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Entrepreneurship - Benchmarks Review

Total questions: 50

Worksheet time: 30mins

Name
Class
Date
1.
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
2.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
3.

What is a disadvantage of being an entrepreneur?

a)

You have more control over your work

b)

You have a more flexible schedule

c)

You do not always receive a regular paycheck

d)

Your work schedule is always predictable

4.

Elon Musk is one of the greatest innovators in the last 30 years. He... ((hint: choose 3 correct answers)

a)

Co-founded Google

b)

Co-founded Paypal

c)

Founded the company SpaceX

d)

Founded the company Tesla

5.

What is the purpose of a business plan? (hint: choose 2 correct answers)

a)

To document your financial activity during one year

b)

Legal document to be filed with the SEC

c)

States the purpose and vision of your company

d)

States the amount of capital you need to run the company

6.

Why do you need a business plan? (hint: choose 3 correct answers)

a)

To raise capital

b)

Gets everyone involved to focus on the same goals

c)

Gives an objective look at what you are doing and why

d)

It is required by law

7.

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

8.

What information should NOT be included in a business plan?

a)

Your financing needs

b)

Your basic business concept

c)

Your marketing plan

d)

Your assets and liabilities

9.

True or False: A standard business plan is one page in length.

a)

True

b)

False

10.

Roasted is a community-driven coffee shop that opened locally. They have 10 employees. They are

a)

an example of a startup

b)

an example of a small business

11.

Which is NOT one of the reasons startups typically fail?

a)

Run out of cash

b)

No business model

c)

Poor marketing

d)

Market demand

12.

The process of creating something new that makes life better is called...

a)

Technology

b)

Innovation

c)

Brand recognition

d)

Opportunity cost

13.
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
14.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
15.
An entrepreneur is someone who works for themselves.
a)
True
b)
False
16.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
17.
ALL entrepreneurs have a college degree.
a)
True
b)
False
18.
What percentage of American workers are expected to be self-employed by 2020?
a)
10%
b)
20%
c)
30%
d)
40%
19.

Entrepreneurs have to find their own health insurance and plan for retirement.

a)

True

b)

False

20.

Entrepreneurs do not pay taxes to the IRS.

a)

True

b)

False

21.

Which is a common characteristic of an entrepreneur?

a)

organized

b)

vindictive

c)

impressionable

d)

irresponsible

22.
Owners of stock in a company
a)
partnership
b)
sole proprietorship
c)
stockholders
d)
corporation
23.
A business that sells products like food, clothing, and cars.
a)
retail business
b)
service business
c)
franchise
d)
corporation
24.
Two key factors that aid an entrepreneur's commitment to a business are
a)
hobbies and sales experience
b)
interests and past experiences
c)
interest and sales experience
d)
hobbies and athletic ability
25.
A self-assessment is an evaluation of your
a)
hobbies and interests
b)
strengths and weaknesses
c)
interests and sales experience
d)
hobbies and athletic ability
26.
A disadvantage of entrepreneurship si that entrepreneurs 
a)
do not have regular income
b)
must implement creative ideas
c)
control their own destinies
d)
none of these
27.
Before starting a business, it is important to identify the kinds of of entrepreneurial opportunities that match your aptitudes and interests.
a)
True
b)
Fales
28.
Which of the following is a way that a business can determine if a product will fulfill its target market's needs:
a)
 Observe workers
b)
 Distribute promotional materials. 
c)
 Ask the customers
d)
 Develop a prospect list
29.
Which of the following statements is true about entrepreneurial discovery:
a)
 It ensures that start-up businesses have continuous funding. 
b)
 It's an ongoing process that facilitates a business's success rate. 
c)
 It provides entrepreneurs with professional development training. 
d)
 It's a way to determine the long-term profit that a start-up company can generate. 
30.
Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities:
a)
 Higher allowances
b)
 Lower tariffs
c)
 Enforceable trade agreements
d)
 Flexible currency rates
31.
In order for a business to generate a profit, its operating costs must be ___________ the gross margin.
a)
 equal to
b)
 greater than
c)
 less than
d)
 identical to
32.
Variable expenses increase in direct proportion to the increases rate of 
a)
 competition.
b)
 production. 
c)
 automation. 
d)
 motivation. 
33.
The primary goal during the brainstorming process is to
a)
 come up with as many ideas as possible. 
b)
 analyze each idea as it is presented. 
c)
 rate each idea in relation to one another. 
d)
 come up with a set number of ideas within a certain time.
34.
Costs of sales for a new manufacturing venture typically include
a)
 trade show attendance, raw materials, and equipment.
b)
 raw materials, equipment, and product inventory. 
c)
 trade show attendance, product inventory, and internet access. 
d)
 internet access, attorney fees, and sales lead lists.
35.
After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from
a)
 advancements in technology. 
b)
 changes in travel habits. 
c)
 differences in priority. 
d)
 shifts in popularity ethnicity. 
36.
The entrepreneurial discovery process requires knowledge and the recognition of a(n)
a)
 economic crisis.
b)
 preventable accident.
c)
 market need.
d)
 creative observation. 
37.
Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery: 
a)
 Interest rate fluctuations 
b)
 Increased cultural diversity
c)
 Industry deregulation
d)
 Technological advancements
38.
Which of the following 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
39.
Which of the following is a true statement about a business's 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. 
40.
When conducting an environmental scan, which of the following is an economic factor that a business should consider:
a)
 Consumer spending habits
b)
 Global trade regulations
c)
 Local demographics
d)
 Restricted sales territories 
41.
The equilibrium price is 
a)
the price set by the government
b)
the price at which supply equals demand
c)
the price at which exports equal imports
d)
the price set by the foreign exchange rate 
42.
Importing and exporting are activities primarily associated with 
a)
nonprofit organizations
b)
the profit motive
c)
the economics of one unit
d)
the global economy
43.
Social science concerned with how people satisfy their demands for goods and services 
a)
history
b)
economics
c)
free enterprise 
d)
environmental economics 
44.
When there are not enough to meet the demand, the result is 
a)
plenty 
b)
abundance
c)
scarcity
d)
none of these options 
45.
Three types of economic systems:
a)
Command Economy, Market Economy, Mixed Economy 
b)
Communism, Socialism, Command System 
c)
Capitalism, Free Enterprise, Mixed Market
d)
None of these options 
46.
____ is the quantity of goods and services a business is will to sell at a specific price and a specific time. 
a)
supply
b)
demand 
c)
supply curve
d)
demand curve 
47.

a new business undertaking that involves risk

a)

Investment

b)

Venture

c)

Supply

d)

Competition

48.

An economic system in which people have important rights to make economic choices of what products to buy, to own private property and to choose to start a business and compete with other businesses

a)

Free Enterprise System

b)

Entrepreneurship

c)

Gross Domestic Product

d)

All of the above.

49.

Tangible (or physical) products of our economic system that satisfy consumers' wants and needs

a)

Goods

b)

Goodwill

c)

Profit

d)

Want

50.
Which one is a want?
a)
Food
b)
Water
c)
Bike
d)
Concert ticket

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