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WorksheetsEntrepreneurship Post Test
Total questions: 50
Worksheet time: 25mins
What is a disadvantage of being an entrepreneur?
You have more control over your work
You have a more flexible schedule
You do not always receive a regular paycheck
Your work schedule is always predictable
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
What information should NOT be included in a business plan?
Your financing needs
Your basic business concept
Your marketing plan
Your assets and liabilities
What does the term "boot-strapping" refer to?
Strapped with maximum amount of debt to start a business
Tying yourself to a business partner to fund a venture
Self-funding a business or project
Starting a business with very few assets
Which is NOT one of the reasons startups typically fail?
Run out of cash
No business model
Poor marketing
Market demand
A venture capitalist is
The co-founder of a successful startup
The net worth of a company
A manager of a business's investment, aligning with goals
An investor in a business providing capital for startup
Which is NOT part of the procedure of developing an advertising campaign?
Define your market
Prototype your product
Establish your budget
Create an advertising strategy
What is the difference between a startup and a small business?
Startups intend to grow larger compared to a small business
Startups have been in business longer
Small businesses have multiple locations, startups do not
A small business has more employees than a startup
What is the biggest factor that affects demand?
Quantity
Price
Supply
Substitute
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 THE 4 FACTORS OF PRODUCTION?
Land, Capital, Need & Want
Land, Labor, Capital, Entrepreneurs
Water, Air, Food & Shelter
Land, Capital, Good & Service
_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.
Entrepreneurs
Capital
Labor
Land
AN ENTREPRENEUR IS A PERSON WHO _______________.
owns their own business
uses goods and services to produce labor, land, and capital.
uses land, labor, and capital to produce good and services.
loves nature and runs a business
Only the parts of the business they like and leave the rest to their experts.
No parts of the business management since they will have workers to go over the information with them.
All parts of business: finance, marketing, law, management, etc.
Only the parts that are related to making decisions: management and finance.
The following statements describes entrepreneurship, except
Entrepreneurship is a science of converting ideas into business.
Entrepreneurship involves a continuous search for new ideas.
Entrepreneurship is making sure a company is making profit but doesn’t focus on innovation.
Entrepreneurship refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world.
Entrepreneurship is an execution of
insight
ideas
instinct
intelligence
Steve Jobs created a whole new industry for gadgets for music and boosted the music industry with his invention of the iPod and the downloading of music through iTunes. Apple, the company he founded, saw its sales grow by leaps and bounds with these products. This type of entrepreneurial enterprise involve
a new concept giving rise to a new business
an existing business and new concept
an existing concept giving rise to a new business
an existing concept and an existing business
Why should an entrepreneur do a feasibility study for starting a new venture:
To identify possible sources of funds
To see if there are possible barriers to success
To estimate the expected sales
To explore potential customers
The largest component of a Web site budget is ______________.
system maintenance
system development
content design and development
telecommunications
What are the five steps (in proper order) of the entrepreneurial process
Discover, concept development, resourcing, actualization, harvesting
Discover, resourcing, actualization, harvesting, concept development
Resourcing, actualization, harvesting, concept development, discovery
Resourcing, actualization, concept development, discovery, harvesting
A summary of a company’s assets and liabilities, and owners’ equity. Shows a company’s financial condition at a given time.
Financial Statements
Balance Sheet
Income Statement
Retain Earnings
The amount by which a company’s costs exceed its revenue. A loss penalizes a company for failing to produce what people want to buy and prices they’re willing to pay.
Profit
Gross Profit
Loss
Net Income
A summary of a company’s revenue, expenses, and income(or loss) over a period of time, such as one year.
Cash Flow Statement
Balance Sheet
Income Statement
Financial Statements
Something of value that a company holds
Asset
Debt
Liability
Loss
The value of a company’s assets that belong to its owners after paying all its debts.
Asset
Revenue
Loss
Equity
A company’s balance sheet and income statement.
Cash Flow Statement
Financial Statements
Balance Sheet
Income Statement
The decline in value of an asset from wear and tear over a period of time, such as one year.
Depreciation
Appreciation
Loss
Gain
AT&T
December 1, 2020
Income Statement
Revenue 1,600,000 and Cost of Good Sold 650,000. What is the Gross Profit?
950,000
2,250,000
1,300,000
1,600,000
small partnership
private corporation
A manager within a company who promotes innovative product development and marketing.
intrapreneur
entrepreneur
sole proprietorship
partnership
How many people are required to start an entrepreneurial business?
1
2
3
4 or more
Which of the statement is NOT true?
An entrepreneur will patiently wait for his efforts to bear fruit.
The profit of the entrepreneur is immediate
All entrepreneurs are successful
Entrepreneurs are researchers
SWOT stands for which of the following?
Strategy, work ethic, optimism, tolerance
Strengths, weaknesses, opportunities, threats
Selling, web presence, overcoming objections, telemarketing
Segmentation, workflow, orientation, targeting
Brainstorming is
not helpful
a waste of time
a long detailed process
listing of ideas about a certain subject
