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WorksheetsFINAL EXAM ENTREPRENEURIAL MIND
Total questions: 100
Worksheet time: 1hrs 21mins
COMPLETE NAME (Last Name, First Name, Middle Initial)
Many new entrepreneurs have ideas for businesses they want to start, or products they want to create, but don't know how to manage a small business effectively.
Entrepreneurial Management
Business Management
Business Development
Mission and Vision Statement
Does every
entrepreneur need a business plan to succeed? Yes or No
(a)
Entrepreneurs are extreme risk-takers.
(True or False)
(a)
Entrepreneurs have a special set of personality traits. (True or False)
(a)
Entrepreneurship is not reserved for startups
If the business is successful, the startup does not remain a startup. It can
develop into an organization in its own right, be merged with another
organization, or be bought or acquired by another company.
(True or False)
(a)
Procrastination is a good study habit ( Yes or No)
(a)
Being an Entrepreneur (choose 2)
Makes you rich right away
Accept education and insight from your mistake
Success never tasted so good
Finding your dream is easy
The process of identifying and choosing alternatives based on the values, preferences and beliefs of the decision-maker.
Innovation
Forecasting
Decision Making
Success
Independency
The process of making predictions of the future based on past and present data and most commonly by analysis of trends.
Innovation
Forecasting
Decision Making
Success
Implementation
The realization of an application, or execution of a plan, idea, model, design, specification, standard, algorithm, or policy.
Innovation
Forecasting
Decision Making
Success
Implementation
The amount of money that is brought into a company by its business activities.
Business
Profit
Revenue
Calculated Risk
Revenue – Expenses =
(a)
One who organizes, manages, and assumes the risks of a business or enterprise.
Employee
Entrepreneur
Entrepreneurship
Manager
The pursuit of opportunity without regard to resources currently controlled.
Employee
Entrepreneur
Entrepreneurship
Manager
_____ defines how job tasks are formally divided, grouped, and coordinated.
Organizational structure
work speacialization
Departmentalization
Organizational behavior
Proctor & Gamble departmentalizes by Tide, Pampers, Charmin, and Pringles. This is an example of departmentalization by _____.
A. function
B. process
C. geography
D. product
A plant manager who organizes the plant by separating engineering, accounting, manufacturing, personnel, and purchasing into departments is practicing _____ departmentalization.
a. target customer
b. product
c. functional
d. geographic
The right inherent in a managerial position to give orders and expect orders to be obeyed is termed _____.
chain of command
authority
power
unity of command
In an organization that has high centralization, _____.
the corporate headquarters is located centrally to branch offices
all top level officials are located within the same geographic area
action can be taken more quickly to solve problems
top managers make all the decisions and lower level managers merely carry out directions
Expansion of projects in an entrepreneurial process is _______?
discovery
concept development
resourcing
actualization
harvesting
Apply for loans in an entrepreneurial process?
discovery
concept development
resourcing
actualization
harvesting
In an entrepreneurial process, considering your skills and hobbies is under____?
discovery
concept development
resourcing
actualization
harvesting
Hiring employees in an entrepreneurial process is_________?
discovery
concept development
resourcing
actualization
harvesting
The day-to-day operations in an entrepreneurial process is_________?
discovery
concept development
resourcing
actualization
harvesting
Developing a business plan in an entrepreneurial process is_________?
discovery
concept development
resourcing
actualization
harvesting
Considering consumer needs and wants in an entrepreneurial process is_________?
discovery
concept development
resourcing
actualization
harvesting
Long range planning in an entrepreneurial process is_________?
discovery
concept development
resourcing
actualization
harvesting
Conducting a surveys and questionnaires in an entrepreneurial process is_________?
discovery
concept development
resourcing
actualization
harvesting
Identifying potential investors in an entrepreneurial process is_________?
discovery
concept development
resourcing
actualization
harvesting
Choosing the location of the business in an entrepreneurial process is a _________?
discovery
concept development
resourcing
actualization
harvesting
Determining if a patent or trademark is required in an entrepreneurial process is a _________?
discovery
concept development
resourcing
actualization
harvesting
Studying the demographic profile of the target market is a_________?
discovery
concept development
resourcing
actualization
harvesting
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
An organizational framework that will identify who will run the company as well as management’s philosophy?
Organizational Plan
Operational Plan
Executive Summary
Company Description
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
Which of the following is included in the composition of feasibility study?
Financial Feasibility Study
Demographic Feasibility Study
Physical Feasibility Study
Resources Feasibility Study
What is Market Feasibility Study?
Assessment of the overall appeal of the market for the product or service being proposed
The total potential purchase that is expected from the target market
Market share stated in the form of a percentage of total market demand
Market segmentation to enable the business to satisfy the needs and wants of the consumers
Which of the following is not true about Target Market?
Can be individuals, households, business organizations local as well as international and government organizations
The group of customers with needs and wants that can be satisfied by the business through the supply of product/service.
Involve determining who are the customers the business wishes to serve
Participate as representative in Feasibility Study
Which of the following is among the aspects of technical feasibility study?
Demand
Location
Security
Instruction
Which of the following is true about Organizational Structure?
Identifies responsibilities for each position and the relationship among those positions
Obligate the technical team to trust their leader in every job aspects
Quick decision making and bring managers complex problems to be solved using conceptual thinking
Allow disobedient of hierarchical during emergency to ensure whole teams benefits
Management team refers to
a group of individuals responsible to make sure the sales of the product hit targeted value
a group of individuals responsible to evaluate the prowess or ability of its technical team
a group of individuals responsible to bring a product/service idea to market
a group of individuals responsible to entertain and promote the product to ensure customer's good feedbacks
Which of the following is not included in information in the financial feasibility study?
Start up Capital
Financial Sources
Profitability Analysis
Losses Probability
"Determining whether the proposed venture is generating enough profit to make the proposed venture feasible" statement best refer to?
Financial Routing
Profitability Analysis
Capital Distribution
Start-up Plan
Which of the following is not the expectation of a A feasible or viable business idea?
Withstand the risks it will encounter
Generate adequate cash flow and profits
Remain viable in short period
Meet the goals of the founders
Downloading and viewing instructional videos on how to use a product
Primary Research
Secondary Research
Why are focus groups used in a research study?
To bring together a group of people to discuss a particular product or issue
All of them
It enables open ended questions
It can generate 'rich' information rather than a standard response
Dexter wants some quick, informal feedback on his business ideas from friends and family. His best option would be:
Share a survey and invite comments on Facebook
Hand a written questionnaire to local shoppers
Send a mailing to 500 local residents
Commission a local market survey agency
True or False: primary research is very generic and not specific.
True
False
Which two of the following statements are disadvantages of primary research?
Many people don't like completing surveys
You can find specific information
Some people just say what they want you to hear
The business has control over the research and results
The process of dividing a market of potential customers into groups based on different characteristics is called
Market Segmentation
Market Analysis
Demographics
Consumer identification
In this type of entrepreneurship, the people who run or own their
own business and hire family members or local employee.
Small Entrepreneurship
Scalable Startup Entrepreneurship
Large Company Entrepreneurship
Social Entrepreneurship
This type of entrepreneurship focuses on producing product and services that resolve social needs and problems.
Small Business Entrepreneurship
Scalable Startup Entrepreneurship
Large Company Entrepreneurship
Social Entrepreneurship
It provides new product ventures, market, technology and quality of goods, etc., and increase the standard of living of people.
Impact on society and community development
Increase standard of living
Creation of employment
Innovation
To run a business successfully, you must be able to put together a financial plan, budget, and keep track of your income and expenses
True
False
What is a one-year accounting period called?
Financial Forecast
Operating Cost
Fiscal Year
Financial Finnish
An item of value your business owns is called (a)
What is money that your business owes called?
Net Loss
Owner's equity
Blood Debt
Liability
A cash budget tells you how much money your business will need over the long run. (True or False)
(a)
What is the report of the financial state of your business on a certain date called?
Balance sheet
Budget
Cash Budget
Snitch
Your financial records are not confidential, so you have to show them to banks or investors
True
False
What is the process of recording your business's finances?
(a)
When a business's expenses are greater than the revenue, it is called___
a cash reserve
a cash preserve
a net loss
a net storage
Who is the person in charge of a business's financial planning?
Financial Manager
Financial Overseer
Financial Accountant
Mr. Morrise and his Basic Math Skills
One of the responsibilities of a financial manager is to find additional sources of funds.
True
False
Which shows the incoming and outgoing money of a business?
balance sheet
financial outlook
statement of cash flow
financial statement
It refers to the ability of a company to pay maturing obligations. The current assets of a company are compared with its current liabilities to determine its paying capacity.
assets
capital
liquidity
maturity
These include unpaid salaries for the accounting period, unpaid interest expense, or unpaid utility expenses.
accruals
prepayments
allowance for uncollectible accounts
depreciation and amortization expenses
The process of systematically gathering, recording, and evaluating data regarding specific marketing problem.
Business Plan
Market Research
Planning
Business Venture
It is the direction and guide of the entrepreneur as to what is to be done and how to do it.
Planning
Market Research
Ideation
Business Plan
Hiring the right people is an important step for entrepreneurs to create an efficient team.
true
false
