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WorksheetsEntreprenurship Cumulative Exam
Total questions: 100
Worksheet time: 48mins
What is the difference between a startup and a small business?
Startups intend to grow larger compared to a small business
Startups have been in business longer
Small businesses have multiple locations, startups do not
A small business has more employees than a startup
“The target consumer will be interested in health and wellness seminars, and other special events” refers to which form of market segmentation?
demographics
geographics
psychographics
buying patterns
In a cover letter, information about an applicant's education:
establishes credibility
compliments the employer
connects with the employer
concludes with class
Demographics
objective social and economic facts about people
basing market segments on where consumers live
characteristics of consumers, such as attitudes, opinions, beliefs, interests, personality, lifestyle, political affiliation, and personal preferences
a company who sells to other companies
Which of the following is not a promotional element?
advertising
sales promotion
publicity
price
One page visual business plan template that helps you deconstruct your idea into its key assumptions using 9 basic building blocks that can be easily revised as more data is learned
Operations Strategy
Lean Canvas Business Model
Business Plan
Unique Value Proposition
Entrepreneurs are dreamers and believe their ideas are possible, even when they seem unattainable.
Hardworking
Opportunity Seeker
Optimistic
Self Confidence
Salaries & Utilities are examples of variable expenses
True
False
The term "break even units" is used when a business has sold exactly enough units to cover expenses.
True
False
What is the annual sales estimate calculation?
number of sales x number of customers x number of employees
number of customers x number of purchases per customer x average cost per purchase
total sales - total expenditures x number of purchases
number of sales x number of employees x average number of days worked
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
A true entrepreneur doesn’t ask questions about whether or not they’ll succeed—they truly believe they will.
Creative
Hardworking
Perseverance
Risktaker
The process of creating something new that makes life better is called...
Technology
Innovation
Brand recognition
Opportunity cost
Which of the following is an entrepreneurial requirement?
flexibility in order to successfully complete a variety of activities
a Master's Degree
start work at sunrise
be a Harvard graduate
What does the term "boot-strapping" refer to?
Strapped with maximum amount of debt to start a business
Tying yourself to a business partner to fund a venture
Self-funding a business or project
Starting a business with very few assets
Why do we need Entrepreneurship?
Create new businesses and raise taxes
To make people happy
To take down big box stores
Create social change and community development
Monitoring and controlling expenses/budgets are responsibilities of
Leaders
Managers
Co-workers
Employees
Which is a way to advertise your business or product? ( hint: choose 2 correct answers :)
Support Media
Product Placement
Broadcast Media
The Internet
An organized inquiry into the possible success of a business idea or venture
Business Plan
Organizational Chart
Canvas Business Model
Feasibility Study
Which of the following is NOT a trait of successful entrepreneurs?
Passion
Procrastination
Resilience
Strong sense of self
Your company decided to produce and stock 100,000 of their newest product. Sales are not moving as quickly as you thought and the merchandise just taking up space in the warehouse. This is an example of
Risk
Loss
Speculative Risk
Pure Risk
Which of the following is NOT true about competition between suppliers?
It encourages innovation
It pushes prices upward
It pushes prices downward
It is good for consumers
A merchandise shipment of laptops were destroyed in transit. This is an example of a(n)
Market
Risk
Accident
Loss
Leverage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices
Operations Strategy
Competition
Unique Value Proposition
Unfair Advantage /Competitive Advantage
The distribution channel that is viewed as a unified system of interdependent organizations in which intermediaries work together to build value as products proceed through the channel to the consumer.
Product Flow
Financial Flow
Value Flow
Information Flow
Which is NOT one of the reasons startups typically fail?
Run out of cash
No business model
Poor marketing
Market demand
Which of the following is a competitive advantage?
superior customer service and product quality
retail
advertising
improving an existing product/service
Psychographics group market segments by where they live
True
False
_____is borrowing money that must be repaid for use in the business
Venture Capital
Market Research
Debt Financing
Equity Financing
Maximizing customer value with Lean and building organizations with capabilities to continuously improve their business.
Information Flow
Financial Flow
Value Flow
Service Flow
Discounts are an example of which type of promotion?
advertising
sales promotion
publicity
visual merchandising
An agent who supplies goods to stores and other businesses that sell to consumers
Retailers
Distributors
Consumer
Producer
Which is NOT an external environmental factor that affects a business?
Government
Technology
Politics
Production
Ability to influence others to reach a goal.
leadership
trait
mentor
job-specific skills
Feasibility studies can help owners/managers to determine
what their competitors will do
where to find good prices on raw materials.
the best time to start a project or venture.
the best place to recruit new employees.
Indicators for evaluating factors that are crucial to the success of a business, value of overall business health and performance
Key Metrics
Revenue Streams
Fixed costs
Customer Segments
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
SBA helps entrepreneurs by providing resources regarding business plans, loans, etc. SBA stands for
Small Business Alliance
Smith Blackwell Association
Small Business Association
Small Brand Association
Florist
Which of the following professional services requires a license?
Daycare providers
Doctors
Engineers
All of the above
What are the 4 Ps of the marketing mix
Product, Price, Production, Promotion
Product, Place, Price, Production
Product, Price, Place, Promotion
Product, Price, Placement, Promotion
What is one way in which purchasing specialists play an important role in the success of a business?
Planning the company’s cash flow
Providing a flow of goods
Forecasting sales
Forecasting sales
Which of the following is a disadvantage of a partnership?
Everyone is happy
Two sets of ideas and financial assets
Potential friction when making decisions
Can split duties and responsibilties
A business opportunity is feasible if it:
is a service, wholesale, and retail business all in one.
serves a want or need and has commercial potential.
trades stock on the stock market.
can be financed entirely by bootstrapping.
Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the __________ she hopes to have as a business owner.
Advanced Technology
Tax breaks and deductions
Flexibility and independence
Personal Commitment
Last night, you got a call that your warehouse had caught on fire. This is an example of
Risk
Loss
Speculative Risk
Pure Risk
Managers support problem solving and
Inspiring
Innovation
Showing other the way
Decision-making
A salesperson calls to set up a meeting with a customer is a marketing:
Tactic
Strategy
Goal
Mix
Skills gained through life experience or working on a job that help an individual perform in the workplace or gain success in a career; also known as foundation skills.
leadership
trait
mentor
transferable skills
Process of setting goals and deciding how to accomplish them.
planning
mentoring
leading
application
Before starting their business ventures, which of the following would entrepreneurs recognize first:
Opportunities
Reductions
Regulations
Associations
A network between a company and its suppliers to produce and distribute a specific product to the final buyer.
Financial Flow
Value Flow
Supply and Demand
Supply Chain
Which of the following is an example of a price objective and price strategy?
Build or Maintain an Image (Objective), Competition-Based Pricing (Strategy)
Wholesale (Objective) and Manufacturing (Strategy)
Advertising (Objective) and Public Relations (Strategy)
Demand-Based Pricing (Objective), Maximize Profits (Strategy)
A venture capitalist is
The co-founder of a successful startup
The net worth of a company
A manager of a business's investment, aligning with goals
An investor in a business providing capital for startup
All of the expenses involved in setting up a new business or introducing a new product to the market
Start Up Costs
Variable costs
Fixed Costs
Operational costs
What are three types of buying?
Buying for resale, buying for transformation, and buying for retailers
Buying for resale, buying for transformation, and buying for business use
Buying for resale, buying for make-or-buy decisions, and buying for retailers
Buying for transformation, buying for business use, and buying for wholesalers
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
Which is a strategy for the goal of increasing this year’s website sales by 15% over last year’s sales?
Letting people know the web address
Including the web address in advertising
Putting the web address on company vehicles
Printing the web address on company business cards
Which of the following is not included in demographics
age
marital status
habits
education
To get a selected product in the right place at the right time, marketers often ask themselves which of the following questions:
What form of payment should we accept
Should we offer a warrantee for our product
How should we package our product
Where should we make our product available
Which is NOT an example of operating costs?
salaries
packaging
licenses
rent
A well-executed feasibility study is: (choose all that apply)
Organized
Articulate
Flexible
Reliable
Marcy purchases custom painted rims from Native American artisans and sells the items to sports shops . What kind of buyer is Marcy?
Retail
Industrial
Wholesale
Business
A network of organizations that pass product title and/or possession from manufacturer to end user
Financial Market
Retailers
Channels of Distribution
Target Market
Which of the following is NOT a step in the entrepreneurial discovery process?
Investigate Trends
Look For Business Opportunities
Brainstorm Problems and Ideas
Profitability Analysis
Income resulting from the operation of a business
Profits
Sales
Revenue
Commission
A dot-com company is
A company focused on protecting the environment
A company that operates internationally
A company that runs most of its business from the internet
A company that has more than 100 employees
