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WorksheetsEntrepreneurship Final Review
Total questions: 74
Worksheet time: 37mins
_____ describes personal characteristics of a population.
Diversities
Demographics
Ethnicities
Cultural segmentation
To find a new business, you may need to hire a(n)
banker
investor
owner
business broker.
An asset of acquiring an existing business is customer loyalty, or
goodwill
the use of customers’ credit cards
ill will
customers’ curiosity about the new owner
A franchisor:
Buys a franchise and must be trained to operate the business
Collects a finders fee for franchising a business
Opens a business from scratch
sells the right to open stores and sell products or services using its brand
Finding new ways of doing things is:
Innovation
Customer loyalty
Industry
Business accumen
When franchising a business, what is a royalty fee?
A percentage fee of taxes that must be to the Internal Revenue Service.
a fee calculated as a percentage for the use of a business' name, products and services, and customers.
the cost of doing business that a business incurs for selling goods or services.
Money paid to Mr. Hirsh
Starting a new business entails more ____________________ than opening a franchise.
time and effort
money
starting capital revenue
experience
One secret to finding a good business opportunity is the ability to understand ____________________, because changes in interests create profitable niches for new businesses to fill.
an industry
taxable income
good accountants
the law
Many _______________ can be turned into successful businesses.
Alliances
Clubs
Efforts
Interests
Which of the following are some of the major trends for the creation of new businesses?
New kinds of strategic alliances
Increased emphasis on outsourcing
Growth of home-based businesses
All of the above
To identify consumer markets, you should be aware of:
Services
Demographic changes
Technology
Investors
Chick-Fil-A is an example of a(n):
Hardware store
Investor
Franchise
Sole proprietorship
Before you can determine if a new venture is feasible, you must prepare:
Employees
Office Space
Taxes
A Business Plan
An overview of your Business Plan is called the:
Business Plan Overview
Executive Summary
Market Summary
Detailed Overview
The largest error an entrepreneur makes when writing a business plan is:
Not making a detailed enough plan
Skipping parts of their plan
Never writing a business plan
Skipping the executive summary
The second part of a business plan is:
Executive Summary
Business Description
Marketing Plan
Financial Plan
The part of a business plan that details what a company sells is called the:
Financial Plan
Marketing Plan
Products and Services Plan
Executive Summary
Can we find more than one type of entrepreneur?
True
False
Which type of entrepreneur develop, fund and implement solutions to social, cultural, or environmental problems?
Technological entrepreneurs
Social entrepreneurs
Political entrepreneur
Who is an entrepreneur?
It's the person who works in a company and develop new products.
It's the person who has great ideas and create a business.
The intrapreneur work in a company and create solutions to solve problems of the company?
true
false
Intrapreneurs works for?
For Salary
For his/her dreams
For me
Who takes high risk for the future?
Entrepreneurs
Intrapreneurs
Which is the structure of a budget?
problems, solutions and recommendations
Income, saving and expenses
Money, gifts and play
How we can calculate the total income?
We need to ask my teacher.
We need to add all the money I received.
We need to subtract all the money I received.
A budget is a powerful tool to organize your spending and saving plan.
True
False
Sandra takes home $5,000 every month from her job. She uses $1,800 of that money to pay for her rent and her car payment, $500 for her credit card payment and $300 for her savings account. In order to make sure that she keeps her budget balanced for her month, what is the most amount of money that she can spend for the rest of the month?
2,400
2,000
2,300
Which of the following is an example of an entrepreneurial trait?
dishonest
unreliable
discipline
wholesale
Which of the following is not a promotional element?
advertising
sales promotion
publicity
price
Entrepreneurs have to find their own health insurance and plan for retirement.
True
False
Entrepreneurs do not pay taxes to the IRS.
True
False
Which is a common characteristic of an entrepreneur?
organized
vindictive
impressionable
irresponsible
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
What are the four P's of marketing
product, produce, production, price
person, place, produce, practice
promotion, product, practice, price
promotion, place, price, product
What information should NOT be included in a business plan?
Your financing needs
Your basic business concept
Your marketing plan
Your assets and liabilities
Something that a business does for a customer in exchange for money
Greets the customer
Shows products
Service
Answers questions
A small business is one that has fewer than ________ employees
10
50
100
10000
More than half of all business started in the U.S. fail each year.
True
False
All Entrepreneurs want their businesses to become big?
True
False
Anyone can become an entrepreneur.
True
False
Before starting your own business weigh the ___________ vs __________.
positive and negative
Cash vs. Charge
Risk vs. Reward
Happiness vs. unhappiness
A company that runs entirely on the internet
Small business
Corporation
Dot-com
Partnership
Which of the following is an example of an entrepreneurial trait?
dishonest
unreliable
discipline
wholesale
A business opportunity is feasible if it:
is a service, wholesale, and retail business all in one.
serves a want or need and has potential for growth/expansion.
trades stock on the stock market.
can be financed entirely by bootstrapping.
Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced is called a _________.
entrepreneur
employee
store manager
accountant
______ focuses on recognizing a business opportunity, starting a business based on the recognized opportunity, and operating and maintaining that business.
Capital
Bids
Entrepreneurship
Accounts
Typically entrepreneurs have which characteristic?
They are all the same age
They are all the same race
They are all the same gender
Entrepreneurs don't fit into any particular demographic
If you can't _______ a job, you can't _______ a business.
keep, run
work, do
get, open
If you owe someone money. You owe them a ________.
hunnit Benjis
bet
debt
owe
A debit _______ your account balance. A credit to your account _______ your account balance.
increases, decreases
lowers, increases
freezes, unfreezes
Bankruptcy is...
always unethical
easy
illegal
a legal process that allows a person or business to avoid paying some or all of their debts.
Why is it important for businesses to incorporate?
To reduce personal liability
To protect personal assets
To have legal documentation, which makes your business more trustworthy/reputable.
All of the above
Charities and churches are classified as...
For profit businesses
Non-profits (NPO)
Regular businesses
Not for profit businesses
The money you spend to start a business is an _______.
a waste
investment
will not be returned
profit
A company in the red is ____. A company in the black is ____.
not making money, making money
not profitable, profitable
not getting that bag, getting that bag
All of the above
Digital marketing, coding, and copywriting are all high income (a) .
Which of these people would NOT be applicable/important to all types of entrepreneurs?
Lawyers
Accountants
Landscapers
Consultants/Mentors
a method used to determine whether a business model can be successful (profitable), by calculating if an individual unit of the good or service would be profitable.
Economics of One
Revenues-Expenses
Expenses of one
Which of the following SWOT elements are internal factors for a business?
Opportunities and Threats
Strengths and Weaknesses
Strengths and Opportunities
Weaknesses and Threats
If you wanted to look at factors out of control of the business which may affect it, you would look at:
Strengths and weaknesses
Outsiders or threats
Strengths and threats
Opportunities and threats
Company Bestbuy sells products to individuals. What EC classification do they fit?
B2C
B2B
C2C
B2G
