Which statement is the best description of a Value Proposition?

The features & benefits that make product or business unique

What role do entrepreneurs play in economics?

Entrepreneurs create the businesses to produce for economy

What is the best reason to study entrepreneurship?

Thinking like an entrepreneur helps you be a better student

Which of the following is NOT true about an entrepreneur?

Their salary is evaluated based on completing task

Which of the following is an advantage of starting your own business?

You have control over where and when you work.

Which of the following is probably NOT an important point to include in a business pitch?

Detailed description of the meaning behind the company name

What are the four parts of a SWOT Analysis?

Strengths, Weaknesses, Opportunities, Threats

What is the main difference between a personal characteristic and a skill?

Skills are learned, characteristics are inherent qualities

Which of the following is NOT one of the four steps to preparing a sales forecast?

SELECT ORGANIZATIONAL STRUCTURE FOR YOUR COMPANY

What is the definition of an entrepreneur?

Someone who creates, owns, and potentially runs a business

Which o the following is a start-up expense for Maria’s food truck?

Kitchen appliances & equipment to conduct her business

Which of the following is NOT a creative thinking exercise entrepreneurs use to get ideas?

Judge each idea as realistic or not

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Questions 21

Answers

1
Which statement is the best description of a Value Proposition?
The features & benefits that make product or business unique
The cost of creating the product.
None of the above.
A part of the plan that identifies the market for product.
2
Did Pete’s business broke even? (meaning, covered its fixed expenses and become profitable)
yes
not enough information
this is not the answer
no
3
What role do entrepreneurs play in economics?
Entrepreneurs borrow money from the economy
None of the above
Entrepreneurs tell consumers what they should want of need
Entrepreneurs create the businesses to produce for economy
4
Which of the following is a fixed expense for Maria’s sandwich food truck?
Salaries for her employees
Truck insurance
All of the above
Advertising
5
What is the best reason to study entrepreneurship?
none of the above
Thinking like an entrepreneur helps you be a better student
Entrepreneurs don't worry about grades
Knowing about entrepreneurship = you will never have a boss
6
Which is NOT part of a consumer profile?
Polygraphics
Psychographics
Demographics
Buying Patterns
7
Your friend is developing a marketing plan for his new business. What should he put in the plan
All of the above
The price of her product
where she wants to sell her product
description of the people in her target market
8
Which of the following is NOT a true statement about business plans?
They are created before starting a business.
They can help lower the risk of starting a new business.
They should never be revised
They should include a overview of business goals.
9
What could Pete do to try to improve his net profit?
increase number of cupcakes he sells
Increase prices
All of the above
Decrease his fixed expenses
10
Which of the following is NOT true about an entrepreneur?
An entrepreneur gets to act as his own boss.
An entrepreneur has ownership in the business.
Their salary is evaluated based on completing task
An entrepreneur is responsible for success of their business
11
Which of the following is an advantage of starting your own business?
During the start-up phase, you do not to think about funding
You are the decision maker, so there is little to no risk
If you make a business plan, you know obstacles to expect
You have control over where and when you work.
12
Which of the following is probably NOT an important point to include in a business pitch?
Detailed description of the meaning behind the company name
Problems that the product or service solves
How product or service is different
Reasons why potential customers should care
13
What are the four parts of a SWOT Analysis?
Strengths, Weaknesses, Opportunities, Threats
Strengths, Weaknesses, Obstacles, Threats
Strengths, Weaknesses, Options, Threats
Sales, Work ethic, Organization, Training
14
Which of these is NOT considered a skill?
Communication Skills
People Skills
Determination Skills
Business Skills
15
What is the main difference between a personal characteristic and a skill?
You can learn personal characteristic, not a skill.
People are born with business skills not characteristics
Personal characteristics become skills over time
Skills are learned, characteristics are inherent qualities
16
Which of the following is NOT one of the four steps to preparing a sales forecast?
SELECT ORGANIZATIONAL STRUCTURE FOR YOUR COMPANY
analyze company & market conditions using SWOT analysis
REVIEW PAST SALES OR PAST TRENDS IN THE INDUSTRY
ESTIMATE YOUR FUTURE SALES FOR SPECIFIC TIME PERIOD
17
What is the definition of an entrepreneur?
Someone who owns a business & makes profit from the business
Someone who manages a business.
None of the above
Someone who creates, owns, and potentially runs a business
18
Which o the following is a start-up expense for Maria’s food truck?
All of the above
Kitchen appliances & equipment to conduct her business
Gas
Cell phone bill
19
An example of an asset is:
All of the above
Phone
Money
Time
20
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Aggressiveness and Intensity
Creativity and Collaboration
Initiative and Self-Direction
Comfort with risk
21
Which of the following is NOT a creative thinking exercise entrepreneurs use to get ideas?
Judge each idea as realistic or not
Think Backward
Draw Idea Maps
Challenge the Usual

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