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WorksheetsEntrepreneurship Semester 1 Cumulative Review
Total questions: 73
Worksheet time: 37mins
An entrepreneur
is responsible for his or her business success.
works for someone else.
must take college level courses.
must employ more than five employees
A "green" company
is also called a dot-com company
aims at protecting the environment
earns a lot of money
does not participate in recycling programs
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
language
attitudes
all of the above
Exporting is the business activity in which goods or services are sent from a country and sold to foreign consumers.
True
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
franchise company
wholesaling business
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?
one
one or more
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
Business owners with limited liability only risk the money specifically invested in the business.
True
False
Cooperatives often share their earnings with their members as dividends.
True
False
When musical work is created, it’s protected by a
patent
trademark
copyright
none of the above
A device or process can be protected by a
trademark
patent
copyright
all of the above
A brand name can be legally protected by a
trademark
copyright
patent
all of the above
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,
the fair use doctrine is in effect.
employees know how their retirement fund is being invested.
intellectual property is protected.
none of the above
Confidentiality can be an ethical concern for entrepreneurs.
True
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
A conflict of interest exists when personal considerations and professional obligations interfere with each other.
True
False
Copyright includes works published on the Internet.
True
False
A carbon footprint is a measurement of
the amount of carbon offsets purchased.
the degree of carbon in the environment.
An executive summary is a one- or two-page report describing
the business plan’s highlights.
company description.
business plan financials.
the type of business and type of ownership.
A manufacturer with whom you discuss a product idea should sign this agreement to keep the information confidential.
feasibility agreement
prototype agreement
nondisclosure 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
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
a small company
a company that runs most or all of its business from the Internet
a company that adopts eco-friendly business practices
a foreign company
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
product placement
outdoor advertising
publicity
all of the above
When there are not enough goods to meet the demand, the result is a surplus of those goods.
True
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
productive
intensive
exclusive
selective
The practice of combining the price of several products into one price is called
bundling
product mix
unit packaging
market mix
A paper trail is
attached documents sent with an e-mail
written communication that can serve as legal backup
a form of texting
a message thread created by instant messaging
Posing as a customer at a competitor’s place of business is a way to
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 cell phones
using the mute button when not speaking
allowing more than three people to participate
all of the above
Active listening means focusing on the person speaking and then giving feedback.
True
False
The pricing strategy that focuses on how much customers are willing to pay is
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
accept responsibility and try to correct it
avoid future negotiations
avoid doing business with the other party
point out how the other party contributed
Which question will help 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
If the other party in a negotiation can't meet the agreed-on commitment, the best action is
accommodating the other party, if possible
avoiding negotiations in the future
avoiding contact
none of the above
In a negotiation, it's more important to focus on wants than needs.
True
False
A concession is something you're willing to give up in a negotiation.
True
False
A good planning tool for negotiation is to put your points in writing.
True
False
A blog is an example of social media.
True
False
To determine your competitive advantage, you would want to know
what your competitor charges
what products your competitor carries
the type of customer service your competitor offers
all of the above
The U.S. has a
non-market economy
command economy
market economy
global economy
The practice of a business overstating its environmental responsibility is called
greenwashing
conflict of interest
sustainability
greenlacking
Corporate social responsibility balances
profit and growth with 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 is NOT a one-to-one promotional strategy?
telemarketing
direct mail
magazine advertisements
personal selling
Psychographics describe a group of people in terms of their
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
fax cover sheet
letter
memo
all of the above
A memo is written to people within a business; a letter is written to people outside a business.
True
False
An entrepreneur risks more than an employee.
True
False
Entrepreneurs typically work longer hours than employees.
True
False
Potential customers in a market can include people or businesses.
True
False
Primary data includes information gathered by the U.S. federal and state governments.
True
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 it is 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 your target market
decide the sources to use
write a survey
create 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
promotion
advertising
freebies
prompting
A free gift with a company's name printed on it is called
a premium
gift
freebie
token
Which method is NOT used when analyzing market research data?
complete a market analysis
compare strengths and weaknesses
compare competitors' characteristics
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
