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Establishing a business

Total questions: 38

Worksheet time: 22mins

Name
Class
Date
1.
Not giving up; keep trying is what characteristic?
a)
Persistent
b)
Responsible
c)
Self-Confident
d)
Creative
2.
An individual who undertakes the risk associated with creating, organizing, and owning a business is?
a)
a farmer
b)
a trained salesperson
c)
an entrepreneur
d)
Mathematician
3.
Entrepreneurs work until the job is done.
a)
Persistent
b)
Inquisitive
c)
Self Confident
d)
Creative
4.
Entrepreneurs are constantly looking for new ways to solve problems.
a)
Persistent
b)
Creative
c)
Self Confident
d)
Independent
5.
Entrepreneurs develop a plan of action.
a)
Persistent
b)
Goal Oriented
c)
Responsible
d)
Independent
6.
Entrepreneurs look for challenging opportunities and are not afraid of the possibility of failure.
a)
Risk Taker
b)
Goal Oriented
c)
Creative
d)
Responsible
7.
An entrepreneur must know...
a)
Only the parts of the business they like
b)
No parts of the business management
c)
all parts of business:  finance, marketing, etc.
8.

Select all the examples of ways kids can be entrepreneurs (There is more than one answer).

a)

Starting a lemonade stand

b)

Starting a dog walking service

c)

Creating and selling homemade jewelry

d)

Creating and selling a "How To" guide of your favorite video game

9.

What is ONE quality of an entrepreneur?

a)

flexibility

b)

honesty

c)

money

d)

attitude

10.

A business is an organisation that exists to provide ____

a)

goods and services on a commercial basis to shareholders.

b)

goods and services on a commercial basis to customers.

c)

goods and services on a commercial basis to employees.

d)

goods and services on a commercial basis to sole traders

11.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

12.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business.

d)

To help reduce the risk of business failure.

e)

All of the above.

13.

Complete the sentence: A business plan...

a)

is useful once your business is operational but not much help during the startup phase

b)

is not usually needed once the business is up and running

c)

can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.

14.
A part of the business processes that result in the production and delivery of the product or service
a)
Competitive Analysis
b)
Company Description
c)
Operational Plan
d)
Organizational Plan
15.
How a company will make customers aware of its products/services
a)
Marketing Plan
b)
Industry Overview
c)
Product and Service Plan
d)
Growth Plan
16.
A brief account of the key points contained in a business plan
a)
Executive Summary
b)
Company Description
c)
Mission Statement
d)
Vision Statement
17.
A target market is a group of _______ that the _______ has decided to aim its marketing efforts and ultimately its merchandise towards.
a)
Companies, Business
b)
Companies, Research
c)
Customer, Business
d)
Business, Customer
18.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business

d)

All of the above

19.
If you possess excellent organizational skills, but are risk-averse and don't like taking initiative, would being an entrepreneur be a good profession for you?
a)
Yes, entrepreneurs should be risk-averse.
b)
No, entrepreneurs should rely on others to organize the business.
c)
No, entrepreneurs must be risk-takers who take initiative and have excellent organizational skills.
d)
Yes, all you need is good organizational skills.
20.
Which section of a business plan is generally first but written last?
a)
Executive summary
b)
Business description and vision
c)
Organization and management
d)
Description of market
21.
Why is being an entrepreneur risky?
a)
Because there are no more creative enterprises to create a business out of.
b)
Because entrepreneurs always fail.
c)
Because you often risk your own personal wealth.
d)
Because people don't trust entrepreneurs.
22.
Bill Gates is probably all of the following EXCEPT:
a)
independent.
b)
a risk-taker.
c)
an effective communicator.
d)
someone who relies on the opinions of others.
23.

A source created about an event or time-period by someone who was there

a)

Primary

b)

Secondary

24.

Something made about an event or time period by someone who was not there

a)

Primary

b)

Secondary

25.

Which answer below is a Secondary Source?

a)

Autobiography

b)

Photograph

c)

Diary

d)

Textbook

26.
A journal written by Sequoyah describing how he created the Cherokee alphabet.
a)
Primary Source
b)
Secondary Source
27.

Feasibility studies can help owners/managers to determine

a)

What their competitors will do.

b)

Where to find good prices on raw materials.

c)

The best time to start a project or venture.

d)

The best place to recruit new employees.

28.

Businesses must comply with law, government regulations, and other guidance

a)

True

b)

False

29.

Fiscal Policy, on the other hand, determines the way in which the central government earns money through taxation and how it spends money. 

a)

True

b)

False

30.

Consumer protection laws exist to prevent dangerous or unethical business practices, such as false advertising or faulty products

a)

True

b)

False

31.

Which of the following is not a factor that affects business location?

a)

Geography

b)

Demand of supply

c)

Supply of labour

d)

Health facilities

32.

Geography, infrastructures and telecommunications are referred to as:

a)

Business needs

b)

Factors affecting business

c)

Factors affecting business location

d)

Sources of income

33.
In a deprived area, what would attract a business? 
a)
Government Grants 
b)
Availability of labour 
c)
Advice and Support 
d)
Cost of stock 
34.

Mortgages and car loans are two types of collateralized loans

a)

TRUE

b)

FALSE

35.

If a borrower defaults on the loan, the lender can't seize the collateral and sell it to recoup its losses.

a)

True

b)

False

36.

Other personal assets, such as a savings or investment account, can be used to secure a collateralized personal loan

a)

True

b)

False

37.

if the borrower defaults on their loan payments, the lender can seize the collateral and sell it to recoup some or all of its losses.

a)

True

b)

False

38.

Collateral is an item of value used to secure a loan.

a)

TRUE

b)

FALSE

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