tools for college 3

A personal career profile form evaluates two sets of data, _____. a. personal information and career information b. personal values and personal interests c. career information and career values d. personal information and personality type

A

An apprenticeship involves a. hands-on experience in a skill. c. classes at a trade school. b. extensive library research. d. a two-year degree.

A

Four-year colleges and universities usually accept transfer credits from a. community and technical colleges. c. vocational-technical centers. b. trade schools.

A

Four-year colleges and universities usually accept transfer credits from a. community and technical colleges. c. vocational-technical centers. b. trade schools. d. apprenticeships.

A

One advantage of a sole proprietorship is that a. the owner has total control. c. start-up costs are lower. b. there is little financial risk. d. goodwill is already established.

A

One disadvantage of entering a family business is a. normal business relationships can be difficult to establish with family members. b. financing is especially difficult. c. less job satisfaction. d. high start-up costs.

A

Opening a franchise involves less risk because a. there are established procedures c. you can establish the product name b. there are no management systems d. there is no competition

A

Perception and foresight involves a. recognizing opportunities d. all of the above b. seeing problems as obstacles e. none of the above c. capitalizing on an idea

A

The career profile form compares a. personal information to career information c. your abilities to others in the workforce b. personality to personality type needed d. all of the above

A

The cash flow statement a. shows when cash is expected to come in and out of the business c. shows your net profit and gross profit b. summarizes the businesses assets, liabilities, and equity d. all of the above

A

The disadvantages of being an entrepreneur are a. financial risk, long hours, competition, no guarantee of success d. all of the above b. financial risk, long hours, poor income, competition e. none of the above c. long hours, competition, no guarantee of success, poor income

A

Working as a waiter as a step toward becoming the head chef at a fine restaurant is a a. short-term goal. c. long-range goal. b. medium-term goal. d. lifestyle.

A

person who learns how to do a job under the guidance of a skilled worker

APPRENTICE

Banks that lend money to people to start a new business require a business description and a(n) a. income statement. c. partnership agreement. b. financial plan. d. guarantee of success.

B

Entrepreneurs must a. delegate responsibilities c. not have a family b. be self-motivated d. pass on opportunities

B

On an income statement, the amount left after subtracting operating expenses from gross profit is the a. profit ratio. c. revenue. b. net profit. d. capital gain.

B

One disadvantage of being an entrepreneur is a. possibility of a good income d. all of the above b. long work hours e. none of the above c. no competition

B

Sally wants to become a pilot and needs specific licenses and training. Obtaining these licenses and training is her a. continuing education. c. long-term goal. b. intermediate planning goal. d. personal career profile form.

B

The advantages of being an entrepreneur are: a. great job satisfaction, you are in charge, no competition c. short work hours, no competition, possibility of a good income b. you are in charge, great job satisfaction, possibility of a good income d. no competition, great job satisfaction, short work hours

B

Which of the following categories of your career profile might include the requirement of a four year degree? a. skills and aptitudes b. education/training c. values d. interests

B

A proven product, established management systems, and customer goodwill are three advantages of a. joining a family business. c. buying a franchise. b. working at home. d. starting a new business.

C

After making your career selection you should a. apply to a college c. define and set goals b. focus on graduation d. all of the above

C

Buying an existing business a. usually involves fewer start-up costs than buying a franchise. b. provides more security than starting a new business or investing in a franchise. c. requires analyzing the location, competition, and market outlook. d. is a high risk because successful businesses are not sold.

C

Good decision making skills are important to an entrepreneur because a. they help you identify choices d. all of the above b. they make you analyze your resources e. none of the above c. they make decisions every day

C

Knowing and achieving that which is wanted through goal setting is a. perception and foresight c. motivation b. decision making d. innovation

C

One advantage of being an entrepreneur is a. financial risk d. all of the above b. no competition e. none of the above c. great job satisfaction

C

The three legal forms of business ownership are a. sole proprietorship, partnership, and franchise c. partnership, sole proprietorship, corporation b. sole proprietorship, franchise, corporation d. partnership, franchise, corporation

C

college and high school programs geared toward adult students

CONTINUED SCHOOL

A franchise might not be the right choice for everyone because a. there is an established product name c. there are established management procedures b. there is no training and support provided d. there is less overall gain in profit and job satisfaction

D

An existing business can be for sale because a. the owners are retiring c. the owners want more free time b. the owners are entering a new business d. all of the above

D

An income statement should include a. revenue c. net profit b. gross profit d. all of the above

D

Entrepreneurs are motivated, because they a. know what they want d. all of the above b. believe in their abilities e. none of the above c. set goals

D

Identify a disadvantage associated with owning a business a. financial risks and long hours c. stiff competition b. possibility of failure d. all of the above

D

Location would be an especially important factor in the success of a a. gas station. c. grocery store. b. fast-food restaurant. d. all of the above.

D

Recognizing opportunities and seeing problems as success builders is a. decision making c. innovation b. motivation d. perception and foresight

D

When deciding to become an entrepreneur you should consider a. your personal qualities d. all of the above b. creating a business plan e. none of the above c. investigating the needs of your community

D

When evaluating career choices, you should a. compare and contrast sets of data c. think about your choices in light of your values b. weigh possible outcomes d. all of the above

D

A business loan application does not require a business plan or financial plan to be submitted with the application.

F

An entrepreneurs life has few challenges, few risks, and minimal rewards.

F

If the business fails in a partnership the owners cannot lose their personal property.

F

If you purchase a franchise all the profits you make you keep.

F

Location is not important for a business.

F

Once the franchisee pays off the initial franchise fee, they will not owe any more money to the company who sold them the franchise.

F

Once you create your plan of action, there is no room for flexibility.

F

Once you make a career choice, it should never be changed.

F

document describing the start-up costs and operating expenses of a new business

FINANCIAL PLAN

loves to read and to fix things

INTEREST

the potential for future sales

MARKET OUTLET

on-site instruction in how to perform a particular job

ON THE JOB TRAINING

the costs of doing business

OPERATING

the costs of doing business

OPERATING EXPENSIVE

outgoing and enjoys being with friends

PERSONALITY

likes to be with people

PREFERENCE

income from sales

REVENUE

reading comprehension and good grammar

SKILL

expenses involved in going into business

STAR UP COST

A personal career profile form can be used to match what you know about yourself to what you know about different careers.

T

Before buying an existing business you need to identify if the business's problems can be fixed.

T

Creating intermediate career goals will make your ultimate goal easier to reach.

T

Entrepreneurs can set their own schedules and decide how their business will operate.

T

Home-based businesses have low costs and flexible working conditions.

T

In evaluating possible careers, you should match career information researched to your personal interests and resources.

T

Once you make a career choice, you should set both long and short-term goals.

T

Setting short-, medium-, and long-term goals will help you to evaluate your progress.

T

Taking over a family business can help to maintain the goodwill of the customers.

T

When starting a new business you develop the reputation of the business.

T

You must be honest with yourself for your planning goals to be realistic.

T

privately run institution that trains students for a specific profession

TRADE SCHOOL

believing in equal opportunities for all people

VALUE