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Entrepreneurship Exam Review Flashcards | StudBud
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Entrepreneurship Exam Review
Entrepreneurship Exam Review
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Questions
35
Answers
1
Goals help you stay in track and follow through with your plans.
False
True
2
Many businesses fail because of the lack of ______.
business knowledge
efficiency
funds
managerial skills
3
There are 9 Rs of Opporunity Screening
False
True
4
All the following are common mistakes in business planning EXCEPT _____.
an undefined target market
realistic financial projections
poor research
ignored competition
5
These below are the main elements of a business plan EXCEPT ____.
organization structure
introductory elements
appendix
main body
6
Every new business should have a business plan, thus all business plans should be alike.
True
False
7
All of these below are part of the Entrepreneur's alphabet EXCEPT ______.
risk-taker
jack of all trades
success-oriented
passionate
8
Relative case of implementation refers to the potential your product has to lead to a wide range of possible products.
False
True
9
A business plan explains the idea behind your business (Purposes of a Business Plan)
True
False
10
The following are sources of business ideas EXCEPT _____.
inventions
inventions
past experiences
advertisments
11
The S in SMART goals stands for ______.
skillful
sollemi pop pop
specific
smart
12
Opportunities are _______ that arise from existing conditions.
proposals
plans
prayers
possibilities
13
A financial statement based on projected revenues and expenses is called a _____.
statement of purpose
financial statement
pro forma financial statement
tax returns
14
In marketing your business plan, you must conduct research of the following EXCEPT _____.
sociocultural factors
economic trends
growth potential
technologic trends
15
An entrepreneur operates their business at the LOWEST possible cost while maintaining quality to maximize profits.
False
True
16
The following are steps of opportunities EXCEPT _____. (sorry bai ambot unsay tawag ani God bless)
opportunity seizing
opportunity screening
opportunity staging
opportunity seeking
17
The following are environments of the entrepreneurship venture EXCEPT _____.
physical environment
economic environmen
industry environment
industry environment
18
The following are advantages of entrepreneurship EXCEPT _____.
entrepreneurs work long hours
entrepreneurs are their own bosses
entrepreneurs can earn a lot
entrepreneurs can be creative
19
Why is the entrepreneurial mind frame important?
it demands the keenest sense of intuition and fortitude
it allows the entrepreneur to see things in a positive and optimistic light
it drives the entrepreneur to find fullfillment in the act of discovery
it brings endless curiosity to discover new ideas
20
The operations section of the business plan explains how the business will be managed on a _______ basis.
day-to-day
long-term
yearly
short-term
21
Ideas are thoughts and concepts that come from ________.
advertising
identification of risks
creative thinking
managerial skills
22
Why do entrepreneurs need to identify market opportunities?
so available resources can be utilized efficiently
so entrepreneurs can manage the business properly
so you can earn profit
so consumers can buy at a lower price
23
The 7 Ps of the marketing mix are the following: product, packaging, place, people, price, positioning, and promotion.
False
True
24
All of these are types of entrepreneurial businesses EXCEPT _____.
agricultural and mining businesses
retailing
green entrepreneurship
tailoring
25
How many Ps are there in the marketing mix?
9
7
4
10
26
A business plan is a written document that describes all the steps necessary to ____ and ____ a successful business.
plan, organize
start, develop
run, manage
open, operate
27
An entrepreneur is a person who possesses ____ and ____ needed to own, operate, and take the risk of a business venture.
human and conceptual skills
finanical and technical skills
managerial, decision making skills
efficiency, effectiveness skills
28
Essential to an entrepreneur's opportunity seeking are the entrepreneurial ______, ______, and ______.
mind games, heart flame, gut game
conceptual, human, technical
mind frame, heart flame, gut game
physical, societal, industry
29
Small businesses that have less to lose are more willing and able to make changes quickly.
False
True
30
The table of contents of the business plan should be _____.
short
important
accurate
specific
31
The executive summary is written before the business plan is completed.
False
True
32
The appendix of a business plan contains _____.
supporting documents
financial documents
relevant information
a summary of the goals and objectives you have for your business
33
Anyone can become an entrepreneur.
True
False
34
Tutoring is a retailing entrepreneurial business.
True
False
35
The marketing mix is the blending of the product, price, distribution, and promotion used to reach a target market.
False
True
