wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Entrepreneurship Semester 1 Cumulative Review

Total questions: 73

Worksheet time: 37mins

Name
Class
Date
1.

An entrepreneur

a)

is responsible for his or her business success.

b)

works for someone else.

c)

must take college level courses.

d)

must employ more than five employees

2.

A "green" company

a)

is also called a dot-com company

b)

aims at protecting the environment

c)

earns a lot of money

d)

does not participate in recycling programs

3.

One way to gain experience in a particular business is through an internship program.

a)

True

b)

False

4.

Which of the following are potential obstacles for entrepreneurs who want to conduct international trade?

a)

tariffs

b)

cultural differences between countries

c)

trade barriers

d)

all of the above

5.

When engaged in international trade, business etiquette includes being respectful of a nation's

a)

customs

b)

language

c)

attitudes

d)

all of the above

6.

Exporting is the business activity in which goods or services are sent from a country and sold to foreign consumers.

a)

True

b)

False

7.

Services, as well as goods, can be imported and exported.

a)

True

b)

False

8.

Auto repair is an example of which type of business?

a)

manufacturing

b)

service

c)

retailing

d)

trade

9.

Which of the following professional service providers require licensing?

a)

daycare providers

b)

engineers

c)

doctors

d)

all of the above

10.

McDonald's is an example of a

a)

partnership

b)

franchise company

c)

wholesaling business

d)

all of the above

11.

A business that sells goods directly to consumers on the Internet is a

a)

retailing business

b)

wholesaling business

c)

service business

d)

manufacturing business

12.

In a sole proprietorship, how many people are responsible for the business?

a)

one

b)

one or more

c)

at least two

13.

What disadvantage does a general partnership have over a sole proprietorship?

a)

profit is split between the partners

b)

each partner is responsible for the business actions of the others

c)

partners may have trouble agreeing on policies

d)

all of the above

14.

Business owners with limited liability only risk the money specifically invested in the business.

a)

True

b)

False

15.

Cooperatives often share their earnings with their members as dividends.

a)

True

b)

False

16.

When musical work is created, it’s protected by a

a)

patent

b)

trademark

c)

copyright

d)

none of the above

17.

A device or process can be protected by a

a)

trademark

b)

patent

c)

copyright

d)

all of the above

18.

A brand name can be legally protected by a

a)

trademark

b)

copyright

c)

patent

d)

all of the above

19.

A retailer who receives gifts from one of his suppliers runs the risk of a

a)

social media interaction

b)

property infringement

c)

confidentiality infringement

d)

conflict of interest

20.

When transparency is practiced in a business,

a)

the fair use doctrine is in effect.

b)

employees know how their retirement fund is being invested.

c)

intellectual property is protected.

d)

none of the above

21.

Confidentiality can be an ethical concern for entrepreneurs.

a)

True

b)

False

22.

If a patented invention is used in a new product, the inventor must be compensated unless the invention has the status of

a)

public domain.

b)

True

c)

False

23.

A conflict of interest exists when personal considerations and professional obligations interfere with each other.

a)

True

b)

False

24.

Copyright includes works published on the Internet.

a)

True

b)

False

25.

A carbon footprint is a measurement of

a)

the amount of carbon offsets purchased.

b)

the degree of carbon in the environment.

26.

An executive summary is a one- or two-page report describing

a)

the business plan’s highlights.

b)

company description.

c)

business plan financials.

d)

the type of business and type of ownership.

27.

A manufacturer with whom you discuss a product idea should sign this agreement to keep the information confidential.

a)

feasibility agreement

b)

prototype agreement

c)

nondisclosure agreement

d)

privacy agreement

28.

Which of the following is true about a target market?

a)

It can be based on buying patterns.

b)

It represents a limited customer base.

c)

It can include more than one market segment.

d)

all of the above

29.

A company putting its logo on the uniforms of a sports team is an example of a sponsorship.

a)

True

b)

False

30.

A dot-com company is

a)

a small company

b)

a company that runs most or all of its business from the Internet

c)

a company that adopts eco-friendly business practices

d)

a foreign company

31.

A marketing plan details marketing goals and strategies for reaching them.

a)

True

b)

False

32.

A contest that creates excitement about a product is a form of

a)

product placement

b)

outdoor advertising

c)

publicity

d)

all of the above

33.

When there are not enough goods to meet the demand, the result is a surplus of those goods.

a)

True

b)

False

34.

If a company manufactures T-shirts, the unit of sale is one T-shirt.

a)

True

b)

False

35.

The type of distribution that gives an authorized dealer the sole rights to sell a product is called

a)

productive

b)

intensive

c)

exclusive

d)

selective

36.

The practice of combining the price of several products into one price is called

a)

bundling

b)

product mix

c)

unit packaging

d)

market mix

37.

A paper trail is

a)

attached documents sent with an e-mail

b)

written communication that can serve as legal backup

c)

a form of texting

d)

a message thread created by instant messaging

38.

Posing as a customer at a competitor’s place of business is a way to

a)

perform market research

b)

uncover a competitive advantage

c)

gather competitive intelligence

d)

all of the above

39.

Which of the following is NOT recommended for conference calls?

a)

using cell phones

b)

using the mute button when not speaking

c)

allowing more than three people to participate

d)

all of the above

40.

Active listening means focusing on the person speaking and then giving feedback.

a)

True

b)

False

41.

The pricing strategy that focuses on how much customers are willing to pay is

a)

competition-based pricing

b)

consumer-based pricing

c)

cost-based pricing

d)

demand-based pricing

42.

If you can’t meet your commitment after a negotiation, the best action is to

a)

accept responsibility and try to correct it

b)

avoid future negotiations

c)

avoid doing business with the other party

d)

point out how the other party contributed

43.

Which question will help clarify your negotiating goals?

a)

What sacrifices are you willing to make?

b)

What will you do if you can't reach an agreement?

c)

What are your needs and wants?

d)

All of the above

44.

Negotiations can take place

a)

over the phone

b)

by instant messaging

c)

by e-mail

d)

all of the above

45.

If the other party in a negotiation can't meet the agreed-on commitment, the best action is

a)

accommodating the other party, if possible

b)

avoiding negotiations in the future

c)

avoiding contact

d)

none of the above

46.

In a negotiation, it's more important to focus on wants than needs.

a)

True

b)

False

47.

A concession is something you're willing to give up in a negotiation.

a)

True

b)

False

48.

A good planning tool for negotiation is to put your points in writing.

a)

True

b)

False

49.

A blog is an example of social media.

a)

True

b)

False

50.

To determine your competitive advantage, you would want to know

a)

what your competitor charges

b)

what products your competitor carries

c)

the type of customer service your competitor offers

d)

all of the above

51.

The U.S. has a

a)

non-market economy

b)

command economy

c)

market economy

d)

global economy

52.

The practice of a business overstating its environmental responsibility is called

a)

greenwashing

b)

conflict of interest

c)

sustainability

d)

greenlacking

53.

Corporate social responsibility balances

a)

profit and growth with personal benefit

b)

good of society with profit and growth

c)

profit and growth with the needs of the economy

d)

good of society with the needs of the economy

54.

Which would be an example of a demographic?

a)

opinions

b)

marital status

c)

location

d)

lifestyle

55.

Which is NOT a one-to-one promotional strategy?

a)

telemarketing

b)

direct mail

c)

magazine advertisements

d)

personal selling

56.

Psychographics describe a group of people in terms of their

a)

income

b)

age

c)

opinions

d)

needs

57.

What can entrepreneurs who consistently make a profit over time do?

a)

offer more products

b)

invest in other businesses

c)

donate profits to benefit society

d)

all of the above

58.

Which of the following is not provided by a mentor?

a)

give guidance

b)

suggestions for achieving goals

c)

provide tutoring

d)

financial security

59.

Which type of business is tied to the life span of its owners?

a)

limited partnership

b)

corporation

c)

S corporation

d)

C corporation

60.

You can use a word-processing template to create

a)

fax cover sheet

b)

letter

c)

memo

d)

all of the above

61.

A memo is written to people within a business; a letter is written to people outside a business.

a)

True

b)

False

62.

An entrepreneur risks more than an employee.

a)

True

b)

False

63.

Entrepreneurs typically work longer hours than employees.

a)

True

b)

False

64.

Potential customers in a market can include people or businesses.

a)

True

b)

False

65.

Primary data includes information gathered by the U.S. federal and state governments.

a)

True

b)

False

66.

A SWOT analysis is a strategic planning method, not a type of business plan.

a)

True

b)

False

67.

The time period for acting on a business opportunity before it is lost is called

a)

window of opportunity

b)

possibility

c)

money time

d)

door to success

68.

Before performing market research, what's the first thing you should do?

a)

identify your target market

b)

decide the sources to use

c)

write a survey

d)

create a focus group

69.

To understand a particular market, what do you NOT need to research?

a)

individual consumers or businesses

b)

the business environment

c)

the competition

d)

politics

70.

The process used to influence potential customers to buy a product is referred to as

a)

promotion

b)

advertising

c)

freebies

d)

prompting

71.

A free gift with a company's name printed on it is called

a)

a premium

b)

gift

c)

freebie

d)

token

72.

Which method is NOT used when analyzing market research data?

a)

complete a market analysis

b)

compare strengths and weaknesses

c)

compare competitors' characteristics

d)

identify potential differentiators

73.

When one carefully considers the potential costs and benefits of an idea it is called

a)

calculated risk

b)

risk

c)

limited risk

d)

liability limitation