WorksheetsIntro to Entrepreneurship Final Exam '25
Total questions: 35
Worksheet time: 18mins
Name
Class
Date
1.
After the entrepreneur develops a business idea, he/she should _____________________ to fully understand/get to the root of the problem they are trying to solve.
a)
phone a friend
b)
use a lifeline
c)
poll the audience
d)
share their product or service idea with others to get more ideas about how to best meet their customers' needs
2.
You are trying to get your new business venture up and running. You have an idea for a revolutionary new heart health care product but have yet to produce it. You are looking to raise money but want to keep control of your company. You will try to attract _____________ to invest in your business.
a)
family and friends
b)
big banks
c)
corporations
d)
venture capitalists (VCs)
3.
____________ is the initial funding used to begin creating a business or a new product.
a)
Seed capital
b)
Factoring
c)
Senior debt
d)
Initial Public Offering (IPO)
4.
You are looking to raise seed capital by taking a cash advance on your credit card. This form of funds is known as ______________ .
a)
risk capital
b)
venture capital
c)
crowd funding capital
d)
internal capital
5.
Early video phones, like the one in the picture below, never sold. The companies that developed the phones ___________________________ .
a)
did not complete the Five Forces Model.
b)
missed the window of opportunity because they introduced the technology too early
c)
did not complete a competitive analysis
d)
did not make the video screen big enough for people to easily see it
6.
"How do you get, keep, and grow customers?" is a question relevant to ___________________________ .
a)
customer relationships
b)
revenue streams
c)
key resources
d)
key activities
7.
The value proposition for products can include which of the following?
a)
manufactured goods and commodities
b)
intangible products like copyrights and patents
c)
digital products like the Amazon Kindle and Apple iPod Touch
d)
insurance policies
e)
All of these can be included as products that entrepreneurs can develop value propositions for.
8.
In order for your entrepreneurial venture to succeed, your Customer Segment research must identify the ________________ for your product or service.
a)
target market
b)
served available market
c)
total available market
d)
industry
9.
Apple understands that pre-sales services, Genius, iTunes, and the post-sale classes they offer at their store are examples of their _________________ .
a)
value proposition
b)
product structures
c)
key activities
d)
cost structure
10.
The viral loop in building customer relationships is to get, grow, and ____________ customers.
a)
research
b)
keep
c)
replace
d)
increase
11.
Your Channel segment of the Business Model Canvas addresses _______________________ .
a)
how your products get to your customers
b)
how your company will maintain customer relationships
c)
how your company will acquire raw materials to produce your products
d)
how your company builds buyer-supplier relationships
12.
What is the problem? What do customers do today? For whom is this relevant? Why is the problem so hard to solve? How big is the problem? How do you do it? Are key questions for _____________________ .
a)
Customer Segments
b)
Key Activities
c)
Customer Relationships
d)
Value Proposition
e)
Key Partners
13.
Under Value Proposition, pain killers ______________________ .
a)
reduce or eliminate wasted time
b)
address negative emotions
c)
address risks during and after getting the job done
d)
all of the above
14.
Developing production processes and creating an effective supply chain is essential to a ___________________________ plan.
a)
customer relationships
b)
revenue streams
c)
key resources
d)
key activities
15.
Dynamic pricing is pricing for goods or services that changes based on market conditions. For example, due to the pandemic, prices for cleaning supplies and paper products (toilet paper and paper towels) increased. This pricing mechanism example would best be categorized as the _____________ element of the Business Model Canvas.
a)
customer relationships
b)
revenue streams
c)
key resources
d)
key activities
16.
Many companies utilize _________________ where customers utilize apps or cards that credit them for purchases and then give them a reward such as a purchase discount or free item.
a)
product updates
b)
loyalty programs
c)
customer satisfaction cards
d)
customer referrals
17.
Jewell is starting his sneaker design company with his own money. Bootstrap financing enables him to _____________________.
a)
save money through creativity, thriftiness or any means necessary
b)
use his vast amounts of money to solve problems that pop-up in his daily business operations
c)
grow his business quickly via high profit margins
d)
purchase new, top of the line, computer, office furniture, and other essential business supplies
18.
According to the article "Bootstrap Finance: The Art of Start-ups", a hidden cost of using other people's money to finance your start-up is ____________________.
a)
outside investors help the entrepreneur to maintain control of their venture
b)
the entrepreneur can focus on growing their market share
c)
entrepreneurs can maintain discipline and flexibility in the operations of their business venture
d)
outside investors can hinder entrepreneurs from taking a try-it, fix-it approach to business operations problem solving
19.
The Business Model Canvas is a concise summary of a business plan. There are important elements to the plan including Customer Relationships, Revenue Streams, Key Activities, and ___________________.
a)
Business Costs
b)
Customer Segments
c)
Accounting Structure
d)
Marketing Plan
20.
The questions "Why create an alliance with other businesses?" applies to __________________________.
a)
cost structures
b)
key activities
c)
key partners
d)
key resources
21.
Spotify and Pandora are two music streaming services that generate revenue via __________________ .
a)
transition revenue
b)
product service dependent
c)
recurring revenue
d)
yield management
22.
Variable costs for Starbucks could include ________________.
a)
cups, lids, and sugar
b)
rent
c)
advertising
d)
utilities
23.
Fixed costs for Starbucks could include ______________________.
a)
cups, lids, and sugar
b)
advertising
c)
utilities
d)
all represent fixed costs for Starbucks except cups, lids, and sugar
e)
equipment leases
24.
Alexia sells her washing machines for the same price whether they are offered online via her company website, at Home Depot, P.C. Richard & Son, or other bricks and mortar retailers. This pricing mechanism is known as ______________ .
a)
list price
b)
negotiation
c)
auctions
d)
volume dependent
25.
More fixed costs means ________________________.
a)
more risk
b)
less risk
c)
it takes less sales each month to get to breakeven
d)
it takes less sales each month to cover your contribution margin requirements
26.
To enhance customers' viewing/entertainment experience, Netflix makes recommendations to viewers based on shows they have watched in the past and "Liked". This enables Netflix to keep loyal customers. This example would best be categorized as the building ______________________ element of the Business Model Canvas .
a)
customer relationships
b)
revenue streams
c)
key resources
d)
key activities
27.
In regard to revenue models, businesses must consider, "What __________ is the customer paying for?"
a)
pricing
b)
strategy
c)
value
d)
segment
28.
Merck agreed to produce the Johnson & Johnson Coronavirus vaccine. Merck and J&J are pharmaceutical industry rivals but the collaboration/partnership will help Johnson & Johnson get more vaccines to a greater number of people in a shorter period of time. This is critical to combating the coronavirus. This collaboration is an example of ____________________.
a)
a cost structure agreement
b)
a joint venture
c)
a key resources agreement
d)
a key activity
29.
The eBay revenue stream model is based customers competitively bidding for items they want to purchase. The sale goes to the highest bidder. This type of pricing is known as __________________ .
a)
volume dependent pricing
b)
auctions
c)
real-time market pricing
d)
none of these options best describe eBay's revenue stream pricing
30.
If you were considering starting a business in the Personal Protective Equipment (PPE) industry, you would want to know about the _________________________ to determine industry profitability.
a)
all are competitive forces that you would want to know about except consumer demographics of PPE users
b)
threat of substitutes
c)
threat of new entrants
d)
consumer demographics of PPE users
e)
rivalry among existing firms
31.
The ________________ classifies the entry of users into various categories, based on their willingness to accept new technology or an idea. This chart is helpful in identifying the window of opportunity for entrepreneurs.
a)
innovation adoption curve
b)
Five Forces Model Chart
c)
industry analysis chart
d)
bell curve of customers
32.
The ____________________ allows the entrepreneur/business to identify the firms' primary source of competitive advantage.
a)
competitive analysis grid
b)
innovation adoption curve
c)
industry analysis chart
d)
competitive window of opportunity chart
33.
Autumn and Jada lease the refrigerators and other food preparation equipment for their Jay's Kitchen restaurant. Their leases would be considered _____________ for the business.
a)
variable costs
b)
fixed costs
c)
economies of scale
d)
economies of scope
34.
Which of the following is a benefit of effective Customer Relationship Management (CRM)?
a)
Increased product defects
b)
Improved customer satisfaction and loyalty
c)
Higher employee turnover
d)
Reduced market share
35.
Which of the following is a key feature of a successful Customer Relationship Management (CRM) system?
a)
High employee turnover
b)
Centralised customer information
c)
Limited customer interaction
d)
Increased product prices
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