What Is an Entrepreneur?
What best defines an entrepreneur?
A) Someone who works for a large company
B) Someone who invests in real estate
C) Someone who starts and runs a business
C) Someone who starts and runs a business
What is the first step in starting a business?
A) Buying inventory
B) Creating a business plan
C) Hiring employees
B) Creating a business plan
Revenue is:
A) The cost of supplies
B) The money a business brings in before expenses
C) What you pay employees
B) The money a business brings in before expenses
What is branding?
A) Naming your employees
B) Creating a unique identity for your business
C) Making posters
B) Creating a unique identity for your business
Which of these is a risk of entrepreneurship?
A) Guaranteed income
B) Losing personal savings
C) Paid vacation
B) Losing personal savings
Which trait is most important for entrepreneurs?
A) Fear of change
B) Willingness to take risks
C) Desire for job security
B) Willingness to take risks
What is a business plan?
A) A calendar of daily tasks
B) A budget report
C) A document outlining business goals and strategies
C) A document outlining business goals and strategies
Profit is:
A) Money lost in a sale
B) Money left after expenses
C) Employee wages
B) Money left after expenses
Which of these helps promote your product?
A) Social media ads
B) Office supplies
C) Business taxes
A) Social media ads
Which of these is a potential reward of entrepreneurship?
A) Working fewer hours
B) Guaranteed health insurance
C) Financial independence
C) Financial independence
Entrepreneurs often look for problems to...
A) Ignore
B) Solve
C) Avoid
B) Solve
What is the purpose of market research?
A) To check spelling
B) To understand customer needs and competition
C) To decorate the store
B) To understand customer needs and competition
What is a budget?
A) A pricing chart
B) A plan for managing money
C) A menu of products
B) A plan for managing money
What makes a customer choose your product over others?
A) Employee uniforms
B) Product location
C) Unique selling proposition
C) Unique selling proposition
Why do entrepreneurs take risks?
A) For fun
B) To avoid taxes
C) To create opportunities and gain rewards
C) To create opportunities and gain rewards
What is innovation in entrepreneurship?
A) Copying others
B) Creating something new or improving something existing
C) Selling old products
B) Creating something new or improving something existing
What is a target market?
A) Everyone in the world
B) People most likely to buy your product
C) Investors and banks
B) People most likely to buy your product
Why is it important to track expenses?
A) To impress customers
B) To decorate receipts
C) To know how much money is being spent
C) To know how much money is being spent
What does a logo help with?
A) Payroll
B) Business identity and recognition
C) Inventory
B) Business identity and recognition
Which of the following is a personal reward of owning a business?
A) Free health care
B) Creative freedom
C) Free rent
B) Creative freedom
Entrepreneurs are often considered:
A) Employees
B) Risk takers
C) Shoppers
B) Risk takers
What is startup capital?
A) Money used to pay taxes
B) Money borrowed from friends
C) Money used to launch the business
C) Money used to launch the business
Which of these would NOT be a fixed cost?
A) Rent
B) Equipment lease
C) Raw materials
C) Raw materials
Which of the 4 Ps of marketing involves where your product is sold?
A) Price
B) Place
C) Promotion
B) Place
What is a common financial risk for entrepreneurs?
A) Free advertising
B) Earning no profit
C) Low competition
B) Earning no profit