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WorksheetsIntro to Business exam 1/26
Total questions: 88
Worksheet time: 44mins
What is a lean business plan?
A marketing campaign
A financial audit
A brief overview of a business idea
Sources for key metric
Which of the following is considered a fixed cost
Packaging per unit sold
Materials
Building Lease
Team members
What does the Channels section of a lean business plan describe?
Legal structure of the business
Office supplies
How to reach customers
Costs of production
Which is an example of a channel?
Retailer
Wholesaler
Distributor
Website
What are all the expenses that a business spends money on called?
Leasing Agreements
Cost Structure
Licensing fees
Key Metrics
What is a variable cost?
Costs that don't change
Costs that change
A fixed cost
A statement of value
Which is a Key Metric?
An Internet plan
A business' sales record
Product features
A way to measure business performance
What is one advantage of a Lean Business Plan?
Detailed enough so that a bank understands your plans
Hard to change
Easy to update & takes minimal time to create
Helps big companies make a profit
What does Unique Value Proposition describe?
A feature competitors can copy
A competitive advantage
A legal contract
A financial audit
Which is an example of an item in the cost structure?
Low pricing strategies
Employee salaries
Company mission
Long investor document
What is the main goal of a business?
To make a profit
To avoid an audit
To use every channel
To gain investors
What is revenue?
Sales are less than costs
Sales are greater than costs
Costs × Price
Breakeven Point
Which of the following is a common type of subscription?
Website
Salesperson
An App
Customer service
What is a rule of thumb to calculate a price?
Hit the breakeven point
Increase your cost structure
Double the amount of your costs
Divide your costs by two
What is a competitive advantage?
A company's mission statement
Something that can't be easily copied
A list of business expenses
A government-issued license
What is a customer segment?
A types of cost
A group of people with similar needs
A solution
A list of costs
What are you trying to solve when creating a new product?
Team members needs vs wants
What is your top cost structure
Identifying your solution
Customers' pain points
What is the role of Early Adopters?
People who copy your product
People who fund your business
People who manage your business
People who use your product early
Which of the following is a pricing strategy consideration?
What competitors charge
What customers are willing to pay
What it costs to make
All of the above
Single pricing, subscriptions & free trials are...
Employee bonuses
Ways to refer customers
Key Metrics
Types of pricing
What is a common fixed cost?
Raw materials
Packaging
Monthly rent
Shipping per unit
What is the breakeven point?
You're making a surplus for investors
Your dividends and profit are breaking records
You're spending as much as you're making
The point in your business when you hire more employees
Why do businesses use Key Metrics?
To predict future trends
To enhance reports
To avoid making decisions
To measure performance
What is the Acquisition part of the Key Metrics?
Keeping customers
Getting customers
Referring customers
Discontinuing service to customers
What is a Unique Value Proposition (UVP)?
An attractive logo and catchy slogan
A financial plan for customers
A legal document
Your advantage and value to customers
What is the goal of 'Activation' in Key Metrics?
Getting customers to leave reviews
Getting customers to try your product
Meeting customers
Getting customers to refer others
What is the definition of a revenue stream?
A list of employees' salaries
A type of bank account used for savings
A method for reducing business expenses
A way a company earns income from its activities
What is the main purpose of a business plan?
To provide a roadmap for how a business will operate & succeed
To guarantee the business will never fail
To replace the need for financial records
To eliminate all business risks
What is a common channel to reach customers?
Social media
Fixed cost
Break-even point
Revenue
What is the goal of 'Retention' in Key Metrics?
Getting new customers
Keeping existing customers
Charging more money
Reducing costs
Which of the following is an example of a soft skill?
Knowing how to use Excel
Communication
Coding in Python
Operating machinery
A student who listens carefully, asks questions, and responds respectfully is demonstrating:
Technical ability
Active listening
Financial literacy
Time tracking
Which soft skill helps employees manage tasks, deadlines, and responsibilities?
Creativity
Time management
Negotiation
Public speaking
A person who stays calm during stressful situations shows strong:
Analysis skills
Emotional intelligence
Sales ability
Marketing knowledge
Professionalism in the workplace includes:
Doing only the tasks you personally enjoy
Being dependable, respectful, and consistent
Ignoring workplace expectations
Showing up late but working fast
A professional email should always include:
Casual language and simple emojis
A clear subject line, formal tone, and complete sentences
All caps to show urgency
A professional greeting or closing
A business owned and operated by one individual is called a:
Corporation with shareholders
Partnership with shared liability
Sole proprietorship
Cooperative business model
Which business type provides the strongest protection from personal financial liability?
Sole proprietorship
General partnership
Corporation
Informal side business
A franchise is best described as:
A temporary business with no long-term structure
A government-owned operation
Individuals purchase the rights to operate under an established brand
A business with unlimited personal liability
A growth mindset helps employees because it encourages:
Avoiding challenges to reduce stress
Learning from feedback and adapting
Giving up when tasks become difficult
Blaming coworkers for mistakes
One advantage of owning a small business is:
Guaranteed financial success
No risk or responsibility
Independence, flexibility, and control over decisions
Unlimited access to investors
A company chooses to advertise on YouTube because:
It guarantees viral success
It allows precise targeting based on viewer interests
It is always cheaper than other platforms
It avoids all competition
A Fortnite squad that communicates clearly and assigns roles is demonstrating:
Technical gaming skills
Teamwork and strategic collaboration
Random chance
Individual achievement only
A player who stays calm during high-pressure endgame moments shows:
Strong building mechanics
Emotional regulation and decision-making
Luck
A fixed mindset
Using AI responsibly in business means:
Letting AI make all decisions automatically
Checking AI-generated content for accuracy & bias
Assuming AI is always correct
Using AI to replace all employees
A company's mission statement should:
Describe every product the business sells
Explain the company's purpose and what it aims to achieve
List employee rules and expectations
Focus only on financial goals
A company analyzing which TikTok videos perform best is using:
Fan base knowledge
Key metrics to understand consumer behavior
Only creative instincts
A fixed marketing strategy
A streamer who collaborates with other creators to grow their audience is using:
A budgeting strategy
A customer complaint system
Networking and cross-promotion
A fixed marketing plan
A gaming company releasing limited-time skins is using:
A customer service strategy
Financial accounting technique
A production method
Scarcity marketing to increase urgency and demand
Working well in a creative group means:
Protecting your ideas from change
Letting the loudest voice lead
Avoiding new ideas to stay efficient
Contributing ideas and building on others
Teams succeed most when members:
Divide tasks based on convenience
Stick to the first idea to avoid conflict
Use strengths, communicate, and adjust roles
Avoid feedback to keep things “positive”
An ad that says “Everyone is switching to this brand — don’t be left out” is using:
Bandwagon
Expert Opinion
Repetition
Testimonial
An ad that tries to make the viewer feel proud, inspired, or nostalgic is using:
Emotional Appeal
Expert Opinion
Bandwagon
Slogan
A commercial featuring a well-known athlete recommending a product is using:
Emotional Appeal
Slogan
Testimonial
Repetition
When analyzing a print ad, the most important first step is to look at:
The main message and visual focal point
The price of the product
How many colors are used
Whether the ad includes a celebrity
When evaluating a digital ad, a key question to ask is:
Whether the ad uses the same font as the company website
How long the ad has existed online
Whether the ad includes a full paragraph of text
What action the ad wants the viewer to take (click, sign up, watch, buy)
A strong way to analyze a print ad’s effectiveness is to consider:
Whether the ad uses expensive photography
How layout, images, and text guide the viewer’s eye
If the ad includes a long description
Whether the ad avoids using white space
Platforms keep students engaged by using:
Infinite-scroll feeds that refresh with new content
Feeds that stop after a set number of posts
Randomly timed pauses that slow scrolling
Content shown only in chronological order
Apps increase return visits by sending:
Generic alerts sent at the same time to everyone
Messages that appear daily and weekly
Notifications tailored to a user's habits and emotional triggers
Updates unrelated to the user's interests
A business that chooses suppliers based on fair labor practices is focusing on:
Cost-only purchasing
Competitive advertising
Ethical decision-making
Internal promotions
A business that focuses on customer satisfaction is most likely to:
Reduce product quality
Build loyalty and repeat sales
Ignore feedback
Avoid long-term planning
A strong Human Resources (HR) department improves a company by:
Focusing only on discipline and rule enforcement
Avoiding employee feedback
Limiting communication between teams
Training employees and reducing turnover
What is marketing?
Businesses promoting the selling of their products door-to-door
Businesses promoting and selling their products and services
Businesses using social media and customer feedback to entice customers
Businesses owning and selling companies on the stock exchange
How do businesses market to teens?
By using formal language and long reports
By sending direct mail to their homes
By advertising on news websites
Through social media, influencers, and relatable content
Why do companies create logos?
To increase product prices
To confuse competitors
To create visual identity and recognition
To avoid taxes
A slogan is best described as:
A product's price
A catchy phrase that represents a brand
A type of advertisement
A company's legal name
Which of the following would most likely be found in a company's brand story?
Tax returns
Employee salaries
Product barcodes
Founding history and mission
In SWOT, what does the “S” stand for?
Strengths
Sales
Strategy
Services
Which of the following is a “Threat” in SWOT?
Loyal customers
New competitors entering the market
High product quality
Strong brand identity
A company's “Opportunities” might include:
Outdated technology
Rising customer demand
Employee turnover
Product Recalls
Which of these is a “Weakness” in SWOT?
High brand loyalty
Limited product variety
New market trends
Strong leadership
Why is SWOT analysis useful for businesses?
It helps them avoid paying taxes
It helps them understand their position and plan strategically
It replaces advertising
It increases product prices
What is a customer persona?
A real customer's social media profile
A fictional example of a typical customer
A company's CEO
A product's nickname
Which of the following is part of a customer's demographics?
Favorite color
Shopping habits
Age and income
Personality type
What's the only goal of large companies?
To maintain high morale of their employees
To make a profit and grow the business
To spend money on advertising
To give away products to loyal customers
Why do companies create customer personas?
To better understand and market to their audience
To avoid taxes
To replace employees
To increase product costs
What is cost-plus pricing?
Pricing based on what competitors charge
Pricing based on customer value
Using a cost price discount
Adding a markup to the cost of making the product
Which pricing strategy is used to enter a market with low prices?
Penetration
Cost-plus
Value-based
Skimming
Price Skimming is best used when:
A product is outdated
A product is new and innovative
A product is free
A product is in decline
Which company is most likely to use value-based pricing?
A luxury watch brand
A dollar store
A gas station
A fast food chain
Competitive pricing means:
Charging more than everyone else
Ignoring the market
Giving discounts to employees only
Matching or beating rivals' prices
Which of the following is NOT one of the 4 P's?
Product
Price
Promotion
Partnership
"Place" in the 4 P's refers to:
Where the product is sold or distributed
Where the product is made
Where the distribution center is geographically located
Where the logo is printed
A social media ad is an example of:
Product
Price
Promotion
Place
Which of the following is part of "Product" in the 4 P's?
The store layout & shelf positioning
The product's features and design
The manufacturing process
The promos for the holiday season
Why is the marketing mix important?
It helps companies avoid taxes
It helps companies create a balanced strategy to reach customers
It helps companies create products
It helps maintain effective customer service
What are "marketing channels"
TV commercials only
Ways a product is manufactured and distributed
Methods used to deliver messages to customers
Places where customers return products
What is emotional appeal in advertising?
Using facts and statistics
Making customers feel something to influence their decision
Having a famous person endorse the product
Repeating the message multiple times
