Entrepreneurship and Small Business Quiz

What is the primary purpose of a business plan?

• To secure a business license

• To outline the business goals and strategies

• To hire employees

• To determine the business location

Which of the following is a common source of funding for small businesses?

• Government grants

• Personal savings

• Lottery winnings

• Inheritance

What is a key component of a marketing strategy?

• Employee training

• Product pricing

• Office decoration

• Inventory management

Which mindset is essential for an entrepreneur?

• Risk aversion

• Fixed mindset

• Growth mindset

• Pessimistic outlook

What is a SWOT analysis used for in business planning?

• To evaluate the financial statements

• To assess strengths, weaknesses, opportunities, and threats

• To determine employee salaries

• To create a marketing budget

Which of the following is a benefit of bootstrapping a business?

• High-interest rates

• Retaining full ownership

• Immediate large capital

• Increased debt

What is the primary goal of market research?

• To increase production costs

• To understand customer needs and preferences

• To hire more employees

• To reduce product quality

Which of the following is a characteristic of an entrepreneurial mindset?

• Fear of failure

• Resistance to change

• Proactive problem-solving

• Dependence on others

What is an angel investor?

• A government official who provides grants

• A wealthy individual who invests in startups

• A bank that offers loans

• A crowdfunding platform

Which marketing strategy involves using social media platforms to promote products?

• Direct mail marketing

• Telemarketing

• Digital marketing

• Print advertising