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WorksheetsBusiness Quizizz
Total questions: 96
Worksheet time: 58mins
Why do businesses often use spreadsheet software programs?
review personal records
to analyze their operating expenses
review technical reports
review advertizing plans
What is technology that links employees who work in different locations and allows them to access the same business information?
network
structure
modem
line
When writing email messages, employees should remember that emails
take a long time to prepare
can be forwarded to others
are formal correspondence
are private conversations
the potential for conflict between partners
What type of ownership has LIMITED liability?
Sole Proprietorship
Partnership
Corporation
An entrepreneur invests
money, time, and energy
food, money, and a car
a checking account and steady hand
money, liesure, and clothes
An entrepreneurs benefits include
being your own boss
having to be at work a 7 am sharp
a set income
answering to a supervisor
If an entrepreneur's business fails who is the person who gets the blame
the supervisor
the entrepreneur
their neighbor
his employees
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.
Complete the sentence: A business plan...
is useful once your business is operational but not much help during the startup phase
is not usually needed once the business is up and running
can serve as a tool for helping a business during the startup phase and for managing your business once it is up and running.
Writing a business plan can force entrepreneurs to think about their goals.
True
False
A handwritten business plan is acceptable if it is neat, well organized, and inviting to read.
False
True
The marketing section of your business plan should describe the location of your business.
True
False
Your business plan should describe the location of your business because
location is often a critical factor in a business's success
all of these
every industry has an ideal type of location
different forms of ownership have different types of locations
The marketing section of your plan explains
all of these
how you plan to enter the market
who your prospective customers are
your advantages over the competition
A letter that introduces and explains an accompanying document is called a(n)
cover letter
introductory letter
statement of purpose
letter of intent
The appendix of a business plan might include
all of these
a copy of required licenses
letters of recommendation
tax returns of the business owner
Mistakes to avoid when preparing a business plan include all of the following except
providing unrealistic future projections
wasting time on research
ignoring the competition
failing to define the target market
A business plan is important for all of the following reasons except
it makes you think about all aspects of your business
it helps you communicate your ideas to others
it guarantees you will get financing for your business
it can serve as a tool for managing your business
Entrepreneurship is
the process of starting and operating one's own business
managing a business for someone else
working at McDonald's
an individual who undertakes the risks associated with owning a business
An entrepreneur is
an individual who undertakes the risk associated with creating, organizing, and owning a business
the process of starting and operating one's own business
working at Burger King
managing a Burger King
An intrapreneur
innovates within a business
builds their own business
more responsibility
process of starting one's own business
Entrepreneurs are motivated by financial freedom, corporate freedom, environmental freedom, and personal freedom
True
False
Which of the following is a way that entrepreneurship helps our society:
Creates new jobs
Reduces taxes
Eliminates financial concerns
Decreases economic growth
One difference between entrepreneurs and small-business owners is that
small-business owners generally are not interested in expanding their businesses.
entrepreneurs usually purchase existing businesses or franchise rights.
entrepreneurs rarely manage the day-to-day aspects of their businesses.
small-business owners usually employ between 500 and 1,000 workers.
In the early stages of a start-up business, entrepreneurs assume sole responsibility for
all aspects of their businesses.
global economic growth rates.
the demand of their products.
the daily activities of competitors.
What is a disadvantage of entrepreneurship?
Uncertain income
Personal satisfaction
Lower taxes
Fewer resources
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of
success.
empathy.
productivity.
outsourcing.
What can you do to make your idea better? Check all that apply.
Listen to what your friends say about the business you want to go into
Change your idea slightly to possibly gain more customers
My idea is already perfect, why does it need changing?
Create goals based on doing things better than other companies like you
Why should we share our ideas with other people? Check all that apply.
Because they can give unbiased advice.
Because they can help make our ideas better.
We shouldn't share them because everyone else will laugh at the ideas.
all of the above
What are the major areas financial lenders care about?
your story
an idea that no one has ever thought of
an understanding of your customers
financial plan
proof your idea works and is wanted
its extremely important to understand your customer in order to have a successful business
true
false
All of the expenses involved in setting up a new business or introducing a new product to the market
Operating expenses
Bias
Start-up costs
Logistics
All of the expenses involved in running a business on a day-to-day basis
Operating expenses
Bias
Profitability analysis
Organizationl chart
A graphical representation of the flow of authority within an organization
Operating expenses
Organizational Chart
Acquisition
Logistics
All of the expenses involved in running a business on a day-to-day basis
Operating expenses
Bias
Profitability analysis
Organizationl chart
Clearly expressed
Articulate
Market analysis
Market Analysis
Operating expenses
The purchase of another business
Bias
Acquisition
Logistics
Feasibiliy Study
Prejudice, partiality
Bias
Start-up costs
Articulate
Logistics
Which of the following are variable costs?
Property Taxes
Rent
Employee Bonues
Travel Expenses
Economies of scale refers to:
A company spreading their fixed cost over more products so it accounts for less cost per product
A company spreading their variable costs over more products so it accounts for less cost per product
Reducing fixed costs by negotiating lower prices
When a company makes a one time purchase, like a building, furniture, or computers, this is considered a/an
Capital Expenditure
Operating Cost
Promotional Cost
Start-up Cost
______ is the difference between how much it costs a company to make a product and the final selling price.
Mark-up
Cost
Gross Profit
______ is when total costs = total sales
Gross Profit
Breakeven Point
Mark-up
Economies of scale
Fixed Costs/(Price per unit - variable costs) = Breakeven Point
So...if a company has 10,000 in fixed costs and charges $6 per unit, and each unit has $1 of variable costs...how many products do they have to sell to reach the breakeven point?
1,500
2,500
2,000
1,000
Local regulations businesses need to adhere to would likely include...
tax and consumer regulations.
zoning and environmental regulations.
environmental and employee pay regulations.
zoning and tax regulations.
Regulations regarding tax and consumer laws are most likely federal regulations because...
They can affect people in multiple states and territories.
The government has an interest in maintaining fairness for its citizens.
They can harm the people nearby.
It allows the states to gain the most income.
Businesses fulfill the needs and wants of consumers.
True
False
________________the desire to make money.
Opportunity
Income
Profit motive
A new method, idea, or product.
invention
creation
business model
innovation
Moral principles that govern a person's behavior or the conducting of an activity.
ethics
beliefs
knowledge
references
The customary code of polite behavior in society or among members of a particular profession or group.
behavior
etiquette
manners
vision
The process by which business or other organizations develop international influence or start operating on an international scale.
international trading
overseas bordering
bordering
globalization
How many people are required to start an entrepreneurial business?
1
2
3
4 or more
The possibility of loss from human error
Natural risks
Human risks
Economic risks
Speculative risks
A risk response strategy that involves choosing not to do something that is considered risky
Delegation
Competition
Avoidance
Profit
Money left after the cost of goods expense and operating expense are each subtracted from the total income
Gross Profit
Cash
Net profit
Competition
Monetary reward a business owner receives for taking the risk involved in investing in a business
Cash
Profit
Expenses
$1000
If a business has a monthly income of $5000 with expenses totaling $3000, what is their profit?
$8000
$2000
$5000
$15000
The desire to make a profit, which moves people to invest in business
Profit motive
Oligopoly
Business risk
Competition
