REMEMBER: MAKE NO MARKS ON THIS TEST.

Transcription

1 Page 1 of 5 irections For Numberss 1-37 : Read each multiple choice item and possible answers carefully. Mark the letter of the correct answer on your answer sheet or as instructed by your teacher. REMEMER: MKE NO MRKS ON THIS TEST. 1 Emma and Ivy are considering beginning a jewelry-making business. They have been collecting, reviewing, and interpreting the surveys they distributed last week about their business idea. Emma and Ivy are in what stage of the 4 Listing people and businesses who might give money to start the business, completing an application for a business loan at the bank, and advertising for people to work in the new business are all classified as which stage of the ctualization iscovery oncept evelopment oncept evelopment iscovery ctualization 2 Jeff worked for IM for twenty years and recently changed jobs. He decided to start a computer repair business out of his home and is currently seeking people and companies to invest in this business venture. Jeff is in what stage of the ctualization oncept evelopment iscovery 5 entrepreneurs are curious about things that may affect their business and are not afraid to ask questions? reative Inquisitive Responsible 3 Sending surveys to various families, offering samples of Tops Popcorn at the grocery store, and doing research to see how many families in the area buy popcorn are all classified as which stage of the entrepreneurial process? iscovery oncept evelopment 6 entrepreneurs want to make their own decisions, set their own schedules, and can work without supervision? Goal-oriented Independent Risk-takers ctualization

2 Page 2 of 5 7 What is an example of an activity for a business person who is entering the harvesting stage of entrepreneurship? onsidering opening a second store Gathering market research data about the product Having a grand opening for the business Seeking financial assistance from the Small usiness dministration 11 Offering shares of stock to public investors, planning goals for the business during the next five years, and planning goals for the business during the next ten years are all classified as which stage of the oncept evelopment ctualization 8 Joan s Jewelry Junction is a business that is independently owned and operated. This business is not dominant in its field but has been in business for two successful years. Joan is in what stage of the 12 Having a large grand opening sale or a summer clearance sale and promoting the sale of new clothing and shoes through advertised specials are all examples of which stage of the ctualization oncept evelopment iscovery ctualization 9 Preparing a business plan for a new business, renting a building for the new store, and copyrighting the website for the new business are all classified as which stage of the 13 Maria is creating the part of her business plan that states why her business idea is feasible and how she will secure funding for her new business. What part of the business plan is Maria developing? iscovery oncept evelopment ctualization Operational plan 10 entrepreneurs are constantly looking for new ways to solve problems? reative Responsible 14 entrepreneurs work until the job is done? reative Inquisitive

3 Page 3 of 5 15 Mark has experience and training in landscaping. He is preparing to start his own landscaping business. In which section of the business plan would he describe his landscaping training and experience? 19 James is starting a new website development business. In which section of the business plan would he analyze other website development businesses in his area? Executive summary 16 entrepreneurs develop a plan of action and make decisions to help achieve that plan? Goal-oriented Independent Risk-takers 20 Janelle is writing a description of her new petsitting businesses and telling how this is the only business of its kind in the area. What section of the business plan is she writing? Product/service plan 17 Jonathan is interested in starting a lawn mowing business. He has been acquiring the money needed to start his business. Jonathan is in what stage of the ctualization oncept evelopment iscovery 21 hen is writing a description of how he will deliver lawn care services to his customers in his new business. What section of the business plan is he writing? Operational plan 18 In which section of the business plan would Juanita give short descriptions of the key points of each of the other sections in the business plan? Executive summary 22 entrepreneurs are accountable for their actions? reative Inquisitive Responsible

4 Page 4 of 5 23 performed during the concept development stage of the 27 performed during the actualization phase of the omplete a loan application onduct a survey of potential customers onduct a market survey Hold a clearance sale to reduce inventory reate a five-year plan Sell stock to the public through the NYSE evelop a business plan ecide to locate the business in harlotte 24 performed during the discovery phase of the 28 In which component of the business plan should an entrepreneur state that the new business will be selling primarily to teenage boys? omplete an application for a S loan onduct a survey of potential customers reate a five-year plan for the business ecide to locate the business in harlotte Product/service plan 25 performed during the harvesting phase of the 29 rian is writing his plans for expanding his new auto shop business during the next ten years. What section of the business plan is he writing? omplete an application for a S loan Executive summary onduct a survey of potential customers reate a five-year plan for the business ecide to locate the business in harlotte 26 performed during the concept development phase of the 30 entrepreneurs believe in themselves? omplete an application for a S loan Goal-oriented onduct a survey of potential customers Independent reate a five-year plan for the business Risk-takers ecide where to locate the business

5 Page 5 of 5 31 In which section of the business plan would Maria state the vacation, attendance, and training policies for her future employees? Operational plan 36 What would cause a new business to be fined a penalty from the federal government? Lack of a good advertising campaign Shortage of trained employees 32 How are copyrights, trademarks, and patents classified? ontracts between business partners Investment sources for the entrepreneur Legal protection for the entrepreneur Permits for the new business 37 What could cause a new business to run short of cash during its first year? Failure to secure proper permits and licenses Shortage of trained employees 33 How are grandparents, Wachovia ank, and credit unions classified? Friends and relatives of the entrepreneur Legal protection for the new business Marketing strategies for the new business Potential investors for an entrepreneur 34 What could cause a new business to have very few sales during its first year? Lack of a good advertising campaign Lack of a trademark for the company logo 35 What could cause a new business to not be able to keep up with the demand for its new service? Lack of a good advertising campaign Shortage of trained employees Stop here

6 Page 1 of 2 Scoring Key? nswer/ Objective Scale 1 1 U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.01 Recall personal characteristics an U03.01 Recall personal characteristics an U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.01 Recall personal characteristics an U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.03 Understand the procedures and re U03.01 Recall personal characteristics an U03.03 Understand the procedures and re U03.01 Recall personal characteristics an U03.02 Understand entrepreneurship and U03.03 Understand the procedures and re...? nswer/ Objective Scale U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.01 Recall personal characteristics an U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.02 Understand entrepreneurship and U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.01 Recall personal characteristics an U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.03 Understand the procedures and re U03.03 Understand the procedures and re... Total questions on test: 37 Minimum points required to achieve mastery category Objectives measured: 3 Items Points Questions measuring this objective U03.02 Understand entrepreneurship and the U03.02 Understand entrepreneurship and the U03.01 Recall personal characteristics and sk U03.03 Understand the procedures and requir U03.03 Understand the procedures and requir Totals ? = Test Question Number = line on GP Form

7 Page 2 of 2 Scoring Key Items used in test? Item name 1 U U U U U U U U U U U U U ? Item name 14 U U U U U U U U U U U U ? Item name 26 U U U U U U U U U U U U ? = Test Question Number = line on GP Form