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Characteristics of Successful Entrepreneurs (5-10% of exam questions)
Types of Questions You Should Expect
- Multiple choice questions (most). These questions will focus on the behaviors / decisions of effective entrepreneurs, including when entrepreneurs will determine when they need employees and/or service providers to help them grow their business
- Scenario questions (few). These questions are unlikely to require extensive calculations.
How Students Can Prepare
- Review Resource 02-08 Complete Credential Word Bank
- Review Resource 24-03 Key Characteristics of Entrepreneurs versus Small Business Leaders
- Review Practice Test questions and answers
- Create additional class exercises (“College Bowl” contests) and instructional resources (crossword puzzles, flash cards) for students to practice their understanding of key concepts
- Reinforce these concepts during Q&A sessions with in-person and Nepris virtual mentors
Opportunity Recognition and Analysis (15-20% of exam questions)
Types of Questions You Should Expect
- Most of the questions in this section will be scenario questions, similar to question 6 below. These questions may require extensive calculations.
- These questions will focus on analyzing a new venture or the demand for a good or service. Carefully read all questions to make sure you’re understanding the question being asked.
How Students Can Prepare
- Review Resource 23-05 Developing the Key Elements of a Business Concept Package
- Review Resource 23-09 What Makes a Business Concept “Doable”
- Review Resource 23-12 Opportunity Assessment: Different Types of Business Opportunities
- Review Resource 23-10 Business Concept Evaluation Exercises
- Review Practice Test questions and answers
Business Start-Up (15-20% of exam questions)
Types of Questions You Should Expect
- Multiple choice questions (most). These questions will focus on actions or decisions necessary to start a new venture
- Scenario questions (few). These questions may require extensive calculations.
How Students Can Prepare
- Review Resource 26-02 Components of Effective Business and Marketing Plans
- Review Resource 26-09 Developing Sales and Marketing Plans
- Review Resource 03-13 Ethics and Social Responsibility
- Review Resource 07-02 Company Registration Vocabulary
- Review Resource 06-03 Small Business Capital and Credit
- Review Resource 06-06 How Small Business Credit Applications are Evaluated
- Review Resource 07-03 Government Agencies Important to Small Businesses
- Review Practice Test questions and answers
Business Operations (15-20% of exam questions)
Types of Questions You Should Expect
- Multiple choice scenario questions (most). These questions will focus on the behaviors / decisions of effective entrepreneurs, including when entrepreneurs will determine when they need employees and/or service providers to help them grow their business
- These questions may require extensive calculations.
How Students Can Prepare
- Review Resource 24-28 Small Business Operations
- Review the concept of intellectual property from Resource 03-13 Ethics and Social Responsibility
- Review Practice Test questions and answers
- Note: there should not be any scenario questions in this section of the exam
Marketing and Sales (15-20% of exam questions)
Types of Questions You Should Expect
- Multiple choice scenario questions (most). These questions will focus on sales strategies, finding and retaining customers, and evaluating communication channels / marketing methods.
- These questions may require extensive calculations.
How Students Can Prepare
- Review Resource 26-02 Components of Effective Business and Marketing Plans
- Review Resource 26-09 Developing Sales and Marketing Plans
- Review Resource 26-14 Culminating Module Template: Develop a Business and Marketing Plan
- Review Practice Test questions and answers
- Reinforce these concepts during Q&A sessions with in-person and Nepris virtual mentors
Financial Management and Analysis (15 – 20% of exam questions)
Types of Questions You Should Expect
- Multiple choice questions (few). These questions will focus basic financial knowledge and analysis.
- Scenario questions (many). These questions are very likely to require extensive calculations, similar to question 18 below.
How Students Can Prepare
- Review Resource 06-02 Key Financial Vocabulary
- Review Resource 06-18 Jump Start Financial Concepts Student Handout
- Review Resource 06-19 Pro Forma Student Spreadsheet
- Review Resource 23-06 Creating Simple Financial Pro Formas
Review Resource 23-07 Business Pro Forma Exercises