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Worksheets

09/29/25

Total questions: 41

Worksheet time: 27mins

Name
Class
Date
1.

The rivalry between two or more businesses to attract scarce customer dollars.

a)

Strength

b)

Competition

c)

Weakness

d)

Dispute

2.

Any condition or circumstance that puts a business in a favorable position over its competitors.

a)

Competitive Advantage

b)

Strategic Positioning

c)

Market Dominance

d)

Superior Resources

3.

 Any limitation or shortcoming your business has that can keep you from achieving your objectives.

a)

Threat

b)

Weakness

c)

Strength

d)

Opportunity

4.

Any unfavorable situation in the environment surrounding your business.

a)

Weakness

b)

Opportunity

c)

Strength

d)

Threat

5.

Any resource or capability your business has that can help you gain a competitive advantage in your industry.

a)

Weakness

b)

Strength

c)

Opportunity

d)

Threat

6.

Any item that is used to produce goods and services.

a)

Possession

b)

Resource

c)

Tool

d)

Asset

7.

A small, specialized segment of the market is:

a)

Market Share

b)

Niche

c)

Market Positioning

d)

Competitive Advantage

8.

The feature that makes a product more desirable than its competitors is:

a)

Market Share

b)

Niche

c)

Market Positioning

d)

Competitive Advantage

9.

A ______________ is a brief description of your business for potential investors.

a)

business plan

b)

sales forecast

c)

business pitch

d)

business analysis

10.

A presentation of a business idea to raise startup cash. The target of the _________ is an investor.

a)

Investment

b)

margin

c)

elevator pitch

d)

investor

11.

What is the purpose of including a story in your elevator pitch?

a)

To show your knowledge of different industries

b)

To display your storytelling skills

c)

To confuse with unnecessary details

d)

To make it more engaging and relatable

12.

Businessman and businesswoman are also known as _____________.

Choose the BEST response.

a)

Entrepreneurs

b)

Sharks

c)

Angel investors

d)

Venture capitalists

13.

Which of the following are important qualities of an entrepreneur?

Choose ALL that apply.

a)

Passionate

b)

Consistent

c)

Negative

d)

Short-sighted

14.

Which of the following are class rules?

Check ALL that apply.

a)

Be prepared

b)

Be professional

c)

Put your phone in your pocket

d)

Be late

15.

The letters SWOT stand for:

a)

Sudden Weaknesses Outstanding Threats

b)

Strengths Weaknesses Opportunities Threats

c)

Social Ways of Overcoming Threats

d)

Strengths Weaknesses Outsiders Threats

16.

Things your competitor do better than you.

a)

Strength

b)

Weakness

c)

Opportunity

d)

Threat

17.

Select all the examples of ways kids can be entrepreneurs (There is more than one answer).

a)

Starting a lemonade stand

b)

Starting a dog walking service

c)

Creating and selling homemade jewelry

d)

Creating and selling a "How To" guide of your favorite video game

18.

Which is a characteristic of a successful entrepreneur?

a)

Motivated

b)

Takes very little risk

c)

Passionate

d)

Hard-working

19.
Which is NOT a common characteristic of an entrepreneur?
a)
risk-taker
b)
creative
c)
organized
d)
irresponsible
20.
Which one of these is NOT a characteristic of an entrepreneur?
a)
risk taker
b)
idea person
c)
generalist
d)
specialist
21.

What goes at point 3

a)

Goods and services

b)

income

c)

spending

d)

factors of production

22.

Which is generally true about entrepreneurs?

a)

hard workers

b)

they are of all ages

c)

work from home

d)

all of the above

23.

Many entrepreneurs do not take the necessary time and effort to prepare their business plan, which can lead to failure.

a)

True

b)

False

24.

AT&T

December 1, 2020

Income Statement

Revenue 1,600,000 and Cost of Good Sold 650,000. What is the Gross Profit?

a)

950,000

b)

2,250,000

c)

1,300,000

d)

1,600,000

25.
ALL entrepreneurs have a college degree.
a)
True
b)
False
26.

(Gross income) Accompany’s sales over a period of time.

a)

Net Profit

b)

Revenue

c)

Account Payable

d)

Account Receivable

27.

A target market is

a)

a group of investors willing to put capital into a business

b)

a generational group of individuals

c)

a group of consumers at which a product/service is aimed

d)

an industry willing to sell and market your product

28.
A business owned and run by 2 or more people is called...
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
29.

Business process of creating relationship with and satisfying customers.

a)

Advertisement

b)

Marketing

c)

Market Research

d)

Market Study

30.

What is the purpose of a business plan? (hint: choose 2 correct answers)

a)

To document your financial activity during one year

b)

Legal document to be filed with the SEC

c)

States the purpose and vision of your company

d)

States the amount of capital you need to run the company

31.

The entrepreneur's function is to supply the necessary capital

a)

True

b)

False

32.

A small, specialized segment of the market is:

a)

Market Share

b)

Niche

c)

Market Positioning

d)

Competitive Advantage

33.

The feature that makes a product more desirable than its competitors is:

a)

Market Share

b)

Niche

c)

Market Positioning

d)

Competitive Advantage

34.

________________ are the means through which goods and services are produced.

a)

Economic Resources

b)

Marketing Mix

c)

Specialization

d)

Scarcity

35.

The difference between the revenues earned by a business and the costs of operating a business is called ______________.

a)

Competition

b)

Freedom of Choice

c)

Profit

d)

Demand

36.

The difference between the revenues earned by a business and the costs of operating a business is called ______________.

a)

Competition

b)

Freedom of Choice

c)

Profit

d)

Demand

37.

_________________ occurs because people's needs and wants are unlimited but the resources to meet those needs and wants are limited.

a)

Scarcity

b)

Specialization

c)

Demand

d)

Oligopoly

38.

_________________ cost measures the disadvantages of producing one additional unit of a good or service.

a)

Marginal

b)

Fixed

c)

Variable

d)

Equilibrium

39.
The equilibrium price is 
a)
the price set by the government
b)
the price at which supply equals demand
c)
the price at which exports equal imports
d)
the price set by the foreign exchange rate 
40.
Which of the following  statements about competition is false? 
a)
competition motivates entrepreneurs to introduce new products to consumers 
b)
competition between suppliers drives prices upward
c)
competition between consumers benefits suppliers
d)
competition occurs between suppliers and between consumers 
41.

Burger King and McDonald’s are examples of

a)

regulated monopolies.

b)

unrelated businesses.

c)

dissimilar firms.

d)

direct competitors.

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