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Entrepreneurship Warm-Ups 3/20/24

Quiz by NeKeisha King Price

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10 questions
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  • Q1
    What is a business plan?
    A report on potential business opportunities
    A document outlining employee schedules
    A written document describing the nature of the business, its sales and marketing strategy, and financial background
    A summary of customer feedback
  • Q2
    What is a target market in business?
    The number of employees in a company
    The total revenue of a business
    A specific group of consumers that a company aims to reach with its products or services
    The physical location of a store
  • Q3
    What does ROI stand for in business?
    Return on Investment
    Revenue of Interest
    Revenue Operating Income
    Risk of Investment
  • Q4
    What is the primary goal of entrepreneurship?
    To eliminate competition in the market
    To accumulate wealth through any means necessary
    To create value by identifying and pursuing opportunities
    To maintain the status quo in the industry
  • Q5
    What does SWOT analysis help a business identify?
    Suppliers, Workers, Operations, Technology
    Strategy, Workforce, Optimization, Tools
    Strengths, Weaknesses, Opportunities, Threats
    Sales, Waste, Obstacles, Targets
  • Q6
    What is bootstrapping in entrepreneurship?
    Expanding a business through acquisitions
    Hiring a large number of employees from the start
    Launching a business without a business plan
    Funding a business using personal savings and revenue instead of external capital
  • Q7
    What is the role of market research in entrepreneurship?
    To gather information about target customers, competitors, and industry trends
    To develop the pricing strategy for products or services
    To design the company logo and branding materials
    To recruit and train employees for the business
  • Q8
    What is meant by the term 'scalability' in the context of entrepreneurship?
    The act of reducing the size of a company to increase profitability
    The ability of a business to handle growth and increased demand without compromising performance or quality
    The reliance on a single customer or client for the majority of revenue
    The practice of setting firm and inflexible business goals
  • Q9
    What is the process of turning an idea into a profitable business venture called?
  • Q10
    Which of the following is NOT a common type of business ownership structure?
    Sole Proprietorship

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