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WorksheetsBQ 2024 ENTREPRENEURSHIP 2-3
Total questions: 133
Worksheet time: 2hrs 30mins
Most entrepreneurial ventures will be very small and:
are planned to remain that way.
will grow to be worth billions of dollars.
The capacity for innovation, investment and expansion in new markets, products and techniques.
Business
Businessman
Entrepreneur
Entrepreneurship
Any person who can create something new or something different has already acquired a competitive advantage.
Business
Businessman
Entrepreneur
Entrepreneurship
An organization or enterprising entity engaged in commercial, industrial, or professional activities.
Business
Businessman
Entrepreneur
Entrepreneurship
A person involved in the business sector – in particular someone undertaking activities for the purpose of generating cash flow, sales, and revenue by utilizing a combination of human, financial, intellectual and physical capital with a view to fueling economic development and growth.
Business
Businessman
Entrepreneur
Entrepreneurship
A true entrepreneur doesn’t ask questions about whether or not they’ll succeed—they truly believe they will.
Creative
Hardworking
Perseverance
RiskTAker
They’re able to not only come up with ingenious ideas, but also turn those ideas into profits.
Creative
Perseverance
Persistence
Self Confidence
Entrepreneurs are dreamers and believe their ideas are possible, even when they seem unattainable.
Hardworking
Opportunity Seeker
Optimistic
Self Confidence
A Spanish word which means self love; a sense of self-esteem or self-respect that prevents a person from swallowing his pride
Amor Propio
Bahala Na System
Balimbing
Ningas Kugon
This trait means leaving everything to chance or “letting the circumstances take care of itself”.
Amor Propio
Bahala Na System
Balimbing
Ningas Kugon
Instead of doing things that could help one to develop and become better than his competitors, Filipinos devote so much of their time gossiping and back-biting.
BALIMBING
CRAB MENTALITY
MAÑANA HABIT
NINGAS KUGON
Filipinos are fond of starting a project with so much enthusiasm.
AMOR PROPIO
MAÑANA HABIT
NINGAS KUGON
SENSE OF PRIDE
The idea of returning the favor to those who have done good deeds.
PAKIKIPAGKAPWA-TAO
PAKIKIBAGAY
PAGKAMATIPID
UTANG NA LOOB
They genuinely love their work.
COMMITTED
DEDICATION
PASSION
STRONG PEOPLE SKILL
Involves dedicating yourself to something, like a person or a cause.
COMMITMENT
CREATIVE
PASSION
RISK TAKER
Quality related to inquisitive thinking such as exploration, investigation, and learning, evident by observation in humans and other animals.
CREATIVE
COMMITMENT
CURIOSITY
PASSION
They have endless curiosity to discover new or different ideas and see whether these ideas will work in the marketplace.
CURIOSITY
HARDWORKING
OPPORTUNITY SEEKER
SELF CONFIDENCE
Wealth Creation
Entrepreneurs invest their own resources and attract capital (in the form of debt, equity, etc.) from investors, lenders and the public.
Entrepreneurs setting up new businesses and industrial units help with regional development by locating in less developed and backward areas.
CREATE JOBS
JOB CREATORS
JOB SEEKERS
COMMUNITY DEVELOPMENT
Increase in the standard of living of people in a community
Requires infrastructure for education and training, healthcare, and other public services.
More resources like land, labor and capital to develop products and services that add to the national income, national product and per capita income of the country.
DETERMINATION, BRAVERY AND COURAGE
ENTREPRENEURIAL GUTS FRAME
ENTREPRENEURIAL HEART FRAME
ENTREPRENEURIAL MIND FRAME
Clients who purchase frequently from stores, but their buying interest depends largely on the markdown price that the company offers.
Loyal customers
Discount customers
Impulsive customers
Need-based customers
Customers who purchase particular items for a definite purpose.
Loyal customers
Discount customers
Impulsive customers
Need-based customer
Regular clients who purchase only the same brand from the same retailer or company.
Loyal customers
Wandering customers
Impulsive customers
Need-based customers
Clients who do not have any particular item to buy.
Loyal customers
Wandering customers
Impulsive customers
Need-based customers
Identify three factors to consider in generating business ideas by ticking the box beside your answer.
Dream and visualize it.
Copy the idea of other entrepreneurs in the market.
Travel a lot.
Explore the internet.
Consider your capital resources.
The first three ingredients that are sautéed for the chicken ala King recipe are butter, (a) , and mushroom.
(a) or toast the loaf slices at 350 degrees Fahrenheit for 10 minutes
(a) should be spread evenly on the loaf slices before baking or toasting them.
One example of a quick-summary type of business plan is called an _____________________ pitch.
short
elevator
sales
business
The purpose of the oral presentation is to interest potential ________________ in reading the detailed business plan.
consumers
partners
investors
sales people
A written business plan should be no more than ______ typed pages.
20
18
15
10
A well-written business plan never needs to be revised.
True
False
A well written business plan should take at least three hours to read.
True
False
A business should fill a ________ or _________ that is not currently being met.
void, item
vase, cup
desire, expectation
need, want
A business must provide a product or service at a price that will attract customers but still earn a reasonable
amount of customers
profit
reputation
amount of time
Creative thinking works well for generating ___________ and recognizing _______________.
opportunities, ideas
money, profit
ideas, opportunities
profit, money
Every business idea is a good opportunity
True
False
Challenging the usual involves asking "Why" and "What if" questions
True
False
Buying an existing business usually requires a large amount of money
True
False
Which of the following is not one of "The Three C's"
concept
competition
customer
capital
The period of time you have to act on a business opportunity before it disappears is called the
opportunity time limit
Window of opportunity
reasonable time frame
none of the above
The type of business that provides the greatest amount of entrepreneurial freedom is a(n)
business you start from scratch
independent business you purchase
franchise
family business
Which of the following is not used to evaluate the feasibility of a business opportunity?
invention analysis
cost/benefit analysis
opportunity analysis
SWOT analysis
Which of the following is true about a business plan?
developing it is simple and straightforward
once developed, it doesn't change
it has a set format
it will need to be changed from time to time
An executive summary
one or two page summary of business highlights
includes key selling points of the investment opportunity
includes mission statement, product/service, EOU, and future plans
All of the above
How long should an elevator pitch last?
1 minute
30 seconds
2 minutes
15 seconds
What type of business plan includes a colorful slide show with running narrative?
Quick Summary
Investor's Business Plan
Oral Presentation
Operational Business plan
Which is not a source of opportunity?
Problems
Changes
Existing Products and Services
Economic downturn
used when talking about a situation in which we can do something that we want to do.
Opportunity -
Possibility-
future
Chance
It is when we talk about something that may happen or be true.
Possibility
Opportunity -
Perception
Future
the production of ideas for something new.
Idea generation
Creativity-
Opportunity recognition
Better access to crucial information
the generation of ideas that are both new and potentially useful.
Creativity
Idea generation-
Opportunity recognition
Better stable to utilize information
the process through which individuals conclude that they have identified something new that has potential to generate economic value.
Opportunity recognition
Creativity-
Idea generation
Better stable to utilize information
refers to the tendency to expect things to turn out well. One example is the planning fallacy.
Optimistic bias-
Confirmation bias-
Illusion of control-
Escalation of commitment-
refers to the tendency to notice, process and remember information that confirms our current beliefs.
Confirmation bias-
Optimistic bias
illusion of control-
Escalation of commitment
refers to the tendency go assume that our fate is under our control to a great extent that it is...
Illusion of control
Escalation of commitment
Confirmation bias
Optimistic bias
abilities to think critically and analytically
Analytical intelligence
Creative intelligence
Practical Intelligence
Intelligence
individuals ability to understand complex ideas, to adapt effectively to the world around them, to learn from experience, to engage in various forms or reasoning, and to overcome a wide range of obstacles
intelligence
Analytical intelligence
Creative intelligence
Practical Intelligence
Which of the following is an advantage to a new business start-up of producing a business plan?
It will guarantee survival
It will help test financial viability
It will ensure sales targets are met
It will not need to be referred to again by the business owner
In which section of the business plan would you expect to find details about market size and market research?
Objectives and key targets
Cash flow forecast
Market overview
Forecast revenue, costs and profit
Which of the following best describes a business plan? A written document that describes:
The business, its objectives, strategies, financial forecasts and market
The marketing plan of the business
The objectives and key targets of the business
How the business will produce its products
Which of the following is the formula for total costs?
Total costs minus total variable costs
Total fixed costs plus total variable costs
Total costs plus total variable costs
Total fixed costs minus total variable costs
Which of the following is a drawback of business planning?
Reduces risk by providing a guide for the business
The plan will need to be constantly updated
It will help to secure any finance required
Allows the business to review its progress
Which of the following best defines the term variable cost? A cost which:
Stays the same regardless of output
Changes according to output
Changes with time
Changes according to revenue
An existing business may use a business plan to:
Focus on the business idea before start-up
Present to shareholders at the AGM
Secure external finance for business expansion
To share with employees in the business
A business makes a profit when:
Total revenue is greater than total costs
Total revenue is less than total fixed costs
Total revenue is greater than total variable costs
Total revenue is less than total costs
Which of the following is a functional area of a business?
Outsourcing
Operations
Enterprise
Capital
Selling price x quantity is the formula for which of the following?
Profit
Total costs
Revenue
Variable costs
A business sells 12,000 units per year. Fixed costs per year are £50,000 and variable costs are £2.50 per unit. The business’s total costs are:
£30,000
£54,800
£62,000
£80,000
Which of the following is a major problem that an entrepreneur might encounter when writing a business plan for the first time?
To explain the business idea and where it came from
Forecasting product sales accurately
To include details about the owners
To find an appropriate format to present the plan
Which of the following defines the term revenue?
The money the business makes after total costs are deducted
The money the business makes after variable costs are deducted
The money the business makes from selling its goods or services
The money the business makes after fixed costs are deducted
Details regarding how many staff the business will need to employ, their pay rates and job descriptions would be found in which section of a business plan?
Finance
Human resources
Marketing
Operations
The fixed costs of a business are £300,000 per year and variable costs are £2.00 per unit.
The business sells 200,000 units per year at a selling price of £5.00. The profit made per year is:
£300,000
£600,000
£1,000,000
£1,500,000
What is a business plan?
Written document that only outlines the business practices of the new business.
Written document that describes the financial aspects of the business.
Written document that only describes the ownership of the business.
Written document that describes all the steps necessary for opening and operating a successful business.
Why do you need a business plan?
To explain your idea
the ability to get financing.
it's a road map that sets objectives and goals for the business.
To help reduce the risk of business failure.
All of the above.
In which of the following situations is a business plan considered to be unessessary
Establishing a business
Planning for the next 5 years
Organising business expansion
Managing the cash flow for a business
Which of the following statements is true?
A strategic plan is a short term plan of action for a business
A tactical plan is a long term plan of how the strategic plan is to be achieved
An operational plan is to do with the day-to-day running of the business
None of the above
What does the acronym SWOT stands for?
Strengths, Weaknesses, Obligations, Threats
Strengths, Weaknesses, Opportunities, Threats
Strengths, Weak points, Opportunities, Threats
Strengths, Weaknesses, Opportunities, Time
How many components are there in a business plan?
10
14
11
12
What is meant by the term "mission statement"?
A broad statement of a business purpose and goals/objectives
A plan of action for future years
A plan of missions in overseas markets/countries
Statement read by a business's CEO during a press conference
Looks at likely risks to the business
Insurance and risk management
Business Profile
Marketing Plan
Financial Section
Operating history is most likely to be found in
Executive Summary
Operations Plan
Marketing Plan
Business Profile
(a) enables a quick appraisal of the proposal by the interested parties who are reading the document.
What would be a potential threat to a business?
Changes in technology and markets e.g. The internet.
Ability to prioritize
Flexibility
Intrusions in the market
Low level of workplace disputes is considered as a (a) of a business in SWOT analysis.
Tick all the sections may be included in the financial plan
industry analysis
balance sheet
forecast of cash flow
credit policy
product liability
Which of the following statements is true?
Quality control is a proactive approach
Each individual will take responsibility for quality of product and service in TQM
Inspections is an example of quality assurance
None of above
Tick all the behaviours that are considered as socially responsible
Reduce the emission of CO2 in production
Use child labours
Require employees to work overtime without extra pay
Check whether the suppliers of material meet sustainability standards
Respect the culture of local community
Details about current item of inventory/stock can be found in
Marketing plan
Financial plan
Operations plan
Business profile
Research of the potential customer’s profile
Market analysis
Balance sheet
Mission statement
Legal considerations
The SAC is on
next Monday
next Tuesday
next Wednesday
Tomorrow
The pricing strategy is included in (a) component of a business plan.
Tick all the components belong to a business plan
Introduction
Legal considerations
Financial plan
Sustainability plan
Business overview
A business plan is important for all of the following reasons EXCEPT:
It forces a firm's founders to systematically think through each aspect of their new venture.
It provides lenders and investors assurance that they will earn a decent return.
It provides an investor with something to react to.
It is a selling document that enables a company to present itself to potential suppliers and business partners.
Why is the executive summary perhaps the most important section of the business plan?
It provides in-depth discussion of the major trends in the industry in which the firm intends to compete.
It summarizes the firm's key executives.
If this section of the plan fails to attract an investor's interest, he or she is unlikely to read the remainder of the plan.
It deals with the day-to-day operations of the company.
In which section of a business plan should issues like facilities and equipment be discussed?
Financial Plan
Industry Analysis
Marketing Plan
Operations Plan
All of the following are commonly found in the appendix of a business plan EXCEPT:
Resumes/ Bio-data of top management
Discussion of the business model
Photos
Product prototype diagrams
