Building the Entrepreneurial Mindset Exam Review

A practice exam with questions from all 4 units, then the key facts from every lesson, unit by unit. For a deeper look at one unit, open its test review.

Unit test reviews

Practice exam

32 questions, the same number from each unit. Each one shows the lesson it comes from.

Unit 1: What Is an Entrepreneurial Mindset?
1
Which statement about the entrepreneurial mindset is TRUE?
Unit 1: What Is an Entrepreneurial Mindset?
2
A student starts a venture that sells bracelets and gives all the profit to a local animal shelter. She is best described as...
Unit 1: Canadian Entrepreneurs and Their Stories
3
Put the parts of the innovation pattern in the order they usually happen.
1. 1Connect it to a skill or experience you have
2. 2Learn from the result and improve
3. 3Take a risk to try a solution
4. 4Notice a problem
Unit 1: Assessing Your Entrepreneurial Potential
4
Priya rates herself on 8 statements from 1 to 5: 5, 4, 2, 3, 5, 4, 1, 4. What is her total score?
Unit 1: Assessing Your Entrepreneurial Potential
5
Maya scores 2 on 'I speak confidently to groups'. Which action is the best fit for her growth plan?
Unit 1: Business Ownership Structures
6
Which structure would most help a growing business raise a large amount of money from many investors?
Unit 1: Risk, Failure and Bouncing Back
7
Testing 12 phone stands costs $9 in materials. Making 60 costs $45. How many dollars less are at risk with the small test?
$
Unit 1: Risk, Failure and Bouncing Back
8
What is the best way to think about a first venture that fails?
Unit 2: Generating Ideas
9
What is the best place to start when looking for a business idea?
Unit 2: Generating Ideas
10
Which is an opportunity for a Grade 9 student, not just an idea?
Unit 2: Evaluating and Choosing an Idea
11
Which pitch sentence is the most accurate, concise and compelling?
Unit 2: Prototypes and Storyboards
12
What do you call a comic-strip set of pictures showing a customer's experience step by step?
Unit 2: Impacts and Stakeholders
13
Selling stickers with a famous cartoon character, without permission, is mainly a problem of which impact?
Unit 2: Making a Simple Budget
14
Stick With It sells 45 stickers at $3.00 each. What is the revenue, to the nearest cent?
$
Unit 2: Solving Problems and Refining the Idea
15
Put the problem-solving steps in order.
1. 1Try it
2. 2Choose a solution
3. 3Check the results
4. 4Define the problem
5. 5Find the causes
6. 6Brainstorm solutions
Unit 2: Solving Problems and Refining the Idea
16
What word means giving up a little of one thing, like profit, to get more of another, like less waste?
Unit 3: Finding Support and Funding
17
Kai needs $480 to start a lawn-mowing service. He has saved $290. What is his funding gap, in dollars?
$
Unit 3: Finding Support and Funding
18
What is the name for a short, persuasive talk that explains a business idea and asks for support?
Unit 3: Building and Delivering a Pitch
19
Out of 25 listeners, 18 rated the hook a 4 or 5. What percent found the hook strong? Give a whole number.
%
Unit 3: Planning Business Texts
20
Match each text to its main purpose.
"Our drop-off day is now Tuesday."
"Try us this week and get your laces cleaned free!"
"Could we use the gym lobby on Friday?"
"Thank you for mentoring us this spring."
Unit 3: Planning Business Texts
21
Why should a business text cite its sources?
Unit 3: Design That Everyone Can Read
22
Match each design choice to the readers it helps most.
Captions on a video
Alt text on a photo
High colour contrast
Plain language
Unit 3: Revising, Publishing and Presenting
23
Which feedback should Amara give the most weight?
Unit 3: Revising, Publishing and Presenting
24
Match each presentation technique to a good example.
Eye contact
Pacing
Voice
Visuals
Unit 4: Leadership Styles
25
Which style is best during a real emergency, such as a fire alarm?
Unit 4: Leadership Styles
26
Name the leadership style in which the leader helps a team member learn a skill and make their own decision.
Unit 4: Managing a Project
27
The target was 70 cars and the team washed 64. What percent of the target did they reach? Round to one decimal place.
%
Unit 4: Digital Tools and Staying Safe Online
28
Match each business task to the best tool.
Track a monthly budget
Design a logo
Take payments at a craft fair
Back up important files
Unit 4: Digital Tools and Staying Safe Online
29
An AI helper writes a product description that says Hana's keychains are "unbreakable for 10 years". What should she do?
Unit 4: Business Skills Everywhere: Subjects and Careers
30
Which statement about the skilled trades is TRUE?
Unit 4: How Entrepreneurs Make a Difference
31
Sean McCormick, who founded Manitobah Mukluks in Winnipeg, is...
Unit 4: How Entrepreneurs Make a Difference
32
Muhammad Yunus and Grameen Bank are known for...

Key facts by unit

Unit 1: The Entrepreneurial Mindset

What Is an Entrepreneurial Mindset?

An entrepreneurial mindset is a learnable way of thinking that helps you notice opportunities and act on them.
The eight elements: future-oriented; recognizing opportunities; communicating and collaborating; critical thinking and problem solving; anticipating and managing risk; dealing with adversity and preparing for growth; creativity; lifelong learner.
An enterprising person shows initiative and creativity in any role. An entrepreneur also starts and owns a venture and takes its financial risk.
An intrapreneur acts like an entrepreneur inside an organization they do not own; the employer takes the risk.
A social entrepreneur starts a venture mainly to solve a social or environmental problem.

Canadian Entrepreneurs and Their Stories

To innovate is to improve something that exists or find a new use for it; an invention is something brand new.
The innovation pattern: a problem you notice + a skill or experience you have + a risk you take.
Joseph-Armand Bombardier (Quebec) built snow vehicles; his work led to the Ski-Doo (1959). Ron Foxcroft (Hamilton) developed the pea-less Fox 40 whistle.
Sean McCormick, a Métis entrepreneur, founded Manitobah Mukluks in Winnipeg. Tobi Lütke and his co-founders built Shopify after creating software to sell snowboards online.
Guy Laliberté and Gilles Ste-Croix co-founded Cirque du Soleil in 1984.

Assessing Your Entrepreneurial Potential

A self-assessment is an honest check of your own skills and experiences; the pattern of high and low scores matters more than the total.
Scores of 4 or 5 are strengths to use now; scores of 1 or 2 are areas to grow with a plan.
SMART goals are Specific, Measurable, Achievable, Relevant and Time-bound.
Ways to grow: a mentor, volunteering, a small venture, online learning, clubs and competitions.
A growth plan lists strengths, skills to build, actions, a timeline and regular check-ins.

Business Ownership Structures

Unlimited liability: the owner's personal belongings can pay business debts. Limited liability: owners can lose only what they invested.
Sole proprietorships and general partnerships have unlimited liability; corporations and co-operatives have limited liability.
Corporations are owned by shareholders and can raise large amounts of money by selling shares.
Co-operatives give one vote per member; franchisees pay fees to use a franchisor's brand and system.
Social enterprises and not-for-profits put their earnings toward a social or environmental mission.

Risk, Failure and Bouncing Back

Risk is the chance that something will not go as planned and you will lose time, money or effort.
A calculated risk is thought through, affordable and tested small; a reckless risk is none of these.
Lower risk by testing small, setting a budget limit, having a backup plan, borrowing or renting first, and getting feedback early.
A structured reflection asks: What happened? Why did it happen? What will I change?
A growth mindset is the belief that abilities improve with effort; the word 'yet' turns a fixed statement into a growth one.

Unit 2: Designing and Refining an Idea

Generating Ideas

A business idea solves a problem or meets a need. Start by naming the problem.
A market need is something people want but cannot easily get. An opportunity is a need you can actually meet at a price people will pay.
Four brainstorming rules: defer judgement, go for quantity, build on others' ideas, set aside constraints.
A mind map puts one problem in the centre and branches out to related ideas.
Asking people of different ages, cultures and abilities gives you ideas you would not find alone.

Evaluating and Choosing an Idea

Criteria are the standards you use to judge ideas. Build them from your goals, interests, research and what businesses need.
Rate every criterion so that a higher number is always better (a cheap idea scores high on cost to start).
Simple score: add the ratings. Weighted score: multiply each rating by its weight as a decimal, then add.
Weights are percents that must add to 100%. A weighted score with 1 to 5 ratings is out of 5.
Pitch sentence pattern: 'For ___ who ___, our ___ is a ___ that ___.' Make it accurate, concise and compelling.

Prototypes and Storyboards

A prototype is an early, cheap, simple version of your idea, made to test it.
Cheap prototypes: sketch, paper model, storyboard, mock-up, sample batch, simple landing page.
A storyboard shows the customer's experience step by step, from problem to result.
Ask open questions, avoid leading questions, and observe what people actually do.
Record feedback in a table and look for patterns before changing the design.

Impacts and Stakeholders

An impact is an effect your business has on people or the world, positive or negative.
Four kinds: social (people), economic (money and jobs), environmental (nature and waste), ethical (fairness and honesty).
A stakeholder is anyone who affects or is affected by the business: customers, family, school, suppliers, community, environment.
Stakeholders have different perspectives, and their wants can clash (low price vs profit).
An impact table lists positive effects, negative effects and an action to improve each impact.

Making a Simple Budget

Start-up costs are paid once, before the first sale. Cost per item is paid for every item made.
Revenue = price × number sold.
Total costs = start-up costs + (cost per item × number sold).
Profit = revenue − total costs. A negative profit is a loss.
Number to sell to cover start-up = start-up costs ÷ (price − cost per item). Always round up.

Solving Problems and Refining the Idea

Refining means making careful changes to improve an idea, based on evidence.
Six steps: define the problem, find causes, brainstorm solutions, choose, try it, check results.
Define problems with numbers when you can, and ask 'why?' more than once to find the real cause.
Use feedback and your budget to refine for economic success (price, costs, sales).
Also refine for social, environmental and ethical outcomes, even if it costs a little profit.

Unit 3: Pitching and Business Communications

Finding Support and Funding

Financial support is money (savings, loans, grants, prizes). Non-financial support is help that is not money (advice, skills, contacts, space).
Funding gap = money needed minus money you already have.
A loan must be paid back. A grant or a prize does not, but you must qualify, apply or win.
A mentor is an experienced person who gives free advice and can connect you with others.
Barriers such as less money, fewer contacts and no role models make access to resources and mentorship especially important for some groups.
Almost every kind of support starts with a pitch: a clear, short case for what you need and why.

Building and Delivering a Pitch

Eight elements in order: hook, problem, solution, target customer, what makes it different, simple numbers, the ask, close.
The ask names an exact amount or kind of help and what it will be used for.
Speaking pace is about 2 to 2.5 words per second, so a 90-second pitch is about 180 to 225 words.
The part timings in a script must add up to the time limit.
Percent who found a part clear $= \frac{listeners rating 4 or 5}{total listeners} \times 100%$
Next steps come from feedback: fix the weakest part first, then practise again.

Planning Business Texts

Plan every business text in this order: topic, purpose, audience, then form.
The four main purposes are inform, persuade, request and thank.
Primary research you collect yourself; secondary research someone else collected.
Check sources for currency, relevance, authority, accuracy and purpose.
Synthesize = combine several sources into one point in your own words. Always cite where information came from.

Design That Everyone Can Read

WCAG contrast: at least 4.5:1 for normal text and at least 3:1 for large text.
Use a readable sans-serif font for screens, a big enough size, and no more than two fonts.
Never rely on colour alone; add words or symbols.
Alt text describes an image for people using screen readers. Captions show spoken words in videos.
Clear headings and plain language help every reader find and understand information.
Brand consistency: the same name, logo, colours, fonts and tone on every text.

Revising, Publishing and Presenting

Revise for four goals: clarity, accuracy, accessibility and effectiveness.
Revising changes the big picture; editing improves sentences and words; proofreading catches final errors.
Use feedback selectively: favour comments many people make, comments from your target audience, and comments that help your purpose.
Publish in an accessible format: real headings, alt text, captions and high contrast.
Present with a clear voice, eye contact, steady pacing, simple visuals and calm answers to questions.

Unit 4: Leadership, Projects and Technology

Leadership Styles

A leadership style is the usual way a leader makes decisions and works with a team.
Autocratic = leader decides alone. Democratic = team gives input or votes. Laissez-faire = team decides for itself.
Transformational = inspires with a big goal. Servant = puts the team first. Coaching = helps a person learn and decide.
Match the style to the situation: urgency, team experience, time and how much buy-in you need.
Every style has a risk if it is used at the wrong time or all the time.

Managing a Project

The five stages: initiating (goals), planning (tasks), executing (do the plan), monitoring (track progress), closing (deliver and reflect).
A KPI (key performance indicator) is a number you track to see whether you are reaching your goal.
$Percent of target = \frac{Actual}{Target} \times 100$
$Profit = Revenue - Costs$
Delegating gives each task one owner, matched to their strengths, with a deadline.
A backup (contingency) plan says what you will do if a risk happens.

Digital Tools and Staying Safe Online

Spreadsheets are best for budgets and numbers; a formula starts with = and updates by itself.
Every tool has a cost: money (free, freemium, subscription, fees), time to learn, or your data.
Use a long, unique passphrase for every account and turn on two-factor authentication.
Phishing signs: rushing you, an odd sender, strange links, requests for passwords or codes, prizes you never entered for.
Collect only the customer information you need, keep it private and delete it when done.
Choose a tool by matching it to the task, then comparing cost, safety and skills needed.

Business Skills Everywhere: Subjects and Careers

Creative thinking generates many ideas; critical thinking judges which ideas will work.
The problem-solving cycle: define, research causes, generate solutions, choose, implement, evaluate.
Financial literacy means understanding money well enough to make good choices.
Self-employed people work for themselves; entrepreneurs start and grow a business and take the risk.
Many skilled tradespeople run their own businesses, so they need business skills too.
A portfolio holds your work plus short reflections: what you did, the skill you used, what you would change.

How Entrepreneurs Make a Difference

Ventures can address social, economic, environmental and ethical issues.
A social enterprise sells products or services mainly to help solve a social or environmental problem.
First Nations, Métis and Inuit are three distinct Indigenous peoples in Canada.
Common challenges: money, networks, bias, internet access and experience.
A loan is repaid with interest; a grant is not repaid; a mentor gives advice and support.