Question 1

Which of the following describes the 'Value Proposition' component of a business model?

Accepted Answer

The unique benefit or solution a company offers to solve a customer's problem.

Answer

A legal document that protects a company's logo and brand name.

Answer

The total amount of money a company earns before expenses.

Answer

The physical location where a business operates.

Question 2

Which type of funding involves a business owner giving up a percentage of ownership in the company in exchange for capital from investors?

Accepted Answer

Equity Financing

Answer

Bootstrapping

Answer

Debt Financing

Answer

Accounts Payable

Question 3

Which of the following best defines 'Bootstrapping' in the context of a startup business?

Accepted Answer

Starting a company using only personal savings and initial revenue without external investment.

Answer

Pitching a business idea to venture capitalists to gain millions in funding.

Answer

Securing a large loan from a national bank to cover all startup costs.

Answer

The process of hiring a large team of executives before the product is launched.

Question 4

Which of the following describes the difference between Fixed Costs and Variable Costs?

Accepted Answer

Fixed costs remain the same regardless of production levels, while variable costs change based on how much the business produces.

Answer

Fixed costs are paid only once a year, while variable costs are paid every day.

Answer

Fixed costs decrease as more products are sold, while variable costs always stay at zero.

Answer

Fixed costs only include materials, while variable costs only include rent and insurance.

Question 5

Which of the following describes the strategy of 'Pivot' in lean startup methodology?

Accepted Answer

A fundamental change in business direction after realizing the current product or strategy does not meet market needs.

Answer

The act of hiring a new CEO to manage the daily operations of a growing company.

Answer

A marketing technique used to increase the price of a product for premium customers.

Answer

The process of liquidating all company assets to pay off remaining business debts.

Question 6

In a SWOT analysis, which two components focus specifically on external factors that exist outside of the business's direct control?

Accepted Answer

Opportunities and Threats

Answer

Weaknesses and Threats

Answer

Strengths and Weaknesses

Answer

Strengths and Opportunities

Question 7

An entrepreneur wants to determine their 'Gross Profit' for the month. If the total revenue was

R

and the Cost of Goods Sold was

COGS

, which formula should they use?

Accepted Answer

Gross Profit = R - COGS

Answer

Gross Profit = R - COGS

Answer

Gross Profit = R - COGS

Answer

Gross Profit = R - COGS

Question 8

What is the primary purpose of a 'Minimum Viable Product' (MVP) in the entrepreneurship process?

Accepted Answer

To test a basic version of a product with real customers to collect feedback for future development.

Answer

To produce the final, perfect version of a product before any customers see it.

Answer

To maximize the amount of money spent on marketing before the product is built.

Answer

To create a high-end luxury version of a product for the wealthiest customers.

Question 9

Which of the following best defines 'Bootstrapping' in the context of a new business venture?

Accepted Answer

Starting a company using only personal savings and initial revenue rather than external investment

Answer

Applying for government grants specifically designed for non-profit organizations

Answer

Securing a large series of venture capital funding rounds before the product is launched

Answer

The process of hiring highly experienced executives from competing corporations

Question 10

Which of the following best defines a 'Target Market' in an entrepreneurship business plan?

Accepted Answer

A specific group of consumers at which a company aims its products and services

Answer

The physical location where a business stores its raw materials and inventory

Answer

The total number of employees a company intends to hire during its first year

Answer

A list of all possible competitors within a 50-mile radius of the company headquarters

Question 11

Which of the following describes the 'Equity' an entrepreneur might give to an 'Angel Investor'?

Accepted Answer

Ownership interest in the company in exchange for financial capital

Answer

A temporary lease agreement for the entrepreneur's office space

Answer

The right to take all physical equipment if the business fails

Answer

A guaranteed monthly repayment of the loan with a fixed interest rate

Question 12

Which MOS tools should you know how to use in this course?

Accepted Answer

POWERPOINT, WORD, AND EXCEL

Answer

MACBOOK, CHROMEBOOK, DESKTOP

Answer

NONE OF THE OTHER ANSWERS ARE CORRECT

Answer

IPHONE AND ANDROID

Question 13

How many restroom passes are you allowed per week in this class?

Accepted Answer

1

Answer

3

Answer

2

Answer

Unlimited

Question 14

Who is the Head Principal at Eastern Hills High School?

Accepted Answer

Dr. Samuel

Answer

Dr. Lott

Answer

Mr. Benton

Answer

Mr. Blocklyn

Question 15

When will you test for certification?

Accepted Answer

During the final six weeks of Entrepreneurship 2

Answer

You can test for a free certification at any time!

Answer

At the end of the 5th, 6 week period

Answer

At the end of this semester

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