WorksheetsEntrepreneurship Spring 2024 Final Review
Total questions: 55
Worksheet time: 28mins
Name
Class
Date
1.
Someone who does contract work for different companies to complete projects or assignments is referred to as
a)
a. An entrepreneur
b)
b. A leader
c)
c. An employee
d)
d. A freelancer
2.
Which of the following is NOT a benefit of working for yourself?
a)
a. Setting your own schedule
b)
b. Doing what you are passionate about
c)
c. Being your own boss
d)
d. Punching the clock for a paycheck
3.
________ is being able to manage your calendar, work, email, social media, and projects.
a)
a. Professional management
b)
b. Resource management
c)
c. Referral management
d)
d. Personal management
4.
Which of the following is NOT a characteristic of a strong work ethic?
a)
a. Dependability
b)
b. Professionalism
c)
c. Tardiness
d)
d. Dedication
5.
Which of the following is NOT a core characteristic of most entrepreneurs?
a)
a. Risk-taker
b)
b. Selfish
c)
c. Confident
d)
d. Independent
6.
Being consistent in your actions, values, attitudes, principles, and methods; doing the right things in the right ways
a)
a. Integrity
b)
b. Courtesy
7.
Someone who owns, operates, and manages his or her own business
a)
a. Employee
b)
b. Entrepreneur
8.
The process of identifying and opportunity then setting up and running a business to address that opportunity
a)
a. Entrepreneurship
b)
b. Responsibility
9.
Believing in work as a moral good that is reflected in a desire to work hard
a)
a. Work ethic
b)
b. Visionary
10.
Keeping your promises; being on time and prepared for meetings and appointments
a)
a. Professionalism
b)
b. Dependability
11.
Money that is spent on equipment, resources, or supplies is referred to as . . .
a)
a. Business income
b)
b. A personal expense
c)
c. Profit and loss
d)
d. A business expense
12.
The __________ is the amount of money left after a product or service is sold and the costs of goods and other expenses are subtracted.
a)
a. Loss
b)
b. P&L Statement
c)
c. Profit
d)
d. Expense
13.
When a business has more expenses than income from sales for a specific time period, their P&L Statement would show a(n):
a)
a. Profit
b)
b. Expense
c)
c. Loss
d)
d. Revenue
14.
Resource management refers to the effective use of what item for business?
a)
a. Equipment
b)
b. Products
c)
c. Money
d)
d. All of these
15.
The effective use of all the things available to your business is known as . . .
a)
a. Business management
b)
b. Financial management
c)
c. Resource management
d)
d. Personal management
16.
Gross profit minus all the expenses related to the business is referred to as . . .
a)
a. Net Income
b)
b. Negative Revenue
c)
c. Total Income
d)
d. Net Profit
17.
What two aspects of your business records are vital to manage?
a)
a. Accounting and document management
b)
b. Accounting and income
c)
c. Receipts and document management
d)
d. Profit and Loss
18.
A ___________ occurrence is ongoing and happens every three months.
a)
a. Quarterly
b)
b. Annually
c)
c. Semi-annually
d)
d. Frequency
19.
Business income that you save for emergencies or future business expenses
a)
a. Retained earnings
b)
b. Venture capital
20.
Total sales amount minus the cost of goods sold
a)
a. Gross profit
b)
b. Net profit
21.
Giving money to a nonprofit organization
a)
a. Paying taxes
b)
b. Charitable giving
22.
When there is a greater demand for something than the amount actually available
a)
a. Scarcity
b)
b. Inflation
23.
The effective use of all the resources available to your business
a)
a. Resource management
b)
b. Personal management
24.
Which of the following is NOT an example of promotion?
a)
a. Coupons
b)
b. Free offers
c)
c. Bold fonts
d)
d. Sales
25.
The look of your brand includes all of the following except:
a)
a. Fonts
b)
b. Words
c)
c. Colors
d)
d. Design
26.
Which of the following is NOT a key to marketing the right way to the right people?
a)
a. Know who you are
b)
b. Know who your customer is
c)
c. Know how much your customers spend
d)
d. Know where your customers income level
27.
A _________ is a tangible item you sell for your business.
a)
a. Service
b)
b. Product
c)
c. Branding
d)
d. Market
28.
A ___________ is something you do for someone else as your business.
a)
a. Service
b)
b. Product
c)
c. Branding
d)
d. Market
29.
What is word-of-mouth marketing?
a)
a. When you talk about your business
b)
b. When you offer a sale on a product
c)
c. When customers call you to thank you for your business
d)
d. When customers tell others about your business
30.
What you want your customers to sense whenever they think about your business is referred to as the . . .
a)
a. Look
b)
b. Tone
c)
c. Logo
d)
d. Feel
31.
Which of the following is NOT a tip when choosing a name for your business?
a)
a. Keep it short
b)
b. Avoid hard-to-spell names
c)
c. Check for trademarks
d)
d. Use puns or jokes
32.
Your target market is defined as . . .
a)
a. People who live in your neighborhood
b)
b. People you know including your friends, family, and social media contacts
c)
c. People who want what you have to offer and are willing to pay the price you charge
d)
d. All of the people who could become potential customers if they knew about your
33.
What is one of the most powerful forms of word-of-mouth marketing?
a)
a. Sharing social media posts
b)
b. Coupons for free products
c)
c. Calling customers on the phone
d)
d. Direct mail advertising
34.
Activities that increase awareness and sales of a product or service
a)
a. Promotion
b)
b. Investments
35.
ROI stands for:
a)
a. Return on Investment
b)
b. Return on Interest
36.
Everything a business does to convince customers to buy their product or service
a)
a. Branding
b)
b. Marketing
37.
Your primary group of customers to whom you direct your marketing efforts.
a)
a. White space
b)
b. Target market
38.
The percentage of a market controlled by a company or product
a)
a. Market share
b)
b. Marketplace need
39.
A ______________ is a written document that outlines your goals and how you plan to reach those goals.
a)
a. Business plan
b)
b. Business summary
c)
c. Business description
d)
d. Business marketing
40.
What type of business insurance protects you from damage to your equipment.
a)
a. Liability insurance
b)
b. Property insurance
c)
c. Health Insurance
d)
d. Professional insurance
41.
What does it mean to figure out what your platform will be?
a)
a. Identify what your specific policies will be
b)
b. Identify how you will take payment
c)
c. Identify where your business will live online
d)
d. Identify how you will ship your product
42.
Why is it important to have a time limit on your goals?
a)
a. You have to be able to measure your goals
b)
b. You don’t want to use someone else’s goals
c)
c. It gives you a definite date to work toward
d)
d. It helps you increase your profits by 15%
43.
Writing down your goals will do what for you?
a)
a. Hold you accountable
b)
b. Help you remember them
c)
c. Keep them in front of you
d)
d. All of these
44.
In addition to being yours and written down, strong goals must have what three qualities?
a)
a. Specific, meaningful, and have a common thread
b)
b. Singular, measurable, and have a foundation
c)
c. Singular, meets a need, and have a time limit
d)
d. Specific, measurable, and have a time limit
45.
Which of the following questions is NOT something to be concerned about when hiring an employee?
a)
a. Is this a part-time or full-time position?
b)
b. How will you handle overtime, holidays, sick time, and vacations?
c)
c. How often will you pay an employee?
d)
d. How often will you provide a free lunch?
46.
Starting small in your business means you may NOT be able to:
a)
a. Build a loyal customer base
b)
b. Establish your business name
c)
c. Hire more people right away
d)
d. Develop a good reputation
47.
When hiring staff, what is a good trial period to make sure they are the right person for the job?
a)
a. 30-day
b)
b. 90-day
c)
c. 60-day
d)
d. 100-day
48.
What is the best advice to keep in mind as you grow your business?
a)
a. Grow at the speed of cash
b)
b. Grow as quickly as you can
c)
c. Hire extra help so you can make more money
d)
d. Use debt to help you grow faster
49.
The description of the purpose of your business
a)
a. Mission statement
b)
b. Marketing strategy
50.
A detailed description of how you will do business
a)
a. Business plan
b)
b. Executive summary
51.
This will keep electronic copies of all your important paperwork
a)
a. Accounting system
b)
b. Document management system
52.
Insurance that protects you in the event you harm someone or damage any of their stuff
a)
a. Property insurance
b)
b. Liability insurance
53.
This will keep track of all your business money
a)
a. Accounting system
b)
b. Document management system
54.
Someone who leads, or has the ability to lead, others is called . . .
a)
a. an employee
b)
b. an entrepreneur
c)
c. a leader
d)
d. a teacher
55.
Having a positive tone, smiling, saying please, thank you, and you’re welcome are all examples of ________ .
a)
a. Courtesy
b)
b. Compassion
c)
c. Character
d)
d. Confidence
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