NEW
Font size
WorksheetsEntrepreneurship
Total questions: 41
Worksheet time: 21mins
Which of the following is an example of a tax you must pay?
Social security
Late fee
Rental payment
Bounced check
Which of the following is an example of a tax?
Line of credit
Medicare
Cash payment
Rental payment
What are taxes?
Taxes are sources of income.
Taxes are optional payments you make to state and local governments.
Taxes are refunds you receive for overpayment.
Taxes are mandatory payments you make to state and local governments.
When is a budget considered to be balanced?
When the amount you earn is equal or less than to the amount you spend.
When the amount you spend is greater than the amount you earn.
When the amount you save is less than the amount you spend.
When the amount you spend is equal or less than the amount you earn.
Which of the following budgetsd be considered balanced?
A budget where the amount you earn is equal or less than to the amount you spend.
A budget where the amount you spend is greater than the amount you earn.
A budget where the amount you save is less than the amount you spend.
A budget where the amount you spend is equal or less than the amount you earn.
In a balanced budget, the amount you ______ is ______ the amount you earn.
save; less than
spend; greater than
save; greater than
spend; equal to
Which of the following is a variable expense?
Student loan payments
Rental payments
Groceries
Health insurance
Which of the following is NOT a fixed expense?
Movie tickets
Cell phone bill
Internet service
Rental payment
Which of the following is a fixed expense?
Clothing purchases
Groceries
Movie tickets
Rental payments
What is income?
Income is payments you make to the federal government.
Income is money you receive after paying taxes.
Income is payments you make to the government to pay for roads, bridges, and schools.
Income is money you earn, usually from working at a job.
Typically, how do people earn income?
Most people earn income by paying taxes.
Most people earn income by working at a job.
Most people earn income by saving a portion of their paycheck each month.
Most people earn income by spending more than they earn each month.
Which of the following would be an example of a NEED?
A new pair of headphones
Designer shoes
Your favorite candy
A warm winter coat
Which of the following would NOT be considered a want?
A warm winter coat
Your favorite candy
Designer shoes
A new pair of headphones
Which of the following would be an example of a WANT?
A place to live
Critical medicine
Movie tickets
A warm winter coat
What are federal taxes?
Federal taxes are payments you make to the state government where you live.
Federal taxes are money you earn from the US federal government.
Federal taxes are money you earn from working at a job.
Federal taxes are payments you make the the US federal government.
What is Medicare?
Medicare is federal life insurance for people under age 65.
Medicare is federal life insurance for people over age 65.
Medicare is federal health insurance for people under age 65.
Medicare is federal health insurance for people over age 65.
When creating a personal budget, it is important to consider things you _____, _______ things you ______.
need; before; want
need; at the same time as, want
need; after; want
want; before; need
What happens if you spend money on things you want before things you need?
You'll be financially prepared for an unexpected emergency, like a broken leg or hospital stay.
Nothing happens, this is an appropriate practice.
You are able to spend more on high-priced items, like higher education.
You limit your ability to save for for high-priced items, like higher education.
Which of the following items are typically included in a balanced budget?
The amount you pay in taxes.
All of these items are included
in a balanced budget.
The amount you earn in income.
The amount to put away in
savings.
What is a variable expense?
An expense that is the same during some months, and different during other months.
An expense that is the same from month to month.
An expense that is different from month to month.
None of the above.
What is a fixed expense?
An expense that is the same during some months, and different during other months.
An expense that typically does not change month to month.
An expense that typically varies from month to month.
None of the above.
What is one way to begin saving startup capital?
Set aside a portion of the money
you owe in taxes each month.
Set aside a portion of your
income each month.
Both answers
Neither answer
What is take home pay?
The amount you earn each month in income minus what you save.
The amount you earn each month in income minus what you spend.
The amount left over from your monthly paycheck before deductions.
The amount left over from your monthly paycheck after deductions.
What is the definition of an entrepreneur?
An entrepreneur is someone who manages a business.
An entrepreneur is someone who owns a business and makes profit from that business
An entrepreneur is someone who creates, owns and potentially runs a business
None of the above
Which of the following is NOT true about an entrepreneur?
An entrepreneur gets to act as his own boss.
An entrepreneur has ownership in the business.
An entrepreneur is responsible for the success of their business.
An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.
An example of an asset is:
Time
Money
Car
All of the above
Which of the following is NOT a true statement about business plans?
They should never be revised.
They can help lower the risk of starting a new business.
They are created before starting a business.
They should include an overview of your business goals and how you think you are going to achieve them.
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Creativity & Collaboration
Comfort with Risk
Aggressiveness & Intensity
Initiative & Self-Direction
Which of the following is an advantage of starting your own business?
During the start-up phase, you do not have to think about funding.
You are in charge of the decision-making so there is little to no risk.
You have control over where and when you work.
As long as you make a business plan, you will know what obstacles to expect.
While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?
Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.
Knowing about entrepreneurship means you'll never have to work for a boss.
Entrepreneurs do not have to worry about getting good grades in school because they start their own
business.
None of the above
What is the main difference between a personal characteristic and a skill?
You can learn a personal characteristic, but it is not possible to learn a skill.
Personal characteristics become skills over time.
Many people are born with business skills but you can't be born with characteristics.
Skills can be learned and developed while personal characteristics are inherent qualities within.
Which one of these is NOT considered a skill?
Determination Skills
People Skills
Business Skills
Communication Skills
What role do entrepreneurs play in economics?
Entrepreneurs tell consumers what they should want or need.
Entrepreneurs create the businesses that produce products and services that meet the wants and
needs of consumers.
Entrepreneurs borrow money from the economy to start their businesses.
None of the above
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Challenge the Usual
Think Backward
Judge Each Idea as Realistic or Not
Draw Idea Maps
Which of these is NOT part of a
consumer profile?
Demographics
Polygraphics
Psychographics
Buying Patterns
Which of the following is NOT one of the four steps to preparing a sales forecast?
Analyze current company and market conditions using a SWOT Analysis.
Select an organizational structure for your company.
Review past sales or past trends in the industry.
Estimate your future sales for a specific time period.
Your friend is developing a marketing plan for her new business. What should she put in this plan?
Where she wants to sell her product
The price of her product
A description of the people in her target market
All of the above
Which statement is the bestdescription of a Value Proposition?
The cost of creating the product.
A component of the business plan that identifies the target market for the product.
The features and benefits that make the product or business unique.
None of the above
What is the main purpose of developing a business pitch?
To tell investors all the important details and goals of your business so they don't need to read
the business plan.
To provide customers with an in-depth description of how your business was formed.
To briefly share the most important information about your business to people in an engaging way.
To determine whether your business idea is a business opportunity.
Which of the following is probably NOT an important point to include in a business pitch?
A detailed description of the meaning behind the company's name.
The problems that the product or service solves or the demands it meets.
How the product or service is different.
Clear reasons why the potential customers and investors should care about the business.
Why is it important to conduct market research on your target audience before building your marketing plan?
Newspapers and magazines will give you a discount on advertisements if you show them your research.
You need to consider who your potential customers are before deciding on marketing strategies.
Customers enjoy sharing their opinions, so market research will make your product sell more.
It doesn't matter which one you do first.
