Question 1

A'lisschia wants to be an entrepreneur. Which of the following describes what she wants to be?

Accepted Answer

Someone who creates, owns, and potentially runs a business.

Answer

An entrepreneur is someone who owns a business and makes profit from that business.

Answer

Someone who manages a business for someone else.

Answer

None of the answers are correct

Question 2

Which of the following is NOT true about an entrepreneur?

Accepted Answer

An entrepreneur has an easy career with few risks

Answer

An entrepreneur is responsible for the success of their business.

Answer

An entrepreneur gets to act as their own boss.

Answer

An entrepreneur has ownership in the business.

Question 3

Tyrese owns his own business. Which of the following is NOT true about him?

Accepted Answer

Tyrese has tasks assigned to them by his boss .

Answer

Tyrese is responsible for the success of their business.

Answer

Tyrese has time and money invested in the business

Answer

Tyrese is responsible for the success of his business.

Question 4

Carmen has each of the following. Which of the the following is an assets:

Accepted Answer

All of the answers are correct

Answer

her money

Answer

her car

Answer

her phone

Question 5

Meshelle tells Kyra three true things about business plans. Which of the following did she NOT tell Kyra?

Accepted Answer

That they should never be revised.

Answer

That they are created before starting a business.

Answer

That they should include an overview of your business goals and how you think you are going to achieve them.

Answer

That they can help lower the risk of starting a new business.

Question 6

Marquise is a highly sucessful entrepreneur. Which of the following is NOT necessarily a characteristic of his?

Accepted Answer

Aggressiveness & Intensity

Answer

Creativity & Collaboration

Answer

Initiative & Self-Direction

Answer

Comfort with Risk

Question 7

Samantha is going to start her own business. Which is an of starting your own business?

Accepted Answer

You have control over where and when you work.

Answer

You are in charge of the decision-making so there is little to no risk.

Answer

As long as you make a business plan, you will know what obstacles to expect.

Answer

During the start-up phase, you do not have to think about funding.

Question 8

Destiny is thinking about becoming an entrepreneur. Of the following answers, what is THE BEST reason to study entrepreneurship?

Accepted Answer

Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.

Answer

Entrepreneurs do not have to worry about getting good grades in school because they start their own business.

Answer

None of the other answers are correct

Answer

Knowing about entrepreneurship means you'll never have to work for a boss.

Question 9

Rose has great business skills! What is the main difference between a personal characteristic and a skill?

Accepted Answer

Characteristics are personal habits, skills are learned and developed

Answer

Many people are born with business skills but you can't be born with characteristics.

Answer

You can learn a personal characteristic, but it is not possible to learn a skill.

Answer

Personal characteristics become skills over time.

Question 10

Joyce has THREE great entrepreneurial skliis. Which of the following is NOT A SKILL?

Accepted Answer

Determination Skills

Answer

Communication Skills

Answer

Business Skills

Answer

People Skills

Question 11

What role do entrepreneurs play in economics?

Accepted Answer

Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.

Answer

None of the answers are correct

Answer

Entrepreneurs tell consumers what they should want or need.

Answer

Entrepreneurs borrow money from the economy to start their businesses.

Question 12

Amari has to pay a tax; which of these is an example of a tax she must pay?

Accepted Answer

Social security

Answer

Rental payment

Answer

Bounced check

Answer

Late fee

Question 13

Oh no! Scott has to pay his taxes. Which of the following is an example of a tax?

Accepted Answer

Medicare

Answer

Cash payment

Answer

Rental payment

Answer

Line of credit

Question 14

What are taxes?

Accepted Answer

Taxes are mandatory payments you make to state and local governments.

Answer

Taxes are optional payments you make to state and local governments.

Answer

Taxes are sources of income.

Answer

Taxes are refunds you receive for overpayment.

Question 15

When is a budget considered to be balanced?

Accepted Answer

When the amount you spend is equal or less than the amount you earn.

Answer

When the amount you save is less than the amount you spend.

Answer

When the amount you spend is greater than the amount you earn.

Answer

When the amount you earn is equal or less than to the amount you spend.

Question 16

Which of the following budgets would be considered balanced?

Accepted Answer

A budget where the amount you spend is equal or less than the amount you earn.

Answer

A budget where the amount you earn is less than the amount you spend.

Answer

A budget where the amount you save is less than the amount you spend.

Answer

A budget where the amount you spend is greater than the amount you earn.

Question 17

In a balanced budget, the amount you ______ is ______ the amount you earn.

Accepted Answer

spend; equal to

Answer

save; greater than

Answer

save; less than

Answer

spend; greater than

Question 18

Which of the following is a variable expense?

Accepted Answer

Groceries

Answer

Rental payments

Answer

Student loan payments

Answer

Health insurance

Question 19

Which of the following is NOT a fixed expense?

Accepted Answer

Movie tickets

Answer

Rental payment

Answer

Cell phone bill

Answer

Internet service

Question 20

Which of the following is a fixed expense?

Accepted Answer

Rental payments

Answer

Groceries

Answer

Movie tickets

Answer

Clothing purchases

Question 21

What is income?

Accepted Answer

Income is money you earn, usually from working at a job.

Answer

Income is money you receive after paying taxes.

Answer

Income is payments you make to the government to pay for roads, bridges, and schools.

Answer

Income is payments you make to the federal government.

Question 22

Typically, how do people earn income?

Accepted Answer

Most people earn income by working at a job.

Answer

Most people earn income by paying taxes.

Answer

Most people earn income by saving a portion of their paycheck each month.

Answer

Most people earn income by spending more than they earn each month.

Question 23

Which of the following is TRUE about income?

Accepted Answer

Income is money you earn, usually from working at a job.

Answer

Income is payments you make to the government to pay for roads, bridges, and schools.

Answer

Income is payment you make to the federal government.

Answer

Income is money you receive after paying taxes.

Question 24

Which of the following would be an example of a NEED?

Accepted Answer

Gloves on a cold day

Answer

Jordan shoes at a beach

Answer

]Beats headphones during Coach Jackson's class

Answer

Your favorite candy during a storm

Question 25

Which of the following would NOT be considered a want during a cold winter?

Accepted Answer

A warm coat

Answer

A new pair of headphones

Answer

Your favorite candy

Answer

Designer shoes

Question 26

Which of the following would be an example of a WANT?

Accepted Answer

All of the answers are correct

Answer

A new pair of headphones

Answer

Your favorite candy

Answer

Tickets to a Highlander football game

Answer

Designer shoes

Question 27

What are federal taxes?

Accepted Answer

Federal taxes are payments you make to the US federal government.

Answer

Federal taxes are money you earn from the US federal government.

Answer

Federal taxes are payments you make to the state government where you live.

Answer

Federal taxes are money you earn from working at a job.

Question 28

Which of the following statements about federal taxes is TRUE?

Accepted Answer

Federal taxes are payments you make to the US federal government.

Answer

Federal taxes are money you earn from working at a job.

Answer

Federal taxes are payments you make to the state government where you live.

Answer

Federal taxes is money you earn from the US federal government.

Question 29

. Adrian is 16 and is helping his grandparent to get Medicare? What is Medicare?

Accepted Answer

Medicare is federal health insurance for people over age 65.

Answer

Medicare is federal life insurance for people under age 65.

Answer

Medicare is federal health insurance for people under age 65.

Answer

Medicare is federal life insurance for people over age 65.

Question 30

Martin is creating a personal budget, it is important for him to consider things you _____, _______ things you ______.

Accepted Answer

need; before; want

Answer

need; at the same time as, want

Answer

need; after; want

Answer

want; before; need

Question 31

What happens if you spend money on things you want before things you need?

Accepted Answer

You limit your ability to save for high-priced items, like higher education.

Answer

You'll be financially prepared for an unexpected emergency, like a broken leg or hospital stay.

Answer

Nothing happens, this is an appropriate practice.

Answer

You are able to spend more on high-priced items, like higher education.

Question 32

Which of the following items are typically included in a balanced budget?

Accepted Answer

All of these items are included in a balanced budget.

Answer

The amount you earn in income.

Answer

The amount to put away in savings.

Answer

The amount you pay in taxes.

Question 33

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

Accepted Answer

Judge each idea as realistic or not

Answer

Draw Idea Maps

Answer

Think Backward

Question 34

Rayelle is thinking about opening a pizza shop. She knows she wants to set her own hours, reduce her stress, and make a profit, but she still has a lot to think through. Which of the following would NOT be a good early step?

Accepted Answer

Immediately finding a storefront property for her business, putting down a deposit, and signing a lease.

Answer

Beginning to estimate her target market for her business.

Answer

Contacting a mentor who has experience in the restaurant industry.

Answer

Creating an initial elevator pitch with her limited information and starting to ask around for advice.

Question 35

Akombe has some of the world's best original pieces of art, but she needs money to start her business. What kind of research should she do to evaluate her potential business opportunity?

Accepted Answer

Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.

Answer

Discuss the situation with her cousin who has shopped at the local bakery a few times.

Answer

Analyze a national chain that sells pies and model her new business after it. This will save time and money that would otherwise be spent on independent research and planning.

Answer

Discuss the situation with a family friend who has money and might want to invest in her idea.

Question 36

What are the four parts of a SWOT Analysis?

Accepted Answer

Strengths, Weaknesses, Opportunities, Threats

Answer

Simply, Work, Out, Things

Answer

Sales, Work ethic, Organization, Training

Answer

Sharing, Working, Organizing, Time

Question 37

Cleveland and Kalil are considering opening a shoe store, but they first need to do market research. Which one of these is NOT part of their market research process?

Accepted Answer

Deciding to sell shoe styles that they both liked.

Answer

Start promoting their shoe store to people in the neighborhood.

Answer

Draw conclusions for their business based on the research results.

Answer

Conduct research to hear from people and determine if there is a need for their business.

Question 38

Tria and her sister are starting a fashion company, and they want to learn more about their local and online competitors and the retail industry. What is the best way for them to find all of this information?

Accepted Answer

All of the answers are correct

Answer

Explore websites of other shoe retail businesses and take notes.

Answer

Go online to find trade associations, listings of local and national competitors, and any information on financials.

Answer

Try to think of friends, family members or acquaintances who have experience in retail and ask them about it.

Question 39

Which of these is NOT part of a consumer profile?

Accepted Answer

Formation patterns

Answer

Psychographics

Answer

Demographics

Answer

Buying Patterns

Question 40

Which of the following is a start-up expense for Alexander's recording studio?

Accepted Answer

Equipment needed to conduct his business

Answer

His Netflix bill

Answer

The amount spent to go to see the Highlander basketball team play

Answer

His home's lawn care bill

Question 41

Emanuel wants to write a business plan for RECE's PB&J Cupcake Cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake for a Economics of One Unit. What is the most accurate way of determining his expenses?

Accepted Answer

Go through the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient.

Answer

Estimate the cost to buy all of the ingredients at the store and divide that by an estimate of how many cupcakes he can make with that.

Answer

Go online and find a competitor's expenses.

Answer

None of the answers are correct

Question 42

Dextiny is developing a marketing plan for her new business. What should she put in this plan?

Accepted Answer

All of the answers are correct

Answer

A description of the people in her target market

Answer

Where she wants to sell her product

Answer

The price of her product

Question 43

Which statement is the best description of a Value Proposition?

Accepted Answer

The features and benefits that make the product or business unique.

Answer

A component of the business plan that identifies the target market for the product.

Answer

All of the answers are correct

Answer

The cost of creating the product.

Question 44

Carmen asks you what is the purpose of developing a business pitch. What do you tell her

Accepted Answer

To briefly share the most important information about your business to people in an engaging way.

Answer

To tell investors all the important details and goals of your business so they don't need to read the business plan.

Question 45

Mr. Avila asks you which of the following is NOT a critical point to include in a business pitch? Which do you tell him not to include in his pitch unless they ask?

Accepted Answer

A detailed description of the meaning behind his company's name.

Answer

Clear reasons why the potential customers and investors should care about the business.

Question 46

Why is it important to conduct market research on your target audience before building your marketing plan?

Accepted Answer

You need to consider who your potential customers are before deciding on marketing strategies.

Answer

Newspapers and magazines will give you a discount on advertisements if you show them your research.

Question 47

A business plan is usually 20 or more pages long

Accepted Answer

false

Answer

true

Question 48

A SWOT analysis involves the police, dogs, helicopters studying the plans of potential criminals

Accepted Answer

false

Answer

true

Question 49

Income is money you earn, usually from working at a job.

Accepted Answer

true

Answer

false

Question 50

Your car can be considered an asset

Accepted Answer

true

Answer

false

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