ENTREPRENEURSHIP (SMALL
BUSINESS CERTIFICATION)
PRACTICE #2 EXAM WITH CORRECT
ANSWERS
Three dC's dof da dBusiness dPlan d- dcorrect danswers d-Concept: dYour dbusiness's
ddefinition.
Customers: dTarget dAudience
Capital: dMoney dneeded dto drun dbusiness
Segment dof dthe dSupply dChain daffected dby dslow dsupply d- dcorrect danswers d-
Vendor d(Gourmet dChocolate dShop) d& dBase dSupplier d(Chocolate)
Which dis dthe dbest doff dfor da dBusiness dBook dValue d$876,400 d& dAnnual dEarnings
dof d$1,050,600 d(1,927,000)
, A. d$2 dmillion: dFlat dOffer
B. d$2.6292 dmillion: d3 dtimes dbook dvalue
C d$2.0028 dmillion: d2 dbook dvalue d+ d$250k
D. d$2.1112 dmillion= d2 dAnnual dEarnings d+ d$10,000 d- dcorrect danswers d-Three
dtimes dthe dbook dvalue dis dbest doffer
A dcommunity dcomplains dabout ddelayed ddelivery d& dcold dpizza dwhen dit darrives
dfrom dlocal dpizza dshops. dAn dentrepreneur dwishing dto dstart da dpizza dshop dwants
dto dincentivize ddrivers dwith da dbonus dwhen dthey ddeliver dquickly. dHe dis dalso
dgiving dthem dhot dboxes dto dkeep dfood dwarm. d
What dtwo dfactors dare dbeing daddressed din dthis dopportunity? d
Selection, dLocation, dQuality, dService, dor dPrice d- dcorrect danswers d-Quality d&
dService
Photographer dwants dto dturn dhobby dinto da dbusiness. dA dsurvey dof d100 drevealed:
10% dprefer dfriend/relative
20% dhire dphotographer dwith dsamples donline
60% dwould dhire da dphotographer dwith da dstudio
10% dwould dhire da dphotographer donly dfrom da dreferral
What dis dthe dbest doption dfor dthe dphotographer dto dpursue? d- dcorrect danswers d-
Setup da dstudio dwith da dgallery dof dsample dphotography
A dbeekeeper dis danalyzing dthe dcash dflow dfor dhis dbusiness dthe dprior dyear.
Beginning dInventory d= d$6,000
New dInventory d= d$4,000 dof dwhich d$3,500 dwas dprovided dto dcustomers.
What dis dthe dending dinventory dlevel? d- dcorrect danswers d-$6,500
[$6,000 d+ d$500 d(remaining dnew dinventory dbalance)]
Tax dimplications dof da dsole dproprietorship d- dcorrect danswers d-All dincome d&
dexpenses dincurred dby dthe downer dof da dsole dproprietor dbelongs dto dthe downer d&
daffects dtheir dtax dliability.
Drawback dof dstarting da dbusiness dfrom dscratch? d- dcorrect danswers d-Greater
dchance dthe dbusiness dwill dfail
Owner dis dstarting da djanitorial dservice dbut dhaving da dhard dtime dfinding dcustomers.
dHe dhas dbeen dtalking dto dperspective dcustomers dfor da dmonth dbut donly dhas done.
d
The downer dhas ddone dthe dfollowing:
- dPrepared da dsales dpitch dto dgive dwhen dmeeting dwith dpotential dcustomers
- dPracticed da dspeech dto dgive dto dpotential dcustomers
-Prepared dto ddeliver dthe dservice dif da dperspective dclient dagrees dto dbecome da
dcustomer.
BUSINESS CERTIFICATION)
PRACTICE #2 EXAM WITH CORRECT
ANSWERS
Three dC's dof da dBusiness dPlan d- dcorrect danswers d-Concept: dYour dbusiness's
ddefinition.
Customers: dTarget dAudience
Capital: dMoney dneeded dto drun dbusiness
Segment dof dthe dSupply dChain daffected dby dslow dsupply d- dcorrect danswers d-
Vendor d(Gourmet dChocolate dShop) d& dBase dSupplier d(Chocolate)
Which dis dthe dbest doff dfor da dBusiness dBook dValue d$876,400 d& dAnnual dEarnings
dof d$1,050,600 d(1,927,000)
, A. d$2 dmillion: dFlat dOffer
B. d$2.6292 dmillion: d3 dtimes dbook dvalue
C d$2.0028 dmillion: d2 dbook dvalue d+ d$250k
D. d$2.1112 dmillion= d2 dAnnual dEarnings d+ d$10,000 d- dcorrect danswers d-Three
dtimes dthe dbook dvalue dis dbest doffer
A dcommunity dcomplains dabout ddelayed ddelivery d& dcold dpizza dwhen dit darrives
dfrom dlocal dpizza dshops. dAn dentrepreneur dwishing dto dstart da dpizza dshop dwants
dto dincentivize ddrivers dwith da dbonus dwhen dthey ddeliver dquickly. dHe dis dalso
dgiving dthem dhot dboxes dto dkeep dfood dwarm. d
What dtwo dfactors dare dbeing daddressed din dthis dopportunity? d
Selection, dLocation, dQuality, dService, dor dPrice d- dcorrect danswers d-Quality d&
dService
Photographer dwants dto dturn dhobby dinto da dbusiness. dA dsurvey dof d100 drevealed:
10% dprefer dfriend/relative
20% dhire dphotographer dwith dsamples donline
60% dwould dhire da dphotographer dwith da dstudio
10% dwould dhire da dphotographer donly dfrom da dreferral
What dis dthe dbest doption dfor dthe dphotographer dto dpursue? d- dcorrect danswers d-
Setup da dstudio dwith da dgallery dof dsample dphotography
A dbeekeeper dis danalyzing dthe dcash dflow dfor dhis dbusiness dthe dprior dyear.
Beginning dInventory d= d$6,000
New dInventory d= d$4,000 dof dwhich d$3,500 dwas dprovided dto dcustomers.
What dis dthe dending dinventory dlevel? d- dcorrect danswers d-$6,500
[$6,000 d+ d$500 d(remaining dnew dinventory dbalance)]
Tax dimplications dof da dsole dproprietorship d- dcorrect danswers d-All dincome d&
dexpenses dincurred dby dthe downer dof da dsole dproprietor dbelongs dto dthe downer d&
daffects dtheir dtax dliability.
Drawback dof dstarting da dbusiness dfrom dscratch? d- dcorrect danswers d-Greater
dchance dthe dbusiness dwill dfail
Owner dis dstarting da djanitorial dservice dbut dhaving da dhard dtime dfinding dcustomers.
dHe dhas dbeen dtalking dto dperspective dcustomers dfor da dmonth dbut donly dhas done.
d
The downer dhas ddone dthe dfollowing:
- dPrepared da dsales dpitch dto dgive dwhen dmeeting dwith dpotential dcustomers
- dPracticed da dspeech dto dgive dto dpotential dcustomers
-Prepared dto ddeliver dthe dservice dif da dperspective dclient dagrees dto dbecome da
dcustomer.
