WorksheetsEntrepreneurship & Small Business V.2 - Vocabulary Quiz (Part 1)
Total questions: 40
Worksheet time: 20mins
Who is the highest-ranking officer responsible for a company’s overall success?
CFO
COO
CEO
Manager
Which role is responsible for managing and planning cash flow and budgets?
CEO
COO
CFO
HR Manager
Which manager oversees the day-to-day operations of a company?
CEO
CFO
COO
CMO
Compensation in the form of company ownership is called:
Salary
Equity
Commission
Hourly Pay
The first stage of the business life cycle is:
Success
Existence
Take-off
Exit Plan
The business life cycle stage when the owner decides whether to grow or sell is:
Resource maturity
Success
Take-off
Existence
The stage where the owner separates financially and operationally from the business is:
Exit
Resource maturity
Take-off
Survival
Which step of the design thinking process involves identifying customer needs?
Define
Empathize
Ideate
Prototype
Which step of design thinking focuses on generating possible solutions?
Prototype
Ideate
Define
Test
A short slideshow presented to investors to outline a business idea is a:
Pitch deck
Lean Canvas
Business Plan
SWOT
A group of customers most likely to buy a product is called:
Value Proposition
Target Market
SWOT
Segment
A statement explaining why customers should do business with you is called:
Mission
Value Proposition
Branding
SWOT
Data gathered through interviews or surveys is:
Secondary Data
Primary Data
Market Data
Forecast Data
Articles and journals that interpret other data are examples of:
Primary Data
SWOT
Secondary Data
Surveys
The analysis of strengths, weaknesses, opportunities, and threats is:
SWOT
PEST
Lean Canvas
Gap Analysis
The formula for Customer Acquisition Cost (CAC) is:
Marketing + Customers
(Marketing + Sales) ÷ New Customers
Sales ÷ Expenses
Revenue ÷ Profit
The 4 P's of Marketing include all EXCEPT:
Product
Price
Promotion
Partnership
Which of the 4 P’s relates to how a product reaches customers?
Promotion
Place
The cost of keeping existing customers is called:
Acquisition
Retention
Marketing
Discount
Providing excellent customer service leads to:
Higher competition
Lower quality
Customer Loyalty
Higher CAC
During which business life cycle stage does an owner decide whether to expand or sell?
Existence
Success
Take-off
Resource Maturity
An entrepreneur chooses licensing over franchising. Which advantage does this offer?
Lower start-up costs
Guaranteed success
Total control
Higher fees
A company setting a high price to emphasize quality is using:
Penetration Pricing
Loss Leader
Differentiation
Price Skimming
Competition from similar businesses is an example of what risk?
Political
Environmental
Competition
Technological
A company spends $20,000 on marketing and sales to gain 400 new customers. What is CAC?
$20
$50
$100
$200
Which element of a business plan outlines goals and investor value?
Executive Summary
SWOT
Marketing Plan
Pitch Deck
A slide presentation with funding needs and projections is called:
Lean Canvas
SWOT
Pitch Deck
Exit Strategy
The design thinking stage where prototypes are built and tested is:
Define
Empathize
Test
Prototype
Which marketing metric combines expenses with new customers?
ROI
CAC
SWOT
Value Proposition
Which sales process step involves identifying potential customers?
Prospecting
Closing
Negotiation
Follow-up
A franchise differs from a business opportunity in that:
A franchise provides a proven business model and ongoing support, while a business opportunity usually does not.
A franchise requires no initial investment, while a business opportunity does.
A business opportunity always includes the use of a brand name, while a franchise does not.
A franchise is always home-based, while a business opportunity is not.
The most challenging stage of the business life cycle is:
Growth stage
Maturity stage
Decline stage
Seed stage
The design thinking process can help improve a business idea by:
Encouraging creative problem-solving and user-focused solutions
Focusing only on financial aspects
Ignoring customer feedback
Relying solely on traditional methods
It is important for entrepreneurs to understand their target market because:
it helps them create products that meet customer needs.
it guarantees immediate business success.
it eliminates all competition.
it allows them to avoid any marketing efforts.
A value proposition helps a company stand out from competitors by:
Clearly communicating unique benefits to customers.
Offering the lowest prices in the market.
Focusing only on product features without customer needs.
Ignoring competitor strategies.
An example of how a company might use the 4 P’s of marketing in a real-world campaign is:
Launching a new product with a promotional discount, advertising it on social media, setting a competitive price, and distributing it through online and retail stores.
Hiring only experienced employees for the marketing team.
Focusing solely on increasing the company’s profits without considering customer needs.
Reducing the number of products to decrease costs.
How do primary data and secondary data differ, and which is more useful for startups?
Primary data is collected firsthand and is often more useful for startups than secondary data, which is collected by others.
Primary data is always less reliable than secondary data for startups.
Secondary data is always more expensive to obtain than primary data for startups.
Primary data and secondary data are identical in usefulness for startups.
Customer service plays what role in business growth?
It helps drive business growth by improving customer satisfaction and loyalty.
It decreases business growth by increasing costs.
It has no impact on business growth.
It only affects employee morale, not business growth.
The three elements you should include in a pitch deck are:
Problem, Solution, Business Model
Logo, Slogan, Office Location
Employee List, Office Hours, Dress Code
Favorite Color, Hobbies, Pet Names
Identify the characteristic of an entrepreneur that you personally relate to the most.
Creativity
Laziness
Indecisiveness
Pessimism
