Final Quiz Quiz Test 1. What is an entrepreneur? a. A teacher b. Anyone who starts and runs a business c. Owner of OK Supermarket d. Someone who will start a business next year 2. An entrepreneur is…? a. A Risk taker, keen to learn, an opportunity seeker, self-motived b. A Risk taker, keen to learn, an opportunity seeker, rude to employees c. A Cheater, rude to employees , a person who likes to argue, arrogant d. Happy, kind, a giver, quiet 3. What is a good way of running business (business ethics)? a. Corruption b. Illegal business c. Bad treatment of staff d. Honesty 4. A strategic vision is…? a. A statement expressing an approach of a business’s future direction and business make – up. b. A dream c. A plan for today d. A story 5. A person cannot come up with a business idea from…? a. Market research and speculation b. Media and technical skills acquired c. Business Networks and personal contacts d. Gossip and guessing 6. What is a goal? a. What we aim to do in the future b. A score c. What we want to buy d. None of the above 7. Which of the following is an example of good customer service? a. Dress badly b. After sales service c. Chatting on WhatsApp during work hours d. Overcharging customers 8. A business plan does not have a…? a. Marketing plan b. SWOT analysis c. Operational plan d. Company newsletter 9. How do you deal with an unhappy customer? a. Thank the customer for bringing the complaints b. Beat them up c. Do not apologize d. Only listen when the client is not shouting 10. Which word that is not part of the SMART goals? a. Achievable b. Time Bound c. Simple d. Realistic 11. A good manager is someone who…. a. Shouts a lot, treats employees badly, comes to work late b. A planner, time conscious, has leadership skills, reliable c. Always in his office d. Dishonest 12. What is the correct order for goal setting? a. 1.Medium term 2. short term 3. long term b. 1.Long term 2.medium term 3.short term 1.Medium term 2. long term 3.short term d. 1.Short term 2. long term 3. medium term 13. Which of the following is not a customer right? a. Right to safety b. Right to a healthy environment c. Right to beat up the business owner d. Right to information 14. What is the best way to finance your business? a. Personal savings b. Business profits c. Loans d. Trade credit 15. What is a good way to manage your business finances? a. Spend all the profit b. Know how much money is going in and out of your business c. Spoil your children with business income d. Do not pay your suppliers 16. When asking for a loan you do not have to consider… a. Cost of credit b. Terms and conditions of the loan c. Duration of the loan d. The type of cell phone the loan officer has 17. What is the potential risk of taking a loan? a. loss of property b. Growing business c. Well stocked up shop d. More money in the business 18. When borrowing money, you must not…. a. Know why you are taking the loan b. Know how you will pay back the loan c. Know exact amount you need for the loan d. Borrow more than required 19. Which is an advantage of borrowing? a. Potential of failure to pay back b. Ability for the business to grow c. Fighting within families about money borrowed d. loss of property 20. VIRL may reject a loan application if you have ….? a. A bad credit reference b. Good record keeping c. A guarantor d. A profitable business 21. Which of the following best describes a market? a. One who needs or wants what you are selling b. One who is able to buy what you are selling c. One who is willing and able to buy what you are selling d. One who is willing to see what you are selling 22. Which is not one of the 4 C’s of market research? a. Collateral b. Customers c. Cost d. Competition 23. Select the equation that best describes profit? a. Expenses - Income = Profit b. Income – Expenses = Profit c. Income + Expenses = Profit d. Income/Expenses = Profit 24. …………. is an example of an income a. Transport expenses b. Airtime c. Sales d. Insurance 25. What is the importance of book keeping? a. Gives one a record of the business b. Has wrong information c. No history d. Unable to know your debtors 26. What is a disadvantage of buying on credit? a. Boost stocks b. Suppliers may demand payment before the agreed date c. Borrowing allows the business to spend money it does not have in advance. d. Ability to deliver to a ready market 27. When do you sell on credit? a. When you are selling expensive products b. When everyone has money to pay c. When you are selling cheap products d. When goods are moving fast 28. What will happen if someone does not pay back their loan? a. The will get more money b. They will be blacklisted c. They will get a good reputation d. Peace of mind 29. One can improve their chance of getting a loan if they…. a. Run a business that is not registered with the Council b. Open a bank account c. Run a business in a dirty building or area d. Do not attend workshops on running a business offered by some organisations 30. A business owner is doing his statement of financial position for his year ended 31 December 2015. What is his profit if he has the following figures; Sales $100 000, Opening Stock $20 000, Purchases $ 30 000, Closing Stock $10 000, Airtime $ 5000, Travelling Expenses $ 2000, Other expenses $ 1000, Business Rent $12000. a. $80 000 b. $40 000 c. $20 000 d. $30 000 If you are human, leave this field blank. Submit Go Back To Modules Re-take quiz
