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- 1. Multiple ChoiceA ______________ is a quick description of your business that you use to explain it to potential investors.a. business pitchb. business planc. sales forecastd. business analysis
- 2. Multiple Choice__________________ are the operating expenses that a business must pay regardless of how many sales are made.a. Fixed operating expensesb. Variable expensesc. Profitsd. Production costs
- 3. Multiple Choice___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.a. An Indirect Competitorb. The Marketc. A Direct Competitord. Sales force
- 4. Multiple Choice___________ 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.a. Market Researchb. A customer reportc. Competition reportd. Audience analysis
- 5. Multiple ChoiceThe amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.a. profitb. contribution marginc. overheadd. salary
- 6. Multiple Choicea. Strengths, Weaknesses, Opportunities, Targetsa. Strengths, Weaknesses, Opportunities, Targetsb. Strengths, Weaknesses, Opportunities, Threatsc. Strengths, Weaknesses, Opposition, Threatsd. Symptoms, Weaknesses, Opportunities, Threats
- 7. Multiple ChoiceWhich of the following is NOT considered a risk of being an entrepreneur?a. Financial Insecurityb. Potential Business Failurec. Long hours and hard workd. Providing value to others
- 8. Multiple ChoiceWhat is the definition of an entrepreneur?a. An entrepreneur is someone who manages a business.b. An entrepreneur is someone who owns a business and makes profit from that businessc. An entrepreneur is someone who creates a business and potentially makes money and runs the business.d. None of these
- 9. Multiple ChoiceWhich of the following is NOT true about an entrepreneur?a. An entrepreneur gets to act as his own boss.b. An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to himc. An entrepreneur is responsible for the success of their businessd. An entrepreneur has ownership in the business
- 10. Multiple ChoiceWhich of the following are assests?a. Timeb. Moneyc. A Card. All of the above
- 11. Multiple ChoiceWhich of the following is NOT a true statement about business plans?a. They should never be revisedb. They are created before starting a businessc. They can help lower the risk of starting a new businessd. They should include an overview of your business goals and how you think you are going to achieve them
- 12. Multiple ChoiceWhich of the following should you NOT do when collecting and evaluating data on your market?a. Find data on what your target market segment thinks and shift your business to meet their needs or wantsb. Only look for data that supports your initial ideac. Gather data on what your competitors are doing and create a competitive advantage to stay relevant in the marketd. Collect data from a variety of sources and perspectives
- 13. Multiple ChoiceWhich of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold?a. Change how the unit is definedb. Decrease the variable expenses per unitc. Increase the selling priced. Decrease the monthly fixed expenses for the business
- 14. Multiple ChoiceWhy is it important to use the information gathered from your market research on your target market segment to build your marketing plan?a. Marketing strategies should be designed to appeal to these potential customersb. It's less costly if you use research to build marketing strategiesc. Magazines and TV stations will ask to see research before you can buy advertisementsd. None of the above-market research is not important
- 15. Multiple ChoiceWhich of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?a. Challenge the Usualb. Judge Each Idea as Realistic or Notc. Think Backwardd. Draw Idea Maps
- 16. Multiple ChoiceWhich of the following is a fixed expense for Maria's sandwich food truck?a. Salaries for employeesb. Truck Insurancec. Advertisingd. All of the above
- 17. Multiple ChoiceWhich of the following is a start-up expense for Maria's food truck?a. Kitchen appliancesb. Cell phone billc. Gasd. All of the above
- 18. Multiple ChoiceWhat is the most accurate way to calculate the Economics of One Unit?a. Estimate the cost to buy all ingredients at the store then divide by the number of cupcakesb. Guess and set a price without considering costc. Go online and find competitor's expensesd. Go through the process of making cupcakes and measure the ingredients. Then calculate the cost per ingredient
- 19. Multiple ChoiceWhat could you do to try to improve your net profit?a. Increase pricesb. Increase number of items soldc. Decrease fixed expensesd. All of the above
- 20. Multiple ChoiceWhich of the following is NOT one of the four steps to preparing a sales forecast?a. Estimate your future sales for a specific time periodb. Review past sales or past trends in the industryc. Analyze current company and market conditions using a SWOT analysisd. Select an organizational structure for your company
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