Unit 7: Entrepreneurship

1

Amina wants to open a bookstore. She projects that sales will be $10,000 in the first month and grow 10% each month. What is her projected sales for the third month?

A $11,000 B $12,000 C $12,100 D $13,000

2

Nadia is a new entrepreneur who wants to ensure her business is sustainable. She plans to use eco-friendly materials. This is part of her:

A Mission and values B Financial plan C Operational plan D Sales strategy

3

Rashid is opening a restaurant and needs to decide on the location. He considers foot traffic, rent, and competition. Which part of the business plan does this relate to?

A Financial plan B Operational plan C Market analysis D Executive summary

4

Saeed has a mobile phone repair business. He pays $500 monthly rent and $200 for utilities. He also spends $10 per phone on spare parts. What are his total fixed costs per month?

A $200 B $500 C $700 D $710

5

Which skill is most important for an entrepreneur?

A Programming B Risk-taking and decision-making C Graphic design D Translation

6

Costs that change directly with the level of production, such as raw materials, are known as:

A Fixed Costs B Total Costs C Variable Costs D Sunk Costs

7

Entrepreneurship mainly depends on?

A Luck only B Ideas and effort C Gifts D Cheating

8

Entrepreneurship mainly encourages?

A Job seeking B Job creation C Unemployment D Laziness

9

Which part of business plan deals with money matters?

A Objectives B Financial plan C Introduction D Summary

10

What is the primary purpose of conducting a market analysis in a business plan?

A To calculate the total fixed costs B To identify the target audience and understand competitors C To hire new employees for the company D To design the company's logo and branding

11

Nasser is a furniture maker. He calculates that his fixed costs are $2,000 per month and variable costs are $50 per chair. If he sells each chair for $100, how many chairs must he sell to break even?

A 20 chairs B 30 chairs C 40 chairs D 50 chairs

12

What does 'opportunity cost' mean in entrepreneurship?

A The cost of raw materials B The value of the next best alternative foregone C The total revenue of the business D The tax paid to the government

13

Raw material is an example of?

A Fixed cost B Variable cost C Indirect cost D No cost

14

Business objectives should be?

A Unclear B Impossible C Clear and achievable D Hidden

15

What comes first in a business plan?

A Financial details B Business idea C Profit D Sales report

16

Which term best describes the process of designing, launching, and running a new business venture?

A Management B Marketing C Entrepreneurship D Accounting

17

What is a major advantage of being your own boss as an entrepreneur?

A Guaranteed income B Fewer working hours C Autonomy and control over decisions D Absence of risk

18

Faisal is considering two business ideas: selling T-shirts online or opening a grocery store. He compares the potential profits and startup costs. What is he doing?

A Feasibility analysis B Break-even analysis C SWOT analysis D Cost-benefit analysis

19

What is a significant advantage of being your own boss?

A Guaranteed income from the first day B Fixed working hours (9 am to 5 pm) C Flexibility and control over business decisions D Absence of any financial risk

20

Which of the following is a key advantage of being an entrepreneur?

A Guaranteed high salary B Independence in decision-making C Fixed working hours D No financial risk

21

Which of the following is a potential disadvantage of entrepreneurship?

A Long working hours and high stress levels B Limited opportunity for innovation C Lack of decision-making authority D Low potential for financial gain

22

Which section of a business plan provides a brief, high-level overview of the entire document?

A Market Analysis B Executive Summary C Financial Plan D Appendix

23

Khalid is calculating the cost of producing 100 chairs. He includes wood, nails, and varnish. What type of costs are these?

A Fixed costs B Variable costs C Sunk costs D Opportunity costs

24

Mona is writing her business plan's financial section. She estimates sales for the next three years. What is this estimate called?

A Cash flow statement B Income statement C Sales forecast D Balance sheet

25

Ahmed is a new entrepreneur who wants to avoid financial losses. He carefully tracks all his production costs. Why is this important?

A To increase his product prices randomly B To know the minimum price he can charge to cover costs C To reduce the quality of his products D To hire more employees