NFTE Business Ownership Quiz

Which economic system allows both customers and the government to set the demand?

Which of the following tools allows you to make changes to the model if it is not feasible?

Choose the best description of ‘competitive advantage.’

What type of competition do McDonald’s and Burger King represent for each other?

Which of the following are part of the 5 P's of Marketing

The gov. of Dairyland decided that each farmer can only produce 1k gallons of milk per week. What economy is this?

Which of the following is true about the entrepreneurial mindset?

Not all business ideas are actual opportunities. Which of the following is true?

How do you determine market share percentage?

Which of the following would be a business selling the same thing in another country?

Market research is used to gather information to make decisions. Which is NOT a lean startup approach to get data?

You are the owner of a clothing company. This season there are many unsold clothes. What can be an explanation for this?

Which of the following is the best description of Entrepreneurs taking risks when starting a new business for rewards?

Which of the following is true about the price of a good or service in a market economy?

What are SMART goals?

What is the best description of how a business plan helps navigate the risk of starting a business?

There are many skills and characteristics important to entrepreneurship. Which of the following is not one of those?

What would be the best for testing out his assumptions about his potential customers? (See image below for reference)

Which economy is the best to serve citizens when taking scarcity in a war or natural disaster into account?

Which is the best opportunity to solve the problem: Being unable to understand their doctor when both speak differently.

Which of these is NOT an identified category of differentiator?

How should Jeron set up his event planning service with his goals in mind? (Cares about being socially responsible).

Which of the following is the best example of a sustainable design?

Which of the steps of analyzing the competition is where you determine the unfair advantage for your opportunity?

Which of the following best describes the equilibrium price and quantity?

BML feedback loops are used to test parts of the business model. What is the step after finding something isn't working?

What step of the Human-Centered Design Thinking process allows you to think about what problems the customer may have?

Many entrepreneurs will think about their entrepreneurial mindset. What can you gain from this type of self-assessment?