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Entrepreneurship 9 weeks review

Total questions: 81

Worksheet time: 20hrs 15mins

Name
Class
Date
1.

if you're buying an existing business what are some things you should ask from the existing owner?

a)
High school GPA
b)

inventory details, existing debts or liabilities

c)

Financial records, customer data

d)

Supplier contracts, employee contracts

2.

Advantages of buying an exisiting business.

4 lines
3.

Disadvantages of buying existing business

4 lines
4.

What costs are associated with buying a franchise?

a)
Legal fees
b)

Insurance premiums

Monthly salary

c)

Initial franchise fee, ongoing royalty fees, marketing fees, training costs, and

d)

Potential additional costs for equipment, supplies, and location build-out.

5.

Franchise Disclosure Document

a)
A Franchise Disclosure Document (FDD) is a marketing brochure provided by franchisors.
b)
A Franchise Disclosure Document (FDD) is a document that outlines the benefits of franchising.
c)
A Franchise Disclosure Document (FDD) is a legal document that franchisors must provide to potential franchisees.
d)
A Franchise Disclosure Document (FDD) is a contract between franchisors and franchisees.
6.

Percentage of businesses run by family?

a)

90

b)

85

c)

50

d)

60

7.

What are anti-trust laws?

a)
Anti-trust laws are regulations that aim to promote fair competition and prevent monopolies or other practices that could harm consumers.
b)
Anti-trust laws are regulations that aim to harm consumers
c)
Anti-trust laws are regulations that aim to promote unfair competition
d)
Anti-trust laws are regulations that aim to promote monopolies
8.

Types anti-trust laws

a)

Pacman Act

b)

Sherman Law

c)

Clayton Act

d)

Robinson-Patman Act

9.

What is a contract?

a)
A contract is a one-sided agreement between parties.
b)
A contract is a legally binding agreement between two or more parties that outlines specific terms and conditions.
c)
A contract is a temporary agreement between parties.
d)
A contract is a verbal agreement between parties.
10.

All elements of a contract?

a)

Offer and acceptance

b)

Consideration

c)

Capacity

d)

Legality

e)

Genuine Assent

11.

What is sole proprietorship?

a)
Sole proprietorship is a business structure where the government owns the business.
b)
Sole proprietorship is a business structure where the individual is not responsible for the business.
c)
Sole proprietorship is a type of partnership involving multiple owners.
d)
Sole proprietorship is a business structure where an individual is fully responsible for all aspects of the business.
12.

What is partnership?

a)
A business structure where two or more individuals manage and operate a business together.
b)
A type of clothing
c)
A form of transportation
d)

A business structured that is solely run by one person or company.

13.

What is Corporation?

a)
A corporation is a legal entity that is separate and distinct from its owners.
b)
A corporation is a type of vehicle
c)

A corporation is company ran by multiple companies or people.

d)
A corporation is a type of fruit
14.

What are Board Of Directors?

a)
Board of Directors are a group of individuals elected to represent shareholders and make decisions on major company issues.
b)
Board of Directors are a group of robots programmed to make decisions for a company
c)
Board of Directors are a group of customers who provide feedback on products
d)
Board of Directors are a group of employees responsible for cleaning the office
15.

What do board directors do?

a)

Board directors are responsible for day-to-day operations of an organization and important decisions.

b)
Board directors are only focused on financial matters of an organization.
c)
Board directors have no influence on the strategic direction of an organization.
d)

Board directors determine dividend payments, oversee the activities and strategic direction of an organization

16.

What is a share of stock?

a)
A share of stock is a type of fruit.
b)
A share of stock is a piece of clothing.
c)
A share of stock is ownership in a company.
d)
A share of stock is a type of currency.
17.

What is the Robinson-Patman Act

a)
A federal law that prohibits price discrimination
b)
A consumer protection act
c)
An international trade agreement
d)
A state law that regulates business practices
18.

What are zoning laws?

a)
Zoning laws are regulations that control the use of water resources within a specific area.
b)
Zoning laws are regulations that control the use of land and structures within a specific area.
c)
Zoning laws are regulations that control the use of air quality within a specific area.
d)
Zoning laws are regulations that control the use of internet access within a specific area.
19.

Definition of copyright?

a)
A type of software license
b)
Legal right that grants the creator of an original work exclusive rights to its use and distribution.
c)
A form of trademark protection
d)
A method of securing a patent
20.

Definition of trademark?

a)
A type of patent for software
b)
A legal document for copyright protection
c)
A form of business registration
d)
A recognizable sign, design, or expression identifying products or services of a particular source.
21.

Definition of patent?

a)
A patent is a type of fruit
b)
A patent is a type of clothing
c)
A patent is a type of currency
d)
A patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, selling, and importing an invention for a limited period of time, usually twenty years.
22.

Advantages of having an ecommerce business?

a)
Limited customer base
b)
Higher costs
c)
Limited availability
d)
Advantages of having an ecommerce business include global reach, lower costs, scalability, customer data access, and 24/7 availability.
23.

Disadvantages of having an ecommerce business?

a)
No technical issues
b)
Low competition
c)
No security risks
d)
High competition, potential security risks, technical issues, dependency on technology, need for strong customer service
24.

Who is a tenant?

a)
A person who owns land or property
b)
A person who is a real estate agent
c)
A person who is a landlord
d)
A person who occupies land or property rented from a landlord.
25.

Who is a landlord?

a)
A person who builds property
b)
A person who manages property
c)
A person who owns property and rents it out
d)
A person who sells property
26.

Positives of owning a business in the Downtown Area?

a)

High foot traffic, diverse customer base, easy access for downtown workers, easy accessibility

b)
High competition, high rent costs, limited parking options
c)
Homogeneous customer base, lack of collaboration opportunities, dull atmosphere
d)
Low foot traffic, limited customer base, isolation opportunities
27.

Negatives of owning a business in the downtown area?

a)

High crime rate,

Traffic Jams

b)

No traffic

c)

No free parking,

No customers in evening

d)

Easy access

28.

Positives of Neighborhood Businesses

a)

Sells goods that ppl purchase frequently

b)

Only ppl from neighborhood purchase

c)

Low rent

d)

Convenient for ppl who live nearby

29.

Negatives of neighborhood businesses

a)

Only customers from immediate area

b)

People from all around

c)

High rent

d)

Small amount of goods sold

30.

Positives for Community Shopping Centers

a)

Larger than neighborhood centers

b)

Many neighborhoods

c)

Low rent

d)

No traffic

31.

Negatives of Community Shopping Centers

a)

Increase traffic

b)

Higher rent

c)

High product costs

d)

Low rent

32.

Positives for regional

a)

40-100 stores anchored by 2 or more large stores

b)

Attracts customers from an entire region

c)

High demand

d)

High rent

33.

Positives for Super-Regional Shopping Centers

a)

Largest classification

b)

More than 100 stores anchored by 3 or more stores

c)

Low rent

d)

In high demand

34.

Negatives of Super Regional Shopping Centers

a)

Very high rents

b)

Not recommended for new businesses

c)

High traffic

d)

High demand

35.

Positives for Stand Alone Stores

a)

Less expensive rent

b)

located outside of shopping centers

c)

Lots of customers

d)

Convenient Access

36.

Negatives of Stand alone stores

a)

Depend on drive by traffic

b)

Advertising is necessary

c)

High rent

d)

High traffic

37.

Positives of warehouses

a)

Cheapest rent

b)

Charge customers lower prices

c)

No traffic

d)

Low rent

38.

Negatives of warehouses

(a)  

39.

Positives of Industrial

a)

Don't rely on customer traffic

b)

Less expensive

c)

Low rent

d)

Low traffic

40.

Negatives of Industrial

(a)  

41.

Positives of Service Businesses

(a)  

42.

Negatives of Service Business

a)

Offering inside service

b)

Location is important

c)

High rent

d)

No customer loyalty

43.

Benefits of Home Based Business

a)

Saves money

b)

More freedom

c)

Convenience

d)

Low rent

44.

Negatives of Home Based Business

a)

Lack Of Space

b)

Hard to seperate business and family life

c)

A feeling of isolation

d)

High rent

45.

Positives of Virtual/Online business

a)

Costs are less

b)

Global Customers

c)

Immediate Presence

d)

Electronically manage information about customers

46.

Negatives of Virtual/Online Businesses

a)

Buy your own domain

b)

Website Current, Website has to have a fast loading speed

c)

Website design that appeals to your customers

d)

Expensive

47.

Trade Area

a)

tenant pays rent, taxes and other expences

b)

Area from which you expect to attract customers

c)

Buying and selling products or services over the internet

d)

Tenant pays monthly rent

e)

Landlord pays building insurance

48.

Percentage lease

a)
Percentage lease is a type of lease where the tenant pays a base rent plus a percentage of their sales.
b)
Percentage lease is a type of lease where the tenant pays a fixed monthly fee.
c)
Percentage lease is a type of lease where the tenant pays a percentage of the landlord's expenses.
d)
Percentage lease is a type of lease where the tenant pays a percentage of the property's age.
49.

Inventory definition

a)
Inventory is the total assets of a business
b)
Inventory refers to the financial records of a business
c)
Inventory is the process of managing customer orders
d)

Inventory is the goods and materials a business needed to make the products that a business sells

50.

Type of items that are considered inventory

a)
Labor costs, overhead expenses, marketing expenses
b)
Supplies, equipment, intangible assets
c)
Raw materials, work-in-progress goods, finished goods
d)
Customer service, employee training, quality control
51.

What are the goals of a layout?

a)
Ignore user experience
b)
Organize content, provide visually appealing design, ensure usability and accessibility, create a consistent user experience
c)
Use as many colors as possible
d)
Maximize white space
52.

What are the inventory methods?

a)

FIFO, LIFO, Periodic, JIC,JIT

b)
FIFO, LIFO, Moving Average
c)
FIFO, LIFO, Specific Identification
d)
FIFO, LIFO, Average Cost
53.

What is a line of credit?

a)
A line of credit is a type of insurance policy
b)
A line of credit is a fixed-rate mortgage
c)
A line of credit is a flexible loan from a financial institution that allows an individual or business to borrow money up to a certain limit.
d)
A line of credit is a form of cryptocurrency
54.

What is an income statement?

a)
A financial document showing a company's revenues, expenses, and net income over a specific period of time.
b)
A document showing a company's physical assets
c)
A summary of customer feedback
d)
A report on employee performance
55.

Difference between Assets and Liabilities?

a)
Assets are resources owned by a company, while liabilities are obligations or debts that a company owes.
b)
Assets represent future financial gains, while liabilities represent current financial losses.
c)
Assets and liabilities are terms used interchangeably in accounting.
d)
Assets are debts owed by a company, while liabilities are resources owned by a company.
56.

What is revenue?

a)
Total income generated by a business through its normal business operations.
b)
Net profit earned by a business
c)
Number of employees in a business
d)
Total expenses incurred by a business
57.

What is debt to equity ratio?

a)
Debt to equity ratio is calculated by dividing total liabilities by total equity.
b)
Debt to equity ratio is calculated by multiplying total debt by total equity.
c)
Debt to equity ratio is calculated by dividing total assets by total equity.
d)
Debt to equity ratio is calculated by dividing total debt by total equity.
58.

Difference between secured and unsecured loans?

a)
Secured loans have lower interest rates than unsecured loans.
b)
Secured loans are backed by collateral, while unsecured loans are not.
c)
Secured loans are easier to obtain than unsecured loans.
d)
Secured loans require a higher credit score than unsecured loans.
59.

What are managers responsible for?

a)
Managers are responsible for planning, organizing, leading, and controlling resources within an organization to achieve specific goals.
b)
Managers are responsible for surfing, dancing, and singing within an organization
c)
Managers are responsible for skydiving, painting, and knitting within an organization
d)
Managers are responsible for cooking, cleaning, and gardening within an organization
60.

5 functions of management

  1. 1. Planning

a)

Strategic Planning-3-5-years

b)

Intermediate planning 3-5 years

c)

Short Term Planning- daily operations

d)

Long-term planning 5-10 years

61.

  1. 2. Organizing

a)

Assignment of tasks

b)

Grouping of tasks into departments

c)

Organizing items

62.

3. Staffing

a)

Managing personal

b)

Hiring

c)

Paying

63.

  1. 4. Implementing

a)

Directing and leading people to accomplish goals

b)

Management style

c)

Implementing strict rules

d)

Day-to day

64.

  1. Controlling

a)

Setting standards

b)

Ensuring standards are met

c)

Control employees

d)

Control business

65.

3 management styles

a)

Bureaucratic,

Paternalistic, Authoritative

b)

Democratic, Author, Legislative

c)

Democratic, Authoriative, Mixed management

66.

What are the concerns around inventory?

a)

Understocking, Excessive ordering, Accurate records

b)
Overstocking, obsolescence, stockouts, inaccurate records
67.

What are the two types of inventory methods?

a)
FIFO and LIFO
b)
LIFO and LIFO
c)
FIFO and FIFO
d)

Perpetual(everyday), Periodic(physical count)

68.

What is a strategy that encourages businesses to make faster payments?

a)
Extending payment terms indefinitely
b)
Charging penalties for early payments
c)
Ignoring payment deadlines completely
d)
Offering discounts or incentives for early payments
69.

What's the difference between Net Sales and Gross Sales?

a)
Net Sales are Gross Sales multiplied by returns, discounts, and allowances.
b)

Net Sales are Gross Sales plus returns, discounts, and allowances.

c)

Gross Sales are Gross Sales divided by returns, discounts, and allowances

Net Sales-Dollar amount of all sales

d)

Net Sales are Gross Sales minus returns, discounts, and allowances.

Gross Sales-Dollar amount of all sales

70.

What does cash flow tell us?

a)
Cash flow tells us the weather forecast for the week
b)
Cash flow tells us the best time to plant crops
c)
Cash flow tells us the population of a city
d)
Cash flow tells us the amount of money coming in and going out of a business over a specific period of time.
71.

Can two companies have the same cash flow?

a)
No
b)
Maybe
c)
Yes
d)
Rarely
72.

Balance Sheet Equation

a)
Assets - Liabilities = Equity
b)
Assets + Liabilities = Equity
c)
Assets = Liabilities - Equity
d)
Assets = Liabilities + Equity
73.

Equation for Cash flow statement

a)
Cash flow from operating activities x Cash flow from investing activities x Cash flow from financing activities = Net increase (decrease) in cash and cash equivalents
b)
Cash flow from operating activities - Cash flow from investing activities - Cash flow from financing activities = Net increase (decrease) in cash and cash equivalents
c)
Cash flow from operating activities / Cash flow from investing activities / Cash flow from financing activities = Net increase (decrease) in cash and cash equivalents
d)
Cash flow from operating activities + Cash flow from investing activities + Cash flow from financing activities = Net increase (decrease) in cash and cash equivalents
74.

Equation for Rent-Per-Customer

a)
Rent-Per-Customer = Total Rent + Total Number of Customers
b)
Rent-Per-Customer = Total Rent - Total Number of Customers
c)
Rent-Per-Customer = Total Rent x Total Number of Customers
d)
Rent-Per-Customer = Total Rent / Total Number of Customers
75.

Equation for Fix vs Variable cost

a)

Fixed costs = Total Costs + Variable Costs

Total Variable Costs = Cost Per Unit x Total Number of Units

b)

Fixed costs = Total Costs * Variable Costs

Total Variable Costs = Cost Per Unit x Total Number of Units

c)

Fixed costs = Total Costs / Variable Costs

Total Variable Costs = Cost Per Unit x Total Number of Units

d)

Fixed costs = Total Costs - Variable Costs

Total Variable Costs = Cost Per Unit x Total Number of Units

76.

Equation for Assets

a)
Assets = Liabilities - Equity
b)
Assets = Liabilities x Equity
c)
Assets = Liabilities / Equity
d)
Assets = Liabilities + Equity
77.

Equation for liabilities

a)
Liabilities = Assets + Equity
b)
Liabilities = Assets x Equity
c)
Liabilities = Assets / Equity
d)
Liabilities = Assets - Equity
78.

Ecommerce

a)

Buying websites on the internet

b)

Buying and selling products or services over the internet

79.

Gross lease

4 lines
80.

Net lease definition

a)
A net lease is a lease agreement where the tenant pays only the base rent without any additional expenses.
b)
A net lease is a lease agreement where the landlord covers all expenses related to the property.
c)
A net lease is a lease agreement where the tenant pays a fixed rent amount regardless of any additional costs.
d)
A net lease is a lease agreement where the tenant pays a base rent plus additional expenses like property taxes, insurance, and maintenance costs.
81.

Percentage Lease

a)
Percentage lease is a type of lease where the tenant pays a base rent plus a percentage of their sales.
b)
Percentage lease is a type of lease where the tenant pays a percentage of the landlord's profits.
c)
Percentage lease is a type of lease where the landlord pays a percentage of the tenant's sales.
d)
Percentage lease is a type of lease where the tenant pays a fixed amount regardless of sales.

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