Entrepreneurship Basics Quiz

What is the primary goal of a business plan?

• To outline the company's mission and vision

• To provide a detailed financial forecast

• To attract potential investors

• To serve as a roadmap for business operations

Which of the following is considered a form of intellectual property?

• A company's annual report

• A trademark

• A business license

• A marketing strategy

What is the purpose of market research in entrepreneurship?

• To determine the cost of production

• To understand customer needs and preferences

• To calculate profit margins

• To develop a business logo

Which of the following is a key element of a successful marketing process?

• Identifying target customers

• Reducing production costs

• Increasing employee salaries

• Expanding office space

What is a Minimum Viable Product (MVP)?

• A product with the most features possible

• A product that is fully developed and ready for market

• A product with just enough features to satisfy early customers

• A product that has been in the market for over a year

Which of the following is a common sales channel strategy?

• Direct selling

• Increasing product prices

• Hiring more employees

• Reducing marketing budget

What is the primary function of a supply chain?

• To manage employee relations

• To oversee financial transactions

• To ensure the flow of goods from production to consumer

• To develop new marketing strategies

Which of the following is a component of business financials?

• Employee satisfaction surveys

• Income statements

• Customer feedback forms

• Office layout plans

What is one potential source of funding for a new business?

• Employee bonuses

• Venture capital

• Office supplies

• Customer discounts

Which of the following is an example of a distribution channel?

• Social media marketing

• Retail stores

• Employee training programs

• Product design