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WorksheetsESB Practice Quiz Lessons 1 and 2
Total questions: 20
Worksheet time: 12mins
A cabinetmaker is seeking a new customer for a business that makes expensive cabinets. The cabinetmaker has identified a group of potential customers with high incomes.
Which method of segmentation is the owner using?
Behavioral
Demographic
Geographic
Psychographic
Which expense is fixed?
Cost of raw materials for a product produced at a factory
Paycheck for an hourly worker at a factory
Property lease for an office
Water bill for an office
Which benefit allows entrepreneurs to work the long hours necessary to make a new venture successful?
Ability to do work directed by someone else
Ability to take unlimited vacation time
Ability to earn overtime
Doing work they are passionate about
What is Entrepreneurship?
Marketing and selling products
Setting up a business with the aim to make a profit.
Acquiring leadership and managerial skills
Quickly advancing in positions within a corporation
In General, which 2 characteristics define a "small business"? (Choose 2)
No more than $200,000 in sales
Fewer than 1500 employees
Less than $35.5 Million revenue
Non-Profit
Between 500 and 2500 employees
Determining if the potential customer can afford your product is part of prospecting.
True
False
Shauna works at a restaurant. She wants to own her own restaurant someday. Which is one of GREATEST risks of entrepreneurship?
Less freedom
Less challenges
Loss of investment
Loss of flexibility in schedule
Rachel owns a summer camp for children. Based on a survey she gave to parents, she learned that her customers want their children to have a healthy lifestyle. What is a legitimate value proposition for potential customers?
A Providing flexible hours for picking up and dropping off the children
Sending parents daily photographs of the children’s activities
Serving fresh, organic meals and nutritious snacks
Offering discounts during different times of the year
This is the individual or organization selling the franchise.
franchisor
franchisee
Which is a franchisor?
Allows others to use their brand and business for a fee
Takes over a business
Buys into an existing brand
Which of these is NOT an advantage of the franchisee
They enter into an existing market
It is usually expensive to buy a franchise
Market research is done by the franchisor
The franchisor provides the franchisee with equipment
Positive and controllable factors that contribute to the business’ success.
Strength
Weaknesses
Opportunities
Threats
Negative factors that are beyond the control of the business.
Strength
Weaknesses
Opportunities
Threats
Areas where you or your organization may be weaker than others.
Strength
Weaknesses
Opportunities
Threats
Positive factors that are not within the control of the business.
Strength
Weaknesses
Opportunities
Threats
The business space has a limited capacity to entertain many customers at the same time.
Strength
Weaknesses
Opportunities
Threats
The following are the examples of Strength except one.
Cheap raw materials
Too many competitors
Skilled employees
Small capital outlay
