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WorksheetsEntrepreneurship Final Review
Total questions: 100
Worksheet time: 50mins
Name
Class
Date
1.
What's a marketing plan?
a)
a set of procedures or strategies for attracting the target customer to a business.
b)
a plan that evaluates the overall business
c)
A short statement on an organizations business.
d)
a pain
2.
Which of the following is a way that entrepreneurship helps our society:
a)
Creates new jobs
b)
Eliminates financial concerns
c)
Reduces taxes
d)
Decreases economic growth
3.
What are financial statements?
a)
Banks, individuals, shareholders and other interested party
b)
Statement of Financial Position
c)
Financial statements are written reconcialilons of pizza toppings
d)
Financial statements are a collection of reports used to make business decisions.
4.
The executive summary is the shortest and least important part of the marketing plan.
a)
True
b)
False
5.
A/An_____________is an individual who undertakes the creation, organization, and ownership of a business.
a)
consumer
b)
entrepreneur
c)
business owner
d)
capitalist
6.
A/An___________ is a new business undertaking that involves risk.
a)
monopoly
b)
venture
c)
entrepreneur
d)
market structure
7.
____________is the study of how people choose to allocate scarce resources to fulfill their unlimited wants.
a)
Entrepreneurship
b)
Economics
c)
Free enterprise system
d)
Monopoly
8.
___________is money left after all expenses of running a business have been deducted from the income.
a)
Profit
b)
Capital
c)
Cost
d)
Surplus
9.
A__________is a basic requirement for survival.
a)
need
b)
good
c)
service
d)
want
10.
________ occurs when demand exceeds supply.
a)
Production
b)
Scarcity
c)
Want
d)
Need
11.
Most entrepreneurs consider ____________ as the biggest reward of owning a business.
a)
prestige
b)
making profits
c)
being your own boss
d)
personal satisfaction
12.
_________ is a good reason not everyone wants to be an entrepreneur.
a)
Risk
b)
Technology
c)
Competition
d)
Reward
13.
Entrepreneurs see many benefits in joining _______________.
a)
professional organizations
b)
fraternal groups
c)
unions
d)
neighborhood watch groups
14.
A/An________is a person with a record of successes.
a)
coordinator
b)
achiever
c)
business owner
d)
organizer
15.
Obtaining employment in a similar or related business is a good way to develop __________.
a)
business contacts
b)
technical skills
c)
new friends
d)
confidence
16.
_______________ is the selling and shipping of goods to another country.
a)
Exporting
b)
Embargo
c)
Tariff
d)
Merchandising
17.
_______________ is the buying or bringing in goods from other countries to sell.
a)
Free trade
b)
Regional opportunity
c)
Importing
d)
Purchasing
18.
A/An____________ is a restriction on goods entering or leaving a country.
a)
trade agreement
b)
trade barrier
c)
export fee
d)
Purchasing
19.
Taxes imposed by a government on imported or exported goods are called _________.
a)
trade fees
b)
sanctions
c)
embargoes
d)
tariffs
20.
A/An ______________ conducts business by means of the Internet.
a)
home-based business
b)
online business
c)
service business
d)
manufacturing business
21.
Services are __________ things that businesses do for us that enhance our lives.
a)
basic
b)
tangible
c)
intangible
d)
various
22.
A/An __________ is a small, specialized market.
a)
profit center
b)
opportunity
c)
mass market
d)
niche
23.
When you _______, you think freely to generate ideas.
a)
brainstorm
b)
daydream
c)
interface
d)
network
24.
_____________ describe personal characteristics of a population.
a)
Diversities
b)
Demographics
c)
Ethnicities
d)
Cultural segmentation
25.
A _______ magazine is a periodical published for specific types of businesses or industries.
a)
technology
b)
specialty
c)
trade
d)
news
26.
The situation analysis is often summarized with a SWOT chart.
a)
True
b)
False
27.
Every marketing plan must include a section on desired target market.
a)
True
b)
False
28.
What is a mission statement?
a)
Short specific written statement of the reason a business exist and achieve
b)
A precise statement of results in making decisions
c)
Description of how work is done
d)
A clear reporting relationship for all staff of business
29.
executives
a)
top-level managers with responsibilities for the direction and success of the entire business
b)
Financial Statements. Statement of Financial Position
c)
A precise statement of results in making decisions
30.
Variable expenses are
a)
Expenses that may change from month to month
b)
Expenses that cost the same amount every month
c)
Money that goes into your savings account
d)
Expenses like rent and utilities
31.
Fixed expenses are
a)
Expenses that change from month to month
b)
Expenses that happen every once in a while
c)
Money you put in savings
d)
Expenses that cost the same every month
32.
product features are
a)
the specific characteristics of a product
b)
the name of an advertisement
c)
Values and attitudes
d)
33.
Product Benefits
a)
the positive experiences or associations people derive from using a product or service
b)
Has only one owner
c)
the name of an advertisement
d)
34.
What is a Partnership?
a)
A business owned and run by two or more partners.
b)
A business owned and run by two or more sea manatees.
c)
A business owned and run by two or more stockholders.
d)
A business owned and run by two or more other businesses.
35.
Vision statement defines what you want to pursue in?
a)
True
b)
False
36.
What are demographics?
a)
Physical characteristics
b)
Taste/fandom/cultural experience
c)
Values and attitudes
d)
Class and financial
37.
What's a marketing plan?
a)
a set of procedures or strategies for attracting the target customer to a business.
b)
a plan that evaluates the overall business
c)
A short statement on an organizations business.
d)
a pain
38.
a short statement of the organization's purpose - what it wants to accomplish in the larger environment
a)
What is a vision statement?
b)
Limited Liability Company (LLC)
c)
nonprofit corporation
d)
What is a mission statement?
39.
Marketing plans are important only for big companies.
a)
True
b)
False
40.
The most likely reason an individual might turn a woodworking hobby into a business is because of
a)
higher taxes.
b)
personal satisfaction.
c)
guaranteed financial security.
d)
sales quotas.
41.
Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking forward to the __________ she hopes to have as a business owner.
a)
advanced technology
b)
personal commitment
c)
tax breaks and deductions
d)
flexibility and independence
42.
Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of
a)
advertising
b)
employees
c)
money
d)
commitment
43.
What is a disadvantage of entrepreneurship?
a)
Personal satisfaction
b)
Lower taxes
c)
Uncertain income
d)
Fewer resources
44.
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of
a)
empathy
b)
outsourcing
c)
productivity
d)
success
45.
How do entrepreneurs develop their skills?
a)
By reducing their flexibility
b)
By seeking little or no advice from others
c)
By training and continuous practice
d)
By becoming an autocratic leader
46.
In the early stages of a start-up business, entrepreneurs assume sole responsibility for
a)
all aspects of their businesses.
b)
the demand of their products.
c)
global economic growth rates.
d)
the daily activities of competitors.
47.
Which of the following statements is true regarding training for entrepreneurial ventures:
a)
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
b)
Most successful entrepreneurs have degrees from four-year colleges or universities.
c)
Once entrepreneurs are educated or trained in their business field, they rarely need further education.
d)
Most entrepreneurs must pass state-mandated exams to operate their businesses.
48.
Which of the following statements is true regarding entrepreneurship:
a)
Entrepreneurship offers limited personal and financial growth possibilities.
b)
Most entrepreneurs are born with the skills they need for success.
c)
Most people have the ability to become entrepreneurs.
d)
Personal traits are behaviors that cannot be strengthened
49.
A marketing plan is often included as part of a company’s overall business plan.
a)
True
b)
False
50.
What section of the marketing plan includes information about expected results?
a)
a. Performance and implementation
b)
b. Appendix
c)
c. Situation analysis
d)
d. Desired target market
51.
A marketing plan is designed to attract target customers through a set of
a)
workshops.
b)
strategies.
c)
rules.
d)
mergers and acquisitions.
52.
Which of the following is a common reason for writing a marketing plan:
a)
a. To replace a business plan
b)
b. To hire a new company president
c)
c. To enter a new target market
d)
d. To announce a merger
53.
Which of the following is a true statement about marketing plans:
a)
a. They require a lot of time and effort to write.
b)
b. They are important only for new businesses.
c)
c. They are internal documents written for management.
d)
d. They work best for big companies.
54.
A marketing plan forces the marketing team to put its goals in writing, making those goals
a)
a. less specific.
b)
b. easier to remember.
c)
c. better than those of competitors.
d)
d. less risky.
55.
Which of the following is a true statement about marketing-plan formats:
a)
a. They vary from business to business.
b)
b. They must be double-spaced.
c)
c. They must include charts and graphs.
d)
d. They must put situation analysis before desired target market.
56.
The marketing objectives section of a marketing plan includes information about
a)
a. the company’s finances.
b)
b. the desired target market(s).
c)
c. potential issues the marketing team must overcome.
d)
d. marketing strategies and programs.
57.
Benefits that are not easily quantified; they include more efficient customer service or enhanced decision making.
a)
intangible benefits
b)
organizational culture
c)
tangible benefits
d)
nonprofit corporation
58.
Intellectual property whose protection has expired
a)
patent
b)
patent pending
c)
public domain
d)
EEOC
59.
Employees who are in charge of planning, executing, and controlling the major business functions
a)
Sole Proprietorship
b)
Excutives
c)
Corporation
d)
General Partner
60.
It is important for business owners to weigh the advantages and disadvantages of each ownership structure because
a)
there is an established procedure for determining the best form of ownership.
b)
individual goals and needs differ, which makes each business situation unique.
c)
the nature of the business and its financial needs always change over time.
d)
most business owners already understand how each form of ownership works.
61.
The legal structure that a business owner chooses affects
a)
government regulation and the nature of the business.
b)
the amount of stock issued and capability to expand internationally.
c)
taxation rates and government regulation.
d)
international tariffs and the ability to control business activities.
62.
Which of the following is an advantage of sole proprietorships:
a)
Limited liability
b)
Dual taxation
c)
Unlimited financial power
d)
Quick decision making
63.
Which of the following is a disadvantage of sole proprietorships:
a)
Limited capital
b)
Privacy
c)
Control
d)
Tax liability
64.
Which of the following is an advantage of general partnerships:
a)
Limited capital
b)
Easy to end
c)
Unlimited liability
d)
Combined capabilities
65.
Which of the following is a disadvantage of general partnerships:
a)
Increased capital
b)
Difficult to end
c)
Decreased competition
d)
Reduced expenses
66.
Why would a law firm establish business ownership as a limited liability partnership?
a)
To protect innocent partners from the malpractice of another partner
b)
So each partner can practice a specialized area of law
c)
To take advantage of the benefits of an unlimited life span
d)
So that disagreements that often occur in general partnerships can be eliminated
67.
What do owners of all business structures need to do?
a)
Provide stockholders with an annual report
b)
Consult an attorney before completing registration forms
c)
Pay a standard registration fee to the state
d)
Verify certification needs and obtain necessary permits
68.
What kind of works do copy right laws protect?
a)
Literary Works
b)
Scientific Works
c)
Artistic Works
d)
All of the above
69.
What is a patent?
a)
The legal form provided to an individual proving citizenship
b)
A document claiming legal protection from being sued
c)
Document signed by all employees prior to working
d)
legal protection that gives a person or company the right to be the sole producer of a product for a defined period of time
70.
What is a trademark?
a)
legal protection of the words/symbols for use by a company
b)
complete set of all products by a company
c)
A word
d)
group of similar products
71.
What is a copyright?
a)
Infringing something that is copyrighted.
b)
Using work protected by copyright without permission.
c)
When you don't go to homecoming.
d)
protects music, writings, paintings, and other original works of authorship
72.
What do business laws do?
a)
promote fair business practices and protect the best interests of employers, employees, consumers, and the government
b)
do not vary from one person to another
c)
is most important for advertising agencies
d)
is the application of moral standards to business situations
73.
Compensation and benefits laws
a)
laws that address fair wages and benefits for all employees
b)
A law that could fire workers easily
c)
laws that fire injured workers
d)
laws against sweatshops
74.
Equal-employment opportunity laws
a)
Age discrimination
b)
Gender discrimination
c)
Race discrimination
d)
All of the above
75.
What 3 levels of government are small business regulated by?
a)
Local, State, Federal
b)
Local, state, exectuive
c)
Master, state, executive
d)
Judicial, local, district
76.
What State website can you find information about wage and labor laws?
a)
Arizona Industrial Commission
b)
Arizona Wages and Labors
c)
CAINF
d)
SUMIF
77.
What Federal website can you find information about wage and labor laws?
a)
Department of Labor
b)
Department of ways and means
c)
2319! 2319!
d)
Department of laughs and scares
78.
What Federal law covers rest and meal periods?
a)
FLSA (Fair Labor Standards Act)
b)
Meals and Breaks Act
c)
School lunchtime laws
d)
Nutrition Standards
79.
What is the FLSA?
a)
It set standards for child labor, minimum wage & overtime pay
b)
To only cover certain employees
c)
A set standards for child labor
d)
Set standards for minimum wage and overtime pay.
80.
What is Proposition 206 in Arizona?
a)
The law that increases minimum wage and covers paid sick leave.
b)
The law the covered importing and exporting
c)
The law the covers cats
d)
The law that opened State run pizza shops.
81.
Trade secrets, Identity Theft, and honesty in describing a product all deal with
a)
globalization
b)
multi-national companies
c)
cross-cultural communication
d)
business ethics
82.
Intellectual property is...
a)
something that comes from a person's mind, such as an idea, invention, or process
b)
A house someone owns.
c)
A building that is tall.
d)
A smart person.
83.
Price fixing is...
a)
The price of a product
b)
Guy Montag
c)
When competitors agree on certain price ranges for products
d)
When you decide a price of a product
84.
What is price discrimination?
a)
Charging different prices to customer
b)
fixing prices with competitors
c)
Comparing price standards
d)
Selling item for less than it really costs
85.
Bait and switch advertising
a)
fishing equipment
b)
electrical light switches
c)
heavily inflated goods without stock or supply of goods
d)
Advertising one product (the "bait") at a very attractive price, then informing the customer that the advertised product is either unavailable or of poor quality, convincing the customer to purchase a different, more expensive product.
86.
What is a contract?
a)
agreement
b)
legal binging agreement
c)
agreement between parties
d)
legal agreement between two person or party
87.
What does SWOT mean?
a)
Strength, Wisdom, Options, Threats
b)
I don't remember
c)
Strength, Weaknesses, Opportunities, Threats
d)
Somebody, Will, Only, Thrive
88.
What is the Definition of Executive
a)
The top level manager
b)
a sign indicating something
c)
Completes all 4 management functions
d)
a difficult situation
89.
Publicly held corporations
a)
Are not-for-profit organizations
b)
Are listed first on the New York Stock Exchange
c)
Have shares of stock held by public (outside) investors
d)
Guarantee a positive return to investors
90.
Define innovate?
a)
To note or observe a difference
b)
to speak against; to say the opposite
c)
To be creative; to introduce something new
91.
Why do people invent or innovate?
a)
To make money
b)
To make tasks easier
c)
Passion
d)
All of the above
92.
What are guiding principals?
a)
The process of guiding employees while they work.
b)
Long range objectives based on long-term goals.
c)
A animal at the zoo.
d)
primary direction and core values by which a company functions
93.
Organizational culture is?
a)
The chart like the one in the back of the classroom
b)
The code the binds all workers to a single religion
c)
Environment made up of employee beliefs and relationships
d)
A standard employees must meet
94.
Why would you use outside consultants (like HR, payroll, accountants, or advertising agency)?
a)
To identify customer needs
b)
To sell goods and services
c)
To advertise
d)
To help with tasks which are specialized or which you are not good at.
95.
Why should you write a vision statement for your company?
a)
It was the first contract for a black orchestra
b)
It was the highest paid amount given to any orchestra
c)
It allowed for more musicians to join the company
d)
To help guide the direction and goals for your company.
96.
WHAT DOES LLC MEAN?
a)
LIABLE LOTTERY COMPANY
b)
LONG LIVE CASH
c)
LIMITED LIABILITY CORPORATION
d)
LIABILITY LOST CASUALTY
97.
Is a subcontractor a person not directly employed by a business.
a)
True
b)
False
98.
What is risk?
a)
Risk means to take educated guess.
b)
Risk tells you to hide.
c)
Risk is the chance of financial loss.
d)
Risk is never a chance of harm or loss.
99.
What is Self Motivation?
a)
IDK
b)
To motivate myself with help.
c)
No clue what i should put here.
d)
To be motivated with no influence from other people.
100.
Examples of work ethic
a)
reliability
b)
friendliness
c)
punctuality
d)
honest
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