Unit 2 Study GuidePart A: Multiple ChoiceChoose the answer that best
completes the statement or answers the question.
1. Looking for chances to learn new skills is which way of thinking like an entrepreneur?
2. Noting what others say, and what problems they are facing, is which way of thinking like an entrepreneur?
3. Analyzing a problem to find solutions is which way of thinking like an entrepreneur?
4. Giving employees chances to try new ideas at work is
d. a vision.
5. __________ allows someone to follow an experienced worker through a typical workday and see what is associated with the person's job.
a. A mentoring program
b. Job shadowing
d. An apprenticeship
Part B: Matching
Match each pathway with the correct career cluster.
a. audio and video technology and film
b. family and community services
c. programming and software development
d. banking services
e. power, structural, and technical systems
Career Cluster 1—Agriculture, Food, and Natural Resources
Career Cluster 3—Arts, Audio / Video Technology and Communications
Career Cluster 6—Finance
Career Cluster 10—Human Services
Career Cluster 11—Information Technology
Part C: Multiple Choice
Choose the answer that best completes the statement or answers the question.
11. What is an example of ethical sourcing?
a. buying from the least expensive suppliers
b. buying from suppliers who respect workers' rights
c. using only environmentally friendly products
d. donating money to a socially beneficial cause
12. Corporate social responsibility means
a. making as much money as possible to support the economy.
b. donating as much money as possible to charities.
c. running a non-profit business to do community projects.
d. balancing profit and growth with the good of society.
13. A __________ statement expresses the ultimate goal of a business.
14. What are the four qualities that mark responsible relationships with customers?
a. honesty, integrity, truthfulness, and justice
b. courtesy, integrity, honesty, and justice
c. honesty, respect, accessibility, and attention
d. justice, correctness, accuracy, and neatness
15. What is an example of a green company?
a. a company that follows environmental laws
b. a company that makes a profit
c. a company that uses solar lighting to save fuel
d. a company that hires fewer workers to save money
16. Solar, wind, and hydrogen power are
a. fossil fuels.
b. alternative energies.
17. What is the goal of sustainable design?
a. preserving resources for future generations
b. expanding a business
c. maintaining a business
d. reducing expenses to save money
18. Which plan allows a business to "buy" amounts of carbon from traders who invest in resource-conservation projects?
b. carbon offset
d. carbon dating
19. How do business ethics help a business succeed?
a. Customers are more confident in dealing with an ethical company.
b. An ethical workplace motivates employees.
c. Ethical behavior prevents legal problems.
d. All of the above are true.
20. What is an example of a conflict of interest?
a. A worker and a manager disagree about an office policy.
b. A worker is fired for violating a code of ethics.
c. Personal considerations and professional obligations interfere with each other.
d. A business owner reveals facts about a customer without the person's permission.
21. The three C's that any business plan must address are
a. concern, criticism, and concept.
b. critical thinking, classification, and categories.
c. corporations, consumerism, and capital.
d. concept, customer, and capital.
22. Which type of business plan is for possible investors?
a. investor's business plan
b. oral presentation
c. quick summary
d. operational business plan
23. A need or want that a new business can meet is
a. a pivot.
b. a trade show.
c. a business broker.
d. a business opportunity.
24. SWOT analysis is considering the __________ of a business idea.
a. strengths, weaknesses, opportunities, and threats
b. stress, wellness, organization, and timing
c. structure, window, organization, and timing
d. size, weight, organization, and timing
25. Suppose a business decides to expand its parking lot, but doing so means the business will not be able to hire a new worker. Not hiring the new worker is a(n)
a. window of opportunity.
b. intangible thing.
c. opportunity cost.
d. calculated risk.
26. What is an INTERNAL source of opportunity?
a. improving an existing product or service
b. a new invention
c. solving a problem
d. a hobby
27. What is an EXTERNAL source of opportunity?
a. adapting to change
28. Which activity is part of CREATIVE thinking?
a. determining how feasible an idea is
b. determining what a new idea would involve
d. analyzing an idea logically
29. A DISADVANTAGE to owning a franchise is
a. less customer awareness.
b. less entrepreneurial freedom.
c. fewer benefits.
d. more difficult financing.
30. What is an ADVANTAGE of starting a new business?
a. the amount of risk involved
b. the freedom to build the business as you choose
c. the number of tasks that must be completed
d. the amount of information available to help you make decisions
Part D: True or False
Decide whether each statement is true or false.
31. Remembering what you need is an important part of negotiation.
32. Successful negotiation often includes making concessions.
33. A business letter would be used to tell a group of workers that their office is closing early on a holiday.
34. Active listening means you must agree with everything some says.
35. Faxing and video conferencing are the same thing.
36. A compromise is an agreement made when both sides make some concessions.
37. Patents, trademarks, and copyrights protect intellectual property.
38. All investors who provide money to start a business are guaranteed financial returns.
39. Investors and creditors who provide money to start a business deserve regular updates about the business.
40. Environmentally friendly practices can help a business succeed.
41. A code of ethics should contain specific plans of action for every situation.
42. The guidelines in a code of ethics should be realistic.
43. An operational business plan is used within a business and is the most detailed kind of business plan.
44. An executive summary is part of a quick summary business plan.
45. A prototype is a legal document in which people agree not to reveal new ideas.
46. Four common ways to turn ideas into opportunities are starting a new business, buying an independent business, buying a franchise, and becoming an inventor.
47. If the costs of an opportunity outweigh the benefits, the opportunity is worthwhile.
48. Window of opportunity refers to the amount of time you have to act on an opportunity before it disappears.
49. Typically, an investor's business plan has three parts.
50. Trade shows, the World Wide Web, business and government agencies, newspapers, and magazines are all good places to look for business opportunities.