NEW
Font size
WorksheetsVenture: Entrepreneurial Expedition
Total questions: 59
Worksheet time: 30mins
Which of the following is an example of a tax you must pay?
Bounced Check
Late Fee
Rental Payment
Social Security
Which of the following is an example of a tax?
Line of Credit
Rental Payment
Cash Payment
Medicare
What are taxes?
Taxes are sources of income
Taxes are optional payments you make to state and local governments
Taxes are refunds you receive for overpayment
Taxes are mandatory payments you make to state and local governments
When is a budget considered to be balanced?
When the amount you earn is equal or less than to the amount you spend
When the amount you spend is greater than the amount you earn
When the amount you save is less than the amount you spend
When the amount you spend is equal or less than the amount you earn
Which of the following budgets would be considered balanced?
A budget where the amount you earn is equal or less than to the amount you spend
A budget where the amount you spend is greater than the amount you earn
budget where the amount you save is less than the amount you spend
A budget where the amount you spend is equal or less than the amount you earn
a balanced budget, the amount you ______ is ______ the amount you earn.
save; less than
spend; greater than
save; greater than
spend; equal to
Which of the following is a variable expense?
Student loan payments
Rental payments
Health insurance
Groceries
Which of the following is NOT a fixed expense?
Rental payment
Internet service
Cell phone bill
Movie tickets
Which of the following is a fixed expense?
Clothing purchases
Groceries
Movie tickets
Rental payments
What is income?
Income is payments you make to the federal government
Income is money you receive after paying taxes
Income is payments you make to the government to pay for roads, bridges, and
schools.
Income is money you earn, usually from working at a job
Typically, how do people earn income?
Most people earn income by paying taxes
Most people earn income by working at a job
Most people earn income by saving a portion of their paycheck each month
Most people earn income by spending more than they earn each month
Which of the following is TRUE about income?
Income is payment you make to the federal government
Income is money you receive after paying taxes
Income is payments you make to the government to pay for roads, bridges, and schools
Income is money you earn, usually from working at a job
Which of the following would be an example of a NEED?
A new pair of headphones
Designer shoes
Your favorite candy
A warm winter coat
Which of the following would NOT be considered a want?
A new pair of headphones
Designer shoes
Your favorite candy
Food
Which of the following would be an example of a WANT?
A place to live
Critical medicine
A warm winter coat
Movie tickets
What are federal taxes?
Federal taxes are payments you make to the state government where you live
Federal taxes are money you earn from the US federal government
Federal taxes are money you earn from working at a job
Federal taxes are payments you make the the US federal government
Which of the following statements about federal taxes is TRUE?
Federal taxes are payments you make to the state government where you live
Federal taxes are money you earn from the US federal government
Federal taxes are money you earn from working at a job
Federal taxes are payments you make the the US federal government
What is Medicare?
Medicare is federal life insurance for people under age 65
Medicare is federal life insurance for people over age 65
Medicare is federal health insurance for people under age 65
Medicare is federal health insurance for people over age 65
When creating a personal budget, it is important to consider things you _____, _______
things you ______.
want; before; need
need; after; want
need; at the same time as, want
need; before; want
What happens if you spend money on things you want before things you need?
You'll be financially prepared for an unexpected emergency, like a broken leg or
hospital stay
You are able to spend more on high-priced items, like higher education
Nothing happens, this is an appropriate practice
You limit your ability to save for for high-priced items, like higher education
Which of the following items are typically included in a balanced budget?
The amount you earn in income
The amount you pay in taxes
The amount to put away in savings
All of these items are included in a balanced budget
What is a variable expense?
An expense that is the same during some months, and different during other months
An expense that is the same from month to month
An expense that is different from month to month
None of the above
What is a fixed expense?
An expense that is the same during some months, and different during other months
An expense that typically does not change month to month
An expense that typically varies from month to month
None of the above
Which of the following statement is TRUE about variable expenses?
The amount you spend on variable expenses do not change during certain months and do change during other months
The amount you spend on variable expenses changes from month to month
The amount you spend on variable expenses remain the same from month to month
None of the above are true
What is one way to begin saving startup capital?
Set aside a portion of the money you owe in taxes each month
Set aside a portion of your income each month
Both
Neither
Which of the following statements is TRUE about startup capital?
Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running
Startup capital is the money spent in order to create a balanced budget for your personal finances
Both
Neither
Which of the following statements about startup capital is FALSE?
Startup capital is the money spend in order to create a balanced budget for your personal finances
Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running
Both
Neither
What is take home pay?
The amount you earn each month in income minus what you save
The amount you earn each month in income minus what you spend
The amount left over from your monthly paycheck before deductions
The amount left over from your monthly paycheck after deductions
Which of the following statements about take home pay is TRUE?
Take home pay is the amount you earn each month in income minus what you save
Take home pay is the amount you earn each month in income minus what you
spend
Take home pay is the amount left over from your monthly paycheck before deductions
Take home pay is amount left over from your monthly paycheck after deductions
Which of the following statements about take home pay is FALSE?
Take home pay is the amount you earn each month in income minus what you save
Take home pay is the amount you earn each month in income minus what you spend
Take home pay is the amount left over from your monthly paycheck before deductions
All of the above
What is the definition of an entrepreneur?
An entrepreneur is someone who manages a business
An entrepreneur is someone who owns a business and makes profit from that business
An entrepreneur is someone who creates, owns and potentially runs a business
None of the above
An example of an asset is:
time.
money.
a car.
all of these are correct.
Which of the following is NOT a true statement about business plans?
They should never be revised
They can help lower the risk of starting a new business
They are created before starting a business
They should include an overview of your business goals and how you think you are going to achieve them
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Creativity & Collaboration
Comfort with Risk
Aggressiveness & Intensity
Initiative & Self-Direction
Which of the following is an advantage of starting your own business?
During the start-up phase, you do not have to think about funding
You are in charge of the decision-making so there is little to no risk
You have control over where and when you work
As long as you make a business plan, you will know what obstacles to expect
While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?
Thinking like an entrepreneur can make you a better student and employee, no matter what your job is
Knowing about entrepreneurship means you'll never have to work for a boss
Entrepreneurs do not have to worry about getting good grades in school because they start their own business
None of the above
What is the main difference between a personal characteristic and a skill?
You can learn a personal characteristic, but it is not possible to learn a skill
Personal characteristics become skills over time
Many people are born with business skills but you can't be born with characteristics
Skills can be learned and developed while personal characteristics are inherent qualities within
Which one of these is NOT considered a skill?
Determination Skills
People Skills
Business Skills
Communication Skills
What role do entrepreneurs play in economics?
Entrepreneurs tell consumers what they should want or need
Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers
Entrepreneurs borrow money from the economy to start their businesses
None of the above
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Challenge the Usual
Think Backward
Judge Each Idea as Realistic or Not
Draw Idea Maps
Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?
Immediately finding a storefront property for her business, putting down a deposit, and signing a lease
Contacting a mentor who has experience in the restaurant industry
Creating an initial elevator pitch with her limited information and starting to ask around for advice
Beginning to estimate her target market for her business
Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?
Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want
Discuss the situation with her cousin who has shopped at the local bakery a few times
Discuss the situation with a family friend who has money and might want to invest in her idea
Analyze a national chain that sells pies and model her new business after it. This will save time and money that would otherwise be spent on independent research and planning
What are the four parts of a SWOT Analysis?
Sales, Work ethic, Organization, Training
Strengths, Weaknesses, Obstacles, Threats
Strengths, Weaknesses, Opportunities, Threats
Strengths, Weaknesses, Options, Threats
George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
Identify research objectives and write down the questions they want answered
Conduct research--both primary and secondary--to hear from people firsthand and determine if there is a need for their business
Start promoting their shoe store to people in the neighborhood
Draw conclusions and make decisions for their business based on the research results
George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?
Go online to find trade associations, listings of local and national competitors, and any information on financials
Explore websites of other shoe retail businesses and take notes
Try to think of friends, family members or acquaintances who have experience in retail and ask them about it
All of the above
Which of these is NOT part of a consumer profile?
Demographics
Polygraphics
Psychographics
Buying Patterns
Regina is looking to start a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.
"In a typical week will spend $10-$15 on non-food items" …she should move this from Buying Patterns to Demographics
"Willing to spend a little more for good quality products" …she should move this from Buying Patterns to Psychographics.
"Don't spend money on unnecessary items" …she should move this from Demographics to Buying Patterns.
Everything is in the correct category
Regina is creating her competitive analysis. She understands why it's important to know
her direct competitors, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?
No. Indirect competition isn't something to worry about because they sell different products
No. Indirect competition is only important to understand if things change and it becomes direct competition
Yes. Indirect competition is important to understand, since the different product fulfills the same customer need
Yes. Indirect competition is important. Indirect competitors are competitors who compete in areas other than money, such as in hiring
Which of the following is a fixed expense for Maria's sandwich food truck?
Salaries for her employees
Truck insurance
Advertising
All of these
Which of the following is a start-up expense for Maria's food truck?
Kitchen appliances and other equipment needed to conduct her business
Cell phone bill
Gas
All of the above
Pete wants to write a business plan for Pete's PB&J Cupcake Cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake for a Economics of One Unit. What is the most accurate way of determining his expenses?
Estimate the cost to buy all of the ingredients at the store, and divide that by an estimate of how many cupcakes he can make with that
Go through the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient
Go online and find a competitor's expenses
None of the above
Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?
Increase the prices
Increase the number of cupcakes he sells
Decrease his fixed expenses
All of these
Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?
Yes
No
Not enough information available
Which of the following is NOT one of the four steps to preparing a sales forecast?
Analyze current company and market conditions using a SWOT Analysis
Select an organizational structure for your company
Review past sales or past trends in the industry
Estimate your future sales for a specific time period
Your friend is developing a marketing plan for her new business. What should she put in this plan?
Where she wants to sell her product
The price of her product
A description of the people in her target market
All of the above
Which statement is the best description of a Value Proposition?
The cost of creating the product
A component of the business plan that identifies the target market for the product
The features and benefits that make the product or business unique
None of the above
What is the main purpose of developing a business pitch?
To tell investors all the important details and goals of your business so they don't need to read the business plan
To provide customers with an in-depth description of how your business was formed
To briefly share the most important information about your business to people in an engaging way
To determine whether your business idea is a business opportunity
Which of the following is probably NOT an important point to include in a business pitch?
A detailed description of the meaning behind the company's name
The problems that the product or service solves or the demands it meets
How the product or service is different
Clear reasons why the potential customers and investors should care about the
business
Why is it important to conduct market research on your target audience before building your marketing plan?
Newspapers and magazines will give you a discount on advertisements if you show them your research
You need to consider who your potential customers are before deciding on marketing strategies
Customers enjoy sharing their opinions, so market research will make your product sell more
It doesn't matter which one you do first
