Noda Test (P3)

An entrepreneur is a person who assumes the responsibility and risk of starting a business.

• True

• False

Taking on business debt is a requirement for entrepreneurship.

• True

• False

What is a risk of being an entrepreneur?

One objective of entrepreneurship is to make a profit.

• True

• False

What are the qualities of an entrepreneurial mindset?

• Sensitive and obedient

• assertive and independent

• flexible and resilient

• demanding and authoritative

What are the characteristics of an entrepreneurial mindset?

• creativity, adaptability, determination, and empathy

• business knowledge, financial knowledge, and organizational skills

• community awareness, educational readiness, and literacy

• people skills, problem solving, and career exploration

A massage therapist wants to open her own spa. She researches the prices charged at the

three local competitor spas and estimates she can average $80 per customer visit. Match the

correct figure to the appropriate location in the break-even formula. Fixed Costs/$245,400

Average Price/$80 Variable Cost/$3.00

A new dog grooming business is setting milestones that will determine if it is successful or not.

The owner has decided the business will be considered successful when it starts to make a

profit. Which milestone will measure profitability?

A pizza maker has come up with a new takeout restaurant concept that sells only large

gourmet pizzas. Match the correct figure to the appropriate location in the break-even formula.

Fixed cost/380,000 Average Price/20 Variable cost 7

You own a Hot Dog cart. You sell each for $2.50. You need to determine your monthly

breakeven point. your monthly expenses are $600 and it cost you $1 to produce. How many

dogs do you need to sell?

• 172

• 240

• 400

• 600