Foundations in Entrepreneurship

Video Quiz Answer Key

Module: Economics and Finance

Video: Economic Systems

1. Which economic system is based on the way things have always been done?
a. Traditional
b. Command
c. Market
d. Mixed

2. Economics is the study of how a society manages its resources to:

a. Make more money and resources
b. Provide education for children
c. Produce and distribute goods and services
d. Control the output of the population

3. Communism is an example of what type of economic system?

a. Traditional
b. Command
c. Market
d. Mixed

4. With capitalism, prices of goods and services are driven by what?

a. The cost of the goods
b. The stock market
c. How much you pay in taxes
d. Supply and demand

5. Which of these phrases is NOT descriptive of capitalism?

a. Individual choice
b. Supply and demand
c. Governmental control
d. Business competition

Video: Business Financial Planning

1. In football, getting hit when you don’t see it coming is a ____________ .
a. Right side hit
b. Blindside hit
 c. Front side hit
d. Back side hit

2. _______________ is money saved in the bank for business emergencies and

future expenses.
a. Retained earnings
b. Refrained earnings
c. Detained earnings
d. Strained earnings

3. You need to borrow money to start or expand your business.

a. True
b. False

Video: Rachel Cruze’s Story

1. How old was Rachel when she started her snack business?
a. 13
b. 14
c. 15
d. 16

2. What document leads you to subtract your business expenses from your
business income?
a. Profit Statement
b. Cost and Loss Statement
c. Business Loss Statement
d. Profit and Loss Statement

3. What type of competition did Rachel have related to her snack business?
a. Vending machines
b. Other snack stations
c. Restaurants
d. Food trucks

Video: Teen Entrepreneur - Dylan

1. How grade was Dylan when he started his lawn mowing business?
a. 5th grade
b. 7th grade
c. 9th grade
d. 11th grade
2. Dylan spends every dollar his business makes
a. True
b. False

3. What is the first thing Dylan does with the business profits
a. Give away 10%
b. Buy more gas
c. Repair his mower
d. Buys more lawn care equipment

4. When Dylan heard a customer say “no” to his business, what was his reaction
a. That customer doesn’t like me
b. The next customer will say “yes”
c. Every other customer will probably say “no” as well
d. I should lower my prices