Worksheets2nd 9-Week Exam Year 1
Total questions: 35
Worksheet time: 18mins
Which is an entrepreneur? (obj 4-1)
a manager of the biggest chain grocery store in town
the bank CEO who started out as a teller 30 years ago
an adult who started cutting grass as a pre-teen and now runs a gardening business with a sibling
the convenience store clerk
An employee (obj 4-1)
owns a business venture
works for someone else
takes primary financial responsibility for the risk of the business venture
is responsible for contributing equity to the business
From what language does the word “entrepreneur” originated? (obj 4-1)
Swedish
Hebrew
French
Dutch
Self-discipline can best be defined as: (obj 4-2)
perspective
persistence
prediction
prescription
The is the biggest difference between an entrepreneur and a “wantrepreneur”? (obj 4-1)
Action
Patience
Risk Tolerance
Resources
When launching a business, which is NOT a critical consideration? (obj 4-2/4-4)
how the new company’s product or service is different from or better than competitor products or services
identifying team members with important skills the new business can hire
what type of bank account the company will use
physical or virtual location
Pricing strategies may include (Obj 4-4)
maximizing revenues for different products using different price points
maximizing debt through effective loan applications
maximizing units sold through effective advertising themes
completing audited financial statements
Robin has been working throughout the week to get ready for the store opening on Friday. The tiles for the entryway weren’t delivered on time, but Robin took the company van and picked up the tiles at the vendor’s warehouse. When the utility didn’t connect the electricity on Monday, Robin stayed on hold for an hour before finding a supervisor who sent a utility tech right away.
The type of entrepreneurial behavior that Robin has been exhibiting over the past week can best be described as: (Obj 4-1)
independence
optimism
determination
computer literacy
A business plan has the following purpose: (obj 4.4)
serves as collateral that a company can take to a bank to secure guaranteed loans
serves as a required filing with the Internal Revenue Service
describes in detail how the company’s product or service will be differentiated versus its competition
describes in detail how the company will set up its headquarters office
Advertising can be important for a new business because it (obj 4-4)
is a free form of promotion
allows the new business to set up a network of distributors
communicates a differentiated message to your target customers
is a low-cost method to increase revenues
Characteristics of successful entrepreneurs include
(Obj 4-1)
determination
submission
self-importance
short attention span
Which of the following is an essential skill for a successful entrepreneur and small business leader? (Obj 4-1)
ability to complete complicated mathematical functions in your head
ability to use hand tools
ability to intimidate others
ability to interact in a friendly and effective way with people you don’t know
One advantage of establishing a new company as some type of a corporation is (Obj 4-5)
reduces paperwork the owners have to complete
guarantees the company will be profitable
guarantees higher revenues
ability to shield owners from liabilities of or judgments against the company
Businesses should always set their prices (Obj 4-4)
lower than their competitors’ prices
low enough so that revenues are below variable expenses
to reflect the value of their goods or services, not just their costs
higher than their competitors’ prices
Characteristics of successful entrepreneurs include
(Obj 4-1)
pessimism
territorial
optimism
ineffective
Successful entrepreneurs can be described as (Obj 4-1)
unfriendly
change agents
reactive
passive
Entrepreneurial problem solvers exhibit the following behaviors (Obj 4-2)
comfort performing under pressure
ability to forget important details
loyalty to standard practices
comfort conceding defeat
Which of the following best defines self-motivation?
(Obj 4-1)
ability to start and finish a task without giving up despite obstacles that might arise
ability to ignore directions and do things your way
ability to follow directions effectively to arrive at a desired result
ability to develop a plan to get something done
Which of the following is a state government agency
(Obj 4-5)
Secretary of State Militia (SSM)
Department of Defense (DoD)
Small Business Administration (SBA)
Mississippi Economic Development (LED)
Which of the following terms would most closely describe the process of starting a business with little to no resources? (Obj 4-6)
Scaffolding
Dreaming
Outsourcing
Bootstrapping
Latrice has had a frustrating week. One of the new employees hired just last week showed up late her first two days, and another didn’t even show up one of his scheduled days. Latrice talked patiently with both of them in the hope that they could turn their situation around and become valuable team members. Unfortunately, at the same time the bank returned the credit application that took Latrice hours to fill out with requests for additional information. Latrice had to find the time to find that information and send the application back to the bank. Finally, Latrice really wanted to watch the The Voice on television tonight, but decided to stay in the store until closing because the store is short-staffed.
The type of entrepreneurial behavior that Latrice has been exhibiting can best be described as (Obj 4-3)
financial literacy
self-discipline
comfort engaging with strangers
pessimism
Characteristics of successful entrepreneurs include
(Obj 4.1)
interpretation
indifference
ingratitude
independence
A business idea that has value but lacks uniqueness is forced to compete using ____ (Obj 4-4)
Product
Promotion
(c.) Price
(d) Place
The government agency that enables companies to register to do business in the state of Mississippi is
(Obj 4-5)
Department of Commercial Licenses
Secretary of State
Workforce Commission
Internal Revenue Service
The business plan consists of (Obje 4-4)
Business Stock
IPO
Business and Product Description
ESOP
_____ is a transaction where a company management team purchases the assets and operations of the business they manage. (Obj 4-7)
Initial Public Offering (IPO)
Harvesting
Employee Stock Ownership Plan (ESOP)
Management Buyout
_____ is a brief introduction and summary of your business plan. (Obj 4-4)
Equity
Executive Summary
Harvesting
Ownership
Angels investors ________ (Obj 4-6)
are private equity investors that provides capital to companies exhibiting high growth potential in exchange for an equity.
the practice of funding a project by raising small amounts of money from a large umber of people
refer to financial assistance received by nongovernment entities in the form of federal, state, or local government grants, etc.
are high-- net-worth individuals who provides financial backing for small startups or entrepreneurs.
One of the functional advantages of ____ is that they are essential to set up than other business entities. (Obj 4-6)
Corporation
Limited Liabiiity Company
Sole-Proprietorship
Partnership
Mary Sue applied for a payroll clerk job with HD Voice, a telephone company. To improve her chances in getting the job, se exaggerated her work experience on her resume. Based on this resume, Mary was hired. After one year, she received above-average ratings during her annual performance review. Therefore, her boss meet Don's former supervisor and learned the truth. Based on the above analysis, Mary actions were (obj 4-3)
ethical
unethical
Sole-Proprietorship
Partnership
Mary Sue applied for a payroll clerk job with HD Voice, a telephone company. To improve her chances in getting the job, se exaggerated her work experience on her resume. Based on this resume, Mary was hired. After one year, she received above-average ratings during her annual performance review. Therefore, her boss meet Don's former supervisor and learned the truth. Based on the above analysis, Mary actions were (obj 4-3)
ethical
unethical
Sole-Proprietorship
Partnership
The counteract economic risk (obj 4-3)
use as much money as possible to maintain a steady cash flows
Operate with a lean budget with low overhead through all economic cycles as part of your business plan
Both A and B
None of the answers listed
One of the advantage and/or disadvantages of of a non-profit corporation is
Disadvantage is that directors and officers do not receive profits
Advantage is no personal asset production
Advantage is inability to get across the street
Neither knows the answer
The economy is constantly changing as the markets fluctuate especially during COVID-19 pandemic. Some positive changes are good for the economy. Which lead to booming purchase environment for some suppliers, while others experience negative events can reduce pressure sales of other supplies such as movie tickets. It's important to watch changes and trends to potentially identify and plan for an economic downtown,
True
False
Tom Brady, quarterback for Tampa Bay Buccaneers NFL team, would be considered which one of the four economic resources?
Land
Entrepreneurship
Labor
Capital
