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WorksheetsNoda Test (P3)
Total questions: 80
Worksheet time: 1hrs 20mins
An entrepreneur is a person who assumes the responsibility and risk of starting a business.
True
False
Taking on business debt is a requirement for entrepreneurship.
True
False
What is a risk of being an entrepreneur?
(a)
One objective of entrepreneurship is to make a profit.
True
False
What are the qualities of an entrepreneurial mindset?
Sensitive and obedient
assertive and independent
flexible and resilient
demanding and authoritative
What are the characteristics of an entrepreneurial mindset?
creativity, adaptability, determination, and empathy
business knowledge, financial knowledge, and organizational skills
community awareness, educational readiness, and literacy
people skills, problem solving, and career exploration
A massage therapist wants to open her own spa. She researches the prices charged at the
three local competitor spas and estimates she can average $80 per customer visit. Match the
correct figure to the appropriate location in the break-even formula. Fixed Costs/$245,400
Average Price/$80 Variable Cost/$3.00
(a)
A new dog grooming business is setting milestones that will determine if it is successful or not.
The owner has decided the business will be considered successful when it starts to make a
profit. Which milestone will measure profitability?
(a)
A pizza maker has come up with a new takeout restaurant concept that sells only large
gourmet pizzas. Match the correct figure to the appropriate location in the break-even formula.
Fixed cost/380,000 Average Price/20 Variable cost 7
(a)
You own a Hot Dog cart. You sell each for $2.50. You need to determine your monthly
breakeven point. your monthly expenses are $600 and it cost you $1 to produce. How many
dogs do you need to sell?
172
240
400
600
What are two advantages of using a lean canvas plan instead of the traditional
business plan model?
(a)
Which lean canvas component describes how a business idea solves customers'
problems in a better way?
Value Proposition
Business Model
Milestone
Competition
Which three resources represent secondary data?
united states census,
personal observation
academic journals
customer interviews
industry newsletter
Which three resources represent Primary data?
personal observation
focus groups
united states census
academic
journals
customer interviews
Product/market fit results in low volume sales.
True
False
Repeated use of a product is an indicator of product market/fit.
True
False
Product/Market fit occurs when you build something that people want
True
False
Which two actions help start-up companies achieve product/market fit?
(a)
A value hypothesis explains why a customer would use a product.
True
False
Which two types of information does an income statement provide?
(a)
Which is the first step of the product quality control process?
Determine what standards have to be met based on the product and industry
establish the method to use for testing product quality
review the results of internal quality testing
refine quality measures as needed
A sales presentation aims to close a sale
True
False
Prospecting is following up with customers
True
False
overcoming customer objections occurs before the sales presentation
True
False
Which two elements below of the sales process, goes before the “sales pitch”?
(a)
An S corporation is suitable for international companies with at least 200
shareholders.
True
False
Similar to a C Corporation, but taxed at a lower rate.
(a)
A sole proprietorship protects the owner from personal liability
True
False
An interior designer has learned the she must pay-self employment tax on her
individual earnings. Which type of legal structure must pay self-employment tax?
(a)
What is the primary advantage of the General Partnership versus a Sole
Proprietorship?
(a)
A fitness trainer provides her services to clients as a sole proprietorship. What are the
tax implications for this structure?
(a)
What is the primary drawback of a Sole Proprietorship?
(a)
Double-taxed, but best for international businesses.
(a)
A business is legally structured as C corporation. What are the tax implications for this
structure?
(a)
You need to create a legal structure for your business. You work alone, do not plan on
selling stock, and need to protect your personal assets. which legal structure should
you set up for your business?
(a)
Best for a single member seeking low risk.
(a)
A fitness trainer wants to create a legal structure that will help protect her from
lawsuits. She will have no partners or employees.
(a)
Business plans are written documents outlining a company's objectives and goals
True
False
●Start-up companies use business plans to attract investors
True
False
●A pitch deck is a short presentation, for clients or investors, that provides an overview
of your business plan
True
False
●You are examining the year-end balance sheet. Assets; cash $15,000 inventory $2,000
equipment $10,000. Liabilities; credit card balance $3,500 long-term debt $0 unearned
revenue $2,500. What is your equity?
(a)
The owner of a computer training center wants to know the book value of
all the equipment in the center at the end of the year. Which financial
statement provides this information?
(a)
●You open a cafe. You need to determine your monthly fixed cost and
variable cost. Which two are fixed?
(a)
A fixed cost has the same value each time it is incurred.
True
False
Fixed cost are expenses that have to be paid by a company regardless of
changes in revenue?
True
False
Variable cost depend on the increase or decrease in the amount of goods or services
produced or sold.
True
False
The owner of an online retail business dropships merchandise from her wholesale
suppliers directly to her retail customers. Which expense of her business is variable?
(a)
What are two disadvantages of debt financing?
(a)
●Which of the following expenses are a “Customer Retention
Cost?
(a)
●Which of the following expenses are a “Customer Acquisition
Cost”?
(a)
●You need to create an operating budget for your business.
Your financial information for the month is as follows: Labor:
$1,000 Materials: $4,000, Utilities: $400, Computer: $1,400,
Rent $700, Website Design $1,200, Insurance: $150. What is
your monthly operating budget?
(a)
●For a personal business opportunity, you will be required to go through more
intensive training than for a franchise opportunity.
True
False
●Which type of business should you choose if you need to invest in a
business that has simple transactions, low inventory costs, and fast,
free, product delivery.
A business that offers cleaning services
A
business that sells products directly to other businesses
A business
that sells digital products
A business that is a restaurant franchise
●For a franchise opportunity, you will be able to purchase the items you
believe will sustain your business without having to ask for permission.
True
False
For a personal business opportunity, you will generally have lower
start-up costs than opening a franchise.
True
False
●For a franchise opportunity, you will receive ongoing support from larger
companies.
True
False
Value engineering adds features and functions to a product.
True
False
Value engineering encourages use of materials that “save money
True
False
Value engineering changes the purpose of the product.
True
False
The design thinking process places a high emphasis on developing customer empathy
True
Fasle
The design thinking process is highly focused on using secondary research to develop solutions
to problems
True
False
The design thinking process aims to develop “solutions to problems”.
True
False
A non-profit organization is taxed.
True
False
This market segment describes the benefits to customers based on their
wants or needs and how they use the product.
(a)
this segment describes the
benefit to customers based on their wants or needs and how they use the
product.
(a)
this segment describes
statistical information about customers
(a)
This market segment describes statistical information about customers.
(a)
this segment describes
where customers are located and how they can be reached.
(a)
This market segment describes where customers are located and how
they can be reached.
(a)
Which type of sales channel is someone using if they own an “ecommerce
website” where customers can purchase the jewelry that they make?
(a)
Define
(a)
Empathize
(a)
Ideate
(a)
Prototype
(a)
Test
(a)
Analyze the collected information and identify the core problem
Define
Empathize
ideate
Prototype
Test
gain an in-depth understanding of customer problem
Define
Empathize
Ideate
Prototype
Test
generate solutions that could potentially solve the problem
define
empathize
ideate
prototype
test
produce an inexpensive scale-down version of the soliton
define
empathize
ideate
prototype
test
evaluate the viability of the Minimum Viable Product (MVP)
define
empathize
ideate
prototype
test
