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WorksheetsEntrepreneurship Study Guide
Total questions: 60
Worksheet time: 42mins
A preson who owns a business, and assumes most of the risk
Intrapreneur
Entrepreneur
Manager
Owner
What percentage of small businesses fail within the first 5 years?
10%
25%
50%
75%
What is SWOT analysis?
Strengths, Weaknesses, Opposition, Threats
Stress, Weaknesses, Opportunities, Trouble
Strengths, Weaknesses, Opportunities, Threats
Which of the below is one of the best indicators of opportunity?
Demographics
General competition
Risk management
Current trends
Social trends should impact business decision-making.
True
False
Which characteristic do most entrepreneurs share?
Willingness to take risks
Creative and visionary
Do whatever it takes
All of the Above
_____ describes personal characteristics of a population.
Diversities
Demographics
Ethnicities
Cultural segmentation
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 of sales 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
Chick-Fil-A is an example of a(n):
Hardware store
Investor
Franchise
Sole proprietorship
An overview of your Business Plan is called the:
Business Plan Overview
Executive Summary
Market Summary
Detailed Overview
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
Business that buys goods in large quantities, typically from manufacturers and resells them in smaller batches to retailers.
Retail
Wholesaler
Service business
Manufacturer
A customer's interest in playing basketball is an example of .....
Psychographic information
Geographic information
Demographic information
Behavioral information
Pamela's loyalty to grocery shopping exclusively Kroger is an example of __________ information.
Psychographic
Behavioral
Demographic
Geographic
The part of the business plan that outlines the number of employees and their roles and responsibilities within the organization.
Competitive Analysis
Company Description
Organizational Structure
Marketing Plan
The part of the business plan that discusses how the business will communicate its brand and its products/services to customers.
Marketing Plan
Industry Overview
Product and Service Plan
Growth Plan
The part of the business plan that makes financial forecasts for the businesses.
Investment Request
Financials
Balance Sheet
Investor Plan
What type of corporation combines the benefits of a sole proprietorship and a corporation?
Limited Liability Company
Trust
Company
This type of business is subject to many more laws and is more difficult to form.
Proprietorship
Partnership
Corporation
Franchise
Which is not a source of opportunity?
Problems
Changing preferences of consumers
New technologies
Saturated market
What is the meaning of VALUE PROPOSITION in Business Model Canvas?
the value that the good or service is providing the customer
predictions in revenue
the marketing strategy
the value of the customer
What does BMC do?
BMC is a tool for beginners
BMC is part of a traditional business plan
BMC helps us to build a strategic management and lean startup template for developing new or documenting existing business models
All of the above
Customer segments refer to the target people and/or organizations for your goods and services
true
false
What are the "channels" in a business model canvas?
Who your customers are
Where you sell your products/services
How you want to sell your product
What is the best offer given
Teenagers ages 16-18 and teachers is an example of what section of the BMC?
channels
customer solution
customer segment
customer problems
The network of suppliers and partners who complement each other in helping the company create its value proposition are called:
customer segments
key partners
key resources
channel
Which part of the business plan is primarily market research?
Company description
Executive Summary
Market Analysis
Marketing Plan
Which element of Bain's pyramid falls under the life-changing category?
Affiliation/belonging
Saves time
Reduces effort
self-transcendence
Wellness, rewards me and reduces anxiety are all examples of _______ elements.
Functional
Emotional
Life-changing
Social
What is the number 1 reason why businesses fail?
There isn't a market for their product or service
Poor planning
Lack of financial management
Inadequate funding
Which form of business ownership is the hardest to succeed long-term?
Partnership
Franchise
Sole proprietorship
Corporation
Which type of business is the easiest to start?
Partnership
Franchise
Sole proprietorship
Corporation
A(n)____________ is an activity to help you achieve your goal.
Implementation
Initiative
Objective
Indicator
Key performance indicators .........
Measure an initiative's success in achieving the goal
Determine if tasks have been completed when launching initiatives
are the key objectives the company sets when creating a goal
Answers 1 and 2 are both correct
The various goods and services you produce and sell are your.....
Sales Channels
Customer Segments
Revenue streams
Key partners
______________ is the money that comes from the sell of goods and services.
Profit
Revenue
Expenses
Assets
__________________ are various things you have to pay for to operate your business.
Income
Revenue
Expenses
Assets
The number of followers on your social media page is an example of....
Key performance indicator
Initative
Key objective
Rationale
Which is not part of the PESTEL analysis?
Political changes
Trends in technology
Internal strengths of the organization
Societal changes or trends
A PESTEL analysis is part of a SWOT analysis to help an organization determine.....
Strengths and weaknesses
Strengths and opportunities
Weaknesses and threats
Opportunities and threats
What does PESTEL stand for?
PESTEL is also called a(n)______________.
Environmental scan
Competitive analysis
Financial analysis
Internal audit
Which club at Parkview is for marketing students?
FBLA
HOSA
DECA
TSA
Which of the following does DECA prepare its members to be?
Experienced leaders
Business owners
Graduate from a 4 year institution
Be family oriented
Which is not a component of the Lean Startup Method?
Create a hypothesis
Build a MVP
Measure and collect data
Write a traditional business plan
What is a strategic plan?
Which is NOT an example of a MVP?
a fully developed product
a basic prototype
a fake website
A(n) ____________ creates and innovates for someone else's company.
Entrepreneur
Intrapreneur
Contractor
A business tool to help determine value in goods and services or new ways to add value to goods and services.
the strategic planning tool
Bain's Elements of Value Pyramid
SWOT analysis
Business Model Canvas
Explain the Lean Startup Method
