WorksheetsPract. in Bus. Mgt (Entrepreneurship) Final Exam Review
Total questions: 25
Worksheet time: 10mins
Polly's Pets wants to expand its services offerings to include boarding in addition to grooming. Polly has checked local zoning laws and can legally add a kennel. What does Polly need to still get before she can begin construction of the new kennel?
certificate
license
permit
Sam is an avid golfer. He teaches golf at a local course and now wants to open a golf academy. What would be the greatest benefit for Sam?
more money
shorter hours
satisfaction of pursuing his passion
What is the biggest immediate benefit of entrepreneurship?
more free time
more money
more control over your schedule
Robbie's Real Estate company is looking to save money by outsourcing some of the services it provides to its independent real estate agents. Which services should it farm out to other companies?
Training for new real estate agents
Internet services
Standardized real estate contracts
Identify the intellectual property: photographs
patent
trademark
copyright
Calculate the ending cash balance:
Beginning cash balance $30k
Sales $235k
Equipment costs $36k
Loan payments $48k
Expenses $150k
Pick the choice closest to the correct answer.
$35k
$25k
$30k
What is the first step of the hiring process?
identify the required skills needed
interview applicants
post a help wanted ad
Calculate which scenario will generate the highest potential annual income:
$350 monthly
$115 weekly
$1,000 quarterly
Tom wants to open a taco shop in a mixed commercial and residential area of town to appeal to commuters on their way to and from work. Which document will his employees need?
license
credentials
certificate
Identify the marketing media: strong impact, but expensive
web banners
television
Identify the exit strategy:
Server Space has been a leading privately owned cloud based information storage business for years. The owner's have decided to sell the business to the general public to make as much money as possible before retiring.
management buyout
IPO
harvesting
What is the greatest benefit of being an entrepreneur?
making your own rules
making lower tax payments
making money quickly
What is the biggest disadvantage of starting a new business instead of purchasing a franchise or an existing business?
greater risk of failure
more record keeping
no guidelines to follow
Which business opportunity can be described as an expensive option that has existing customers?
Start a new business
Buy a franchise
Buy an existing business
Advertising is ____
cost of goods sold
revenue
operating expense
Tom knows how to repair small engines and is considering opening a shop in town to repair lawnmowers after noticing that the only shop in town has lots of lawnmowers waiting to be repaired during the peak summer months. Customers have been complaining about the long wait times and the need to cut their lawn before it grows too tall. What should Tom emphasize in his marketing efforts to attract customers?
convenient location
lower prices
speedy service
Which of the following is NOT a disadvantage of entrepreneurship?
lack of control
long hours
possible failure
A business owner is looking to separate the duties of the accounting function so she does not have to do everything herself. All of the following financial matters could be delegated to an employee except _______.
record keeping
check signing
scheduling
Which value proposition would make pet owners feel secure about leaving their fur babies at a pet daycare center?
offering free snacks to all pets
providing an active schedule to keep pet entertained
having an internet camera set up so owners can monitor their fur babies
Sue wants to open a photography studio in her new town because it does not have one. This is her third new town in the past five years. Which trait does Sue lack that might make her photography studio unsuccessful?
adaptability
enthusiasm
patience
flexibility
Where can an entrepreneur go to find out information about potential competitors in an area?
Service Corps of Retired Executives
Small Business Administration
Chamber of Commerce
What is the most likely target market for a taco truck?
people who work at nearby businesses
tourists staying in hotels
people on special diets
Which section or type of the business plan is more important to the business owner than an investor?
operational business plan
executive summary
investor's business plan
Identify the exit strategy: selling to the people currently running the business
Management Buyout
IPO Initial Public Offering
Harvesting
What is the biggest benefit of an angel investor?
do not share in the business profits
typically do not expect to be paid until the business starts making money
have no say in the management of the business
