Entrepreneurship & Marketing Unit Assessment

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.

• An entrepreneur is responsible for the success of their business.

• An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.

An example of an asset is:

• Time

• Money

• A Car

• All of the above

Which of the following is NOT a true statement about business plans?

• They should never be revised.

• They can help lower the risk of starting a new business.

• They are created before starting a business.

• They should include an overview of your business goals and how you think you are going to achieve them.

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

• You can learn a personal characteristic, but it is not possible to learn a skill.

• Personal characteristics become skills over time.

• Many people are born with business skills but you can't be born with characteristics.

• Skills can be learned and developed while personal characteristics are inherent qualities within.

What role do entrepreneurs play in economics?

• Entrepreneurs tell consumers what they should want or need.

• Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.

• Entrepreneurs borrow money from the economy to start their businesses.

• None of the above

Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress, and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?

• Immediately finding a storefront property for her business, putting down a deposit, and signing a lease.

• Contacting a mentor who has experience in the restaurant industry.

• Creating an initial elevator pitch with her limited information and starting to ask around for advice.

• Beginning to estimate her target market for her business.

What are the four parts of a SWOT Analysis?

• Sales, Work ethic, Organization, Training

• Strengths, Weaknesses, Obstacles, Threats

• Strengths, Weaknesses, Opportunities, Threats

• Strengths, Weaknesses, Options, Threats

Which is NOT part of a consumer profile?

• Demographics

• Polygraphics

• Psychographics

• Buying Patterns

Regina is creating her competitive analysis. She understands why it's important to know her direct competitors because they are selling a similar product, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?

• No. Indirect competition isn't something to worry about because they sell different products.

• No. Indirect competition is only important to understand if things change and it becomes direct competition.

• Yes. Indirect competition is important to understand, since the different product fulfills the same customer need.

• Yes. Indirect competition is important. Indirect competitors are competitors who compete in areas other than money, such as in hiring.

Which of the following is a fixed expense for Maria's sandwich food truck?

• Salaries for her employees

• Truck insurance

• Advertising

• All of the above