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WorksheetsBASIC ENTREPRENEURSHIP KNOWLEDGE TOURNAMENT
Total questions: 50
Worksheet time: 26mins
A new start-up café is most likely to locate close to its:
Customers
Employees
Suppliers
Competitors
Why might a startup business want to locate in the same building as other new businesses?
To increase scale of production
To protect a brand or a business idea
To share ideas and facilities
To reach customers
Choose two options for why location is an important decision for a business
Determines success or failure of a business
Expensive decision to reverse
To start a successful business
To avoid tax
Which of the following is NOT an aspect of demographics to consider when choosing a location for a business?
household income
family size
gender
quality
What are target customers?
customers who shop online
customers who spend the most money in a business
customers who shop at Target
those most likely to buy from a business
Product, Place, Price, and Promotion are also called
4P'S
SWOT ANALYSIS
Market segmentation
A lot of P's
When you see an advertisement for a store and decide to shop there, which element of the marketing mix has succeeded?
Product
Price
Place
Promotion
How the consumer gets the product
Product
Price
Place
Promotion
Which of the following are the major pricing strategies? (Choose more than one)
Customer Value-Based Pricing
Competition-Based Pricing
Cost-Based Pricing
Dynamic Pricing
Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a
partnership.
sole proprietorship.
corporation.
stock.
Mr. Simpson is liable for all the debts of his company. Mr.Simpson has which type of business organization?
partnership.
sole proprietorship.
corporation.
stock.
Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions?
partnership.
sole proprietorship.
corporation.
stock.
The MOST LIKELY reason for an entrepreneur to start a new business is
to make a profit.
to create a new social benefit.
to risk financial failure.
to discover a new product.
If you want to create your company, first you have to assess your SWOT, that is...
Skills, wealth, organisation and territory
Strenghts, weaknesses, opportunities and threats
Salaries, writing, origins and tricks
Strategies, worries, operations and treatment.
An individual who initiates, creates and manages a new business can be called_______________
A leader
A professional
A manager
An entrepreneur
Which of the following parts of a business plan include the projected
statement of cash flows describes all the data expressed in the monetary
units from the other sections of the business plan?
Production
Financial
Organization
Marketing
Which section of a business plan is generally first but written last?
Executive summary
Organization and management
Business description and vision
Description of market
According to the textbook, entrepreneurs are ________.
gamblers
moderate risk takers
aggressive risk takers
minimal risk takers
________ is the process of creating something new, which is central to the entrepreneurial process.
Modernism
Innovation
Creativity
Execution
The three primary reasons that people become entrepreneurs and start their own firms are to ________.
gain prestige, realize financial rewards, and eliminate risk in their lives
do what they were "born" to do, be their own boss, and gain prestige
take big risks, be their own boss, and do what they were "born" to do
be their own boss, pursue their own ideas, and pursue financial rewards
What is BMC?
Business Modal Canva
Business Model Canvas
Business Management Collection
Business Management Canvas
What does BMC do?
BMC is a tool for beginners
BMC helps us to build a strategic management and lean startup template for developing new or documenting existing business models
BMC is used to build a business map
BMC is needed before start a business
"The product will be sold for $10" goes in what section of the BMC?
channel
customer segment
revenue streams
unique value proposition
This product is compact and an all in one that is easy to use; this is an example of what section of the BMC?
unique value proposition
customer problems
customer segment
customer relationship
"membership card" can goes in to what section in BMC?
Key Activity
Key Partner
Channel
Customer Relationship
What do you call a written document that outlines a business's objectives and the strategy and tactics that it will use to achieve those objectives over anywhere from a three to five year period of time.
BMC
A strategic plan
A business plan
A marketing plan
An entrepreneur is creating a business plan for a new business ; they are including a section on sources of finance. Which of these are appropriate sources of finance to suggest? (Suggest as many as are appropriate)
Grant
Owner savings
Bank loan
Retained Profit
A plan presenting financial forecasts for the business
Investor Plan
Business Loan Plan
Loan Proposal
Financial Plan
A part of the business processes that result in the production and delivery of the product or service
Operational Plan
Marketing Plan
Organizational Plan
Mission statement
This is a technique for creative problem solving as well as for generating ideas. The objective is to come up with as many ideas as possible.
Brainstorming
Creativity
Feasibility Study
Family Friends
This is an investigation into the new idea that seeks to establish two things: Is it possible to make the product? Is the idea commercially viable?
Prototype development
Feasibility Study
Concept Development
Product Launch
This method can be applied in the Brainstorming technique..
Discussions
Mind Maps
SWOT Analysis
All of the above
getting ideas from opportunities and threats in the outside market
Internal Sources
External Sources
Getting Ideas from your own strengths and weaknesses
Internal Sources
External Sources
Designation, Location and Job related duties are mentioned in the:
Designation, Location and Job related duties are mentioned in the:
Job Description
Job Evaluation
Job Specification
Recruitment Letter
The following is (are) concerned with developing a pool of candidates in line with the human resources plan
Development
Recruitment
Training
All of the above
In an addition to regular compensation, ________ are monetary incentives that an employee earns as a result of good performance.
Motivational techniques
Non financial reward
Financial reward
All of the above
______ is the process of choosing the most suitable candidate for the vacant position in the organisation.
Recruitment
Training
Performance Appraisal
Selection
The process of starting & operating one's own business.
Entrepreneurship
Entrepreneur
Intrapreneurship
Venture
Full form of MSME is
Mini, small and Micro Enterprises
micro, Small and Macro enterprises
Micro, Small and Medium Enterprises
Micro, small and Mini Enterprises
What is the purpose of preparing the Statement of Financial Performance?
inform stakeholders the profitability of business
inform stakeholders the nature of business
inform stakeholders the income and expenses of business
inform stakeholders the size of business
What are the steps to calculate Profit for the year?
Gross profit + Income - Capital
Gross profit + Income - Expenses
Gross profit + Income + Expenses
Gross profit - Income - Expenses
Which of the following are items of Expenses?
salaries, utilities, inventory, discount allowed
salaries, utilities, interest received, discount allowed
salaries, utilities, loan, discount allowed
salaries, utilities, insurance, discount allowed
What is the accounting equation used in the Statement of Financial Position?
Total assets = Total Income + Equity
Total assets = Total liabilities + Equity
Total assets = Total Loan + Equity
Total assets = Total Liabilities - Equity
Calculate the amount for current liabilities.
Fixtures $1 000 Loan $10 000 Trade payables $6 000
Discount received $400 Bank overdraft $700
$11 000
$16 000
$16 700
$6 700
What does internal source of finance mean?
A source from within the business
A source from outside the business
Which is an example of an internal source of finance?
Owner's Capital
Overdraft
Venture Capitalist
Trade credit
What is an advantage of owner's capital?
There will be interest
They take a long time to arrange
You can pay in smaller installments
You don't have to pay it back
The phrase 'seed funding' means
the money needed to use in farming
the money needed to invest in farming
the money that a business uses every day
the money invested in a business to get it started
In the business context, what is a 'brand'?
the practice of marketing a business so that it is recognizable
the advertising that a business does
the symbol associated with a company
