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WorksheetsEntrepreneurship 2nd Semester Final Exam Review
Total questions: 64
Worksheet time: 32mins
Name
Class
Date
1.
Which one of the following gives access and opportunity to so many who are considering becoming an entrepreneur?
a)
access to technology
b)
the internet
c)
the power of computing
d)
all of the above
2.
You can reach more potential customers today, more easily, and more cost effectively, than ever before, due to:
a)
TV and billboard advertising
b)
digital marketing and social network channels
c)
broadband and newspaper
d)
TV and SEO
3.
How many employees does a solopreneur have including themselves?
a)
2025-02-05 00:00:00
b)
under 500
c)
1
d)
depends on the type of business
4.
Nearly all business employers are:
a)
large business employers
b)
small business employers
c)
government employers
d)
public schools
5.
The government collects __________ in order to pay for roads and schools and other infrastructure.
a)
Social Security
b)
Medicare
c)
taxes
d)
budgets
6.
Local governments and chambers of commerce are usually very supportive of small businesses because:
a)
they employee 500 people
b)
they employee half of the public sector employees
c)
they stay small and serve the local community
d)
of their overall importance and impact they have on the economy and society as a whole.
7.
One positive impact small businesses have on society is:
a)
they have a low tax rate
b)
they turn into big businesses
c)
they pollute the air
d)
they pay taxes and governments spend that money on roads and schools and other infrastructure
8.
Entrepreneurs share this in common: they have ____________ for their vision, their purpose, for the problem they are trying to solve, and the company they are trying to build.
a)
flexibility
b)
money
c)
passion
d)
indifference
9.
An angel investor helps start-ups by:
a)
managing the business
b)
creating policies and procedures
c)
purchasing supplies
d)
providing capital
10.
Governmental policy can encourage entrepreneurship by:
a)
imposing stricter regulations
b)
reducing regulations and taxes
c)
increasing interest rates
d)
restricting trade.
11.
Entrepreneurs share this in common: they have ____________ for their vision, their purpose, for the problem they are trying to solve, and the company they are trying to build.
a)
flexibility
b)
money
c)
passion
d)
indifference
12.
An angel investor helps start-ups by:
a)
managing the business
b)
creating policies and procedures
c)
purchasing supplies
d)
providing capital
13.
Governmental policy can encourage entrepreneurship by:
a)
imposing stricter regulations
b)
reducing regulations and taxes
c)
increasing interest rates
d)
restricting trade.
14.
Patrick is thinking about becoming an entrepreneur because of this ____________ he noticed.
a)
Social Security
b)
trend
c)
home improvement
d)
construction
15.
About half of all businesses:
a)
start and remain in their homes
b)
start in an office building and then are outsourced
c)
start in a factory and move to an office building
d)
start and remain in a warehouse
16.
One method entrepreneurs use to identify opportunities is to find _________ in the marketplace.
a)
capital
b)
debt
c)
voids
d)
revenue
17.
Being an entrepreneur, particularly in the early stages, usually requires excessive and irregular hours, and produces ___________.
a)
irregular paychecks
b)
regular paychecks
c)
stable work flow
d)
steady income
18.
What is one of the disadvantages associated with entrepreneurship?
a)
flexibility
b)
technology
c)
certain income
d)
irregular and excessive hours
19.
Entrepreneurs receive the rewards associated with a successful venture, but while building their businesses they also assume ____________.
a)
someone else will make the key decisions
b)
the risk
c)
an easy and comfortable lifestyle
d)
regular work hours
20.
Being an entrepreneur can be a lonely experience and can take a personal toll on you. One way to help manage this is to:
a)
find a business partner
b)
find an accountability partner
c)
network and make connections
d)
all the above
21.
Businesses need capital to run their operations. Capital also means:
a)
money
b)
promotion
c)
managers
d)
employees
22.
Successful entrepreneurs know their personal _________ and ___________, and build their ______ accordingly.
a)
numbers, strengths, exports
b)
strengths, teams, weaknesses
c)
strengths, weaknesses, teams
d)
accounting, skills, outsourcing
23.
Successful entrepreneurs are often very ___________ regarding their strengths and weaknesses:
a)
shy
b)
self-aware
c)
uncertain
d)
indifferent
24.
Thomas Edison observed that static electricity produces light. This is an example of:
a)
circumstantial discovery
b)
passive investor
c)
behavioral science
d)
scientific discovery
25.
When McDonalds opens restaurants in another country, that is an example of:
a)
new markets
b)
new methods
c)
new variations
d)
new products
26.
The 2nd stage in the entrepreneurial process is:
a)
Harvesting
b)
Business Plan
c)
Discovery
d)
Resourcing
27.
The process of examining a product in detail to determine how it works is called:
a)
harvesting
b)
reverse engineering
c)
circumstantial discovery
d)
business plan
28.
Entrepreneurship is built around an opportunity. And an opportunity often presents itself as a:
a)
business plan
b)
out-sourcing
c)
steady source of income
d)
solution to a problem
29.
When inefficiencies in the market exist, entrepreneurship:
a)
flourishes
b)
is stymied
c)
flattens
d)
is inefficient
30.
If you are reverse engineering a product, be sure not to infringe on:
a)
copyrights
b)
trade designs
c)
patented products
d)
all the above
31.
An elevator pitch is a short, succinct, and _________ sales pitch.
a)
lengthy
b)
detailed
c)
persuasive
d)
conversational
32.
Entrepreneurial discovery is the process of scanning for changes to discover opportunities to produce new ________ and ________.
a)
methods and elevator pitches
b)
products and services
c)
markets and pitch decks
d)
business plans and harvesting
33.
Shorter than an elevator pitch, this describes what a company is and/or does in several words:
a)
business plan
b)
pitch deck
c)
tagline
d)
harvest
34.
Building and catering a business to Spanish-speaking populations is an example of responding to:
a)
technological changes
b)
regulatory changes
c)
tax changes
d)
demographic changes
35.
Entrepreneurial discovery helps ensure:
a)
constant improvement
b)
year over year revenue growth
c)
market share growth
d)
expense reductions
36.
Entrepreneurism starts with and revolves around:
a)
a balance sheet
b)
an income statement
c)
an opportunity
d)
depreciation
37.
An entrepreneurial opportunity presents itself as:
a)
a way to put big corporations out of business
b)
a solution to a problem
c)
technology implementation
d)
a stock to purchase
38.
Which of the following statements is true?
a)
people are born as entrepreneurs
b)
entrepreneurism can be learned
c)
entrepreneurism usually doesn't involve much risk
d)
none of the above
39.
Successful entrepreneurs are ____________ about their solution to a problem.
a)
interested
b)
confused
c)
unclear
d)
passionate
40.
One approach to identify opportunities that relies on internal strengths is:
a)
Inside-Out
b)
Environmental Scan
c)
Demographics
d)
Outside-In
41.
One approach to identifying opportunities that starts with the customer is called:
a)
Inside-Out
b)
Environmental Scan
c)
Demographics
d)
Outside-In
42.
The Inside-Out approach asks how it can leverage its own:
a)
weaknesses
b)
strengths
c)
threats
d)
customer surveys
43.
A natural ability to know what to do in certain situations is called:
a)
homework
b)
surroundings
c)
instinct
d)
inflation
44.
Whether using Inside-Out or Outside-In, entrepreneurs always:
a)
research
b)
borrow money from a bank
c)
find partners to join them
d)
generate cash flow
45.
What drives companies to research the needs of customers and pursue segmentation?
a)
robotics
b)
technology
c)
competition
d)
social media
46.
A specific group of customers most likely to buy a product is called a:
a)
a demographic segment
b)
a geographic segment
c)
a behavioral segment
d)
a target market
47.
Jimmy's skateboard shop markets to boys ages 13-18. This is:
a)
target and geographic
b)
mass and demographic
c)
target and demographic
d)
target and behavioral
48.
Sorting people into groups for marketing is called:
a)
market segmentation
b)
search engine optimization
c)
physical and social characteristics
d)
marketing mix
49.
Segmenting a group like females ages 15-18 is an example of:
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
50.
A person or group willing and able to spend money to meet needs is called:
a)
a segmented group
b)
a behavioral segment
c)
demographic segment
d)
a market
51.
Segmenting customers based on where they live is called:
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
52.
A company making a broad appeal to customers with little regard to specific market groups is:
a)
pursuing behavioral segmentation
b)
pursuing a mass marketing strategy
c)
pursuing psychographic segmentation
d)
conducting geographic marketing
53.
When PepsiCo makes many variations of refreshments, they are trying to appeal to:
a)
different market segments
b)
a marketing mix
c)
mass marketing shifts
d)
price elasticities
54.
Sorting customers by lifestyles, interests, and values is called:
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
55.
Behavioral segmentation sorts customers based on:
a)
lifestyle and interests
b)
age, gender, and income
c)
personalities and values
d)
attitudes and knowledge of your brand
56.
Why is market segmentation useful?
a)
it helps forecast company revenues
b)
it helps in developing a marketing strategy
c)
it helps in developing a proforma
d)
it helps in developing a feasibility study
57.
The rivalry between companies selling similar products is called:
a)
geographic segmentation
b)
competition
c)
psychographic segmentation
d)
behavioral segmentation
58.
Targeting first-time home buyers by life stage and income is:
a)
geographic segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
behavioral segmentation
59.
A disadvantage of market segmentation is:
a)
It is more costly to do research.
b)
It creates more competition.
c)
It requires mass distribution.
d)
It is more challenging to advertise.
60.
What can make mass marketing challenging?
a)
selling a core product
b)
well-informed customers
c)
well-known brands
d)
advertising to customers
61.
If the Avalanche hockey team wants to target customers who are fans of the team, they would use:
a)
behavioral segmentation
b)
demographic segmentation
c)
psychographic segmentation
d)
geographic segmentation
62.
Mass marketing involves a ______________ product and message.
a)
segmented
b)
targeted
c)
one-size-fits-all
d)
made-to-order
63.
Groups of people who share one or more common characteristics are:
a)
mass markets
b)
market segments
c)
competitors
d)
targets
64.
Mass marketing attempts to appeal to:
a)
the entire market
b)
the target market
c)
demographic segments
d)
geographic segments
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