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WorksheetsPart 1
Total questions: 48
Worksheet time: 27mins
Your company has a new product in production. You need to establish your product quality control process. What is the correct order to establish your product quality control process?
Set standards, Establish method, Review results, Refine/improve
Establish method, Set standards, Review results, Refine/improve
Refine/improve, establish method, set standards, review results
A consultant determined that your company needs a better social media presence to market your school supply products. Which 3 methods should you use?
Create profiles on online platforms, Create an online customer community, Use brand influencers
Produce a television infomercial, create email subscriptions, Use direct mail flyers
Create email subscriptions, create profiles on online platforms, Use brand influencers
Which type of compensation is for an employee who receives payment after completing a sale?
Commission
Hourly
Salary
Piece work
Which type of compensation is for an employee who receives a set amount for each unit created?
Piece work
Commission`
Hourly
Salary
Which type of compensation is for an employee who receives overtime pay for work extra time?
Commission
Hourly
Salary
Piece work
Which type of compensation is for an employee who receives a set wage each week without overtime pay for extra time.
Commission
Salary
Hourly
Piece work
What is the projected ending cash balance for a month with this information: Initial cash $1,200, Projected revenue $2,350, Gas $100, Equipment maintenance fees $290, Truck payment $400, Payroll $2,900, Insurance $120. Remember, if the amount is in ( ) that means it is negative.
($260)
($140)
$940
$2,640
In a SWOT Analysis which of the following is a strength?
Improving economy
Lack of expertise in some areas
Low overhead costs
Rising cost of product parts
In a SWOT Analysis which of the following is a weakness?
Rising cost of product parts
Improving economy
Lack of expertise in some areas
Low overhead cost
In a SWOT Analysis which of the following is an opportunity?
Improving economy
Low overhead cost
Lack of expertise in some areas
In a SWOT Analysis which of the following is a threat?
Improving economy
Low overhead cost
lack of expertise in some areas
Rising cost of product parts
If you owned an ice cream and donut shop which is direct competition?
Bakery
Grocery Store
Fast food restaurant
Coffee shop
Which are fixed costs for a coffee shop?
Insurance and rent
Cups and coffee grinds
Maintenance and coffee cups
If you own a coffee shop, which costs are variable?
Rent and insurance
Coffee cups and coffee grinds
Insurance and furniture
Start-up companies use business plans to attract investors.
True
False
Business plans are
written documents outlining a company's objectives and goals.
a short presentation that provides an overview of your business plan.
a 1-page description of your idea.
A pitch deck is
a 1-page description of your idea.
a short presentation that provides an overview of your business plan.
written documents outlining a company's objectives and goals.
A lean canvas is
written documents outlining a company's objectives and goals.
a short presentation that provides an overview of your business plan.
a 1-page description of your idea.
In addition to pricing, which three elements make up your marketing mix?
Product, place, promotion
Profit, prediction, performance
Prediction, performance, product
Mark all that are correct- Which businesses are product-based?
Fruit stand
Hair salon
Grocery store
Fitness center
Mark all correct answers - Which businesses are service-based?
Fruit stand
Hair salon
Grocery store
Convenience store
What is the correct order for the steps of the design thinking process?
Empathize, Define, Ideate, Prototype, Test
Define, Ideate, Prototype, Empathize, Test
Test, Prototype, Ideate, Define, Empathize
What are the characteristics of an entrepreneurial mindset?
Creativity, adaptability, determination, and empathy
People skills, problem solving, and career exploration
Business knowledge, financial knowledge, and organizational skills
Community awareness, educational readiness, and literacy
You are making and selling bracelets. The sales price for each is $180 and it cost you $134.50 to produce each bracelet. So what is your return on investment (ROI)?
35%
20%
45%
5%
You may choose more than one- When trying to make a decision between going with a personal business opportunity or a franchise, which are true?
For a franchise opportunity you will receive ongoing support from larger companies.
For a personal business opportunity, you will be required to go through more intensive training than for a franchise opportunity.
For a franchise opportunity, you will be able to purchase the items you believe will sustain your business without having to ask for permission.
For a personal business opportunity, you will generally have lower start-up costs than opening a franchise.
You need to find the Return on Investment for your small business. Start-up costs are $60,800. Gross sales are $65,800, total expenses are $28,500, and income taxes are $6,370. What is the ROI?
51%
1.96%
61%
94%
What are some disadvantages of debt financing?
Owners may be required to personally guarantee debt
Owners are required to give up ownership.
Loans take longer to procure than investments.
Debt has to be repaid.
Which describes how a business idea solves customer's problems in a better way than existing solutions?
Competition
Business model
Value proposition
Milestones
You may choose more than one- Which resources represent secondary data?
United States Census
Personal observation
Academic journals
Industry newsletter
Focus groups
There may be more than one answer- examples of primary data include
Customer interviews
Focus groups
Academic journals
Industry newsletters
Personal observations
A small business had 5000 new customers. Costs in the marketing and sales areas were $30,000 marketing costs, $10,000 sales costs, and $60,000 in salaries. What was the customer acquisition cost?
$8
$20
$40
$3
Qualities of the entrepreneurial mindset
Flexible and resilient
Sensitive and obedient
Demanding and authoritative
Assertive and independent
Why should a small shoe company select a fulfillment center for product distribution instead of using a direct distribution channel? Select all that apply:
To ship at a lower cost
To survey customer buying habits
To personalize all aspects of the sale
To have better control over product inventory
You own a sandwich truck. You sell a sandwich for $2.50. Monthly expenses are $600 and Cost to produce each sandwich is $1.00. How many sandwiches do you need to sell each month to break even?
172
240
400
600
Classification of revenues and expenses and profitability describes
What information is on an income statement?
What information is on a Balance Sheet
What information is on an IRS survey
What information is on a data sheet
You created a new type of ice cream and took samples to a focus group to get their opinions of the new product. Which stage of development process are you in?
Product development
Market strategy creation
Concept development
Idea generation
On the year-end balance sheet assets are $27,000. Liabilities were $6,000. What is the equity in the business?
$6,000
$21,000
$1,000,000
$27,000
You manufacture race cars. How will you determine performance criteria for your product?
Secure additional funding
Run a social media campaign
Create a commercial explaining the product
Test an interactive prototype
Which are part of the sales process?
present the pitch, close the deal, prospect
Implement product feedback and analyze the market
Adjust the product price
Who finds and invests resources to form the company and help it succeed?
Founder
CEO
CFO
COO
You need to create a legal structure for your small business. You decide on a Limited Liability Company (LLC). Which answers describe an LLC? Choose all that apply.
You work alone
You do not plan to sell stock
You need to protect your personal property
You will not make a profit.
What is the primary difference between wholesale and retail sales channels?
Wholesale products demand higher prices than retail.
Wholesale is business-to-business while retail is business-to-consumer
Wholesale has more public locations than retail.
Wholesale provides more control over the brand experience than retail.
Which have equity in a business?
Owner
Stockholder
Employee
Partner
Stakeholder
What is the main advantage of direct distribution over fulfillment services?
Unfiltered relationship with customers
Brand recognition
Minimal storage costs
Established distribution system
A sales presentation aims to
Close a sale
Introduce you to new customers
Share a business plan
In sales, prospecting is following up with customers
True
False
What is the biggest challenge in creating a successful crowdfunding campaign?
Time and resources
Cost of online advertising
Finding a crowd
When you create a new type of product, which items would you need to consider regarding the mass production of the product? Choose more than one.
Creating your prototype to demonstrate the product's function to potential customers.
Establishing quality control measure and accountability
Developing the product website and social media campaign.
Finding a manufacturer
Sourcing materials needed for the components of the product
