WorksheetsEstablishing a business
Total questions: 39
Worksheet time: 18mins
Which of the following are advantages of opening a new business?
The owner has full control over business decisions like location, branding and signage, employees
There is little if any historical data regarding finances
The market for the business is already established
The owner can enter a new niche market
Factors to consider when choosing the right bank account DOES NOT include:
Interest rates
Bank fees
Overdraft
Convenience and support
Tradition
The process of utilizing resources to create goods and services by assuming risk to satisfy consumers' needs is known as:
Entrepreneur
Business
Entrepreneurship
Production
A person who identifies business opportunities and utilizes creativity while assuming risks to provide goods and services to prospective customers is a/an:
Producer
Consumer
Supplier
Entrepreneur
Money that is used to start your business is called:
Financing
Capital
Funds
revenue
All of the following are traits of a typical entrepreneur EXCEPT:
Optimistic
Innovative
Risk averse
Resilient
All of the following are likely to form part of a business plan for a new computer retail business EXCEPT:
Executive Summary
Marketing Plan
Production Plan
Financial Plan
Which of the following should be done before a business venture is set up?
Conduct market research to assess the level of demand for the product.
Visit all the competitors who sell similar products or services.
Assess how much capital will be needed to finance the business.
Create a business plan to understand how you intend to put your ideas into action.
The personal possessions that can generally be used as collateral when applying for a loan at a commercial bank are:
Apparel
Motor vehicle
Furniture
Property
Which of the following are reasons for conducting a feasibility study?
Checking the potential profitability of a business
Identifying the possible sources of finance
Assessing the viability of the business
Checking the possible cost to start the business
All of the above
Conceptualizing, planning, accessing funds and organizing are examples of:
Characteristics of entrepreneurs
Reasons for starting businesses
Steps in preparing a business plan
Functions of entrepreneurs
When conducting market research, observations, interviews with focus groups, questionnaires and statistical reports are considered to be:
Qualitative research
Quantitative research
Primary sources
Secondary sources
Which of the following are reasons for starting a business?
The desire for financial independence
Self-fulfillment
Self-actualization
To increase your income
All of the above
All of the following are part of the conceptualization function EXCEPT:
Developing a business idea
Understanding how the business will deliver what consumers want
Researching all aspects of the business idea
Evaluating business performance
Which of the following are traits of a typical entrepreneur?
Creative
Innovative
Goal oriented
Persistent
All of the above
All of the following can be considered to be assets of a business EXCEPT:
Motor Vehicle
Property
Furniture
Bank Loan
Evaluating a business performance includes all of the following EXCEPT:
Conceptualizing the business idea
Comparing customer numbers and feedback
Comparing productivity levels
Comparing average delivery times
Some of the ways in which entrepreneurs support economic development are by:
Collaborating
Providing goods and services to satisfy citizens
Creating jobs
Contributing to Nation Building
All of the above
All of the following are elements of marketing plan EXCEPT:
Market share
Promotional activities
Marketing strategy
Financial Analysis
All of the following are secondary sources of data EXCEPT:
Newspapers
Books
Magazines
Questionnaires
Factors which influence a business location are:
Geographical setting
Availability of raw materials
Access to roads, ports and other infrastructure
Access to power and water supplies
All of the above
All of the following are ways in which government provides assistance to businesses EXCEPT:
Tax incentives
Grants
Subsidies
Increased Taxes
Which is a characteristic of a successful entrepreneur?
Motivated
Takes very little risk
Passionate
Hard-working
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
What is a disadvantage of being an entrepreneur?
You have more control over your work
You have a more flexible schedule
You do not always receive a regular paycheck
Your work schedule is always predictable
What is the purpose of a business plan? (hint: choose 2 correct answers)
To document your financial activity during one year
Legal document to be filed with the SEC
States the purpose and vision of your company
States the amount of capital you need to run the company
Why do you need a business plan? (hint: choose 3 correct answers)
To raise capital
Gets everyone involved to focus on the same goals
Gives an objective look at what you are doing and why
It is required by law
What information should NOT be included in a business plan?
Your financing needs
Your basic business concept
Your marketing plan
Your assets and liabilities
A true entrepreneur doesn’t ask questions about whether or not they’ll succeed—they truly believe they will.
Creative
Hardworking
Perseverance
RiskTAker
They’re able to not only come up with ingenious ideas, but also turn those ideas into profits.
Creative
Perseverance
Persistence
Self Confidence
