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WorksheetsUnit 3: Entrepreneurship Review
Total questions: 65
Worksheet time: 35mins
_______ is someone who starts and runs a business or startup, using their own ideas, time, and resources, taking on financial risk to bring products or services to market and earn a profit.
Business Leader
Interpreneur
Entrepreneur
Organizational Leader
______is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Management
Entrepreneurship
Investment banking
Venture capitalism
What are the two types of entrepreneurs?
Business entrepreneur and Serial entrepreneur
Solo entrepreneur and Team entrepreneur
Social entrepreneur and Tech entrepreneur
Local entrepreneur and Global entrepreneur
A business entrepreneur is best defined as:
Someone who starts and manages multiple businesses simultaneously
Someone who invests in other people's businesses
An entrepreneur who only works in the technology sector
A person who focuses on building and growing a single business
What is the primary characteristic that defines a serial entrepreneur?
They only start online businesses
They work in a series of different industries
They start multiple businesses one after another over time
They hire employees in a serial manner
Which statement best describes the main difference between business entrepreneurs and serial entrepreneurs?
Business entrepreneurs take more risks than serial entrepreneurs
Business entrepreneurs focus on one business while serial entrepreneurs create multiple businesses
Serial entrepreneurs are more successful than business entrepreneurs
Serial entrepreneurs never sell their businesses
What is a sole proprietorship?
A business owned by the government
B) A business owned by one person
C) A business owned by a group of friends
D) A business that sells shoes
Which is an example of a sole proprietorship?
Walmart
Apple Inc.
A teenager mowing lawns for money
McDonald's
What is one disadvantage of a sole proprietorship?
You get to keep all the profits
It's easy to start
You are responsible for all the business debts
You make all the decisions
What is a partnership?
A business owned by one person
A business owned by two or more people
A business owned by the city
A business that only sells toys
Which is a benefit of having a partnership instead of working alone?
You have to share the profits
Partners might disagree
Partners can share the work and bring different skills
You have to fill out more paperwork
Two friends start a dog-walking business together. What type of business is this?
Sole proprietorship
Partnership
Corporation
Franchise
What is a corporation?
A business owned by one person
A business that is owned by his shareholders
A business that only makes toys
A business run by the government
Which is an example of a corporation?
A kid's lemonade stand
Two neighbors starting a babysitting service
Nike
A person selling crafts online
What is one advantage of a corporation?
It's the easiest type of business to start
The owners (shareholders) are not personally responsible for the company's debts
Only one person makes all the decisions
There is no paperwork required
Which type of business sells products directly to consumers?
Manufacturing Business
Service Business
Retail Business
Green Business
Which type of business manually produces what they sell?
Wholesale Business
Retail Business
Manufacturing Business
Social Business
Which type of business chooses to operate by being environmentally friendly?
Social Business
Green Business
Manufacturing Business
Retail Business
________ businesses find solutions to society's most pressing social problems. (Goodwill & other non-profit businesses))
Manufacturing
Green
Service
Social
True or False: Industry is a group of companies or organizations that produce similar goods or provide similar services.
True
False
True or False: Becoming an entrepreneur starts with an idea.
True
False
Maria wants to start a business selling custom phone cases, but she's not sure if people will buy them. She decides to try anyway, even though she might lose the money she invests. Which entrepreneur characteristic is Maria showing?
Knowledgeable
Risk Taker
Flexible
Leader
Sarah's original plan was to sell her handmade bracelets at school, but the principal said no. Instead of giving up, Sarah decided to sell them online and at local craft fairs. Which TWO entrepreneur characteristics is Sarah demonstrating?
Flexible and Determined
Confident and Knowledgeable
Open-Minded and Leader
Innovative and Risk Taker
Which of the following is an advantage of being an entrepreneur?
You have to work long hours
You get to choose a business that interests you
The outcome of your business is uncertain
You have to make all decisions by yourself
Sarah is thinking about starting her own business. She likes the idea of being her own boss, but she's worried because there's no guarantee her business will succeed. Which disadvantage of entrepreneurship is Sarah concerned about?
Working long hours
Making all decisions alone
Risky and uncertain outcomes
Being creative
_______ plan is a series of documents that serves as a blueprint for building a business.
Marketing Plan
Entrepreneur Plan
Business Plan
Industrial Development Plan
When choosing a business to pursue or create, which question is MOST important to consider first?
How quickly can I become profitable in this industry?
What skills and interests do I already have that align with this business opportunity?
What business model is currently trending in the market?
How much startup capital will I need to get started?
What is the primary purpose of a company tagline?
To list all the products and services the company offers
To be a short, memorable phrase that captures the essence of what a company stands for or offers
To provide the company's contact information and website address
To explain the detailed history of how the company was founded
Which of the following is a characteristic of an effective tagline?
It should be at least 15-20 words long to fully explain the business
It must sound very professional
A tagline should always be short and to the point
It should focus solely on the price of products or services
What is the main function of a company logo?
To provide a detailed description of all company policies
To serve as a visual symbol that represents the brand and makes it instantly recognizable
To display the company's full legal name and registration number
To showcase every product the company sells
True or False: A business logo can make your business look professional and trustworthy.
True
False
When customers can identify a company just by seeing its logo (without any text or company name), this demonstrates:
That the company has spent too much money on advertising
Strong brand recognition and successful visual identity
That the logo is too complicated and needs to be simplified
That customers are confused about what the company sells
Why should you include a pricing guide in your business plan?
So you never have to change your prices later
To show how you will make money and pay for your business costs
To prove your prices are the cheapest around
So you don't have to worry about how much things cost
What should you think about when deciding on prices for your business?
Only charge what you feel like charging
Charge the highest price possible to make the most money right away
Use the exact same prices as another business without thinking about it
How much it costs you, what other businesses charge, and what customers think is a fair price
What is a pricing guide in a business plan?
A list of all the competitors in your industry
A guide that tells you where to buy supplies for your business
A section that outlines the specific prices for your company's goods or services
A calendar showing when your business will open and close
What is competitive pricing for a pricing guide?
Setting your prices similar to what your competitors charge for the same products or services
Always charging more than every other business in your area
Giving away your products for free to beat the competition
Refusing to look at what other businesses charge
What is premium pricing?
Charging the lowest prices possible to attract the most customers
Setting higher prices because your product or service offers special quality, features, or status
Randomly changing your prices every week
Charging different prices to different customers for the same thing
What is penetration pricing?
Setting very high prices when you first start your business
Keeping the same price forever no matter what happens
Starting with low prices to attract customers and gain market share, then gradually raising prices later
Only selling to customers who have bought from you before
_____ Is a clear, detailed explanation of what your business does, what products and services you offer, and how your business operates.
Business Description
Business Analysis
Business Insight Article
Business Elaboration Document
What are the three main sections that should be included in a business overview document?
Company name, logo design, and tagline
Description of the industry, goods & services you provide, and nature of the work (how products/services are produced)
Pricing guide, customer list, and competitor names
Owner's biography, business address, and phone number
What are the two main types of products that businesses sell?
Expensive products and cheap products
Goods and services
Online products and in-store products
New products and used products
What are the three main sources of capital that businesses can use to start or grow?
Credit cards, gift cards, and coupons
Personal savings, bank loans, and venture capitalists
Stocks, bonds, and real estate
Allowance, birthday money, and part-time jobs
What is an advantage of using personal savings to start your business?
You get access to unlimited amounts of money
You keep complete ownership and control of your business
Someone else takes all the financial risk
You can spend the money however you want without any consequences
What is a disadvantage of getting a bank loan for your business?
You have to give up ownership of your company
The bank gets to make all your business decisions
You must repay the loan with interest, even if your business isn't making a profit
Bank loans are only available to people under 18 years old
What does it mean when a venture capitalist invests in your business for "20% ownership"?
They own 20% of the building where your business is located
They now own 20% of your company and get a say in business decisions
They loan you 20% of the money you need
You only have to work 20% of the time
A bank loan is broken down into two parts. What are they?
Cash and credit
Profit and loss
Deposit and withdrawal
Principal and interest
Which capital source is described as coming from wealthy individuals who believe in your business idea (like on the TV show Shark Tank)?
Personal savings
Bank loans
Venture capitalists
Credit unions
True or False: With venture capital, you have to pay back the money just like a bank loan.
True
False
True or False: Building good business credit by paying back loans on time can help you borrow money more easily in the future.
True
False
True or false: A business can only use one of the three sources of capital to start a business.
True
False
The two parties involved in a bank loan are the (a) & the borrower
What is a bank loan?
Free money that a bank gives you to start a business
Money you borrow from a bank that must be repaid over time with interest
Money you save in a bank account for future use
Money that venture capitalists invest in your business
What is a benefit of having a good credit score?
You never have to pay back money you borrow
You automatically become a millionaire
Banks are more likely to approve your loan requests and may offer better interest rates
You can borrow unlimited amounts of money without any rules
What is a consequence of having a bad credit score?
Banks may refuse to give you a loan or charge you higher interest rates
You get extra money from the bank as a reward
All your debts are automatically forgiven
You are required to start your own business immediately
Robert has a credit score of 440 and wants to take out a loan for his coffee shop business. Is his credit score of 440 good or bad?
Good - Banks will easily approve his loan with low interest rates
Bad - Banks will likely deny his loan or charge very high interest rates because this score shows he has a history of not paying back borrowed money on time
Maria has a credit score of 780 and wants to take out a loan for her bakery business. Is her credit score of 780 good or bad?
Bad - Banks will deny her loan because this score is too low
Good - Banks will likely approve her loan with favorable interest rates because this score shows she has a strong history of paying back borrowed money on time
What is the principal of a bank loan?
The extra money you pay to the bank as a fee for borrowing
The original amount of money you borrowed from the bank
What is interest on a bank loan?
The extra money you pay to the bank as a fee for borrowing their money
The original amount of money you borrowed
Sarah takes out a $500 loan with 5% interest to start her dog walking business. How much interest will she pay?
$5.00
$25.00
$50.00
$250.00
Michael borrows $1,000 with 4% interest to buy supplies for his lawn care business. How much interest will he pay?
$40.00
$4.00
$400.00
$1,040.00
Jessica takes out a $25,000 loan with 8% interest to open her coffee shop. How much interest will she pay?
$200.00
$2,000.00
$20,000.00
$25,800.00
What is a payment plan for a loan?
A plan that tells you how to spend the money you borrowed
A formal agreement between a borrower and lender that outlines how a debt will be repaid over a set period of time
A suggestion for saving money in a bank account
A document that cancels all debt you owe
Calculate the interest and total amount owed:
Principal: $600
Interest Rate: 15%
What is the total amount owed on the loan?
Timothy borrowed money from a bank to start his construction business. The total amount he owes (including interest) is $5,500. He agrees to pay back this amount over 20 months. Calculate the monthly payment amount.
$270.00
$230.00
$275.00
$300.00
Brianna borrowed money from a bank to start her pottery business. The total amount she owes (including interest) is $3,000. She agrees to pay back this amount over 10 months. Calculate the monthly payment amount.
$400.00
$350.00
$325.00
$300.00
