WorksheetsEntrepreneurship S1 Review
Total questions: 26
Worksheet time: 13mins
About what percentage of new businesses survive at least 5 years?
About 50%
About 70%
About 30%
About 90%
About what percentage of new businesses survive 10 years?
About 30–35%
About 50–55%
About 70–75%
About 90–95%
Many businesses fail early due to which of the following reasons?
Planning issues
Lack of funding
Poor management
All of the above
Who is an entrepreneur?
A person who owns, operates, and takes the risk of running a business.
A person who works as an employee in a company.
A person who only invests money in businesses without managing them.
A person who manages government projects.
What is entrepreneurship?
Running a business of one's own.
Working as an employee in a company.
Investing in the stock market.
Managing government projects.
Who are employees?
People hired to work for someone else.
People who own a company.
People who are customers.
People who work for themselves.
SMART stands for Specific, Measurable, Achievable, Relevant, and ________.
Time-Bound
Transparent
Tangible
Tolerant
Which of the following is NOT a component of SMART goals?
Specific
Measurable
Achievable
Profitable
Name one common trait of successful entrepreneurs.
Creativity, Determination, or Willingness to take risks
Laziness, Indecisiveness, or Aversion to change
Lack of ambition, Fear of failure, or Disinterest in learning
Unreliability, Pessimism, or Resistance to feedback
Which of the following is an example of a successful entrepreneur?
Mark Cuban
Steve Jobs
Oprah Winfrey
All of the above
What is one reason businesses fail?
Poor planning (no goals, budgets, or strategies).
Having too many employees.
Excessive government support.
Overdependence on luck.
Fixed costs stay the same regardless of production.
True
False
What is the definition of demand?
Quantity consumers are willing to buy.
Price at which goods are sold.
Amount producers are willing to supply.
Total revenue generated from sales.
What is the definition of supply?
Quantity producers are willing to make.
Quantity consumers are willing to buy.
The price at which goods are sold.
The total amount of goods in existence.
Who makes up the target market?
Interested customers willing and able to pay.
Random people passing by.
Employees of the company.
Suppliers and vendors.
What are market segments?
Groups within a market sharing characteristics
Types of financial instruments.
Methods of advertising.
Forms of government.
What is the best way to reach young customers?
Social Media.
Newspaper Ads.
Direct Mail.
Radio Commercials.
Which of the following is NOT one of the three business ownership types we discussed in class?
Sole Proprietorship
Partnership
Corporation
Private Equity Group
Which business ownership type is the easiest/cheapest to start?
Sole Proprietorship
Partnership
Corporation
Limited Liability Company (LLC)
Which business ownership type has a shared workload?
Partnership
Sole Proprietorship
Corporation
Franchise
Which business ownership type offers limited liability?
Corporation
Sole Proprietorship
Partnership
Cooperative
A franchise is a legal agreement to sell a company's ________.
products/services
shares
patents
buildings
Which of the following is an advantage of a franchise?
Limited control over decisions
Established brand, menu, procedures
High risk
No support from parent company
Which of the following is a disadvantage of a franchise?
Established brand
Menu procedures
Limited control over decisions
Shared workload
Which company is given as an example of a franchise?
McDonald's
Apple
Tesla
Nike
What is the fastest shipping method according to the Channels of Distribution section?
Air Cargo
Sea Freight
Rail Transport
Road Transport
