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SM EXAM ENTREPRENEURSHIP

Total questions: 40

Worksheet time: 20mins

Name
Class
Date
1.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

2.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business.

d)

To help reduce the risk of business failure.

e)

All of the above.

3.

Complete the sentence: A business plan...

a)

is useful once your business is operational but not much help during the startup phase

b)

is not usually needed once the business is up and running

c)

can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

4.
An analysis of the business’s advantage over its competitors
a)
Growth Plan
b)
Competitive Analysis
c)
Contingency Plan
d)
Market Analysis
5.
How a company will make customers aware of its products/services
a)
Marketing Plan
b)
Industry Overview
c)
Product and Service Plan
d)
Growth Plan
6.
A brief account of the key points contained in a business plan
a)
Executive Summary
b)
Company Description
c)
Mission Statement
d)
Vision Statement
7.
A description of the product or service to be offered
a)
Operational Plan
b)
Marketing Plan
c)
Product and Service Plan
d)
Industry Overview
8.
Research of the potential business’s industry
a)
Market Analysis
b)
Industry Overview
c)
Contingency Plan
d)
Marketing Plan
9.
A plan presenting financial forecasts for the business
a)
Loan Proposal
b)
Financial Plan
c)
Business Loan Plan
d)
Investor Plan
10.

Refers to what you are selling, including all of the features, advantages and benefits that your customers can get.

a)

Price

b)

Packaging

c)

Promotion

d)

Product

11.

It details how the proposed business will sell its product to the target consumer.

a)

Marketing Plan

b)

Financial Plan

c)

Organizational Plan

d)

Introduction

12.

Refers to the staff and salespeople who work for your business, including yourself.

a)

Positioning

b)

Promotion

c)

Place

d)

People

13.

This refers to where your products and services are seen, made, sold or distributed

a)

Promotion

b)

Place

c)

Positioning

d)

People

14.

It may come in the form of a sole proprietorship, a partnership, or a corporation.

a)

Roles and Responsibility

b)

Form of the Business

c)

Organizational Structure

d)

Liability of the Owner

15.

It refers to methods you can use to let potential customer know about your products and services.

a)

Promotion

b)

Packaging

c)

Positioning

d)

Price

16.

Why do you need a Business Plan?

a)

To explain your idea

b)

The ability to get financing

c)

It's a road map that sets objectives and goals for the business

d)

All of the above

17.

Which of the following is it OK to leave out of a business plan?

a)

Purpose of the Business

b)

Employees and their potential roles

c)

A guide to start-up costs

d)

Target Market

e)

None of the above

18.

What is an Entreprenuer?

a)

A person who starts a business because he wants to lose money.

b)

A person who starts a business because he wants to steal money.

c)

A person who starts a business because he wants to scam other people's money.

d)

A person who starts a business because he wants to make money.

19.

What are the two types of ways to make money?

a)

Product and Surveys

b)

Product and Service

c)

Payment and Service

d)

Paypal and Service

20.

What is a product?

a)

Do work for others and get paid for doing it.

b)

Do work for others and get nothing for doing it.

c)

Make or gather something that others are forced to buy

d)

Make or gather something that others are willing to buy

21.
What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.
a)
A business plan
b)
A medium term plan
c)
A strategic plan
d)
An SBA certified business plan
22.
Why is being an entrepreneur risky?
a)
Because there are no more creative enterprises to create a business out of.
b)
Because entrepreneurs always fail.
c)
Because you often risk your own personal wealth.
d)
Because people don't trust entrepreneurs.
23.
If you possess excellent organizational skills, but are risk-averse and don't like taking initiative, would being an entrepreneur be a good profession for you?
a)
Yes, entrepreneurs should be risk-averse.
b)
No, entrepreneurs should rely on others to organize the business.
c)
No, entrepreneurs must be risk-takers who take initiative and have excellent organizational skills.
d)
Yes, all you need is good organizational skills.
24.
"Financial Management" is the management of...
a)
products
b)
money
c)
shoes
25.
"Human Resources" deals with...
a)
the hiring, administration, and training of personnel
b)
all information systems
c)
dealing with or controlling things or people
26.
"Marketing" a product includes...
a)
exchange of a commodity for money
b)
the action or business of promoting and selling products or services
c)
the action or activity of gathering information about consumers' needs and preferences
27.
"Sales"  of a product includes...
a)
exchange of a commodity for money
b)
the action or business of promoting and selling products or services
c)
the action or activity of gathering information about consumers' needs and preferences
28.
Being an "entrepreneur" means someone...
a)
exchanges of a commodity for money
b)
who organizes, manages, and assumes the risks of a business 
c)
gathers information about consumers' needs and preferences
29.
A "promotion"...
a)
raises customer awareness of a product or brand
b)
who organizes, manages, and assumes the risks of a business 
c)
the variety of products available for sale
30.
"Market research" is the process of gathering...
a)
raising customer awareness of a product or brand
b)
information about consumers' needs and preferences
c)
shoes
31.
"E-Marketing" is the practice of marketing...
a)
online
b)
in person
c)
door to door
32.
A catchphrase like "Save money, live better" used to increase brand awareness for a product/company.
a)
logo
b)
slogan
c)
brand
d)
product
33.
Why do businesses use market research?
a)
To identify customer needs
b)
To sell goods and services
c)
To advertise
34.
What is a market?
a)
A place where buyers and sellers meet to trade products
b)
A place where businesses promote their product/service
c)
A place to trade onl
35.
Why do businesses conduct market research?
a)
To help identify gaps in the market and business opportunities.
b)
To provide people with jobs
c)
So they can share their findings with competitors
d)
It is a government requirement
36.

What is competition?

a)

When a business helps another

b)

When a business goes against another

c)

When a business pays for customers

d)

When a business advertises for paying

37.

Place is

a)

The location for your business

b)

The way your business advertises

c)

The way your business prices its products

d)

The number of people that come to your business

38.

Promotion is

a)

When you spend money

b)

When you save money

c)

When you advertise your products

d)

When you buy products

39.
Define Promotion
a)
Any from of communication a business or organization uses to inform, persuade, or remind.
b)
The number of different product lines a manufactures or sells
c)
The process of creating, growing, and manufacturing
40.
A business owned and run by 2 or more people is called...
a)
Partnership
b)
Sole Proprietorship
c)
Corporation

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