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- 1. Multiple Choice
Which of the following is an example of a tax you must pay?
Bounched check
Late fee
Rental payment
Social Security
- 2. Multiple Choice
Which of the following is an example of a tax?
Line of credit
Rental payment
Cash payment
Medicare
- 3. Multiple Choice
What are taxes?
Taxes are sources of income
Taxes are optional payments you make to state and local government
Taxes are refunds you receive for overpayment
Taxes are mandatory payments you make to state and local governments
- 4. Multiple Choice
When is a budget considered to be balanced?
When the amount you earn is equal or less than the amount you spend.
When the amount you spend is greater than the amount you earn.
When the amount you save is less than the amount you spend.
When the amount you spend is equal or less than the amount you earn.
- 5. Multiple Choice
Whic h of the following is a variable expense?
Student loan payments
Rental payments
Health insurance
Groceries
- 6. Multiple Choice
Which of the following is not a fixed expense?
Rental payment
Internet service
Cell phone bill
Movie Tickets
- 7. Multiple Choice
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Creativity & Collaboration
Comfort with Risk
Aggressiveness & Intensity
Initiative & Self-Direction
- 8. Multiple Choice
What 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 business
An entrepreneur is someone who creates, owns and potentially runs a business
None of the above
- 9. Multiple Choice
Which of the following is NOT true about an entrepreneur?
An entrepreneur gets to act as his own boss.
An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.
An entrepreneur has ownership in the business.
An entrepreneur is responsible for the success of their business.
- 10. Multiple Choice
Which of the following is NOT a true statement about business plans?
They should never be revised.
They can help lower the risk of starting a new business.
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.
- 11. Multiple Choice
Which of the following is an advantage of starting your own business?
You have control over where and when you work.
As long as you make a business plan, you will know what obstacles to expect.
You are in charge of the decision-making so there is little to no risk.
During the start-up phase, you do not have to think about funding.
- 12. Multiple Choice
What is the main difference between a personal characteristic and a skill?
Personal characteristics become skills over time.
Many people are born with business skills but you can't be born with characteristics.
You can learn a personal characteristic, but it is not possible to learn a skill.
Skills can be learned and developed while personal characteristics are inherent qualities within.
- 13. Multiple Choice
Which one of these is NOT considered a skill?
People skills
Determination skills
Business skills
Communication skills
- 14. Multiple Choice
Which of the following is a fixed expense?
Clothing purchases
Groceries
Rental payments
Movie tickets
- 15. Multiple Choice
Which of the following is NOT a fixed expense?
Movie tickets
Rental payment
Internet service
Cell phone bill
- 16. Multiple Choice
What is income?
Income is payments you make to the federal government.
Income is money you receive after paying taxes.
Income is payments you make to the government to pay for roads, bridges, and schools.
Income is money you earn, usually from working at a job.
- 17. Multiple Choice
Which of the following would be an example of a NEED?
A new pair of headphones
Designer shoes
A warm winter coat
Your favorite candy
- 18. Multiple Choice
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Creativity & Collaboration
Comfort with Risk
Aggressiveness & Intensity
Initiative & Self-Direction
- 19. Multiple Choice
What is NOT part of a consumer profile?
Demographics
Polygraphics
Psychographics
Buying Patterns
- 20. Multiple Choice
Are indirect competitors important to know about?
No. Not something to worry about because they sell different products.
No. Indirect competition is only important to understand if things change and it becomes direct competition.
Yes. It is important to understand since the different product fulfills the same customer need.
Yes. Indirect competition is important because indirect competitors compete in areas other than money, such as hiring.
- 21. Multiple Choice
Which of the following is a fixed expense for Maria's sandwich food truck?
Salaries for employees
Truck insurance
Advertising
All of the above
- 22. Multiple Choice
Which of the following is a start-up expense for Maria's food truck?
Kitchen appliances and other equipment needed to conduct her business
Cell phone bill
Gas
All of the above
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