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WorksheetsBizInnovator - Units 1-6 Combined
Total questions: 82
Worksheet time: 41mins
Name
Class
Date
1.
Pick the best definition for: Entrepreneur
a)
an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
b)
a temporary organization that searches for a repeatable and scalable business model
c)
Started to fill a gap or provide a service, be your own boss
d)
a formally educated individual who invests in small businesses
2.
Pick the best definition for: Startup
a)
a temporary organization that searches for a repeatable and scalable business model
b)
an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
c)
Started to fill a gap or provide a service, be your own boss
d)
a formally educated individual who invests in small businesses
3.
Pick the best definition for: Small Business
a)
Started to fill a gap or provide a service, be your own boss
b)
an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
c)
a temporary organization that searches for a repeatable and scalable business model
d)
a formally educated individual who invests in small businesses
4.
Pick two essential characteristics of successful entrepreneurs.
a)
Passionate and Determined
b)
Profit-Oriented and Independent
c)
Formally Educated and Driven
d)
Extroverted and Aggressive
5.
Dante's business is called Sock Nation. He and his team sell customized socks and slippers and donate a pair of shoes for every ten pairs of socks sold. Their priorities are satisfying an unmet need in the marketplace for custom socks and improving society. Their goals or vision includes expanding their product lines and customer segments as well as the magnitude of their social improvements. What type of entrepreneur would best describe Dante?
a)
Social Entrepreneur
b)
Hobby Entrepreneur
c)
Climate/Green Entrepreneur
d)
Generic Entrepreneur
6.
Keira's business is called Sustainable Slabs. She and her team sell cutting boards and decorative wood products from reclaimed or recycled wood. Their priorities are creating beautiful home products through sustainable methods. Their goals or vision includes expanding to other products sourced from reclaimed natural resources. What type of business would best describe Keira's Sustainable Slabs?
a)
Climate/Green Entrepreneur
b)
Social Entrepreneur
c)
Hobby Entrepreneur
d)
Generic Entrepreneur
7.
True or False: The Business Plan and Business Model Canvas are static documents that are written early in the planning phase.
a)
false
b)
true
8.
True or False: The Business Plan is a visual summary of the business model, often on one page.
a)
false
b)
true
9.
The ______________________ is/are often required by potential investors, lenders, and other financial stakeholders prior to investing money or other assets into the new business venture.
a)
Business Plan
b)
Business Model Canvas
c)
Business Plan & Business Model Canvas
d)
Executive Summary
10.
Select all of the following that are NOT part of a Business Model Canvas:
i. Executive Summary
ii. Advertising Strategy
iii. Value Proposition
iv. Profit Analysis
v. Customer Relationships
a)
i, ii, iv
b)
i, iii, v
c)
i, iv, v
d)
ii, iv, v
11.
Select all of the following that are NOT part of a formal business plan:
i. Executive Summary
ii. Marketing Plan
iii. Owner Resume
iv. SWOT Analysis
v. Individual Credit Report
a)
iii, v
b)
ii, iii
c)
i, iv
d)
iii, iv
12.
Which of the following is the primary objective of the early stage entrepreneurial pitch?
a)
All of the above
b)
Information sharing
c)
To measure interest
d)
To gather feedback
13.
Early stage startups spend significant time doing the following (select all that apply):
i. Finding the customer(s)
ii. Understanding the problem
iii. Selling
iv. Going to the bank/seeking investors
v. Creating partnership agreements
a)
i, ii
b)
i, iii
c)
ii, iv
d)
i, v
14.
Which of the 4 "P's" of marketing pertains to advertising?
a)
Promotion
b)
Place
c)
Price
d)
Product
15.
Which statement provides a valuable assumption about the use of Customer Discovery?
a)
provides an entrepreneur with imporant information about their product.
b)
is a waste of time.
c)
should only be conducted once.
d)
hinders an entrepreneur in the start up process.
16.
Target Markets can be everyone.
a)
false
b)
true
17.
Which of the 4 "P's" of marketing deals with financial aspects of your product?
a)
Price
b)
Promotion
c)
Place
d)
Product
18.
What role do customers play in the success of a product/business?
a)
Customers must like the business idea and be willing to use/purchase the product.
b)
Customers do not play a vital role in the success of the product.
c)
Customers are generally clueless about products.
d)
Customers come and go. No need to keep the same people as a customer.
19.
Which of the following resources could provide you with Secondary Research Data?
a)
Trade Magazines
b)
Focus Groups
c)
Online Surveys
d)
Customer Interviews
20.
What do the letters MVP stand for in Entrepreneurship?
a)
Minimum Viable Product
b)
Maximum View Potential
c)
More Ventures Pro
d)
My Viable Price
21.
Define Channel from a marketing perspective.
a)
Sharing your value propositon with others.
b)
A station you watch on TV.
c)
The way you "turn" out your product to the public
d)
Using boats on a body of water.
22.
Which statement accurately desribes why an entrepreneur should understand the concepts of branding?
a)
Branding provides the product with a recognizable identity.
b)
Branding will help your competitors realize you mean business.
c)
Branding is only done at the onset of your business.
d)
Branding is costly and should be scrutinized before embarking on branding endeavors.
23.
Customer Relationships are critical to an entrepreneurs success. Which statement below is false.
a)
Customer relationships are easy to create and maintain.
b)
There are many ways to create a positive customer relationship.
c)
Customers will "return" if they trust the entrepreneur and like their product.
d)
Relationships take time to cultivate, and, if nurtured can be lasting.
24.
Select all the processes that fall under Market Research for entrepreneurs:
i. Test product features
ii. Determine company mission and vision
iii. Determine market and growth potential
iv. Assess competitive advantage
v. Communicate financials to stakeholders
a)
i, iii, iv
b)
ii, iii, v
c)
iii, iv, v
d)
i, ii, iv
25.
Which is the most important difference between primary and secondary market research or data?
a)
Primary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.
b)
Secondary market research is designed with a specific outcome in mind and is often expensive to collect and analyze. It is collected directly from the source.
c)
Primary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.
d)
Secondary market research is readily available data from external resources such as the U.S. Census or prior surveys and research. The data is based on source data but may be derived.
26.
Select the best definition for: Demographics
a)
Who your customer is, including age, gender, ethnic background, income level, marital status.
b)
Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify
c)
How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising
d)
Where your customers live, including city versus urban communities, international or domestic based.
27.
Select the best definition for: Psychographics
a)
Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify
b)
Who your customer is, including age, gender, ethnic background, income level, marital status.
c)
How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising
d)
Where your customers live, including city versus urban communities, international or domestic based.
28.
Select the best definition for: Buying Behavior
a)
How your customers buy and how they intend to use your product, including understanding of their needs versus wants, spending patterns, brand preferences, and how they are influenced by advertising
b)
Who your customer is, including age, gender, ethnic background, income level, marital status.
c)
Why your customers buy, including attitudes and beliefs, lifestyle, interests, hobbies, social status or identify
d)
Where your customers live, including city versus urban communities, international or domestic based.
29.
What is most important when it comes to customers?
a)
Relationships
b)
Surveys
c)
Contact Information
d)
Sales
30.
Customer Segments refers to __________________.
a)
Who you believe will benefit from your value proposition, also known as your target market.
b)
The critical relationships built with potential customers that will translate to sales and increase your customer base.
c)
The places, or segments, where you will place your products in order to best reach customers.
d)
The database of important contact information that will enable you to keep in constant contact with customers about promotions and new product availability.
31.
Select all that apply: Entrepreneurial opportunities can be described as:
i. Customer-driven solutions to a problem or need
ii. A product in search of a market
iii. Could turn into a profitable venture
iv. An idea with a plan
v. An existing product with low market reach
a)
i, iii, iv
b)
i, iii, v
c)
i, ii, iv
d)
All of the options
32.
Evaluating an entrepreneurial opportunity requires an analysis of the capital needed to start, projected profit and breakeven points, and the return on investment potential. This analysis is described as:
a)
Economics & Profitability
b)
Industry & Market Evaluation
c)
Competitive Advantage Analysis
d)
Managerial Strategy
33.
Evaluating an entrepreneurial opportunity requires an analysis of the benefits the product/service offers potential customers, streamlined processes/efficiency, value of intellectual property, and strategic partnerships. This analysis is described as:
a)
Competitive Advantage Analysis
b)
Managerial Strategy
c)
Self & Investor Analysis
d)
Economics & Profitability
34.
Evaluating an entrepreneurial opportunity requires an analysis of the business's potential management style, team structure and composition, and their backgrounds and integrity. This analysis is described as:
a)
Management & Team
b)
Self & Investor Analysis
c)
Economics & Profitability
d)
Competitive Advantage Analysis
35.
Which of the following options best describes the contrast between creativity and innovation in entrepreneurship?
a)
Creativity is the potential for the mind to conceive new ideas while innovation is the process of translating an idea into a product or service that provides value to a potential customer.
b)
Innovation is the process of coming up with ideas no one has thought of before while creativity is adding branding, logos, and customer-oriented aesthetics.
c)
Creativity and innovation are the same.
d)
Creativity you are born with and innovation you are taught.
36.
Select the best definition for Design Thinking.
a)
The process of combining empathy for potential customers' needs and problems with innovation of an entrepreneur and the entrepreneur's ability to iterate numerous prototypes to discover what best meets the customers' needs and creates value.
b)
The entrepreneur's abilit to continuously design new products and processes to create value for customers and profitability for the entrepreneur.
c)
The ability to serial-design new products or services for new businesses and create prototypes that prove value to customers while simulataneously generating profit.
d)
Creating an art portfolio showing your design abilities.
37.
What is the Problem Statement, as included on the Business Model Canvas?
a)
The identified problem or need of potential customers in the market that an entrepreneur might be able to address with their product or service concept.
b)
The customer's problem and a description of the product or service that will solve that customer problem.
c)
List of customer segments
d)
Costs identified to solve the problem
38.
Select the best strategy for starting off the entrepreneurial pitch from the available options:
a)
Acknowledge that the pitch is interactive and aim to engage, or hook, the audience right away.
b)
Grab the audience's attention and give them your contact information for later contact
c)
Get your product or prototype into the audience's hands as step one
d)
Be upfront about your intentions for earning the audience's investment or purchase of your new product/service
39.
The Value Proposition is an integral part of the Business Model Canvas. From whose perspective is value derived from?
a)
The potential customer
b)
The entrepreneur
c)
The investor
d)
The employees
40.
Select the key advantages as they apply to: (Sole) Proprietorship
a)
All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1
b)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Protected from liability, easy startup, no add fed. taxes
41.
Select the key advantages as they apply to: General Partnership
a)
Owners can deduct many losses on personal returns; losses share between partners
b)
Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time
c)
Protected from liability, easy startup, no add fed. taxes
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
42.
Select the key advantages as they apply to: Limited Partnership
a)
Good for raising money; Gen partners get money but maintain authority; Ltd partners can leave any time
b)
Owners can deduct many losses on personal returns; losses share between partners
c)
Stocks provide funding options; many tax deductions; no shareholder liability
d)
Protected from liability, easy startup, no add fed. taxes
43.
Select the key advantages as they apply to: C-Corp (default corporation)
a)
Stocks provide funding options; many tax deductions; no shareholder liability
b)
All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
44.
Select the key advantages as they apply to: S-Corp
a)
No corporate taxation; no double taxation, no shareholder liability
b)
Serve the common good, exempt from taxes
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Protected from liability, easy startup, no add fed. taxes
45.
Select the key advantages as they apply to: LLC
a)
Protected from liability, easy startup, no add fed. taxes
b)
No corporate taxation; no double taxation, no shareholder liability
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
46.
Select the key advantages as they apply to: Nonprofit
a)
Serve the common good, exempt from taxes
b)
Employees only taxed on income
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
47.
Select the key advantages as they apply to: Co-op
a)
Employees only taxed on income
b)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Protected from liability, easy startup, no add fed. taxes
48.
Select the key advantages as they apply to: Franchise
a)
Low failure rate, business assistance, buying power, name recognition, potential for large profits
b)
All decisions made by 1, few restrictions, low startup costs, no add fed. taxes, all profit kept by 1
c)
Owners can deduct many losses on personal returns; losses share between partners
d)
Employees only taxed on income
49.
What is the primary purpose of the SWOT Analysis?
a)
To evaluate 4 areas important to a businesses success
b)
To evaluate the competition
c)
To check on distributors
d)
To decide if you should change locations
50.
What is the primary purpose of the PESTEL Analysis?
a)
To examine external variables that affect your business model
b)
To take inventory of goods
c)
To see if you are paying your employees enough
d)
To recruit new key partners
51.
True or False: SWOT and PESTEL Analyses are completed early in the business formation and can be used as-is throughout the business life cycle.
a)
false
b)
true
52.
Examples of key Business Partners that may be listed on the Business Model Canvas include (select all that apply):
i. Distributor
ii. Personal Bank Contact
iii. Accountant
iv. Risk Management Agent
v. CEO
a)
i, iii, iv
b)
i, ii, iv
c)
ii, iv v
d)
ii, iv, v
53.
Intellectual property is important to understand because:
a)
It will protect your idea, product or service from someone stealing your idea.
b)
It's not important.
c)
It's a way of understandign the competition.
d)
IP protects you from going bankrupt.
54.
Which term is assoicated with a number that identifies your business to your state and the federal government?
a)
Tax ID
b)
Your social security number.
c)
Your home address
d)
Your zip code
55.
Company culture is NOT:
a)
developed quickly.
b)
an important asset to a thriving company
c)
a belief in eithics and morals.
d)
activities including all employees.
56.
The primary differences between the BMC and Business Plan would be:
a)
The business plan is a formal written plan used to secure funding
b)
no differences, both of them are the same.
c)
A business plan is always written before you work through the Buisness Model Canvas.
d)
The business model canvas is a tool that is outdated and the business plan incorporates current trends in entreprenuership.
57.
Entrepreneurs pay for these expenses once, at the beginning of a business, and often include things like equipment, the inital lease for the building, goods to sell, and utility hookups.
a)
Start Up Costs
b)
Fixed Costs
c)
Variable Costs
d)
On Going Costs
58.
These expenses are paid regularly, and often includes things like payroll, rent, inventory, and marketing.
a)
On Going Costs
b)
Fixed Costs
c)
Start Up Costs
d)
Variable Costs
59.
This process is used to plan for upcoming revenues and expenses.
a)
Budgeting
b)
Fundraising
c)
IPO
d)
Funding Round A
60.
Net profit or loss is shown on this financial document.
a)
Income Statement
b)
Cash-Flow Plan
c)
Balance Sheet
d)
Equity Statement
61.
The amount, or percentage, added to the costs of a product to arrive at the selling price.
a)
Mark Up
b)
Wholesale Price
c)
Discount
d)
Capital
62.
A ratio that compares the gain or loss from an investment relative to its cost.
a)
ROI
b)
Investment Ratio
c)
Net Income
d)
Cash Flow Perecentage
63.
A financial document that explains how cash is being used during a period of time.
a)
Cash-Flow Statement
b)
Income Statement
c)
Balance Sheet
d)
W2 Payroll Form
64.
The different ways that a business plans to generate a profit.
a)
Revenue Stream(s)
b)
Budget
c)
Securing a Loan
d)
ROI
65.
The property that you can let the lender keep until the loan is paid off is described as this (5 Cs of Credit).
a)
Collateral
b)
Capital
c)
Capacity
d)
Credit
66.
Honoring one's obligation to repay a loan is described as this "C" (5 Cs of Credit).
a)
Character
b)
Collateral
c)
Capital
d)
Capacity
67.
Ones's financial ability to repay a loan with present income is described as this "C" (5 Cs of Credit).
a)
Capacity
b)
Credit
c)
Character
d)
Collateral
68.
If you need to borrow money, the money you already have describes this "C" (5 Cs of Credit).
a)
Capital
b)
Capacity
c)
Credit
d)
Character
69.
Bootstrapping is a method or raising funding for a start up and utilizes all resources such as as investors and banks.
a)
false
b)
true
70.
Which item is NOT a possible revenue stream for a business?
a)
Refunding Customers
b)
Subscriptions
c)
Licensing
d)
Online Sales
71.
What is the Return on the Investment for the scenario below: You invest $5000 on a mutual fund and in six months the value of the mutual fund is $5500. What is the ROI for this transaction?
a)
0.05
b)
0.09
c)
0.25
d)
0.18
72.
If your company made $6500 in revenue and had expenses of $6300 which answer best depicts the result of the Income Statement?
a)
Net income of $200
b)
Net Loss of $200
c)
The owner is in the red
d)
The net income is 6500.
73.
True or False: Changes to product or service design should be made based on observable, timely data.
a)
true
b)
false
74.
The Lean Startup Method aims to help startups by focusing on:
a)
Mitigating risks and increasing the liklihood of success
b)
Maximizing profitability and company growth
c)
Manufacturing deficiently and at maximum potential
d)
Using the leanest staffing to run the new small business.
75.
The purpose of the Minimum Viable Product is to:
a)
Devote the the least amount of resources to develop the product and gauge potential customer interest and validate the product idea, thereby minimizing risk in moving forward
b)
Design numerous product prototypes to take to a test market in order to ensure the product will be profitable
c)
Prove the product can be sold and find the right target market for the product and is viable.
d)
Create a miniature version of your new product in order to use it as a sales aid or in entrepreneurial pitches to potential investors.
76.
Why is the word "Lean" critical in the Lean Startup Methodology of starting your startup?
a)
Lean means to minimize the effort, resources, and time it takes to test the product and decide whether or not to move forward
b)
Lean means to minimize the amount of time spent on planning and organizing the startup in order to reach profitability as quickly as possible
c)
Lean means to scale back operations and minimize expenses in order to reach profitability as quickly as possible
d)
Lean means to create the smallest paid staff in order to keep the team and expenses minimized and keep your business secrets safe.
77.
Select the definition that best describes: Persevere
a)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model
b)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed ct and you should redesign the product and startup model and repeat the process
c)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct and you should refine the product and startup model before moving forward
d)
None of the options apply.
78.
Select the definition that best describes: Pivot
a)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed ct and you should redesign the product and startup model and repeat the process
b)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model
c)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct and you should refine the product and startup model before moving forward
d)
None of the options apply.
79.
Select the definition that best describes: Iterate
a)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct and you should refine the product and startup model before moving forward
b)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model
c)
Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed ct and you should redesign the product and startup model and repeat the process
d)
None of the options apply.
80.
Select all the possible methods of pivoting in the list below:
i. Zoom in/out to focus on product details
ii. Assess supporting technology
iii. Adjust sales channels
iv. Reevaluate customer segments/target market
v. Analyze pricing for profit margins and market tolerance
a)
All of the above.
b)
i, ii, iv, v
c)
i, iv, v
d)
None of the options apply.
81.
When determining whether to persevere, pivot, or iterate, which sections of the Business Model Canvas might be revised?
a)
All of them
b)
Customer-oriented sections only
c)
Product-oriented sections only
d)
Both product and customer-oriented sections
82.
After deciding to pivot with your product or business idea you will be revising your business pitch. What will your audience be especially interested in seeing as part of your new pitch?
a)
The process for gathering data driving the pivot decision.
b)
The process for making a gut decision to pivot your product or business idea.
c)
The process for securing the new funding necessary for redesigning your product or business idea.
d)
Understanding the new manufacturing and supply process to support the new product design.
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