NEW
Font size
WorksheetsAES Entrepreneurship
Total questions: 20
Worksheet time: 9mins
A good entrepreneur will
“Be willing to sell their soul for success.”
“Change the world.”
“Find a new or unusual way of doing business.”
“Put on a great show.”
Which of the following would NOT be a place to go to get good business advice?
“An Embezzlers Anonymous Meeting”
“A Community Workshop”
“The Chamber of Commerce”
“The Better Business Bureau”
Which is an example of information you would find in researching the wants and needs of potential customers for a food-service business?
“Most people don't like to go to the grocery store.”
“1 in 133 people suffer from Celiac Disease and need to eat gluten free foods.”
“Pink is a popular color among adolescent girls.”
“People like their cats and feed them expensive foods.”
A successful entrepreneur is
“A leader.”
“A troublemaker.”
“A loser.”
“Annoying.”
Which is an advantage of owning a franchise?
“Owners are locked into franchise rules, food, menu, uniforms, etc”
“Owners spend a lot of time in the beginning getting things up and running”
“Owners pay a large franchise fee up-front to "buy-in"”
“The company has wide-spread name and brand recognition”
What is a business's competition?
“A business with a percentage of the market share”
“A business owned by someone you hate.”
“A similar business you want to be better than.”
“A business you plan to steal customers from.”
What is the purpose of networking with other businesses?
“To create a supportive system of sharing information and resources with businesses who have similar goals, interests, and clients.”
“To have businesses outside the network understand the benefits of being in the network.”
“To develop a web of organizations that is mutually beneficial while remaining exclusive and competitive.”
“To create stronger and more stable internet access for those who subscribe to the network.”
Why is it important to know the wants of specific customers?
“To attract better customers than your competition”
“To be able to provide the products or services they will purchase”
“So your merchandise is better than your competition”
“In order to have the proper amount of merchandise on hand”
What is a target customer?
“The customers marketed to by competitors”
“The possible customers for a business”
“The ideal customers a business should try to attract”
“The customers a business should avoid”
Why is marketing your business important?
“To make potential customers aware of your business”
“It creates new opportunities for growth.”
“To find new market segments.”
“It can be used as potential tax right-off.”
When making a business decision between several options, what are you determining when you estimate the opportunity cost?
“The benefits missed when choosing one option over another”
“The benefits of choosing the best option”
“The benefits of pursuing a new opportunity”
A business that is losing money is said to be:
“In the black”
“In the red”
Profit goals should be:
“The maximum success a business can reach.”
“The minimum a business needs to achieve.”
“A stretch but, not seem impossible to reach.”
What does total revenue minus total expenses indicate?
“The profit or loss made by the business.”
“The total cost to keep the business open.”
“The total cost to run the business.”
Which of the following is the best long-term strategy to reach profitability?
“Cut store hours”
“Expand into different markets”
“Find new vendors with lower prices”
“Lay off employees”
A type of business entity which is owned and run by one person is called
Partnership
sole proprietorship
corporation
Limited Liability Company
A person who organizes and operates a business or businesses, taking on financial risk to do so is an entrepreneur.
True
False
The stage of team development takes place at the very beginning of development cycle when members are just getting to know each other is called
Performing
Forming
Storming
Norming
After reassessing methods and goals, this stage of team development refocuses the team on the mission and goals they begin with is called
forming
storming
norming
performing
Liability is anything owned by an individual or a company
True
False
