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- 1. Multiple ChoiceThe amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.overheadcontribution marginsalaryprofit
- 2. Multiple ChoiceA ______________ is a quick description of your business that you use to explain it to potential investors.business analysisbusiness pitchbusiness plansales forecast
- 3. 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.Competition reportAudience analysisA customer reportMarket Research
- 4. Multiple ChoiceWhich of the following is NOT considered a risk of being an entrepreneur?Financial InsecurityPotential Business FailureProviding value to othersLong hours and hark work
- 5. Multiple ChoiceWhich one of these is not a skillCommunication SkillsBusiness skillsDetermination SkillsPeople skills
- 6. Multiple ChoiceWhat role do entrepreneurs play in economics?Entrepreneurs tell consumers what they should want or needEntrepreneurs create the businesses that produce products that meet the wants and needs of consumersEntrepreneurs borrow money from the economy to start their businessesNone of the above
- 7. Multiple ChoiceWhich of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold?Decrease the monthly fixed expenses for the businessChange how the unit is definedDecrease the variable expenses per unitIncrease the selling price
- 8. Multiple ChoiceWhich of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?Challenge the usualDraw Idea MapsJudge each idea as realistic or notThink backward
- 9. Multiple ChoiceWhich of these is NOT part of a consumer profile?DemographicsPolygraphicsBuying PatternsPsychographics
- 10. Multiple ChoiceWhich of the following is a start-up expense for Maria's food truck?Kitchen appliancesCell phone billGasAll of the above
- 11. Multiple ChoiceWhich of the following is NOT one of the four steps to preparing a sales forecast?Select an organizational structure for your companyReview past sales or past trends in the industryEstimate your future sales for a specific time periodAnalyze current company and market conditions using a SWOT analysis
- 12. Multiple ChoiceSharon is thinking about opening a bakery. Which of the following would NOT be a good early step?Immediately put down a deposit for a storefront propertyGet a mentorEstimate the target marketCreate a business pitch
- 13. Multiple ChoiceWhat is the main difference between a personal characteristic and a skill?Skills can be learned while characteristics are inherent qualitiesMany people are born with business skills, but not characteristics
- 14. Multiple ChoiceWhich of the following are assests?TimeMoneyA CarAll of the above
- 15. Multiple Choice__________________ are the operating expenses that a business must pay regardless of how many sales are made.Fixed operating expensesVariable expensesProfitsProduction costs
- 16. Multiple Choice___________ is a potential group of customers, people, or businesses that are able and willing to purchase a particular product or service.An indirect competitorThe MarketDirect competitiorSales force
- 17. Multiple ChoiceThe amount of money that an entrepreneur earns when total costs are subtracted from total sales is called ______________.overheadcontribution marginSalaryProfit
- 18. Multiple ChoiceWhich of the following is NOT considered a risk of being an entrepreneur?Financial InsecurityPotential Business FailureLong hours and hard workProviding value to others
- 19. Multiple ChoiceWhat is the definition of an entrepreneur?An entrepreneur is someone who manages a business.An entrepreneur is someone who owns a business and makes profit from that businessAn entrepreneur is someone who creates a business and potentially makes money and runs the business.None of these
- 20. Multiple ChoiceWhich of the following is an advantage of starting your own business?You have control over where and when you work. During the startup phase, you do not have to think about fundingAs long as you make a business plan, you will know what obstacles to expectYou are in charge of the decision making so there is little to no risk
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