Pre-Test in Entrepreneurship

What is an entrepreneur?

• A. Someone who invests time and money to start a business.

• B. Someone who makes a lot of money.

• C. Someone who takes a risk to make a profit.

• D. Both A & C

Define Free Enterprise:

• A. A business taking a risk to make a profit.

• B. A program administered by the Government.

• C. People in business trying to make a profit.

• D. A business adventure or undertaking.

Quality Control is defined as:

• A. Controlling the cost of the product.

• B. Controlling the number of pieces produced.

• C. Producing & monitoring products so they are acceptable to the consumer.

• D. Producing & monitoring products so they are acceptable to the workers.

A market survey is important because it tells you:

• A. How many & what types of people are shopping at a store.

• B. Tells you what the customer will buy.

• C. Tells you how much the customer will pay for the product.

• D. All of the above.

Net profit is the:

• A. Amount of money you get for profit lab.

• B. Amount of money collected from selling products.

• C. Amount of money your product costs to produce.

• D. Has nothing to do with money.

What things could you change to adjust your profit?

• A. Price.

• B. Number.

• C. Less expensive supply sources.

• D. All of the above.

A written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.

• Marketing Plan

• Product Plan

• Business Plan

• Financial Plan

It is the ability to introduce your product and business to the customers.

• Sales Skills

• Marketing Skills

• Finance Skills

• Planning Skills

A person or organization that buys goods or services from a store or business.

• Market

• Customer

• Target Market

• Prospects

Products with low production and operations costs that are sold at a higher price will yield higher ________________ on investments.

• Range

• Reach

• Returns

• Risk