WorksheetsBus 101 U7 Small Business Review
Total questions: 46
Worksheet time: 24mins
An individual who provides financial backing for small start-up businesses or entrepreneurs. This individual will often accept a lower return on investment or partial ownership of business.
What is this individual called?
Angel Investor
Banker
Debt Collector
Accountant
Small businesses can have a positive impact on large businesses.
True
False
One of the first things someone needs to do before starting a business is to write which of the following?
A business plan
A loan application
A partnership statement
A franchise agreement
What is the primary legal disadvantage of sole proprietorships?
a) Limited liability
b) Unlimited liability
c) Tax complexity
d) Inability to raise capital
Which of the following is an advantage of franchises?
a) Recognized name and product
b) Management training and assistance
c) Reduced risk for franchisees
d) Financial assistance
e) All of these
In a sole proprietorship, who gets to keep the profits from the business?
In a sole proprietorship, who is responsible for all debts and losses?
A target market is
a group of investors willing to put capital into a business
a generational group of individuals
a group of consumers at which a product/service is aimed
an industry willing to sell and market your product
Which is NOT one of the reasons startups typically fail?
Run out of cash
No business model
Poor marketing
Market demand
An elevator pitch is a way to convey information about your business. How long should it be?
5 minutes
3 minutes
60 seconds
30 seconds
What is a Sole Proprietorship?
A business where 2 or more people share ownership
A business owned by shareholders
A business that is owned by one individual
Partnership requires at least three people
True
False
Franchisors usually provide all of the listed items except....
Advertising
Training
Loan
Equipment
Google, Amazon, and Facebook are examples of...
Sole Proprietorships
Partnerships
Corporations
What is scarcity?
unlimited wants and needs
a shortage of resources
a lack of goods and services
limited expenses
What assumption does this statement say "Break even is 54 units"?
if we sell 55 we aren't making a profit
if we sell 54 we begin to make a profit
if we sell 55 we begin to make a profit
if we sell 54 we are not yet at break even point
What are the four P's of marketing
product, produce, production, price
person, place, produce, practice
promotion, product, practice, price
promotion, place, price, product
A financial document that shows how much a company makes and spends over a given period of time.
income statement
balance sheet
cash flow statement
A financial document where a business records assets and liabilities.
income statement
balance sheet
cash flow statement
Break Even =
Sales = Expenses
Profit = Expenses
Revenue = Fixed Expenses
Sales = Variable Expenses
The executive summary includes a brief account of key points located within the business plan.
True
False
Research to learn about the business's customers is included in which part of the business plan?
market analysis
operational plan
executive summary
marketing plan
Small businesses only serve a small area and employ no more than 100 people.
True
False
The vision and mission statement in the business plan state the guiding principles of a business
True
False
Occurs when people’s needs and wants are unlimited and the resources to produce the goods and services to meet those needs are limited
Capitalism
economic decision making
scarcity
profit
The private ownership of resources by individuals rather than by the government
Capitalism
economic decision making
scarcity
profit
The value of the next-best alternative—the one you pass up
Capitalism
economic decision making
scarcity
opportunity cost
Which of the 4Ps of marketing refers to how a business gets its product to customers?
Product
Price
Place
Promotion
Which is not a common differentiator for businesses?
Taxes
Product
Service
Price
What is a key difference between a sole proprietorship and a limited liability company (LLC)?
A sole proprietorship offers limited liability protection, while an LLC does not
An LLC allows the owner to separate personal and business liability, while a sole proprietorship does not
Sole proprietorships have multiple owners, while LLCs can only have one owner
LLCs do not have to pay taxes, while sole proprietorships do
Which of the following best describes opportunity cost in entrepreneurship?
The profit earned in the first year
The cost of hiring employees
The value of the next best alternative forgone when making a business decision
The amount spent on marketing
Which of the following is considered a fixed cost for a new business?
Raw materials
Employee wages based on hours worked
Monthly rent for office space
Shipping costs per order
Which of the following best describes an 'apprenticeship'?
Learning a skill by reading books
Training where you learn a job by working with someone who already does it
Attending a university course
Watching online tutorials
What is the main purpose of an interest inventory?
To measure your intelligence
To list your abilities
To help you find what kind of work fits you based on activities you like
To track your work experience
Which of the following is NOT a component of a SMART goal?
Spontaneous
Achievable
Measurable
Specific
Which of the following is NOT a common role an entrepreneur fills when launching a business?
Sales manager
Product developer
Professional athlete
Human resources specialist
What is one effective way for entrepreneurs to overcome obstacles faced during the early stages of a startup?
Ignoring feedback from customers
Seeking mentorship and networking
Focusing only on short-term profits
Reducing product quality
Which scenario best demonstrates ethical decision-making in entrepreneurship?
Using misleading advertising to boost sales
Ignoring environmental regulations to save money
Paying employees fair wages and being transparent about business practices
Copying a competitor's product without permission
How does entrepreneurship benefit the economy?
By reducing competition
By creating jobs and fostering innovation
By increasing government control
By limiting consumer choices
What happens in a market when the supply of a product increases but demand remains the same?
The price usually increases
The price stays the same
The price usually decreases
The product becomes scarce
