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Entrepreneurship Final Exam
What is net income?
The term "entrepreneur" means:
Entrepreneurship Final Exam
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Entrepreneurship Final Exam
Flashcards
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Answers
1
The term "entrepreneur" means:
"To undertake" (the derivation of a French word)
All of the answers
Someone who pioneers change or wants to work for themselves
One who organizes, manages, and assumes the risks
2
What is net income?
None of the answers
Expenses plus profit
Revenues minus expenses
Revenues plus sales minus expenses
3
The following are traits of an entrepreneur:
Likes to get up early
Likes routine
Likes to work the same hours every day
Action oriented
4
Being creative in business can support which of the following:
Both answers
Developing new ideas for products and services
Staying ahead of the competition
5
Which is NOT an example of a market trend:
number of allergies led to a need for cleaner environments
Mike comes in with his dog every Friday at 4:00pm
Women aged 45-60 buy the dog shampoo most often
The dog shampoo market is growing by 3% a year
6
Social entrepreneurs:
Two of the answers
Are always nonprofits
Have a mission focus
Solve social problems
7
Until the 1800's, production in the U.S. could be described as:
One product at a time
Economies of scale
All the answers
Assembly line production
8
In gathering market information, which of the below are components you might seek?
All of the answers
Where are your customers?
What are your customers' likes and dislikes?
Who is your market?
9
How would you directly poll a customer for their opinions on a product?
Primary data gathering
Secondary data gathering
A combination of data gathering
Tertiary data gathering
10
One person can make a difference as an entrepreneur
False
True
11
What does a tool like "mind mapping" help do?
All of the answers
Allows entrepreneur to turn an interest into a business idea
Allows a future entrepreneur to understand their competition
Allows a future entrepreneur to map a market landscape
12
Which of the following is NOT a risk of entrepreneurship?
Uncertain income
Fear of success
Long hours and hard work
High levels of stress
13
Today, small business:
Cannot compete with big businesses
Two of the answers
Produces 60-80 percent of all new jobs
Pays 44 percent of the U.S. payroll
14
Which of the below is NOT a way to protect a creative idea?
Datamark
Patents
Trademark
Servicemark
15
What is NOT a primary purpose of a business plan?
Gets out there and sells for the business owner
Provides introduction document for fundraising
Drives action
Charts course for business owner
16
Going onto a website to read an article about dog toys would be considered:
A tertiary research technique
A primary research technique
A combination research technique
A secondary research technique
17
Within the business plan, what is an executive summary?
One-two pages highlighting each section of the business plan
A summary of resumes of executives advising the business
None of the answers
A plan for how executives will be compensated
18
What is an elevator pitch?
A sales presentation of any length
A 20 to 60 second presentation about a business
A baseball pitch made in an elevator
19
Which quote can be attributed to Alexis deTocqueville?
"Give me liberty, or give me death."
"Americans all ages,dispositions, form associations."
"We accept reality of world with which we are presented."
"To be or not to be, that is the question."
20
Entrepreneurs who finish a business plan are twice as likely to:
Two of the answers
Go out of business
Grow their business
Obtain an investment or a loan
21
What percentage of entrepreneurs think their venture will be full-time vs. part-time?
10% think it'll be full-time, 90% think it will be part-time
33% think it'll be full-time, 67% think it'll be part-time
50% think it will be full-time, 50% think it'll be part-time
100% think it will be full-time
22
The following could be a small business:
All the answers
A doctor's office
A hairdresser
A high tech firm
23
How many small businesses are there in the U.S.?
5 million
28 million
400,000
300 million
24
Which of the following statements about market research is false?
SWOT is Strengths, Weaknesses, Opportunities, Threats
Business owners who know their market are more successful.
SWOT stands for Strengths, Weaknesses, Options, and Threats
Investors expect you to know your market.
25
What is NOT a common type of expense in a business?
Sports Tickets
Rent
Equipment
Utilities
26
The majority of small businesses are
Owned and operated by two people
Owned and operated by one person
Owned by two people, operated by between 1 and 5 people
Owned by one person, operated by between 1 and 5 people
