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WorksheetsMaster Quiz
Total questions: 50
Worksheet time: 48mins
What is the definition of entrepreneurship?
The act of creating a business with no risk involved
The act of creating a business while bearing all the risk in hope of making profit
The process of joining an existing business
The process of investing in an established business
Who is an entrepreneur?
A person who invests in an existing business
An individual who creates a new business and bears the risks
A person who works for a large corporation
A person who is not involved in any business activities
What is the main difference between a businessman and an entrepreneur?
A businessman is a market leader, while an entrepreneur is a market player
A businessman is people focused, while an entrepreneur is profit oriented
A businessman is a risk taker, while an entrepreneur is risk averse
A businessman creates the market for his own business, while an entrepreneur starts a business on an old concept or idea
What is the role of creativity in entrepreneurship?
Creativity is the process of managing a business effectively
Creativity is the novel step of being the first to identify that something might be possible
Creativity is the action of putting things into practical reality
Creativity is not important in entrepreneurship
What are the four steps of the entrepreneurial process?
Deciding to become an employee, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm
Deciding to become a customer, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm
Deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm
Deciding to become an investor, developing successful business ideas, moving from an idea to an entrepreneurial firm, managing and growing the entrepreneurial firm
What is the role of money in the motivation of entrepreneurs?
Money is a secondary motivation for entrepreneurs
Money is a distraction for entrepreneurs
Money is not a motivation for entrepreneurs
Money is the primary motivation for entrepreneurs
What is the suggested outline of a business plan?
All of the above
Product Design and Development Plan, Management Team and Company Structure
Executive Summary, Industry Analysis, Company Description
Market Analysis, Marketing Plan, Operations Plan
What should the slides in an investor presentation be like?
Long and detailed
Unprepared and disorganized
Dull and cluttered
Sharp and not cluttered
What section of the business plan outlines how the business will be run and how the product or service will be produced?
Marketing Plan
Operations Plan
Company Description
Product Design and Development Plan
What section of the business plan describes the industry the business will enter in terms of its size, growth rate, and sales projections?
Market Analysis
Company Description
Economics of the Business
Industry Analysis
What section of the business plan should include a short overview of the entire business plan?
Company Description
Executive Summary
Economics of the Business
Industry Analysis
What is the length of a typical business plan?
60-70 pages
10-15 pages
25-35 pages
40-50 pages
Why is it important to recognize that the elements of a business plan may change while written?
To make the plan longer
To include all possible elements
To make the plan more complex
New insights invariably emerge when writing the plan and getting feedback
What is project management?
The process of managing personal tasks and responsibilities.
The practice of setting personal goals.
The use of specific knowledge, skills, tools, and techniques to deliver something of value to people.
The act of organizing a social event.
What is the main focus of project planning phase?
Reflecting on the project's execution for improvement
Measuring project performance and resolving issues
Assigning team members and beginning work on their responsibilities
Developing an outline and defining costs, resources, and timeline
What is the task owner responsible for in a Gantt chart?
Assign tasks to team members
Set a priority level for all the project tasks
Add planned start and planned finish dates
Briefly describe the tasks
What is the purpose of project performance and monitoring phase?
To assign tasks to team members
To determine if the project is worth pursuing
To measure project performance and actively work to resolve any issues
To reflect on the project's execution for improvement
What is the purpose of task priority in a Gantt chart?
Set a priority level for all the project tasks so there is a better allocation for resource
Add planned start and planned finish dates and adjust them at anytime
Assign tasks to team members
Briefly describe the tasks
What is the purpose of project planning phase?
To reflect on the project's execution for improvement
To develop an outline and define costs, resources, and timeline
To assign tasks to team members
To determine if the project is worth pursuing
What is the purpose of percent complete in a Gantt chart?
A figure, mostly based on an educated guess by the project team, of how much work they have done and how much is still to do
Set a priority level for all the project tasks so there is a better allocation for resource
Assign tasks to team members
Briefly describe the tasks
What does S stand for in SWOT?
small
strong
strengths
slow
Positive and controllable factors that contribute to the success of parks
Strength
Weaknesses
Opportunities
Threat
Things your competitor does better than you.
Strength
Weakness
Opportunity
Threat
The information in the SWOT must be?
Honest and Real
Theoretical
Unrealistic
Based on future events
By identifying areas under the weaknesses section, how does this help you develop?
So that you can avoid them.
So that you can pretend they don't exist and ignore them
Use them to identify areas for development and focus on them
By allowing other people to see them and use them against you.
New and popular products are being introduced in the market from other competitors.
Strength
Weaknesses
Opportunities
Threats
By identifying areas under the weaknesses section, how does this help you develop?
So that you can avoid them.
So that you can pretend they don't exist and ignore them
Use them to identify areas for development and focus on them
By allowing other people to see them and use them against you.
No paperwork (charter or agreement) is required to start which type of business?
Partnership
Franchise
Sole Proprietorship
Corporation
Conflict between owners can be a common problem
Sole Proprietorship
Partnership
Corporation
If one partner leaves, the business can still exist
Sole Proprietorship
Partnership
Corporation
What is marketing?
Engaging customers and managing profitable customer relationship
Understanding the marketplace and customer needs
Fulfilling needs, wants and demands of customers
All of the above
A formal written document that directs a company's activities for a specific time is a ___________.
market target
marketing plan
market summary
technology solution
There are ____ types of needs.
1
2
3
4
_____ is molded by society, culture and individual personality
Needs
Wants
Demands
None of the above
There are ____ principles in the marketing mix
1
2
3
4
Which of the following statements describe an entrepreneur? Check all that apply.
commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
play a key role in any economy, using the skills and initiative necessary to anticipate needs and bringing good new ideas to market.
an individual who creates a new business, bearing most of the risks and enjoying most of the rewards
a person who works for someone else
Who can be an entrepreneur?
Only the wealthy
People with a college degree
People over the age of
Anyone
If I make a plan for my business to sell $1,000 of products each month and I place ads and sent emails to customers to market my products, I am being goal-oriented
True
False
Skills needed by successful entrepreneurs: (check all that apply)
Communication Skills
Basic Business Skills
Problem Solving Skills
Science Skills
Interpersonal skills
Project planning deals with the following activities EXCEPT _____________
developing the scope statement
identifying deliverables and creating the work breakdown structure
finalize all activities across all of the process groups to formally close the project or a project phase
estimating the resource requirements for the activities
State the first stage in multimedia development.
implementation
documentation
testing
planning
