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POB Graded work 2: Establishing a business

Total soal: 14

Worksheet time: 2hrs 20mins

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1.

Which of the following are reasons for starting a business?

a)

The desire for financial independence

b)

Self-fulfillment

c)

Self-actualization

d)

To increase your income

e)

All of the above

2.

Acquisition of funds may come from?

a)

Personal savings

b)

Borrowing from friends and family

c)

Borrowing from financial institutions

d)

Investors

e)

All of the above

3.

Ashley is the owner of her bakery. She is the person that bears all risks and combines the factors of production efficiently and effectively with hopes of making a profit. She is a/an

a)

manager

b)

supervisor

c)

counsellor

d)

entrepreneur

4.

The functions of an entrepreneur include


I accessing funds and organizing the business

II completing tasks given by the government

III operating and evaluating the business’ performance

a)

I only

b)

I and II only

c)

I and III only

d)

II and III only

5.

The characteristics displayed by an entrepreneur in determining goals and objectives of the business, setting targets and ways for accomplishing those targets are referred to as


a)

Planning for the business

b)

Conceptualizing the business

c)

Operating the business

d)

Evaluating the business

6.

Which is not a personal characteristic of the entrepreneur?

a)

Innovative

b)

Inflexible

c)

Persistent

d)

Persevering

7.

From the answers given below, which provides a list of ONLY entrepreneurial characteristics?

a)

Flexible, Creative, and lazy

b)

Risk-taker, innovative and flexible

c)

Creative, goal-oriented, and non-risk taker

d)

Inconsistent, innovative and goal-oriented

8.

The process of utilizing resources to create goods and services by assuming risk to satisfy consumers' needs is known as:

a)

Entrepreneur

b)

Business

c)

Entrepreneurship

d)

Production

9.

Money that is used to start your business is called:

a)

Financing

b)

Capital

c)

Funds

d)

revenue

10.

Evaluating a business performance includes all of the following EXCEPT:

a)

Conceptualizing the business idea

b)

Comparing customer numbers and feedback

c)

Comparing productivity levels

d)

Comparing average delivery times

11.

All of the following are elements of marketing plan EXCEPT:

a)

Market share

b)

Promotional activities

c)

Marketing strategy

d)

Financial Analysis

12.

All of the following are likely to form part of a business plan for a new computer retail business EXCEPT:

a)

Executive Summary

b)

Marketing Plan

c)

Production Plan

d)

Financial Plan

13.

The first step in the process of decision-making in establishing a business is

a)

Planning

b)

Conceptualizing

c)

Accessing funds

d)

Identifying resources

14.

What is the correct order of the following steps for establishing a business?

a)

i, v, iv, ii, iii, vi

b)

vi, v, iii, i, iv, ii

c)

i, vi, iv, v, iii, ii

d)

i, iii, iv, v, iv, ii