WorksheetsEntrepreneurship Midterm
Total questions: 51
Worksheet time: 26mins
Name
Class
Date
1.
Which one is TRUE about an entrepreneurship?
a)
They are always well-funded and carefully planned
b)
There are no known risks
c)
They do not hire any employees
d)
There are lots of risks and rewards involved
2.
What is the definition of an entrepreneur?
a)
An entrepreneur is someone who creates a business and potentially makes money and runs the business.
b)
none of these
c)
An entrepreneur is someone who manages a business.
d)
An entrepreneur is someone who owns a business and makes profit from that business
3.
Which type of entrepreneurship works at making the world a better place by solving crises and problems?
a)
Corporate
b)
Scalable startup
c)
Small business
d)
Social
4.
Local grocery stores and hair salons are examples of what type of entrepreneurship?
a)
Small business
b)
Social
c)
Corporate
d)
Large company
5.
Someone who creates a new product to sell and takes on all of the risks and responsibility is known as what?
a)
A venture capitalist
b)
A corporation
c)
An accountant
d)
An entrepreneur
6.
Which type of entrepreneurship focuses on being able to grow with more financial backing?
a)
Private
b)
Scalable startup
c)
Social
d)
Small business
7.
How do focus groups help companies in developing new products?
a)
They help determine the prices of their products.
b)
They provide relevant and new feedback about their products.
c)
They perform research for the company in real world setting.
d)
They develop the marketing strategies with the company to promote their products.
e)
They create surveys for the companies to gather answers to specific questions about their products.
8.
Which of the following will most likely result in the growth of your company?
a)
Increasing the quality of your product.
b)
Increasing the number of your employees from 500 to 600.
c)
Increasing your market share from 50% to 60%.
d)
Lowering the interest rate.
9.
A ______________ is a quick description of your business that you use to explain it to potential investors.
a)
business plan
b)
business analysis
c)
business picth
d)
sales forecast
10.
__________________ are the operating expenses that a business must pay regardless of how many sales are made.
a)
profits
b)
variable expenses
c)
production cost
d)
fixed operating expenses
11.
___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.
a)
the market
b)
an indirect competiter
c)
a direct competitor
d)
sales force
12.
___________ is an organized way to gather and understand information needed to make informed business decisions based on the potential customers and competitors that exist in the market.
a)
A customer report
b)
Audience analysis
c)
Competition report
d)
Market research
13.
The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.
a)
overhead
b)
salary
c)
contribution margin
d)
profit
14.
What does a SWOT analysis evaluate?
a)
Strengths, Weaknesses, Opposition, Threats
b)
Symptoms, Weaknesses, Opportunities, Threats
c)
Strengths, Weaknesses, Opportunities, Targets
d)
Strengths, Weaknesses, Opportunities, Threats
15.
Which of the following is NOT considered a risk of being an entrepreneur?
a)
Providing value to others
b)
Potential business failure
c)
Long hours and hard work
d)
Financial insecurity
16.
Which of the following is NOT true about an entrepreneur?
a)
An entrepreneur gets to act as his own boss.
b)
An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him
c)
An entrepreneur is responsible for the success of their business
d)
An entrepreneur has ownership in the business
17.
Which of the following are assets?
a)
all the above
b)
time
c)
a car
d)
money
18.
Which of the following is NOT a true statement about business plans?
a)
They should be never revised
b)
They are created before starting a business
c)
They should include an overview of your business goals and how you think you are going to achieve them
d)
They can help lower the risk of starting a new business
19.
Which of the following is an advantage of starting your own business?
a)
You have control over where and when you work
b)
As long as you make a business plan, you will know what obstacles to expect
c)
During the startup phase, you do not have to think about funding
d)
You are in charge of the decision making so there is little to no risk
20.
What is the main difference between a personal characteristic and a skill?
a)
Skills can be learned while characteristics are inherent qualities
b)
Characteristics become skills over time
c)
Many people are born with business skills, but not characteristics
d)
You can learn a characteristic, but not skills
21.
Which of the following is NOT a skill?
a)
business skills
b)
communication skills
c)
people skills
d)
determination skills
22.
What role do entrepreneurs play in economics?
a)
Entrepreneurs borrow money from the economy to start their businesses
b)
Entrepreneurs create the businesses that produce products that meet the wants and needs of consumers
c)
Entrepreneurs tell consumers what they should want or need
d)
None of the above
23.
Sharon is thinking about opening a bakery. Which of the following would NOT be a good early step?
a)
immediately put down a deposit for a store front property
b)
estimate the target marget
c)
create a business pitch
d)
get a mentor
24.
What is the most accurate way to calculate the Economics of One Unit?
a)
Go through the process of making cupcakes and measure the ingredients. Then calculate the cost per ingredient
b)
Go online and find competitor's expenses
c)
Guess and set a price without considering cost
d)
Estimate the cost to buy all ingredients at the store then divide by the number of cupcakes
25.
Why is it important to use the information gathered from your market research on your target market segment to build your marketing plan?
a)
Because you can figure out if the plastic works with your chairs
b)
Marketing strategies should be designed to appeal to these potential customers
c)
It's less costly if you use research to build marketing strategies
d)
None of the above-market research is not important
26.
What could you do to try to improve your net profit?
a)
all the above
b)
increase number of items sold
c)
decreased fixed expenses
d)
increase prices
27.
Which of the following is a start-up expense for Maria's food truck?
a)
all the above
b)
gas
c)
kitchen appliances
d)
cell phone bills
28.
Which of these is NOT part of a consumer profile?
a)
demographics
b)
physcographics
c)
polygraphics
d)
buying patterns
29.
What is the advantages of being an entrepreneur?
a)
Your work schedule is always predictable
b)
You have a more flexible schedule
c)
You can't control over your work
d)
You do not always receive a regular paycheck
30.
What is a disadvantages of being an entrepreneur?
a)
You do not always receive a regular paycheck
b)
Your work schedule is always predictable
c)
You have more control over your work
d)
You have a more flexible schedule
31.
Which is a characteristic of a successful entrepreneur?
a)
Takes very little risk
b)
Hard-working
c)
Passionate
d)
Motivated
32.
Business owners are considered:
a)
Entrepreneurs
b)
Intrapreneurs
33.
Employees is considered as:
a)
Entrepreneur
b)
Intrapreneur
34.
Self-employed is considered as:
a)
Intrapreneur
b)
Entrepreneur
35.
Skilled workers is considered as:
a)
Entrepreneur
b)
Intrapreneur
36.
Entrepreneurial mindset:
a)
Envision of plans in future
b)
Motivated to accomplish tasks
37.
Entrepreneurial spirit:
a)
Motivated to accomplish tasks
b)
Envision of plans in future
38.
Entrepreneurship define as:
a)
Assume the risks
b)
Organize the business
c)
Manage the operations
d)
Involve in issues of employees
39.
Entrepreneurs have a system designed to keep things straight and have priorities.
a)
True
b)
False
40.
Many entrepreneurs do suffer a number of failures before they are successful in business.
a)
True
b)
False
41.
Most successful entrepreneurs word do not work hard-in planning and preparation-to minimize the risk in business.
a)
True
b)
False
42.
ALL entrepreneurs have a college degree.
a)
True
b)
False
43.
Entrepreneurs look for business ideas and new and better ways to solve problems.
a)
True
b)
False
44.
When setting the prices of goods or services, business owners must consider the prices charged by competitors.
a)
True
b)
False
45.
Brainstorming consists of trying to get everyone involved to agree on a solution to a problem.
a)
True
b)
False
46.
An entrepreneur can expect to earn large profits immediately after starting a business.
a)
True
b)
False
47.
More than half of all new businesses do not survive beyond 4 years
a)
True
b)
False
48.
Employees, customers, and creditors are all stakeholders in an entrepreneur's business
a)
True
b)
False
49.
Absolutely anyone can be a successful entrepreneur
a)
True
b)
False
50.
The best way for an entrepreneur to make a decision is to go with her intuition or "gut feeling"
a)
True
b)
False
51.
Almost all entrepreneurs are middle-aged people with prior business experience
a)
True
b)
False
100 %
