plan
Skipping parts of their plan
Never writing a business plan
Skipping the executive summary
The second part of a business plan is:
Executive Summary
Business Description
Marketing Plan
Financial Plan
The part of a business plan that details what a company sells is called the:
Financial Plan
Marketing Plan
Products and Services Plan
Executive Summary
