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WorksheetsEnt Final Course Test
Total questions: 100
Worksheet time: 50mins
Name
Class
Date
1.
What is entrepreneurship?
a)
Starting a nonprofit only
b)
Creating and running a business
c)
Working for a large corporation
d)
Teaching in school
2.
Which best describes a risk for entrepreneurs?
a)
Guaranteed salary
b)
Chance of losing invested money/time
c)
Employer-provided benefits
d)
No responsibility for decisions
3.
Which is a common reward of entrepreneurship?
a)
No decision-making
b)
Personal satisfaction and independence
c)
Unlimited safety
d)
Fixed work hours
4.
Which term means someone who works for a business owned by someone else?
a)
Entrepreneur
b)
Investor
c)
Employee
d)
Franchisor
5.
Which is an example of intrapreneurship?
a)
Starting a new company outside your job
b)
Developing new ideas while employed at a firm
c)
Closing a business
d)
Refusing to change processes
6.
Which attitude helps entrepreneurs solve problems?
a)
Negative thinking
b)
Indifference
c)
Positive attitude and growth mindset
d)
Avoiding responsibility
7.
Professionalism includes all EXCEPT:
a)
Integrity
b)
Courtesy
c)
Dependability
d)
Ignoring commitments
8.
Which is a learned ability obtained through practice?
a)
Talent only
b)
Skill
c)
Vision only
d)
Universal value
9.
Which is NOT a business skill listed in Unit 1?
a)
Communication skills
b)
Mathematical skills
c)
Telepathy
d)
Organizational skills
10.
What is ideation?
a)
Selling products
b)
Forming ideas
c)
Filing taxes
d)
Hiring employees
11.
Which best defines innovation?
a)
Copying a product exactly
b)
New ideas, devices, or methods
c)
Closing a business
d)
Ignoring customer needs
12.
A barrier to creative thinking includes:
a)
Willingness to fail
b)
Fear of looking silly
c)
Openness to new ideas
d)
Asking “what if” questions
13.
Which is an internal source of opportunity?
a)
Changes in laws
b)
Hobbies
c)
Tariff
d)
Foreign exchange
14.
Which is an external source of opportunity?
a)
Skills you practice
b)
Interests you have
c)
New discoveries and trends
d)
Personal talents
15.
What is a feasibility analysis used for?
a)
To guarantee success
b)
To evaluate how worthwhile an idea is
c)
To hire employees
d)
To decorate a store
16.
Which analysis compares strengths, weaknesses, opportunities, threats?
a)
ROI
b)
SWOT
c)
Break-even
d)
Cash flow
17.
Which describes business ethics?
a)
Legal rules only
b)
Moral principles applied to business actions
c)
Making profits at any cost
d)
Keeping all information secret
18.
What does transparency in business mean?
a)
Secrecy about finances
b)
Openness and accountability in decisions/actions
c)
Ignoring stakeholders
d)
Hiding trade secrets always
19.
Which best defines corporate social responsibility?
a)
Focusing only on profit
b)
Balancing profit with good for society
c)
Avoiding any charitable action
d)
Charging illegal prices
20.
A mission statement should include all EXCEPT:
a)
Company goal
b)
How company will achieve the goal
c)
How it appeals to customers
d)
Exact quarterly sales figures
21.
What is a green company?
a)
One that ignores environment
b)
One adopting practices to protect or improve the environment
c)
One that only sells electronics
d)
One that avoids employees
22.
A nonprofit must use extra earnings to:
a)
Pay owners dividends
b)
Support the organization's social mission
c)
Buy real estate for owners
d)
Distribute profits to executives
23.
What is a business plan?
a)
A recipe book
b)
Statement of goals, reasons they can be met, and how to achieve them
c)
A list of employee names
d)
A customer loyalty program
24.
An executive summary is:
a)
A 1–2 page highlight of key selling points
b)
A bank loan document
c)
A tax return
d)
A product label
25.
Which best describes a sole proprietorship?
a)
Business owned by shareholders
b)
Business owned by one person
c)
Government-run enterprise
d)
A nonprofit
26.
Which is an advantage of buying a franchise?
a)
No startup fees
b)
Proven system and brand awareness
c)
Total creative freedom
d)
No ongoing fees
27.
Which is a downside of a franchise?
a)
Exclusive territory
b)
Easier financing
c)
Initial and ongoing fees
d)
Proven system
28.
What does NAICS classify?
a)
School subjects
b)
Industries by primary business function
c)
Personal hobbies
d)
Postal codes
29.
Economics studies:
a)
How people satisfy wants with limited resources
b)
Only government actions
c)
Only banking
d)
Only international trade
30.
Scarcity means:
a)
Unlimited goods
b)
Not enough goods and services to meet demand
c)
Equal supply and demand
d)
No wants exist
31.
Supply is defined as:
a)
The amount consumers want at any price
b)
Quantity businesses are willing to sell at a specific price/time
c)
The number of competitors
d)
Government regulations
32.
Demand is:
a)
Quantity businesses want to produce
b)
Quantity consumers willing to buy at a specific price/time
c)
A production method
d)
A trade barrier
33.
A surplus occurs when:
a)
Quantity demanded > quantity supplied
b)
Quantity supplied > quantity demanded
c)
Supply equals demand
d)
No goods exist
34.
Equilibrium point is:
a)
Where supply and demand intersect
b)
Maximum government price
c)
Minimum wage law
d)
A tariff
35.
Which shifts demand?
a)
Change in consumer preferences
b)
Changing factory machinery only
c)
Inventory counts only
d)
Trademark registration
36.
Exporting means:
a)
Goods entering a country
b)
Selling goods/services to foreign consumers
c)
Using only local suppliers
d)
Raising tariffs
37.
A tariff is:
a)
A quota's synonym
b)
A fee paid on imported goods
c)
A type of market segment
d)
A currency exchange rate
38.
A quota limits:
a)
The price of goods
b)
The quantity of a good that can be imported
c)
Local employment
d)
Domestic investment
39.
Foreign exchange rate measures:
a)
Quality of goods
b)
Value of one currency relative to another
c)
Number of exports
d)
Number of factories
40.
Fair trade aims to:
a)
Encourage unfair pricing
b)
Ensure small producers earn sufficient profit
c)
Increase tariffs
d)
Eliminate exports
41.
Respecting other cultures in business includes:
a)
Ignoring local customs
b)
Learning language, customs, and etiquette
c)
Forcing your culture on others
d)
Avoiding communication
42.
What is a market?
a)
A single store only
b)
A group of potential customers for a product/service
c)
Government agency
d)
A factory
43.
Primary data is:
a)
Existing reports only
b)
New information collected for a specific purpose
c)
Always free
d)
Irrelevant for startups
44.
Secondary data is:
a)
New interview responses
b)
Data previously gathered for another purpose
c)
Only from the government
d)
Always inaccurate
45.
Which is a primary research technique?
a)
Census Bureau report
b)
Focus groups
c)
Trade journal
d)
Wikipedia
46.
A target market is:
a)
Everyone in the world
b)
A limited group most likely to buy your product
c)
Only competitors
d)
Only suppliers
47.
Market segmentation based on psychographics includes:
a)
Age and income
b)
Location only
c)
Attitudes, lifestyle, and interests
d)
Tariffs and quotas
48.
B2B stands for:
a)
Business to consumer
b)
Business-to-business
c)
Back-to-back
d)
Buy-to-build
49.
Customer profiles help determine:
a)
Company tax rate
b)
Characteristics of likely buyers
c)
Name of the CEO
d)
The building color
50.
A competitor that sells a different product filling same need is:
a)
Direct competitor
b)
Indirect competitor
c)
Supplier
d)
Distributor
51.
A differentiator is:
a)
A generic product
b)
A unique characteristic that distinguishes your business
c)
A marketing budget
d)
An accounting method
52.
Competitive intelligence is:
a)
Ignoring competitors
b)
Data collected about competitors
c)
A tax form
d)
A price strategy
53.
What is product positioning?
a)
Ignoring customer needs
b)
Influencing how customers perceive your product vs competitors
c)
Setting a tariff
d)
A hiring practice
54.
The 5 P’s of marketing include all EXCEPT:
a)
Product
b)
Place
c)
Patent
d)
Promotion
55.
Which is part of product strategy?
a)
Packaging and features
b)
Tariff setting
c)
Currency exchange
d)
Quota enforcement
56.
A brand primarily aims to:
a)
Increase production costs
b)
Create emotional attachment and loyalty
c)
Raise tariffs
d)
Eliminate competition legally
57.
Features vs benefits: a feature is ____ and a benefit is ____.
a)
What it is; what it does for the customer
b)
What it costs; warranty length
c)
The price; the packaging
d)
The supplier; the distributor
58.
Which is a distribution channel intermediary?
a)
Manufacturer only
b)
Wholesaler or retailer
c)
Consumer only
d)
The target market
59.
A direct channel means:
a)
Product goes producer → customer
b)
Product goes producer → wholesaler → retailer → customer
c)
Product stays in factory
d)
Product is exported only
60.
Cost-based pricing uses:
a)
Customer demand only
b)
Competitor prices only
c)
The cost to provide the product plus desired profit
d)
Random selection
61.
Demand-based pricing focuses on:
a)
What competitors charge
b)
What customers are willing to pay
c)
Manufacturer cost only
d)
Trade barriers
62.
Bundling is:
a)
Selling products only individually
b)
Combining several items/services into one price
c)
Always illegal
d)
A type of quota
63.
AIDA stands for:
a)
Attention, Interest, Desire, Action
b)
Analyze, Investigate, Design, Apply
c)
Assets, Income, Debt, Assets
d)
Advertise, Ignore, Delay, Act
64.
Publicity is:
a)
Paid advertising
b)
Free public attention (earned media)
c)
A tariff
d)
An inventory method
65.
Sales promotion is:
a)
Long-term brand building only
b)
Short-term incentives to encourage purchases
c)
A balance sheet account
d)
A legal document
66.
Visual merchandising is used to:
a)
Attract customers with displays
b)
Manage employee schedules
c)
Set exchange rates
d)
File taxes
67.
A promotional campaign should include:
a)
Media, dates, costs, ways to track responses
b)
Only slogans
c)
Only employee training
d)
Only competitor prices
68.
Market research limitations include:
a)
Unlimited time and money
b)
Respondent bias and limited resources
c)
Perfect accuracy
d)
Guaranteed results
69.
Business model validation means:
a)
Ignoring data
b)
Proving via research that your business idea is a real opportunity
c)
Only designing a logo
d)
Only hiring staff
70.
Which is a retail business?
a)
Manufacturer of metal parts
b)
Store selling goods directly to consumers
c)
Wholesaler selling in bulk only
d)
Federal agency
71.
A wholesaler’s main role is to:
a)
Sell one unit at a time to consumers
b)
Buy large batches and sell smaller quantities to retailers
c)
Provide only services
d)
Set foreign exchange rates
72.
Product packaging should be:
a)
Cost-effective and appropriate for distribution
b)
As expensive as possible
c)
Illegal
d)
Always plastic-only
73.
What is market share?
a)
Percentage of target market buying from your business
b)
Total global exports
c)
Number of employees
d)
Amount in inventory
74.
Which promotional mix element is direct, one-to-one selling?
a)
Advertising
b)
Personal selling
c)
Publicity
d)
Visual merchandising
75.
Which is an objective you might set when pricing?
a)
Maximize profits
b)
Ignore customers
c)
Eliminate quality
d)
Remove competition with illegal acts
76.
Variable expenses change when:
a)
Sales volume changes
b)
Government changes laws only
c)
Owner changes name
d)
Time of day changes
77.
Fixed expenses are:
a)
Expenses that vary with each unit sold
b)
Ongoing expenses that don't change with sales volume
c)
Always zero
d)
Only materials cost
78.
Contribution margin per unit equals:
a)
Selling price - variable expenses
b)
Selling price + fixed expenses
c)
Total sales × variable expense
d)
Fixed expenses - selling price
79.
Break-even units formula equals:
a)
Monthly fixed expenses × contribution margin
b)
Monthly fixed expenses ÷ contribution margin per unit
c)
Contribution margin × variable expense
d)
Selling price × fixed expenses
80.
Economy of scale means:
a)
Price per unit increases as volume increases
b)
Cost per unit decreases when purchasing or producing at larger volumes
c)
You always lose money
d)
Fixed expenses double
81.
Cash flow equals:
a)
Cash inflow + cash outflow
b)
Cash inflow - cash outflow
c)
Net profit only
d)
Contribution margin × units
82.
Which helps keep cash flowing?
a)
Collect cash as soon as possible
b)
Pay bills early even with no cash
c)
Ignore inventory levels
d)
Stop tracking cash
83.
An income statement shows:
a)
Assets only
b)
Revenue, expenses, and net income over a period
c)
Owner’s equity only
d)
Cash on hand at a moment
84.
The balance sheet equation is:
a)
Assets - Liabilities = Owner’s Equity
b)
Assets + Liabilities = Owner’s Equity
c)
Assets × Liabilities = Equity
d)
Liabilities - Assets = Equity
85.
Current assets are:
a)
Assets convertible to cash within one year
b)
Long-term assets only
c)
Owner’s investments
d)
Future projected sales
86.
Accounts receivable are:
a)
Money the business owes suppliers
b)
Money owed to the business by customers
c)
Fixed expenses
d)
Inventory counts
87.
Accounts payable represent:
a)
Money owed to the business by customers
b)
Money the business owes suppliers for credit purchases
c)
Owner’s equity
d)
Depreciation only
88.
Long-term liabilities include:
a)
Accounts payable due this month
b)
Mortgages and debts payable over more than one year
c)
Cash on hand
d)
Inventory
89.
Depreciation is:
a)
A method of spreading equipment cost over time
b)
Immediate profit
c)
A variable expense per unit
d)
A tariff
90.
ROI formula is:
a)
(Initial Investment ÷ Net Profit) × 100
b)
(Net Profit ÷ Initial Investment) × 100
c)
Net Profit - Initial Investment
d)
Initial Investment × 100
91.
Debt financing involves:
a)
Selling company shares
b)
Borrowing money that increases company debt
c)
Only using personal savings
d)
Bartering only
92.
Equity financing involves:
a)
Borrowing from a bank only
b)
Selling ownership shares in exchange for capital
c)
Only paying employees
d)
Using barter with suppliers
93.
Seed money is:
a)
One-time startup investment to start a business
b)
Monthly fixed expense
c)
A tariff
d)
A quota
94.
An emergency fund for a startup should cover roughly:
a)
1–2 days of expenses
b)
3–6 months of expenses
c)
10 years of expenses
d)
No expenses needed
95.
Crowdfunding is a form of:
a)
Debt financing only
b)
Raising small amounts of money from many people (can be equity or rewards)
c)
Only loans from banks
d)
Barter financing
96.
Bootstrapping means:
a)
Relying on minimal outside financing and using own resources
b)
Only hiring family
c)
Buying a franchise
d)
Selling company to investors
97.
Collateral is:
a)
A nonrepayable grant
b)
An asset pledged to secure a loan
c)
A competitor analysis tool
d)
A promotional campaign
98.
A cash flow statement records:
a)
Inflows and outflows of cash when they occur
b)
Only sales revenue on credit
c)
Only depreciation
d)
Only inventory purchases
99.
Which is a start-up expenditure?
a)
Monthly rent after first year
b)
Equipment purchased to open the business
c)
Future dividends
d)
Taxes paid after 10 years
100.
What should you do if your market research shows your idea is not feasible?
a)
Ignore the data and proceed
b)
Abandon or tweak the idea before major investment
c)
Sue respondents
d)
Increase prices immediately
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