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WorksheetsEntrepreneurship Cert
Total questions: 75
Worksheet time: 37mins
What is entrepreneurship?
To develop, organize and manage a business venture with risks to make a profit.
The art of making a deal.
An innovating idea.
Being competitive in the global marketplace.
What is a product in business?
Something you buy
Something you can eat
Something you throw away
Something tangible, either natural or man-made.
Define a service in business.
You can touch it,
Free work
Expert work for money.
Manual work.
What is Return on Investment (ROI)?
Money saved
Profit-based investments
Gain or loss on an investment relative to the invested amount.
Time, energy, and money
What are the four P's of marketing?
product, produce, production, price
person, place, produce, practice
promotion, product, practice, price
promotion, place, price, product
What are characteristics of an entrepreneur?
strong and bold
risk taker and innovative
curious and intelligent
hardworking and smart
How do people become millionaires?
They save.
They avoid debt.
They invest.
All of these
What are traits of a successful entrepreneur?
Motivated
Low risk-taker
Passionate
Hard-working
What is a target market?
A group of investors
A generational group
A group of consumers a product/service is aimed at
An industry willing to sell your product
What type of business does this image represent?
Wholesale
Retail
Service
Manufacturing
The act of taking the risk to produce goods and services.
business
critical thinking
entrepreneurship
risk management
What % of small businesses fail in the first five years?
30%
15%
50%
70%
60% of ______________ fail in the first three years
Coffee shops
Restaurants
Retail shops
Manufacturing plants
What percentage of jobs are created by small businesses?
60%
50%
80%
30%
A different product
Harvesting
Innovation
Opportunity
Risk
What is an advantage of Entreprenurship?
Flexible work hours
Being your own boss
Recognition
Pursuing your passion
All of the above
Which is NOT a disadvantage of entrepreneurship?
High risk of failure.
Possibility of low/no income
Potential for high income
Stress
Long work hours
What is a business owned by one person called?
Partnership
Corporation
Franchise
Sole Proprietorship
LLC
A business owned by multiple people is called?
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
A legal entity owned by stockholders and operated by a board of directors, separate from the owners.
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
What is the right granted by a company to an individual to market its products in a specific territory?
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
This is a business entity with characteristics of both a corporation and a partnership or sole proprietorship.
Partnership
Corporation
Franchise
Sole Proprietorship
Limited Liability Company
How can you enter a business?
Start a new business
Purchase an existing business
Acquire a franchise
Join a family business
All of the above
Why are Entrepreneurs important?
A money maker
An engine of growth in the economy
A business model
A way to increase traffic
Why is Entrepreneurship important?
Create businesses and raise taxes
Make people happy
Compete with big stores
Create social change and community development
What does an entrepreneur do?
Leads and manages a business, assuming its risks
Makes a lot of money
Is controlling and close-minded
Is someone undesirable to work for
Which is NOT a trait of successful entrepreneurs?
Passion
Procrastination
Resilience
Strong self sense
Exposure to danger.
problem
accident
risk
plan
Principles that govern a person's behavior.
ethics
beliefs
knowledge
references
What is the customary code of polite behavior in society or among a group?
behavior
etiquette
manners
vision
What is supply?
Products
Customers
Quantity of products available at a certain price
Fixed business costs
Rent
Monthly changes
Utilities
Advertising costs
Equilibrium occurs when Supply and demand intersect.
Yes
No
When production increases, do variable costs remain the same?
True
False
Why does scarcity exist?
Different economies
Overpopulation
Limited resources
Expensive production
What market segment are customers who buy for personal use in?
trade
small business
consumer
industrial
What is a portion of the total sales generated by all competing companies in a market called?
Industrial market
Capitalism
Market share
Marketing plan
____________ is a method to understand the industry's capacity for new growth.
Market forecasting
Market expansion
Market research
Carrying capacity
Who are you interested in as a business?
total market
target market
customer base
market segment
______________ are produced for sale to manufacturers.
Raw materials
Brands
Industrial goods
Retail goods
What is the term for the collection and analysis of information to understand consumer behavior?
consumer focus
market research
market forecasting
venture research
What is the term for information collected by someone else?
secondary data
primary data
marketing history
historical research
What is the term for information obtained for the first time for a specific study?
reputable data
primary data
secondary data
descriptive research
Opportunity in an industry can be found by looking at _______________.
target markets
industry forces
trends and changes
competitive forces
_____________ prevent new businesses from entering or succeeding in an industry.
Trade associations
Unions
Competitive industries
Barriers to entry
A/An ____________ decreases the cost of production as the volume increases.
manufacturing volume
economy of scale
barrier to entry
mass marketing
_____________ is the tendency to buy a specific product.
Mass marketing
Demand
Market share
Brand loyalty
What is a complete picture of a venture's prospective customers called?
History
Needs Analysis
Profile
Base
A ______ is a small, specialized segment of a market.
industry
niche
market position
substitute
What is it called when a business can produce products cheaper and quicker than smaller businesses?
demographics
barriers of entry
capitalism
economies of scale
What type of research uses past patterns to predict future trends?
historical research
descriptive research
secondary data
primary data
What is the business ownership type where not all owners have full liability?
General partnership
Limited partnership
Sole proprietorship
Service organization
A trait of a sole proprietorship is that the owner:
Has unlimited funds
Gets all the profit
Transfers all risk
Delegates all functions
If individuals share unlimited liability for a business's losses, they are part of a(n)
Private Corporation
General partnership
S Corporation
C Corporation
Lois wants to financially support a florist shop without managing it daily. What type of business partnership suits her?
Private
Nonprofit
General
Limited
A state-chartered corporation that taxes small businesses as individuals in a partnership is a(n) __________ corporation.
S Corporation
C Corporation
Private
Limited
Which corporation sells millions of shares and provides full information about its finances?
C Corporation
S Corporation
Private
Limited
What type of corporation is the American Red Cross?
Hybrid
Nonprofit
S Corporation
C Corporation
Wendy's gives the operation rights of its restaurants to certain individuals. What is this arrangement called?
Partnership agreement
Multi-level marketing
Licensing
Franchising
Businesses can offer ____ with a lower salary.
salary
empathy
equity
profits
____ employees get a fixed amount each pay period.
stock option
business partners
full time
salary
_____ allows to understand a customer's perspective.
Sympathy
Empathy
Emotions
Which is a part of the design thinking process?
prototype
new customers
stock options
viable products
What is the first stage of the business life cycle?
Success
Take-off
Exit plan
Existence
Survival
Who creates the company?
CEO
Stockholder
Founder
COO
CFO
Who oversees the finances of a company?
CEO
Stockholder
Founder
COO
CFO
Who reports to the board of directors?
CEO
Stockholder
Founder
COO
CFO
"LLC" stands for:
Limited Liability Corporation
Limited Liability Company
Limited Liability Congregation
Limited Liability Conglomerate
What are the similarities between an LLC and an S Corporation?
Both are Corporations
Both require a Board of Directors
Both have limited liability and pass through taxes
All options are correct
Requirements of an S Corporation include:
No more than 100 shareholders
Shareholders must be citizens of the United States
Shareholders cannot be banks or insurance companies
All options are correct
Profits from a C corporation are taxed twice.
True
False
What are the owners of corporations called?
Shareholders
Lucky
Customers
Employees
Which stage of the business life cycle is characterized by rapid sales increase, cash flow problems, and competitors entering the market?
Establishment
Growth
Maturity
Post-maturity
Growth may occur but not at the same rate as before
Maturity
Post Maturity
Establishment
Growth
Which department carries out the employment process?
Marketing
Distribution
Management
Human resources
