WorksheetsEntrepreneurship Final Exam Review
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
What describes the actual or potential purchasers of a product or service?
a)
Targets
b)
Consumers
c)
Service Providers
d)
Entrepreneurs
2.
A person who works for someone else:
a)
Aptitude
b)
Employee
c)
Entrepreneurs
d)
Entrepreneurship
3.
What is evaluation of your strengths and weaknesses?
a)
Self Assessment
b)
Employee
c)
Entrepreneurship
d)
Entrepreneur
4.
People who own, operate, and take risk of a business venture:
a)
Aptitude
b)
Employee
c)
Entrepreneurs
d)
Entrepreneurship
5.
What are the expenses incurred during the process of creating a new business?
a)
Net profit
b)
Start-Up Costs
c)
Operating costs
d)
Operating income
6.
The ability to learn a particular job:
a)
Aptitude
b)
Employee
c)
Entrepreneurship
d)
Entrepreneur
7.
Which is NOT a disadvantage of Entrepreneurship?
a)
Risky
b)
Uncertain Income
c)
You are the boss
d)
Work long hours
8.
Hiring new employees would fall under which part of a business?
a)
Finance
b)
Operations
c)
Marketing
d)
Human Resources
9.
Which is NOT an advantage of Entrepreneurship?
a)
Can choose a business of interest.
b)
You can be creative.
c)
Make a lot of money.
d)
You will make decisions alone.
10.
What is the concept of conceiving and implementing new ideas, methods, and solutions?
a)
Innovation
b)
Networking
c)
Collaboration
d)
Growth Mindset
11.
What type of entrepreneurial business actually produce the products they sell?
a)
Manufacturing
b)
Wholesaling
c)
Retailing
d)
Service
12.
What entrepreneurial business sells products to other businesses rather than the final customer?
a)
Manufacturing
b)
Wholesaling
c)
Retailing
d)
Service
13.
What type of entrepreneurial business sells products directly to the people who use or consume them?
a)
Manufacturing
b)
Wholesaling
c)
Retailing
d)
Service
14.
What type of entrepreneurial business sells service instead of a product?
a)
Manufacturing
b)
Wholesaling
c)
Retailing
d)
Service
15.
What is an office memorandum?
a)
Message from one person to another.
b)
A short written form of business communication.
c)
Short speech
d)
Letter
16.
Ms. Jones spends 20 minutes each day making relevant comments on LinkedIn posts that apply to her profession and inviting posters to connect with her. What is Ms. Jones doing?
a)
Innovating
b)
Networking
c)
Evaluating
d)
Collaborating
17.
If you own your own business you will need to know how to calculate your profit. Which one is a calculation of profit?
a)
Sales-months in a year
b)
Sales-expenses
c)
Total sales-expenses
d)
Monthly sales* expenses
18.
Which one is NOT a step in the problem-solving method?
a)
Define the problem
b)
Gather information
c)
Identify solutions
d)
Ignore the problem
19.
What type of economy allows the government to determine what, how, and whom products and services are produced?
a)
Command
b)
Market
c)
Both
d)
None
20.
This economy is about personal choice. Individuals decide what, how, and for whom products and services are produced.
a)
Market
b)
Command
c)
Both
d)
None
21.
What is a fixed cost?
a)
The cost that goes up and down.
b)
The cost that remains the same.
c)
Measure the disadvantages of production.
d)
Measure advantages of production.
22.
What is the variable cost?
a)
Cost that goes up and down.
b)
Cost that remains the same.
c)
Measures the disadvantages of production.
d)
Measures advantages of production.
23.
What is the opportunity cost?
a)
Going with your first option.
b)
Going with the easiest option.
c)
Choosing the best alternative.
d)
All of these
24.
What is an organized way to gather and analyze information needed to make business decisions.
a)
Consumer Profile
b)
Market Research
c)
SWOT Analysis
d)
Industry Analysis
25.
A condition or circumstance that puts a company in a favorable or superior business position.
a)
Market Branding
b)
Fixed Expenses
c)
Competitive Advantage
d)
Marketing
100 %
