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WorksheetsEntrepreneurship 1 Fall Review
Total questions: 72
Worksheet time: 1hrs 12mins
An entrepreneur ... ?
works for someone else.
is responsible for his or her business success.
must employ more than five employees
must take college level courses.
A "green" company ... ?
earns a lot of money
does not participate in recycling programs
is also called a dot-com company
aims at protecting the environment
True or False. One way to gain experience in a particular business is through an internship program.
true
false
Which of the following are potential obstacles for entrepreneurs who want to conduct international trade?
tariffs
cultural differences between countries
trade barriers
all of the above
When engaged in international trade, business etiquette includes being respectful of a nation's ... ?
customs
attitudes
language
all of the above
True or False. Exporting is the business activity in which goods or services are sent from a country and sold to foreign consumers.
true
false
True or False. Services, as well as goods, can be imported and exported.
true
false
Auto repair is an example of which type of business?
manufacturing
service
retailing
trade
Which of the following professional service providers require licensing?
daycare providers
engineers
doctors
all of the above
McDonald's is an example of a
partnership
wholesaling business
franchise company
all of the above
A business that sells goods directly to consumers on the Internet is a
retailing business
wholesaling business
service business
manufacturing business
In a sole proprietorship, how many people are responsible for the business?
any number
one or more
one
at least two
What disadvantage does a general partnership have over a sole proprietorship?
profit is split between the partners
each partner is responsible for the business actions of the others
partners may have trouble agreeing on policies
all of the above
True or False. Business owners with limited liability only risk the money specifically invested in the business.
true
false
True or False. Cooperatives often share their earnings with their members as dividends.
true
false
When musical work is created, it's protected by a what?
patent
copyright
trademark
none of the above
A device or process can be protected by a what?
patent
trademark
copyright
all of the above
A brand name can be legally protected by a
copyright
all of the above
patent
trademark
A retailer who receives gifts from one of his suppliers runs the risk of a ...?
social media interaction
property infringement
confidentiality infringement
conflict of interest
When transparency is practiced in a business,
employees know how their retirement fund is being invested.
the fair use doctrine is in effect.
intellectual property is protected.
none of the above
True or False. Confidentiality can be an ethical concern for entrepreneurs.
true
false
True or False. If a patented invention is used in a new product, the inventor must be compensated unless the invention has the status of public domain.
true
false
True or False. A conflict of interest exists when personal considerations and professional obligations interfere with each other.
true
false
True or False. Copyright includes works published on the Internet.
true
false
An executive summary is a one- or two- page report describing what?
company description
business plan financials
the business plan's highlights
the type of business and the type of ownership
A manufacturer with whom you discuss a product idea should sign what type of agreement to keep the information confidential?
feasibility agreement
nondisclosure agreement
prototype agreement
privacy agreement
Which of the following is true about a target market?
It can be based on buying patterns.
It represents a limited customer base.
It can include more than one market segment.
all of the above
True or False. A company putting its logo on the uniforms of a sports team is an example of a sponsorship.
true
false
A dot-com company is what?
a company that runs most or all of its business from the internet
a company that adopts business practices aimed at protecting or improving the environment
a small company
a foreign company
True or False. A marketing plan details marketing goals and strategies for reaching them.
true
false
A contest that creates excitement about a product is a form of what?
product placement
outdoor advertising
publicity
all of the above
True or False. When there are not enough goods to meet the demand, the result is a surplus of those goods.
true
false
True or False. If a company manufactures T-shirts, the unit of sale is one T-shirt
true
false
The type of distribution that gives an authorized dealer the sole rights to sell a product is called what?
productive
intensive
selective
exclusive
The practice of combining the price of several products into one price is called what?
bundling
product mix
unit packaging
market mix
A paper trail is ... ?
a form of texting.
attached documents sent with an e-mail.
a message thread created by instant messaging.
written communication that can serve as a legal backup.
Posing as a customer at a competitor's place of business is a way to what?
perform market research.
uncover a competitive advantage.
gather competitive intelligence
all of the above
Which of the following is NOT recommended for conference calls?
using the mute button when you are not speaking
using cell phones
allowing more than three people to participate
all of the above
True or False. Active listening means focusing on the person speaking and then giving feedback.
true
false
The type of pricing strategy that focuses on how much customers are willing to pay for a product is called what?
competition-based pricing
consumer-based pricing
cost-based pricing
demand-based pricing
If you can't meet your commitment after a negotiation, the best action is to what?
avoid future negotiations in the short term
accept responsibility for the problem and try to correct it
avoid doing business with the other party
point out how the other party contributed to the problem
Which of the following is a question that will help you clarify your negotiating goals?
What sacrifices are you willing to make?
What will you do if you can't reach an agreement?
What are your needs and wants?
All of the above
Negotiations can take place ... ?
over the phone
by instant messaging
by e-mail
all of the above
What is the best course of action if the other party in a negotiation is unable to meet the agreed-on commitment?
accommodating the other party, if possible
avoiding negotiations in the future
avoiding contact with the other party
none of the above
True or False. In a negotiation, it's more important to focus on wants than needs.
true
false
True or False. A concession is something you're willing to give up in a negotiation.
true
false
True or False. A good planning tool for negotiation is to put your points in writing.
true
false
True or False. A blog is an example of social media.
true
false
To determine your competitive advantage, which of the following would you want to know?
what your competitor charges for the products
what products your competitor carries
the type of customer service your competitor offers
all of the above
A carbon footprint is a measurement of what?
the amount of carbon offsets purchased.
the degree of carbon in the environment.
the amount of alternative energy burned on person or business uses.
the amount of carbon one person or business uses.
The U.S. has a
non-market economy
command economy
market economy
global economy
The practice of a business overstating its commitment to environmental responsibility is called what?
greenwashing
conflict of interest
sustainability
greenlacking
Corporate social responsibility balances
profit and growth with the personal benefit
good of society with profit and growth
profit and growth with the needs of the economy
good of society with the needs of the economy
Which would be an example of a demographic?
opinions
marital status
location
lifestyle
Which of the following is NOT considered a one-to-one promotional strategy?
telemarketing
direct mail
magazine advertisements
personal selling
Psychographics are data that describe a group of people in terms of their what?
income
age
opinions
needs
What can entrepreneurs who consistently make a profit over time do?
offer more products
invest in other businesses
donate profits to benefit society
all of the above
Which of the following is not provided by a mentor?
give guidance
suggestions for achieving goals
provide tutoring
financial security
Which type of business is tied to the life span of its owners?
limited partnership
corporation
S corporation
C corporation
You can use a word-processing template to create what?
fax cover sheet
letter
memo
all of the above
True or False. An entrepreneur risks more than an employee
true
false
True or False. Entrepreneurs typically work longer hours than employees.
true
false
True or False. Potential customers in a market can include people or businesses.
true
false
True or False. Primary data includes information gathered by the U.S. federal and state governments.
true
false
True or False. A SWOT analysis is a strategic planning method not a type of business plan.
true
false
The time period for acting on a business opportunity before its it lost is called?
window of opportunity
possibility
money time
door to success
Before performing market research, what's the first thing you should do?
identify our target market
decide the sources to use
write a survey
create a a focus group
To understand a particular market, what do you NOT need to research?
individual consumers or businesses
the business environment.
the competition
politics
The process used to influence potential customers to buy a product is referred to as what?
promotion
advertising
freebies
prompting
A free gift with a company's name printed on it is called
gift
a premium
freebie
token
Which method is NOT used when you need to analyze market research data?
compare strengths and weaknesses
compare competitors' characteristics
complete a market analysis
identify potential differentiators
When one carefully considers the potential costs and benefits of an idea it is called?
calculated risk
risk
limited risk
liability limitation
