WorksheetsEntrepreneurship
Total questions: 36
Worksheet time: 18mins
Entrepreneurs
Find new ways of doing things
Change the world
Sell their souls to gain success
Put on a great show
What is a good resource for business advice?
Chamber of Commerce
Other successful business people
Both of those
Neither of those
Click which of the following are characteristics of Entrepreneurs:
Can be any age
Must have a college education
Have a great, new idea
Be driven and hard working
What are the advantages of a franchise?
You have to pay large fees up front to buy in
You are locked in to menu choices, store design and uniforms
Spend a lot of time get the business up and running
Already has established brand recognition
Being and entrepreneur means as the business owner, you assume all the risk so you get all the profits.
True
False
Which of the following are important when deciding where to open a pizza restaurant? (check all the right answers)
How many other pizza places are in the area
What are the demographics of the local community, (income, ethnicity)
What other restaurants offer pick up and delivery
What are the menu's of the other pizza places
None of the these are important
Buying a franchise is like buying a business kit because:
You are starting a business from scratch
You are buying an established business with a brand recognition and business model with proven practices, processes.
None of these
People who want to be entrepreneurs are:
like doing paperwork
like risking financial ruin
lack responsibility
want to be their own boss
Entrepreneurs are:
Risk takers
Good communicators
Self starters
All of the above
A new business is defined as :
An existing business
A franchise
Starting a business from scratch
Benefits of buying an existing business:
Trained staff
Existing customers
No start up costs
Assume the previous owners debt
A business competitor is another business who has a percentage of the market share as your business
True
False
A percentage of total market sale earned by a company over a specific time period is?
Target market
Market share
Market segment
A subgroup of a larger market that shares at least one characteristic or need is
Target market
Market share
Market segment
The specific audience that a company hopes to sell its product is?
Target market
Market share
Market segment
Target market is defined as:
Is the percentage of total market sale earned by a company over a specific time period.
Is a subgroup of a larger market that shares at least one characteristic or need.
Is the specific audience that a company hopes to sell its product.
Market share is defined as :
Is the percentage of total market sale earned by a company over a specific time period.
Is a subgroup of a larger market that shares at least one characteristic or need.
Is the specific audience that a company hopes to sell its product.
Market segment is defined as:
Is the percentage of total market sale earned by a company over a specific time period
Is a subgroup of a larger market that shares at least one characteristic or need.
Is the specific audience that a company hopes to sell its product
Why is it important to market your business?
To sell more products
To grow your business
To make potential customers aware of your business
All of the above
Why is it important to get involved in the community?
Promotes your business
To help those less fortunate
Give back to the community that supports your business
All of the above
The act of promoting your business to potential customers is called?
Sales
Operations
Human Resources
Marketing
As the business owner, how should you handle negative feedback?
Yell back at the customer
Thank the customer for the feedback and say you will consider their it.
Refuse to listen and ask them to leave
Fire the employee responsible
What should you consider when deciding on where to open your business? (check all that apply)
Enough production and sales space
Enough storage and inventory space
The building should be attractive
Location that is close to target customers
Why is customer feedback important?
It provides business owner with valuable customer opinions and an opportunity to better meet their needs.
It's not, it's just complaining
Feedback is not very helpful and shouldn't have impact
Revenue is:
The same as profits
A businesses total sales
A loss
None of the above
Business expenses are:
The same as profits
The same as revenue
All the costs it takes to run the business
All of the above
Revenue minus expenses is
Marketing
Profits, hopefully not a loss
Total sales
All of the above
What is the change in total production cost when the quantity produced changes by one unit?
Total cost
Marginal cost
Total expenses
Revenue
Check all of the following that are examples of a business's expenses.
Labor costs
Building rent
Profits
Product materials
If a business has total revenue for one month of $2,500 and following expense:
Rent $300
Materials $250
Labor $750
Small business loan of $1,000
What is the profit for that month?
$1,300
$2,300
$1,000
$2,500
Marginal benefit is the most amount a customer is willing to pay for a service or product.
True
False
When writing your business plan, the most important part(s) is
Short term planning
Long term planning
Both are equally important
Neither is correct
If a businesses revenues are MORE than it's expenses, it is
Making money and is profitable
Losing money and not profitable
Breaking even
If a businesses revenues are LESS than it's expenses, it is
Making money and is profitable
Losing money and is not profitable
Breaking even
If a businesses revenues equal it's expenses, it is
Making money and is profitable
Losing money and not profitable
Breaking even
If a business is in the black, that means:
It's losing money
Making money
Not profitable
Breaking even
