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MCQs — Entrepreneurship

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Question 21

The selling price of a product is calculated as:

A. Cost of production + profit only

B. Overhead + profit only

C. Cost of production – overhead + profit

D. Cost of production + overhead + profit

Question 22

Which of the following is an example of an overhead cost?

A. Flour used to bake bread

B. Cloth used to stitch a shirt

C. Shop rent and electricity bill

D. Wood used to make a chair

Question 23

Why must the selling price include overhead?

A. Overhead expenses must also be recovered to avoid a loss

B. Overhead is the same as profit

C. Customers pay no overhead

D. Overhead reduces the cost of production

Question 24

The cost of production of an item is 500, overhead is 100 and profit is 150. What is the selling price?

A. 650

B. 750

C. 600

D. 900

Question 25

The cost of production is 800, overhead is 200 and profit is 300. What is the selling price?

A. 1000

B. 1100

C. 1500

D. 1300

Question 26

An item sells for 1200. Its cost of production is 700 and overhead is 200. What is the profit?

A. 300

B. 500

C. 200

D. 400

Question 27

An item sells for 900. The overhead is 150 and the profit is 250. What is the cost of production?

A. 750

B. 500

C. 650

D. 400

Question 28

A tailor's cost of production per shirt is 300 and overhead is 50. He wants a profit of 100. What should the selling price be?

A. 350

B. 400

C. 450

D. 500

Question 29

SWOT stands for:

A. Strengths, Weaknesses, Opportunities, Threats

B. Sales, Wages, Orders, Taxes

C. Skills, Work, Options, Time

D. Stock, Wealth, Output, Trade

Question 30

The short overview of the whole business plan, placed at the beginning, is called the:

A. Budget

B. Bibliography

C. Index

D. Executive summary

Question 31

The part of a business plan that lists expected income and expenses is the:

A. Executive summary

B. Title page

C. Budget

D. Logo

Question 32

Which section of a business plan describes the customers a business wants to reach?

A. Budget

B. Target market

C. Overhead

D. Prototype

Question 33

Why is an executive summary important in a business plan?

A. It replaces the rest of the plan

B. It lists only the budget

C. It gives readers a quick overview to decide whether to read further

D. It hides the goals of the business

Question 34

Which pair of factors in a SWOT analysis are internal to the business?

A. Opportunities and threats

B. Strengths and weaknesses

C. Strengths and opportunities

D. Weaknesses and threats

Question 35

How do opportunities differ from threats in a SWOT analysis?

A. Opportunities are favourable outside chances, while threats are outside risks

B. Opportunities are the owner's skills, while threats are the owner's savings

C. Opportunities are costs, while threats are profits

D. There is no difference

Question 36

Why is a budget included in a business plan?

A. To hide the expenses

B. To avoid paying taxes

C. To make the plan longer

D. To estimate the money needed and how it will be spent

Question 37

Why must a business identify its target customers?

A. So that its products and marketing suit their needs

B. So that competition disappears

C. So that no budget is needed

D. So that the product can be free

Question 38

A bakery owner writes 'Our cakes are of high quality and freshly baked' in her SWOT analysis. Under which heading does it belong?

A. Weakness

B. Opportunity

C. Threat

D. Strength

Question 39

A new competitor opens a similar shop next door. In a SWOT analysis this is a:

A. Strength

B. Threat

C. Weakness

D. Opportunity

Question 40

A new school opens near Ali's stationery shop, bringing many possible customers. In a SWOT analysis this is an:

A. Weakness

B. Threat

C. Opportunity

D. Strength

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