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Statewide Micro-Enterprise Review

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

It is how you intend to communicate to large numbers of customers, motivating them to learn more about your business. (Example: advertising is a marketing tool.)

a)

selling

b)

marketing

c)

commercial

d)

social media

2.

It is how you move specific customers to buy from you. (Example: a special event in your store’s parking lot featuring discount prices is selling.)

a)

ads

b)

marketing

c)

selling

d)

business pitch

3.

For a business concept to be feasible there has to be an opportunity to create a venture, a way that a venture could solve a problem for customers / stakeholders

a)

unmet risk

b)

defensible advantage

c)

tenacious talent

d)

opportunity risk

4.

A business concept is doable when it is based on a differentiated advantage that is defensible, meaning "financially sustainable and difficult for competitors to copy."

a)

Defensible Advantage

b)

Tenacious Talent

c)

Attractive Return on Capital

d)

Unmet Customers Need

5.

A business concept is doable if prospective investors believe that there is a realistic opportunity to earn a return on capital far higher than their capital is currently receiving. No one wants to risk a million dollars to make a few thousand in return - but a business concept is doable if a defensible pro forma suggests that a return of millions is possible through the investment of a few thousand dollars.

a)

Tenacious Talent

b)

Opportunity Risk

c)

Attractive Return on Capital

d)

Defensible Advantage

6.

Which is not an example of a Start-up Requirements?

a)

capital

b)

talent

c)

plan

d)

customers

e)

ads

7.

The cost that it takes to produce a product or service. Includes materials and labor.

a)

Cost of Goods

b)

Personnel Cost

c)

Expense

d)

Marketing Sales/ Cost

8.

It is a short, simple document that provides a clear summary of a proposed business venture.

a)

Vision Description

b)

Business Concept

c)

Prospective Investors

d)

Seasonality

9.

A"hockey stick" projection is a revenue growth line sort of looks like a hockey stick - flat at first, and then a straight line up.

a)

Competitive Reactions

b)

Hockey Stick Projections

c)

Expansion Markets

d)

Assumptions

10.

The action of spending funds.

a)

Expenditures

b)

Cumulative Cash Flow

c)

Nadir

d)

Burn Cash

11.

The lowest point of cumulative cash flow - called the "nadir" or lowest point - is the minimum amount the venture will require in order to work through its early stages and emerge a vibrant, successful organization.

a)

Cumulative Cash Flow

b)

Burn Cash

c)

Nadir

d)

Expenditures

12.

A worker that works independently by selling work or services by the hour, day or job with no intent to pursue a permanent or long-term arrangement with a single employer.

a)

Free Lance Consultants

b)

Accountant

c)

Clerk

d)

Entrepreneur

13.

IT is an acronym for

a)

Instant Trainer

b)

Information Team

c)

Incorporated Talent

d)

Information Technology

14.

A work or invention that is the result of creativity, such as manuscript or a design to which one has rights and for which one may apply for a patent, copyright, trademark, etc.

a)

Invention

b)

Intellectual Property

c)

Commercial Ads

d)

Product

15.

Risks associated with the financial standing / performance of a venture

a)

Financial Risk

b)

Marketing Risk

c)

Reputational Risk

d)

Political Risk

16.

Risks associated with the geography in which a venture operates

a)

Financial Risk

b)

Regulatory Risk

c)

Political Risk

d)

Business Risk

17.

Risks associated with the success of a single venture.

a)

Market Risk

b)

Reputational Risk

c)

Regulatory Risk

d)

Business Risk

18.

When an entrepreneur or small business leader work long hours for little or no pay to make a new venture succeed.

a)

Business Risk

b)

Perspiration Equity

c)

Sweat Equity

d)

Grit

19.

An action plan for implementing to identify, prioritize and implement actions to reduce risks

a)

Mitigation strategies

b)

Acquisition

c)

Contingency

d)

Tenacity

20.

The quality or fact of being able to endure and continue with determination.

a)

Tenacity

b)

Stamina

c)

Contingency

d)

Risk