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WorksheetsEntrepreneurship Mock Exam General Management Pathway
Total questions: 113
Worksheet time: 59mins
What is the simplest form of business organization where one person owns and operates the business?
Limited Liability Company
Corporation
Sole Proprietorship
Partnership
Which type of business involves two or more individuals sharing the responsibilities and profits of the business?
Sole proprietorship
Limited liability company
Corporation
Partnership
Which business structure is considered a separate legal entity from its owners, providing limited liability protection?
General Partnership
Sole Proprietorship
Corporation
Limited Liability Company (LLC)
What type of business entity combines the flexibility and tax benefits of a partnership with the limited liability of a corporation?
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
General Partnership
Sole Proprietorship
Which type of business arrangement allows an individual or group to use the name and business model of an existing successful business?
Franchise
Collaboration
Partnership
Cooperative
What type of organization operates for educational, charitable, religious, or other purposes rather than making a profit?
Profit organization
Nonprofit organization
Commercial organization
Business organization
What are the essential planning tools used to guide and manage an organization's business activities?
PEST analysis, SWOT analysis, KPIs, Pareto analysis
Budgeting, Six Sigma, Benchmarking, Value Chain Analysis
Fishbone diagram, McKinsey 7S Framework, Critical Path Method, Porter's Five Forces
SWOT analysis, PESTLE analysis, Balanced Scorecard, Gantt charts
Which marketing techniques focus on promoting products or services to attract and retain customers?
Digital marketing strategies
Outbound marketing tactics
Offline advertising methods
Inbound marketing strategies
What financial resources are crucial for effectively managing a business, including budgeting, investing, and financing?
Inventory, assets, liabilities
Debt, taxes, insurance
Cash flow, capital, credit, financial statements
Profit, revenue, expenses
Why is it important for businesses to have an understanding of the global environment in which they operate, including cultural differences and international regulations?
To disregard cultural differences, avoid international regulations, and limit global market competitiveness.
To increase cultural misunderstandings, violate international regulations, and limit global market access.
To navigate cultural differences, comply with international regulations, and effectively compete in the global market.
To limit growth potential, ignore international regulations, and isolate from global markets.
What is the primary purpose of conducting market research for a business?
To understand the competition and improve product placement.
To reduce the overall budget allocated for marketing.
To ignore customer preferences and focus on product development.
To increase the price of products based on demand.
How does effective leadership impact the success of a business?
By reducing employee motivation and increasing turnover rates.
By enhancing team collaboration, driving vision, and improving organizational culture.
By focusing solely on profit maximization without regard for employee well-being.
By limiting innovation and discouraging feedback from employees.
Why is it crucial for a business to have a clear and compelling mission statement?
To confuse competitors about the company's real intentions.
To ensure that all financial resources are utilized without a strategic plan.
To guide the organization's strategies, unify the team, and communicate purpose to stakeholders.
To increase operational costs by focusing on non-essential activities.
What is the primary goal of supply chain management within a business?
To increase the complexity of operations and reduce transparency.
To minimize costs and maximize efficiency in the production and distribution process.
To focus solely on the procurement of raw materials without considering distribution.
To prioritize vendor relationships over customer satisfaction.
Why is customer relationship management (CRM) essential for businesses?
To reduce the emphasis on customer feedback and focus on product development.
To increase operational costs by investing in unnecessary technology.
To build and maintain healthy relationships with customers, enhancing loyalty and retention.
To limit direct communication with customers and rely on automated services.
What role does digital marketing play in modern business strategies?
To disregard traditional marketing methods and focus solely on social media.
To enhance brand presence, engage with a broader audience, and drive sales through online channels.
To increase marketing expenses without improving return on investment.
To limit customer interaction and feedback through digital platforms.
A form of marketing research that is used to ascertain the level of potential demand for a firm’s product
executive opinions
the Delphi method
sales force composites
consumer surveys
What is the goal of forecasting? (Chose the BEST answer)
To underutilize facilities
To plan for new storage options
To help plan
To predetermine number of mangers
The two general approaches to forecasting are
mathematical and statistical
qualitative and quantitative
judgmental and qualitative
historical and associative
Equilibrium prices rise when?
Demand decreases; supply increases
Demand increases; supply increases
Demand increases; supply decreases
Demand decreases; supply decreases
Aid in effective inventory management, which requires tracking all merchandise– either bought or sold.
Inventory Systems
Perpetual systems
Physical Systems
Often requires companies keep records of what is received.
Transferring
Receiving
Checking
Marking
Is when the result of a physical inventory comes up shorter than what was accounted for in the perpetual inventory.
Perpetual inventory
Shrinkage
Physical
Which of the following best describes e-commerce?
Doing Business electronically
Doing business
Sale of goods
All of the abive
Which type of e-commerce focuses on consumers dealing with each other?
B2B
B2C
C2C
C2B
The best products to sell in B2C e-commerce are:
small products
Digital products
Specialty products
Fresh products
What protects system from external threats?
firewall
EDI
ERP
Script Kiddies
Which one of the following is called plastic money?
Credit card
Debit card
Master card
All of the above
Unsolicited e-mail is called what?
Junk mail
spam
Extra mail
None
Company Adi sells products to individuals. What EC classification do they fit?
B2C
B2B
C2C
P2P
E-Commerce is the process of buying, selling or exchanging products, services or information via computer.
Yes
No
Which one is not an online payment mode?
Cash on Delivery
Debit card
Credit card
e-cheque
What is E-Commerce?
Trade
Exchange of goods and services
Buying &selling goods and services by using internet
Purchasing and selling
The advantages of E-commerce are (any 2)
Global scope
Security
Cost saving
Favourite
The advantages of E-commerce are (any 3)
Global scope
Anytime shopping
Security
Cost saving
This global organization moderates global trade to ensure fair practices between the Core and the Periphery
OPEC (Organization of petroleum exporting Countries)
NAFTA (North American Free Trade Agreement)
EU (European Union)
WTO (World Trade Organization)
OPEC (Organization of petroleum exporting Countries)
NAFTA (North American Free Trade Agreement)
EU (European Union)
WTO (World Trade Organization)
OPEC (Organization of petroleum exporting Countries)
NAFTA (North American Free Trade Agreement)
EU (European Union)
WTO (World Trade Organization)
This Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.
WTO
World Bank
NATO
United Nations
This group promotes international financial stability and monetary cooperation. It also facilitates international trade, promotes employment and sustainable economic growth, and helps to reduce global poverty.
IMF International Monetary Fund
NATO
United Nations
NAFTA
What is the main role of the WTO in monitoring national trade policies?
To promote fair trade practices
To monitor global weather patterns
To enforce trade embargoes
To regulate global energy consumption
An informative paper document often used for sharing promotional material is
book
driver's license
brochure
website
Is this an example of a good or bad brochure?
Good
Bad
Is this an example of a good or bad brochure?
Good
Bad
Is this an example of a good or bad brochure?
Good
Bad
Is this an example of a good or bad brochure?
Good
Bad
What is wrong with this brochure?
main attention grabber
Attractiveness
The 5 W's and 1 H
Interest
Organization
What is good about this brochure?
images
theme
design is eye catching
color, balance and alignment
Simplicity
Entrepreneurship is the process of
Starting a business
Starting a business and operating a business
Starting a business, operating a business, and growing a business
None of the above
Many entrepreneurs were influenced early in life by
teachers who thought they should be self-employed
recognition for scholastic achievement
entrepreneurial role models
the lack of opportunity for work experience
Your notes described 12 characteristics of an entrepreneur. Which one is not a characteristic?
Goal Oriented
Responible
Risk Taker
Long Hours
Riley is thinking about opening a business. Which of the following is NOT one of the forms of business organizations that she can structure himself as?
Sole proprietorship
Corporation
Partnership
Family-owned business
What form of business organization can own assets and borrow money without directly involving the people who own it and, therefore, is closely regulated by the government?
Corporation
Sole Proprietorship
Partnership
Family Owned Business
Zachary is a stockholder in an automobile manufacturing corporation. If the company should experience large financial losses, John would have ____________________ liability.
Limited
General
Full
Extended
Kyle wants to establish a business that is subject to the least amount of taxation and government regulation? Which type of business ownership will suit him the best?
Sole proprietorship
Corporation
Limited liability
Franchise
Terra owns 40% of the Jimmy Bar and Grill, and Temidayo owns 60%, what type of business is the Jimmy Bar and Grill?
general partnership
sole proprietorship
limited partnership
corporation
Melanie wants to open a clothing boutique but she has to consider several factors before she decides if it is a good choice. One thing she must consider is the ________, which force(s) companies to become more efficient to survive.
Competition
Products
Price
Capital
One reason that Entrepreneurs have unlimited opportunities to open a business in the U.S. is because of the economic choice afforded to them. Economic choice is about
Setting Goals
Choosing to own private property
Finding opportunity
Competition
The most cost effective form of primary research is called ______.
observation
focus group
primary data
secondary data
Tyler needs a system for generating, analyzing, and storing data about consumers, sales, and ads. Tyler should establish a
marketing information system
marketing integrative system
marketing ingenuity system
marketing intelligence system
Kellogg’s is interested in gathering a small number of consumers together to discuss their new breakfast bars’ taste, packaging, flavor choices, etc. What type of research method would be the best choice for them?
Focus group
Observation
Survey
Simulation
Samantha wants to send an electronic questionnaire to gather data. The questionnaire must be clearly written so that all respondents interpret the questions in the same way, thus ensuring questionnaire
Recognition
Relevance
Reliability
Remediation
Data that describes a group of people by age, marital status, gender, etc.
Psychographic data
Demographics
Geographic data
A system for collecting, recording, and analyzing information about customers, products, services, and competition.
Market research
Competitive analysis
Qualitative research
Data that helps a business determine where its potential customers live and how far they will travel to visit a business.
Demographics
Geographic data
Use-based data
Identifying and examining the characteristics of a competing business.
Customer profile
Market research
Competitive analysis
An interview with a group of potential customers who provide valuable feedback.
Survey
Focus group
Observation
Individuals are companies that marketing efforts are aimed at.
Target market
Customer profile
Demographics
A description of the person or company that is likely to buy your product or service.
Target market
Customer profile
Focus group
A list of question to ask customers to find out information.
Survey
Secondary data
Focus group
Information collected for the very first time to fit a specific purpose.
Primary data
Secondary data
Quantitative data
Which of these are questions a business should ask when identifying its target market? Check all that apply.
How old are they?
How much money do they make?
How do they like to purchase their products and services?
Where do they live?
Which of these are ways to collect primary data? Check all that apply.
Census information
Government publications
Surveys
Interviews
Which of these is NOT a source of secondary data?
Census information
Government publications
Previous studies done
Focus groups
Which of these types of research/data produces results in numbers, percents, etc.?
Qualitative
Quantitative
Which of these types of research/data shows consumers' attitudes and beliefs about a product, service, etc.?
Quantitative
Qualitative
Which of the following should be looked at when examining competition?
Products offered and pricing
Strengths and weaknesses
Opportunities and threats
All of these should be looked at
What is cheaper and easier - gaining new customers or keeping old customers?
Gaining new
Keeping old
Which of the following are ways to keep customers' loyalty. Check all that apply.
Give exceptional service
No return policies
Ignore reviews
Use frequent buyer programs
What do we call "subgroups" in marketing?
Market segments
Demographics
Focus groups
True or false. Marking products at very low prices is always a good idea.
True
False
Which of the following SWOT elements are internal factors for a business?
Opportunities and Threats
Strengths and Weaknesses
Strengths and Opportunities
Weaknesses and Threats
Which of the following is false regarding why a SWOT Analysis is used?
To build on the strengths of a business
To minimize the weaknesses of a business
To reduce opportunities available to a business
To counteract threats to a business
Which of the following could be a weakness?
Having quality processes and procedures
Moving into new market segments that offer improved profits
Damaged reputation
A new competitor in your home market
Which of the following could be a threat?
Changes in technology
A market vacated by an ineffective competitor
Location of your business
Lack of marketing expertise
Who usually conducts a SWOT Analysis for a business?
Financial Institutions/Banks
Lawyers
Employees
Managers
What does SWOT stand for?
Strengths, wellbeing, opportunities, threat
Sudden weaknesses, outstanding threats
Social ways of overcoming threats
Strengths, weaknesses, opportunities, threats
A SWOT analysis looks at...
Internal factors
External factors
Both internal and external factors
No answers are correct
If you wanted to look at factors out of control of the business which may affect it, you would look at:
Strengths and weaknesses
Outsiders or threats
Strengths and threats
Opportunities and threats
Which of the following is a strength?
Loyal customer base
New market opened up
Poor staff training
New competition
Which of the following is a weakness?
Overseas demand for product
Falling number of customers within specific age group
Making a profit
Poor quality goods
Which of the following is an opportunity?
New market opened up
Minimum wage so higher wages have to be paid
Negative publicity
Good financial situation
Which of the following is a threat?
New market opened up
Poor staff training
Negative publicity
Expansion of business to overseas
Nike has a really strong brand. Which factor of SWOT does this describe?
Strength
Weakness
Opportunity
Threat
Volkswagen has $192B of debt. What factor of SWOT does this describe?
Strength
Weakness
Opportunity
Threat
Home building companies have experienced rising costs for materials. Which factor of the SWOT analysis is this?
Strength
Weakness
Opportunity
Threat
Cook Out Corporate sees that a property on a college campus is for sale. What factor of SWOT is this?
Strength
Weakness
Opportunity
Threat
Crumbl Cookies is opening a location in Farragut. What factor of the SWOT analysis is this for Kooky Cookies, which is also in Farragut?
Strength
Weakness
Opportunity
Threat
If you are analyzing what your competitors are doing, which factor of the SWOT analysis are you determining?
Strength
Weakness
Opportunity
Threat
