WorksheetsENT 1 Unit 2 Review
Total questions: 99
Worksheet time: 50mins
Which of the following was one of government’s original roles in business:
Acting as a referee
Ensuring a business’s profitability
Protecting the environment
Regulating technology
Government is involved in settling business disagreements through the use of
courts.
fines.
negotiation.
force.
Why does government set and collect taxes?
To help businesses grow and prosper
To provide economic security
To increase the use of technology
To help pay the expenses of government
One of the reasons that has caused government’s role in business to expand is that
people’s attitudes have changed.
products have become very technical.
costs of production have continued to increase.
competition in the marketplace has increased.
Government has become an active participant in the world of business.
True; government produces goods and services.
True; government helps to start monopolies.
False; government works with businesses only.
False; government doesn’t produce any products.
The goals of government are to protect the rights of individuals and businesses and to provide a stable environment, but the main goal of business is to
save the environment.
provide the best products.
make a profit.
provide a safe working environment.
When government sets safety standards for the workplace, it is attempting to
control business.
minimize risks to employees.
prohibit excess standards.
modernize working environment.
The two main sources of revenue used to pay the costs of government regulation are
taxes and borrowing.
government and industry.
taxpayers and nontaxpayers.
business and labor.
Environmental scanning
Collecting information about the environment surrounding your business
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
Analyze your observations and synthesise them in order to define the core problems
Surroundings
External environment
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
A business’s internal, controllable surroundings; consists of elements such as finances, personnel, research and development, production, and marketing
Collecting information about the environment surrounding your business
The general direction in which people or events are moving
Internal environment
Surroundings
thinking outside the box" to identify new solutions to the problem statement
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
A business’s internal, controllable surroundings; consists of elements such as finances, personnel, research and development, production, and marketing
Defining
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
analyze your observations and synthesise them in order to define the core problems
Empathizing
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
Ideating
thinking outside the box" to identify new solutions to the problem statement
producing a number of inexpensive, scaled down versions of the product
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
Prototyping
producing a number of inexpensive, scaled down versions of the product
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
analyze your observations and synthesise them in order to define the core problems
thinking outside the box" to identify new solutions to the problem statement
Testing
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
When generating ideas for business, entrepreneurs often look for ways to
solve problems
control outcomes
rationalize spending
increase liability
Which of the following statements is true regarding training for entrepreneurial ventures:
Most successful entrepreneurs have college degrees.
Once entrepreneurs are educated or trained in their business, the rarely need further education/training.
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
A business cannot control its
external environment
production
personnel
research and development
Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and
what needs to be done
how things are being done
when changes were made the last time
what was done in the past
A main reason that environmental scanning is important is so that businesses can be aware of
potential threats
foreign markets
competitors' internal environments
new products
The steps in the design thinking process are: defining, empathizing, ideating, prootyping, and testing
True
False
Design thinking helps
businesses develop practical and innovative solutions for problems
companies hire employees
businesses sell products
customers buy all types of products
A business cannot control its
external environment
production
personnel
research and development
Which of the following is a tool that can be used to carry out scanning activities:
You must focus only on relevant information
Information obtained from television is unreliable
All information should be obtained in a formal matter
You should avoid using surveys
A main reason that environmental scanning is important is so that businesses can be aware of
potential threats
new products
foreign markets
competitors' internal environments
Which of the following is a true statement about a business's environment:
It is always changing
It can be avoided
It consists of the economy and technology
It may not affect the business, depending on the industry
Which of the following is a true statement about the term "environment"?
it consists of your surroundings
it applies to individuals, not businesses
it consists of your food groups
it applies to animals, not businesses
Which of the following would be done first in an environmental scan:
Identifying participants and responsibilities
Identifying and analyzing important trends and issues
Selecting trends and issues to act on
Carrying out scanning activities
Businesses must gather information about the competition during an environmental scan. Which of the following is an example of brand competition:
Taxi vs. Uber
Beauty salon v. veterinarians
Microsoft v. Wal-Mart
Grocery stores v. fitness centers
A business should conduct environmental scans on a continuous basis so that it can
respond to opportunities and threats quickly
control the external environment
save money
change customers' attitudes
Environment
A group of individuals who share an environment
a mental process involving the development of unique ideas, approaches, and solutions
Surroundings
A favorable situation in the environment surrounding your business
Opportunity
A favorable situation in the environment surrounding your business
A group of individuals who share an environment
a mental process involving the development of unique ideas, approaches, and solutions
a formulated thought resulting from a representation of a concept within the mind
Social and cultural attitudes
The belief and feelings of people in a society that cause them to act in certain ways
a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting
the conscious or unconscious process of thought formulation
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
Society
The belief and feelings of people in a society that cause them to act in certain ways
A group of individuals who share an environment
A favorable situation in the environment surrounding your business
Surroundings
Brainstorming
a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting
a mental process involving the development of unique ideas, approaches, and solutions
the conscious or unconscious process of thought formulation
Collecting information about the environment surrounding your business
Creative thinking
a mental process involving the development of unique ideas, approaches, and solutions
a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting
Collecting information about the environment surrounding your business
the conscious or unconscious process of thought formulation
Idea
A group of individuals who share an environment
a mental process involving the development of unique ideas, approaches, and solutions
a formulated thought resulting from a representation of a concept within the mind
the conscious or unconscious process of thought formulation
Idea generation
the conscious or unconscious process of thought formulation
the general direction in which people or events are moving
Collecting information about the environment surrounding your business
A group of individuals who share an environment
Trend
the general direction in which people or events are moving
the conscious or unconscious process of thought formulation
a mental process involving the development of unique ideas, approaches, and solutions
A favorable situation in the environment surrounding your business
When generating ideas for business, entrepreneurs often look for ways to
solve problems
control outcomes
rationalize spending
increase liability
Which of the following statements is true regarding training for entrepreneurial ventures:
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
Most successful entrepreneurs have college degrees.
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
Once entrepreneurs are educated or trained in their business, the rarely need further education/training.
A business cannot control its
external environment
research and development
production
personnel
Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and
what needs to be done
how things are being done
when changes were made the last time
what was done in the past
A main reason that environmental scanning is important is so that businesses can be aware of
potential threats
foreign markets
competitors' internal environments
new products
The steps in the design thinking process are: defining, empathizing, ideating, prootyping, and testing
True
False
Design thinking helps
businesses develop practical and innovative solutions for problems
companies hire employees
businesses sell products
customers buy all types of products
Which of the following was one of government’s original roles in business:
Acting as a referee
Ensuring a business’s profitability
Protecting the environment
Regulating technology
Government is involved in settling business disagreements through the use of
courts.
fines.
negotiation.
force.
Why does government set and collect taxes?
To help businesses grow and prosper
To provide economic security
To increase the use of technology
To help pay the expenses of government
One of the reasons that has caused government’s role in business to expand is that
people’s attitudes have changed.
products have become very technical.
costs of production have continued to increase.
competition in the marketplace has increased.
Government has become an active participant in the world of business.
True; government produces goods and services.
True; government helps to start monopolies.
False; government works with businesses only.
False; government doesn’t produce any products.
The goals of government are to protect the rights of individuals and businesses and to provide a stable environment, but the main goal of business is to
save the environment.
provide the best products.
make a profit.
provide a safe working environment.
When government sets safety standards for the workplace, it is attempting to
control business.
minimize risks to employees.
prohibit excess standards.
modernize working environment.
The two main sources of revenue used to pay the costs of government regulation are
taxes and borrowing.
government and industry.
taxpayers and nontaxpayers.
business and labor.
Environmental scanning
Collecting information about the environment surrounding your business
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
Analyze your observations and synthesise them in order to define the core problems
Surroundings
External environment
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
A business’s internal, controllable surroundings; consists of elements such as finances, personnel, research and development, production, and marketing
Collecting information about the environment surrounding your business
The general direction in which people or events are moving
Internal environment
Surroundings
thinking outside the box" to identify new solutions to the problem statement
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
A business’s internal, controllable surroundings; consists of elements such as finances, personnel, research and development, production, and marketing
Defining
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
analyze your observations and synthesise them in order to define the core problems
Empathizing
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
Ideating
thinking outside the box" to identify new solutions to the problem statement
producing a number of inexpensive, scaled down versions of the product
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
Prototyping
producing a number of inexpensive, scaled down versions of the product
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
analyze your observations and synthesise them in order to define the core problems
thinking outside the box" to identify new solutions to the problem statement
Testing
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
When generating ideas for business, entrepreneurs often look for ways to
solve problems
control outcomes
rationalize spending
increase liability
Which of the following statements is true regarding training for entrepreneurial ventures:
Most successful entrepreneurs have college degrees.
Once entrepreneurs are educated or trained in their business, the rarely need further education/training.
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
A business cannot control its
external environment
production
personnel
research and development
Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and
what needs to be done
how things are being done
when changes were made the last time
what was done in the past
A main reason that environmental scanning is important is so that businesses can be aware of
potential threats
foreign markets
competitors' internal environments
new products
The steps in the design thinking process are: defining, empathizing, ideating, prootyping, and testing
True
False
Design thinking helps
businesses develop practical and innovative solutions for problems
companies hire employees
businesses sell products
customers buy all types of products
Which of the following is a true statement about a business's environment:
It is always changing
It can be avoided
It may not affect the business,depending on the industry
It consists of the economy and technology
Identifying new product opportunities usually requires a person to be
aware.
emotional.
decisive.
indifferent.
Which of the following statements is true about entrepreneurial discovery:
It's an ongoing process that facilitates a business's success rate.
It ensures that start-up businesses have continuous funding.
It's a way to determine the long-term profit that a start-up company can generate.
It provides entrepreneurs with professional development training.
The entrepreneurial discovery process requires knowledge and the recognition of a(n)
Market Need
Creative Observation
Preventable Accident
Economic Crisis
Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and
what needs to be done
what was done in the past
when changes were made the last time
how things are being done
Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneurs or small-business owner can
Satisfy an unmet demand
Change local requirements
Improve economic sanctions
Form a technological monolopy
Which of the following is a reason to conduct a feasibility study:
Considering a new product idea
Ordering office supplies
Hiring a new employee
Choosing an advertising slogan
Which of the following is a true statement about feasibility studies:
They are inexpensive to conduct.
They are especially important for government projects.
They are used by businesses in every industry.
They are not useful for nonprofit organizations.
The end goal of a feasibility study is to
allow owners/managers to make a sound decision about the venture.
ensure that competitors cannot steal the idea for the venture.
convince investors to commit money to the venture.
determine the best marketing tactics for the venture.
Feasibility studies can help owners/managers to determine
the best time to start a project or venture.
where to find good prices on raw materials.
what their competitors will do.
the best place to recruit new employees.
Owners/Managers should not conduct a feasibility study if they are
considering a business expansion.
certain the idea is feasible.
not ready to start the venture.
unsure about the idea.
The written description of your proposed venture should be
detailed.
as short as possible.
completed at the end of the study.
persuasive.
To be feasible, your venture must
fulfill a need for the target market.
create a new or improved product.
be innovative.
serve the greater public good.
The first step in determining financials for a feasibility study is to
create a budget for start-up costs.
estimate operating expenses.
list all sources of funding.
estimate expected revenue.
Environmental scanning
Collecting information about the environment surrounding your business
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
Analyze your observations and synthesise them in order to define the core problems
Surroundings
External environment
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
A business’s internal, controllable surroundings; consists of elements such as finances, personnel, research and development, production, and marketing
Collecting information about the environment surrounding your business
The general direction in which people or events are moving
Internal environment
Surroundings
thinking outside the box" to identify new solutions to the problem statement
A business’s external, uncontrollable surroundings; consists of elements such as demographics, society and culture, the economy, competition, government, and technology
A business’s internal, controllable surroundings; consists of elements such as finances, personnel, research and development, production, and marketing
Defining
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
analyze your observations and synthesise them in order to define the core problems
Empathizing
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
Ideating
thinking outside the box" to identify new solutions to the problem statement
producing a number of inexpensive, scaled down versions of the product
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
Prototyping
producing a number of inexpensive, scaled down versions of the product
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
analyze your observations and synthesise them in order to define the core problems
thinking outside the box" to identify new solutions to the problem statement
Testing
alterations and refinements are made in order to rule out problem solutions and derive as deep an understanding of the product and its users as possible.
producing a number of inexpensive, scaled down versions of the product
thinking outside the box" to identify new solutions to the problem statement
The first stage of the Design Thinking process; gain an emphatic understanding of the problem you are trying to solve
Market research
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market
The money charged for a product or service
quantitative and qualitative assessment of a market
an expense a business incurs through its normal business operations
Price
The money charged for a product or service
an expense a business incurs through its normal business operations
an assessment of the practicality of a proposed plan or method.
statistical data relating to the population and particular groups within it.
Demographics
statistical data relating to the population and particular groups within it.
quantitative and qualitative assessment of a market
Government environment
written description of your business's future, a document that tells what you plan to do and how you plan to do it
Feasibility Study
an assessment of the practicality of a proposed plan or method.
Government environment
the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy
written description of your business's future, a document that tells what you plan to do and how you plan to do it
Market analysis
The system in which people make and spend their incomes
Government environment
an expense a business incurs through its normal business operations
quantitative and qualitative assessment of a market
Operating expenses
an assessment of the practicality of a proposed plan or method.
quantitative and qualitative assessment of a market
an expense a business incurs through its normal business operations
1 page business plan template that helps you deconstruct your idea into its key assumptions
Economy
Government environment
The system in which people make and spend their incomes
Surroundings
producing a number of inexpensive, scaled down versions of the product
