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WorksheetsMidterm
Total questions: 30
Worksheet time: 15mins
Name
Class
Date
1.
Which step of the sales process focuses on getting a client's decision to purchase or not to move forward?
a)
Prospecting
b)
Presentation
c)
Closing
d)
Follow-up
2.
Which of the following best defines an entrepreneur?
a)
A person who starts a new business and is willing to take risks
b)
A person who manages an existing business without taking risks
c)
A person who works for a large company
d)
A person who provides capital for a business but is not involved in daily operations
3.
A trait of an inflexible person is they often feel _______ if their preferred way of working or doing things is questioned or changed.
a)
Excited
b)
Threatened
c)
Enthusiastic
d)
Motivated
4.
_______ is when a person or organization has experiences or convictions that could influence the way they present information on a topic.
a)
Analysis
b)
Bias
c)
Problem Solving
d)
Open-minded
5.
_______ is the ability to think clearly and rationally.
a)
Problem solving
b)
Evaluating the outcome
c)
Critical thinking
d)
Open-minded
6.
_______ leadership relies on leaders taking their big picture ideas and communicating them effectively to the group to accomplish their goals.
a)
Visionary
b)
Coaching
c)
Commanding
d)
Democratic
7.
Which of the following aspects of developing a good work ethic includes building a plan and eliminating distractions to be dedicated to a task?
a)
Be focused
b)
Be healthy
c)
Be punctual
d)
Be professional
8.
What is a start-up company?
a)
A business that has been operational for more than 10 years
b)
A newly created business, often innovative and with growth potential
c)
A company that operates under a franchise model
d)
A non-profit organization
9.
What does a B2B (business-to-business) transaction involve?
a)
A business selling directly to consumers
b)
A consumer buying goods or services from a business
c)
One business selling products or services to another business
d)
A franchise paying royalties to a franchise owner
10.
What is the main difference between an S corporation and a C corporation?
a)
S corporations are taxed at both corporate and shareholder levels, while C corporations are only taxed at the corporate level
b)
C corporations can sell stock on public exchanges, while S corporations have limitations on shareholders and tax benefits
c)
S corporations must have more than 100 stockholders, while C corporations are restricted to fewer than 100
d)
C corporations are only for international businesses, while S corporations are only for local businesses
11.
In a partnership, what is the role of a silent partner?
a)
Manages daily business operations
b)
Invests money but does not participate in the day-to-day management
c)
Acts as the CEO of the company
d)
Has unlimited liability
12.
What does a Chief Operating Officer (COO) do?
a)
Manages the company’s finances
b)
Oversees day-to-day operations and ensures the business runs smoothly
c)
Develops the company’s vision and strategy
d)
Serves as the founder of the company
13.
In the business life cycle, what happens during the survival stage?
a)
Owners decide to sell their business
b)
The business regularly attracts new customers and begins generating consistent income
c)
Entrepreneurs pass operational duties to others
d)
Owners separate financially and operationally from the business
14.
Which of the following is a characteristic of an entrepreneurial mindset?
a)
Strict adherence to traditional methods
b)
Avoiding risks at all costs
c)
Forward-thinking mentality
d)
Relying heavily on external guidance
15.
What is one key benefit of entrepreneurship?
a)
High financial security
b)
Setting your own work hours
c)
Guaranteed success in all ventures
d)
No financial risks involved
16.
Which of the following is NOT part of evaluating the viability of a business opportunity?
a)
Market size
b)
Management skill sets
c)
Color scheme of the brand
d)
Managing cash flow
17.
What is the Lean Canvas?
a)
A full-length business plan
b)
A one-page document discussing key business information
c)
A slideshow presentation of the business model
d)
A detailed financial projection sheet
18.
What is the main purpose of a business plan's Executive Summary?
a)
To provide an overview of the business's organizational structure
b)
To summarize the business’s financial needs
c)
To convince the reader to continue reading the full business plan
d)
To present legal and ethical considerations of the business
19.
What is the purpose of a trademark?
a)
To protect an invention
b)
To protect creative works
c)
To protect brand names, logos, and business names
d)
To protect a company's trade secrets
20.
What is the role of a marketing plan in a business plan?
a)
To outline the financial projections for the next 12 months
b)
To explain how the business will reach its target audience and analyze competitors
c)
To describe the legal structure of the business
d)
To define the company's mission statement
21.
What formula is used to determine a company's customer acquisition cost (CAC)?
a)
Marketing expenses - sales expenses / the number of a new customers for the period
b)
Marketing expenses + sales expenses / the number of a new customers for the period
c)
Marketing expenses - sales expenses x the number of a new customers for the period
d)
Marketing expenses + sales expenses + the number of a new customers for the period
22.
A company's ____ may play a role in pricing.
a)
stock value
b)
target market
c)
revenue
d)
sales
23.
Which statement best describes strengths in a SWOT analysis?
a)
Anything that couls increase sales and grow a company
b)
Areas in which a company is lacking
c)
Anything that poses a risk to a company's success and growth
d)
Things a company does well
24.
____ marketing lets marketers place ads on websites within search engines.
a)
SEO
b)
Social media
c)
Pay-Per-Click (PPC)
d)
Email
25.
Which aspect of a company's customers could a high customer acquisition cost (CAC) indicate?
a)
The demographic has shifted
b)
The marketing cost is high
c)
The customers are unreliable in terms of purchases
d)
Tha marketing is effective
26.
John's company acquired 5,000 new customers last year. They spent $20,000 in marketing costs and $15,000 in sales costs. What is John's customer acquisition cost (CAC)?
a)
$7
b)
$6
c)
$8
d)
$5
27.
A value hypothesis explains the reasons why a customer may choose not use a product.
a)
True
b)
False
28.
Using a product once is an indicator of product/market fit.
a)
True
b)
False
29.
_______ is measured by how well the product or service successfully serves its users' purpose.
a)
Quality
b)
Performance
c)
Reliability
d)
Viability
30.
Product/market fit automatically results in high-volume sales.
a)
True
b)
False
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