Entrepreneurship Reveiw
4 years ago
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20 QuestionsShow answers
  • Question 1
    30 seconds
    Q. A ______________ is a quick description of your business that you use to explain it to potential investors.
    answer choices
    business plan
    business pitch
    sales forecast
    business analysis
  • Question 2
    30 seconds
    Q. __________________ are the operating expenses that a business must pay regardless of how many sales are made.
    answer choices
    Fixed operating expenses
    Variable expenses
    Production costs
  • Question 3
    30 seconds
    Q. ___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.
    answer choices
     The Market
    An Indirect Competitor
    Sales force
    A Direct Competitor
  • Question 4
    30 seconds
    Q. ___________ is an organized way to gather and understand information needed to make informed business decisions based on the potential customers and competitors that exist in the market.
    answer choices
    A customer report
    Market Research
    Competition report
    Audience analysis
  • Question 5
    30 seconds
    Q. The amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.
    answer choices
    contribution margin
  • Question 6
    30 seconds
    Q. What does a SWOT analysis evaluate?
    answer choices
    Strengths, Weaknesses, Opposition, Threats
    Strengths, Weaknesses, Opportunities, Threats
    Symptoms, Weaknesses, Opportunities, Threats
    Strengths, Weaknesses, Opportunities, Targets
  • Question 7
    30 seconds
    Q. Which of the following is NOT considered a risk of being an entrepreneur?
    answer choices
     Financial Insecurity
    Providing value to others
    Long hours and hard work
    Potential Business Failure
  • Question 8
    30 seconds
    Q. What is the definition of an entrepreneur?
    answer choices
    An entrepreneur is someone who manages a business.
    An entrepreneur is someone who owns a business and makes profit from that business
    An entrepreneur is someone who creates a business and potentially makes money and runs the business.
     None of these
  • Question 9
    30 seconds
    Q. Which of the following is NOT true about an entrepreneur?
    answer choices
    An entrepreneur gets to act as his own boss.
    An entrepreneur has ownership in the business
    An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him
    An entrepreneur is responsible for the success of their business
  • Question 10
    30 seconds
    Q. Which of the following are assets?
    answer choices
    A Car
    All of the above
  • Question 11
    30 seconds
    Q. Which of the following is NOT a true statement about business plans?
    answer choices
     They are created before starting a business
    They should include an overview of your business goals and how you think you are going to achieve them
    They can help lower the risk of starting a new business
    They should never be revised
  • Question 12
    30 seconds
    Q. Which of the following is an advantage of starting your own business
    answer choices
    As long as you make a business plan, you will know what obstacles to expect
    You have control over where and when you work
    You are in charge of the decision making so there is little to no risk
    During the startup phase, you do not have to think about funding
  • Question 13
    30 seconds
    Q. What is the main difference between a personal characteristic and a skill?
    answer choices
    Skills can be learned while characteristics are inherent qualities
    You can learn a characteristic, but not skills
    Many people are born with business skills, but not characteristics
    Characteristics become skills over time
  • Question 14
    30 seconds
    Q. which of the following are skills:
    answer choices
    Communication Skills
    Business skills
    Business skills
    All of the Above
  • Question 15
    30 seconds
    Q. What role do entrepreneurs play in economics?
    answer choices
    Entrepreneurs tell consumers what they should want or need
    Entrepreneurs create the businesses that produce products that meet the wants and needs of consumers
    Entrepreneurs borrow money from the economy to start their businesses
    None of the above
  • Question 16
    30 seconds
    Q. Which of the following ensures a good idea for a business is an actual business opportunity?
    answer choices
    The idea solves a unique need or want in the market that a group of customers is willing to buy.
    The idea is something that no one has ever thought of before
    The entrepreneur is really passionate about the idea
    The entrepreneur will have to spend a lot of money and time to implement the idea
  • Question 17
    30 seconds
    Q. Which of the following should you NOT do when collecting and evaluating data on your market?
    answer choices
    Find data on what your target market segment thinks and shift your business to meet their needs or wants
    Only look for data that supports your initial idea
     Gather data on what your competitors are doing and create a competitive advantage to stay relevant in the market
     Collect data from a variety of sources and perspectives
  • Question 18
    30 seconds
    Q. Which of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold?
    answer choices
    Change how the unit is defined
    Decrease the variable expenses per unit
     Increase the selling price
     Collect data from a variety of sources and perspectivesDecrease the monthly fixed expenses for the business
  • Question 19
    30 seconds
    Q. Why is it important to use the information gathered from your market research on your target market segment to build your marketing plan?
    answer choices
    Marketing strategies should be designed to appeal to these potential customers
    It's less costly if you use research to build marketing strategies
    Magazines and TV stations will ask to see research before you can buy advertisements
    None of the above-market research is not important
  • Question 20
    30 seconds
    Q. Which of the following is NOT one of the four steps to preparing a sales forecast?
    answer choices
    Analyze current company and market conditions using a SWOT analysis
    Estimate your future sales for a specific time period
    Review past sales or past trends in the industry
    Select an organizational structure for your company
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