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Worksheets1005 Quizizz Everfi Practice 2
Total questions: 15
Worksheet time: 8mins
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Challenge the Usual
Think Backward
Judge Each Idea as Realistic or Not
Draw Idea Maps
Which of the following would NOT be a good early step for someone thinking about opening a bakery?
Immediately finding a storefront property, putting down a deposit, and signing a lease
Contracting a mentor who has experience in the restaurant industry
Creating an initial elevator pitch with her limited information and starting to ask around for advice
Beginning to estimate her target market for her business
What kind of research should someone do effectively to evaluate her potential business opportunity?
Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want
Discuss the situation with her cousin who has shopped at the local bakery a few times
Discuss the situation with a family friend who has money and might want to invest in her idea.
Analyze a national chain that sells pies and model her new business after it. This will save time and money.
What are the four parts of a SWOT Analysis?
Sales, Work ethic, Organization, Training
Strengths, Weaknesses, Obstacles, Threats
Strengths, Weaknesses, Opportunities, Threats
Strengths, Weaknesses, Options, Threats
George and Miquel are considering opening a shoe store but first need to do market research, Which of these is NOT part of the market research process?
Identify objective and write down questions
Conduct research - primary and secondary
Start promoting their shoe store to people in the neighborhood
Draw conclusions and make decisions for their business based on the research results
What is the best way to find out about local and online competitors and about the retail industry?
Go online to find trade associations, listings of competitors, and any information on financials.
Explore websites of other retail businesses and take notes.
Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.
All of the above.
What is NOT part of a consumer profile?
Demographics
Polygraphics
Psychographics
Buying Patterns
Regina is looking to starting a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where should it be moved?
In a typical week will spend 10-15 on non- food items - move from Buying patterns to Demographics
Willing to spend a little more for good quality products - she should move this from Buying Patterns to Psychographics
Don't spend money on unnecessary items - she should move this from Demographics to Buying Patterns
Everything is in the correct position
Are indirect competitors important to know about?
No. Not something to worry about because they sell different products.
No. Indirect competition is only important to understand if things change and it becomes direct competition.
Yes. It is important to understand since the different product fulfills the same customer need.
Yes. Indirect competition is important because indirect competitors compete in areas other than money, such as hiring.
Which of the following is a fixed expense for Maria's sandwich food truck?
Salaries for employees
Truck insurance
Advertising
All of the above
Which of the following is a start-up expense for Maria's food truck?
Kitchen appliances and other equipment needed to conduct her business
Cell phone bill
Gas
All of the above
What is the most accurate way of determining his expenses for the financial portion of his business plan?
Estimate the cost to buy all of the ingredients at the store, and divide that by an estimate of how many cupcakes he can make with that
Go through the detailed process of making the cupcakes step by step, measuring the ingredients he uses and calculating the cost per ingredient.
Go online and find a competitor's expenses
None of the above
Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?
Increase the prices
Increase the number of cupcakes he sells
Decrease his fixed expenses
All of the above
Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?
Yes
No
Not enough information available
Which of the following is NOT one of the four steps to preparing a sales forecast?
Analyze current company and market conditions using a SWOT Analysis.
Select an organizational structure for your company.
Review past sales or past trends in the industry.
Estimate your future sales for a specific time period.
