WorksheetsStrategic Entrepreneurship Review
Total questions: 34
Worksheet time: 17mins
In order for a business to generate a profit, its operating costs must be:
close to the gross margin
less than the gross margin
the same as the gross margin
greater than the gross margin
Variable expenses increase in direct proportion to the:
employment rates
production rates
mortgage rates
automation rates
A disadvantage of a general partnership is that
each partner is liable for the business's losses
the government watches you more closely
each partner has equal investment in the company
they must come up with a partnership agreement
A major advantage of a sole proprietorship is
that it is easy work
more than one set of skills
costs more to start
ease of start up
Joseph starts a tennis school. His former pro advises him with the school's start-up. The former pro is acting as a
leader
partner
mentor
middle man
What is often a positive result of accepting responsibility for a poor decision?
You don't receive any of the blame
You gain others respect
You cause people to be skeptical
You earn future business
A reliable online source of general business start-up information:
University of Cincinnati's website
Small Business Administration (www.sba.gov)
National Federation of Retailers
An entrepreneur considers venture location and financial needs during the:
banking process
discussion process
logistic process
planning process
Emotional risks that many entrepreneurs face include
unemployment
competition
family problems
inflation
Entrepreneurs often discover business start-up ideas by looking for gaps between
financial markets
features and benefits
interest and inflation rates
what is currently being done and what needs to be done
One-time start-up costs often include
incorporation fees
Legalzoom fees
Tax preperation fees
trade show fees
The entrepreneurial discovery process requires knowledge and the recognition of a(n)
successful business
economic conditions
market need
new employees
When an individual recognizes the possibility of failure and continues to work toward a goal?
Dreaming
Entrepreneuring
Risk taking
Servicing
What is a trend that affects the growth of entrepreneurial ventures?
Convenience products are more in demand
Shark Tank has caused more entrepreneurs
Farming methods are improving
People are driving more
The importance of small business to the economy leads to strong support from local governments.
True
False
This is a tool that an entrepreneur develops to project sales for a new business venture:
Inventory report
Promotional budget
Marketing report
Sales forecast
Which of the following is usually a characteristic of a creative person:
Works well with others
Likes to seek out new challenges
Patience
Disciplined
Which of the following statements is true about entrepreneurial discovery?
Provides training
Makes sure the business has financing in place
Guarantees success
It's ongoing helps business be more successful
Protects a business's inventions or written works from the unauthorized use by others:
Product Insurance
EPA
Intellectual property
Accountants
A business that fails to protect its employees from unnecessary risk/health hazards on the job:
are ok to work for as long as you don't die or lose a limb
is ok because they have insurance
may be sued for negligence
are guilty of libelous behavior
Can any brand name be selected and used by a business?
Yes, a name cannot be owned by a business
Yes, a business can use any name it wants to use
No, the name must be legally available for use
No, the name must be registered before it can be used
A business might take an existing product and alter it to fulfill a specific need for
utility
promotion
product mix
a different target market
Businesses that segment the market based on psychographics are grouping people according to
to their age and gender
to their lifestyles
to their physical traits
to their location
Identifying market segments helps a business to develop appropriate:
codes of ethics
marketing strategies
legal teams
employee records
A way that a national business chain can make sure that customers will remember its name is to:
be similar to other businesses
advertise on infomercials
be easy to read and pronounce
develop a brand name that is long and complicated
Ford Motor Co offering different types of vehicles in a wide range of prices is an example of:
multi-level marketing
market segmentation
global marketing
indirect marketing
Selecting a target market based on very specific criteria limited to a well-defined segment
Super Segmentation
Definition Segmentation
Niche Marketing
Limited Marketing
Company A ignores target market segment differences and generates an appeal with just one offer
Niche Marketing
Mass Marketing
Custom Marketing
Individual Marketing
Which of these is a factor that businesses often consider when conducting a market analysis:
Where the test market is located
Prototype production
Marketing questionnaire length
Size of the market next year
This is a way that a business can determine if a product will fulfill its target market's needs:
Observe their employees
Ask the customers
Try the product themselves
Have a list of potential customers
Businesses reviewing secondary data is useful because it offers:
insight into what their competitors are up to
info on market potential
names and addresses of customers
product life cycle information
This is a question that a business might ask when it wants to evaluate its weaknesses:
Who is our weakest employee?
What are the competitors up to?
What are our assets?
What resources do we lack?
This is important to ask to determine the business's strengths when conducting a SWOT analysis: Where are we making money?
Where are our customers coming from?
How much money do customers have?
Where are we making money?
What obstacles will we face or are facing?
Which of the following situations presents a business threat to a company?
A competitor has a product recall due to a defect.
Sales of one of your product lines increases.
Interest rates are reduced.
A competitor obtains a bank loan for expansion
