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Entrepreneurship Final

Total questions: 62

Worksheet time: 31mins

Name
Class
Date
1.

Identify the FOUR elements of the marketing mix (4 P's). (Choose 4)

a)
Product, Price, Place, Promotion
b)
Production, Price, Placement, Publicity
c)
Packaging, Price, Place, Promotion
d)
Product, Place, Promotion, People
2.

What is a common method used to generate new profit ideas?

a)
Doing nothing
b)
Copying competitors
c)
Brainstorming
d)
Market research
3.

What permission from the government is required to acquire a number used to identify what firm is making employee tax contributions?

a)
Employer Identification Number (EIN)
b)
Business Registration Number
c)
Social Security Number (SSN)
d)
Tax Identification Number (TIN)
4.

Which of the following are components of the Lean Canvas Model? (Choose 5)

a)
Brand, Advertising, Promotion, Public Relations, Sales
b)
Problem, Solution, Unique Value Proposition, Key Metrics, Customer Segments
c)
Product, Sales, Marketing, Distribution, Profit
d)
Market Analysis, Customer Relationships, Revenue Streams, Key Activities, Cost Structure
5.

Which term refers to dividing a market into smaller groups based on similar characteristics and needs?

a)
market classification
b)
market division
c)
market separation
d)
market segmentation
6.

Sam is paying his employees for the first time, but he doesn't have his unique tax identifier as a business. Which of the following is the number he needs

a)
Individual Taxpayer Identification Number (ITIN)
b)
Employer Identification Number (EIN)
c)
Social Security Number (SSN)
d)
Business Identification Number (BIN)
7.

What formal declaration contains the values and goals of a company?

a)
Mission statement
b)
Vision statement
c)
Company profile
d)
Business plan
8.

Research shows that 90% of consumers use the web to search for local businesses. What marketing strategy would best increase the success of their business?

a)
Distributing flyers in the local area
b)
Cold calling potential customers
c)
Placing ads in the newspaper
d)
Developing a strong online presence through SEO, social media marketing, and online advertising.
9.

Drew has an idea for a new company and needs money to start his business. Drew finds a friend willing to give him money in exchange for a portion of Drew's new company. What term describes the type of financing the investor is willing to give Drew?

a)
angel investing
b)
equity financing
c)
venture capital
d)
debt financing
10.

Jon is using recycled plastic from the oceans to create new products. What trend of entrepreneurship is this an example of?

a)
Sustainable entrepreneurship
b)
Green entrepreneurship
c)
Social entrepreneurship
11.

Choose 3 traits that a sucsessful entreprenuer should have?

a)
Lack of motivation
b)

Action Oriented

c)

Risk Taker

d)
Inflexibility
e)

Hard working

12.

Which definition below best describes and entreprenur?

a)
A person who studies business ventures
b)
A person who invests in a business venture
c)
A person who works for a business venture
d)
A person who starts, organizes, manages, and takes on the risks of a business venture.
13.

What is the ultimate goal of starting your own business?

a)
To accumulate debt and financial instability.
b)
To achieve financial independence and personal fulfillment.
c)
To have no control over your own schedule and work-life balance.
d)
To experience constant stress and burnout.
14.

What best describes the term Opportunity Costs?

a)
The total value of all available alternatives
b)
The cost of purchasing an opportunity
c)
The value of the chosen alternative
d)
The value of the next best alternative that is given up when a decision is made
15.

What is the term that explains the loss of potential gain from chosing different alternatives?

a)
fixed cost
b)
opportunity cost
c)
marginal cost
d)
sunk cost
16.

What best describes the differnece between Variable and fixed costs?

a)
Variable costs remain constant, while fixed costs change with activity.
b)
Variable costs and fixed costs both change with activity.
c)
Variable costs and fixed costs both remain constant.
d)
Variable costs change with activity, while fixed costs remain constant.
17.

When it comes to protecting your business Ideas or Designs: Which of the following would you get if you were to protect your company's logo, phrase, or symbol?

a)
Patent
b)
Copyright
c)
Trade secret
d)
Trademark
18.

When it comes to protecting your business Ideas or Designs: Which of the following would you get if you wanted to protect an invention from another using it?

a)
Copyright
b)
Patent
c)
Trademark
d)
Trade secret
19.

When it comes to protecting your business Ideas or Designs: Which of the following would you get if you wanted the legal rights to reproduce, sell, or distribute?

a)
Trademark
b)
Copyright
c)
Trade secret
d)
Patent
20.

Which of the following terms would best describe the primary goal of starting a business?

a)
Financial success
b)
Social impact
c)
Personal fulfillment
d)
Work-life balance
21.

When it comes to financing your entreprenurship endovor: What is the term for depending on receiving many small contributions from many sources usually from the internet?

a)
microfinancing
b)
fundraising
c)
donation
d)
crowdfunding
22.

What is one example of determinant of demand? (What can effect the Demand or Want for a Product)

a)
Substitute goods and complementary goods
b)
Market equilibrium and elasticity
c)
Price and income
d)

Orange Crop Freeze

23.

What is one example of determinant of demand? (What can effect the Demand or Want for a Product)

a)

New Nike Shoe selling this fall

b)

Coupon or discount given at the time of purchase

c)

Extra raining season

24.

Quenchit a drive-through drink company asks for a loyalty number each time you purchase a beverage through them. After a few times, you can purchase a drink using points accumulated. A text will be sent to your phone letting you know that you have discounts waiting for your next visit. What is this an example of?

a)

Omnichannel Marketing

b)
Discount program
c)
Customer appreciation
25.

Which of the following are characteristics to having a brick and motar store front?

a)

Geographic loctation is local

b)
All of the above
c)

Samples

d)
Opportunity for immediate sales
26.

Which of the following are characteristics to having a E-commerce store front?

a)

Reduction in overhead costs

b)

Lower Startup Costs

c)

Increased Market size

d)

all of the above

27.

What is a Lean Canvas Model

a)
A software development framework
b)
A marketing strategy for social media
c)
A financial statement for a company
d)
A one-page business plan template
28.

Which of the following is not a section in the Lean Canvas Model

a)

Key Metrics

b)

Cost Structure

c)

Competitive Advantage

d)

Problem

e)

Premium

29.

What term bests describes MVP

a)
Minimum Viable Product
b)
Maximum Viable Product
c)
Minimum Valuable Product
d)
Most Valuable Player
30.

Describe Minimum Viable product. MVP

a)
A version of a product with all the features and functionalities fully developed.
b)
A version of a product with minimal features and functionalities.
c)
A version of a product that is not yet ready for release.
d)
A version of a product with just enough features to satisfy early customers and provide feedback for future development.
31.

What term best describes UVP?

a)
Unique Value Proposition
b)
Ultimate Value Proposition
c)
Universal Value Proposition
d)
Unique Selling Point
32.

Describes Unique Value Proposition: (UVP)

a)
A statement that describes the unique benefit or advantage that a product or service offers to its customers.
b)
A statement that describes the common benefit or advantage that a product or service offers to its customers.
c)
A statement that describes the unique disadvantage or drawback that a product or service offers to its customers.
d)
A statement that describes the generic benefit or advantage that a product or service offers to its customers.
33.

Isaiah is starting a snowboard and ski supply shop. He wants to sell equipment manufactured in other countries. What term describes what Isaiah's business model is doing?

a)
Participating in cross-border commerce
b)
Operating a global supply chain
c)
Engaging in international trade
d)
Importing goods from other countries
34.

What does market research provide to an entrepreneur?

a)
Market research provides a guarantee of success for the entrepreneur
b)
Market research provides a detailed business plan for the entrepreneur
c)
Valuable insights into customer needs, preferences, and behaviors, as well as information about competitors and industry trends.
d)
Market research provides funding for the entrepreneur
35.

What does market Planning provide to an entrepreneur?

a)
A strategic roadmap for achieving business goals, identifying target markets, understanding customer needs, analyzing competition, and developing marketing strategies.
b)
A step-by-step guide for product development and manufacturing.
c)
A comprehensive list of potential investors and funding sources.
d)
A detailed financial plan for managing business expenses and generating revenue.
36.

Describe Economics?

a)

Economics is the study of how individuals, businesses, governments, and societies make choices about the allocation of scarce resources to satisfy their wants and needs.

b)

Economics is the study of how individuals, businesses, governments, and societies make choices about the allocation of abundant resources to satisfy their wants and needs.

37.

The activity of presenting a briew overview of a business with potential investors?

a)
Pitch
b)
Introduction
c)
Proposal
d)
Presentation
38.

What does a patent and a copyright have in common?

a)
They are both types of physical property.
b)
They are both used to protect trade secrets.
c)
They are both forms of intellectual property protection.
d)
They are both only applicable to artistic works.
39.

What is the diffenece between and Entrepreneur and an Intrapreneur?

a)
An entrepreneur focuses on innovation, while an intrapreneur focuses on stability.
b)
An entrepreneur works for a company, while an intrapreneur works for themselves.
c)
An entrepreneur starts and manages their own business, while an intrapreneur acts like an entrepreneur within a company.
d)
An entrepreneur and an intrapreneur are the same thing.
40.

When it comes to financing your business: What term best describes using your own personal finances without external help?

a)
Self-funding
b)
Bootstrapping
c)
Personal loan
d)
Crowdfunding
41.

When it comes to financing your business: What term best describes using friends and family to help you with initial costs?

a)

Angel Investment

b)
Venture capital
c)
Crowdfunding
d)
Bank loan
42.

Which financial statment includes Revenue, Expenses and Net Income or Net Loss?

a)
Income Statement
b)
Balance Sheet
c)
Cash Flow Statement
d)
Statement of Retained Earnings
43.

Which finanical statement includes: Assets, Liabilites, and Owners Equity?

a)
Balance Sheet
b)
Income Statement
c)
Cash Flow Statement
d)
Statement of Retained Earnings
44.

Give me the examples of Fixed costs below:

a)
Rent, salaries, insurance premiums, property taxes
b)
Employee benefits, marketing campaigns, research and development costs
c)
Raw materials, production equipment, inventory
d)
Variable costs, utilities, advertising expenses
45.

Give me examples of Variable costs below:

a)
Rent, utilities, and insurance
b)
Advertising, research and development, and salaries
c)
Fixed assets, depreciation, and interest expenses
d)
Direct labor, raw materials, and sales commissions
46.

Market Segmentation based on Age, Gender, Income:

a)
Geographic Segmentation
b)
Psychographic Segmentation
c)
Demographic Segmentation
d)
Behavioral Segmentation
47.

Market Segmentaion based on lifestyles, attitutes, beliefs:

a)

Behavorial segmentation

b)
Demographic segmentation
c)
Geographic segmentation
d)
Psychographic segmentation
48.

Marketing segmentation based on where customers live:

a)
geographic segmentation
b)
behavioral segmentation
c)
psychographic segmentation
d)
demographic segmentation
49.

Market segmentation based on usage, shopping patterns, and rate of use:

a)
Demographic segmentation
b)
Geographic segmentation
c)
Psychographic segmentation
d)
Behavioral segmentation
50.

What are costs that tend to go up or down when it comes to production:

a)
Operating costs
b)
Fixed costs
c)
Overhead costs
d)
Variable costs
51.

Rachel has an idea for a new company, she finds a pool of friends that are willing to give her money in exchange for a portion of Rachel's company. What type of funding is this?

a)

Venture Capitalists

b)
Grant funding
c)
Crowdfunding
d)
Debt funding
52.

Laura owns a t-shirt business with fixed costs of $50,000 a year. Her selling price per shirt is $15. Each shirt has a variable cost of $5. How many shirts does Laura need to sell to break even?

a)
7500
b)
2500
c)
10000
d)
5000
53.

Last year, Rosa spent $130,000 for merchandise she sold. She had net sales of $200,000 and expenses of $40,000. What is Rosa’s net profit?

a)
$30,000
b)
$160,000
c)
$70,000
d)
$100,000
54.

What is the government agency provides financial, and managerial assistance to new startups?

a)
Small Business Administration (SBA)
b)
Central Intelligence Agency (CIA)
c)
Federal Bureau of Investigation (FBI)
d)
Internal Revenue Service (IRS)
55.

Describe the 4 types of business ownerships:

a)
Sole proprietorship, partnership, limited partnership, and cooperative.
b)
Sole proprietorship, partnership, corporation, and limited liability company.
c)
Sole proprietorship, partnership, franchise, and joint venture.
d)
Sole proprietorship, partnership, cooperative, and non-profit organization.
56.

Describe A Corporation:

a)
A group of people who work together to achieve a common goal
b)
A type of partnership where all partners have limited liability
c)
A business owned by a single individual
d)
A legal entity that is separate and distinct from its owners, owned by shareholders who elect a board of directors to oversee the management of the corporation.
57.

Describe a Non-profit

a)
An organization that donates all its funds to political campaigns
b)

Tax exempt company.

c)
An organization that operates solely for the benefit of its board members
d)
An organization that focuses on making profits for its members
58.

Describe Sole proprietorship:

a)
A business owned and operated by a single individual.
b)
A business owned and operated by a non-profit organization.
c)
A business owned and operated by a government entity.
d)
A business owned and operated by multiple individuals.
59.

What is the benefits to having an e-commerce presence

a)
Decreased reach and accessibility, limited availability, increased costs, lack of customer insights, and the inability to target a global audience.
b)
No benefits at all.
c)
Increased competition and decreased profitability.
d)
Increased reach and accessibility, 24/7 availability, cost savings, improved customer insights, and the ability to target a global audience.
60.

What is the critical factor for a brick and motar retail?

a)
Location
b)
Brand
c)
Color
d)
Size
61.

What section of the balance sheet would you put a debt that you OWE?

a)
Revenue
b)
Liabilities
c)
Equity
d)
Assets
62.

Which Definition Below best describes an Entrepreneur?

a)
A person who works for a large corporation
b)
A person who avoids taking any financial risks
c)
A person who has no interest in starting a business
d)

A person who organizes and operates Their own business, taking on greater than normal financial risks

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