What are the 4 Ps of Marketing?

Product, Price, Place, Promotion

A symbol that identifies a business

What is an entrepreneur?

A person who starts, owns, and manages their own business.

What is a stock holder?

A person who owns a share of a corporation.

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Business Foundations Entrepreneurship Review Questions

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Questions 17

Answers

1
Which type of competitor offers a slightly different product or service that satisfies the same need?
Outsourced competitor
Direct competitor
Copycat competitor
Indirect competitor
2
What is an example of a business risk?
Damage from natural disasters
Yearly earnings are greater than projected
Business purchases insurance
Customer survey reveals an issue that the company must fix
3
What is an example of a fixed cost?
Utilities
Groceries
Rent
Gas for Car
4
A market economy is an economic system in which the government determines production, investment, prices, and income.
False
True
5
What are the 4 Ps of Marketing?
Product, Pioneer, Play, Plan
Promotion, PVC, Professional, Prudent
Plan, Price, People, Product
Product, Price, Place, Promotion
6
What is a disadvantage of being a sole proprietor?
Can't make decisions on your own
Heavy regulation
Greater tax liability
Unlimited personal liability
7
What is a logo?
A discount on merchandise
A phrase or jingle
A sign on the front window
A symbol that identifies a business
8
Which of the following is NOT a good trait of an entrepreneur?
Risk Tolerant
Creativity
Pessimism
Motivation
9
When is a break even point reached?
Total Revenue = Total Costs
Total Revenue < Total Costs
Wages = Total Revenue
Overhead > Wages
10
Which of the following is considered when choosing a location for your business?
Parking availability
All of the above
Nearby stores
Location of the competition
11
Embezzlement is an example of which type of theft?
Petty
Internal
Double-sided
External
12
How is net income calculated?
Expenses - Revenue
Revenue + Expenses
Stock Price / Earnings per Share
Revenue - Expenses
13
Which is NOT an example of a type of demographic?
Lifestyle
Age
Race
Gender
14
What is an entrepreneur?
A person who starts, owns, and manages their own business.
A person who works for someone else.
A person who plans their career path.
A person who travels for fun.
15
A purpose of a business plan is to create an effective strategy for growth.
False
True
16
A salesperson should NOT sell their products by stating its
Defects
Features
Facts
Benefits
17
What is a stock holder?
A person who owns a share of a corporation.
A person who purchases a business's products.
A person who owns a corporation's bonds.
A person who has a savings account.

Business Foundations Entrepreneurship Review Questions Flashcards | StudBud