WorksheetsPractice 02
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
This market segment describes the benefits to customers based on their wants or needs and how they use the product.
a)
Behavioral
b)
Geographic
c)
Demographic
d)
Psychographic
2.
Which type of sales channel is someone using if they own an “ecommerce website” where customers can purchase the journals that they make?
a)
a. Business-to Business
b)
b. Retail
c)
c. Wholesale
d)
d. Direct-to-consumer
3.
Value engineering changes the purpose of the product.
a)
True
b)
False
4.
Richard has a small business. His first-year financials are as follows: Start-Up Costs: $70,000, Gross Sales: $66,800, Total Expenses: $28,500, Income Taxes: $6,370. What is the return on investment (ROI) for your business?
a)
a. 1.96%
b)
b. 55%
c)
c. 61%
d)
d. 92%
5.
You currently opened an Arepa truck business. Identify what are your “operating” costs.
a)
a. Gasoline
b)
b. Cooking Utensils
c)
c. Business License
d)
d. Truck Lease Payments
6.
One objective of entrepreneurship is to make a profit.
a)
True
b)
False
7.
Which two elements below of the “sales process”, goes after the sales pitch?
a)
a. Prospect
b)
b. Overcome objections.
c)
c. Follow-up
d)
d. Approach
8.
Who creates budget and financial strategies for a company?
a)
a. Chief Executive Officer (CEO)
b)
b. Founder
c)
c. Chief Financial Officer (CFO)
d)
d. Manager
9.
What is a benefit of being an entrepreneur?
a)
a. Limitless income potential
b)
b. Paid sick time and health insurance
c)
c. Predictable job description
d)
d. Consistent 40-hour work weeks
10.
Marla is a new entrepreneur. She is working on her business plan. In what section of the business plan should she describe that in five years she “plans to sell” her company?
a)
a. Financial projection
b)
b. Executive summary
c)
c. Exit strategy
d)
d. Vision
11.
Affiliate sales programs offer commissions to companies who sell their products.
a)
True
b)
False
12.
Value engineering encourages use of materials that “save money”.
a)
True
b)
False
13.
What are two advantages of using the Lean Canvas business plan instead of the traditional business plan?
a)
a. A Lean Canvas focuses on the problem, solutions, key metrics, and unique value propositions.
b)
b. A Lean Canvas is a quick, concise tool to document or update a business plan.
c)
c. A Lean Canvas is an extremely detailed, thorough, multiple-page report.
d)
d. A Lean Canvas includes financial projections, a market analysis, and the marketing strategy.
14.
Who finds and invests resources to form the company and help it succeed?
a)
a. Chief Executive Officer (CEO)
b)
b. Founder
c)
c. Chief Financial Officer (CFO)
d)
d. Manager
15.
You have a cleaning company. You raised $15,000 from investors to get started. After “three months”, you have $8,450. What is your burn rate and current runway?
a)
a. $2183 and about nine of expenses covered
b)
b. $2183 and about twelve months of expenses covered
c)
c. $1000 and about three months of expenses covered
d)
d. $1000 and about ten months of expenses covered
16.
An entrepreneur is a person who assumes the responsibilities and risks of starting a business.
a)
True
b)
False
17.
Which type of funding should someone seek if they need money for their start-up company and are seeking mentorship/guidance?
a)
a. Crowdfunding
b)
b. Angel Investor
c)
c. Small business loan
d)
d. Personal Loan
18.
Which type of business should you choose if you need to invest in a business that has simple transactions, low inventory costs, and fast, free, product delivery?
a)
a. A business that offers cleaning services
b)
b. A business that sells products directly to other businesses
c)
c. A business that sells digital products
d)
d. A business that is a restaurant franchise
19.
What are the characteristics of an entrepreneurial mindset?
a)
a. Creativity, adaptability, determination, and empathy
b)
b. Business knowledge, financial knowledge, and organizational skills
c)
c. Community awareness, educational readiness, and literacy
d)
d. People skills, problem solving, and career exploration
20.
The design thinking process aims to develop “solutions to problems”.
a)
True
b)
False
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