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Foods 2 Entrepreneurship and Small Business 4.03-4.05 Flashcards | StudBud
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Foods 2 Entrepreneurship and Small Business 4.03-4.05
Foods 2 Entrepreneurship and Small Business 4.03-4.05
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Questions pertaining to entrepreneurship and small business management
Flashcards
19 cards
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Questions
19
Answers
1
Sue made 25 dozen cookies, but no one came to purchase them. What needs to be evaluated?
her operations
her financials
her marketing
her standards
2
What step BEST describes the development of a marketing strategy?
Marketing mix
Purchased product
Pricing
Sharing ideas
3
When seeking a loan; an entrepreneur who has "capacity" :
Has insurance to cover business losses
Has made a personal investment in the business
Demonstrates the ability to repay the debt
Considers the environment before applying for the loan
4
Which is a major disadvantage to buying a franchise?
No management or technical support is provided
The performance of other franchises impact on the franchise
Equipment and supplies are less expensive
There is no guarantee of product consistency
5
Which form of incorporation would a church or charity use?
Nonprofit corporation
Subchapter S corporation
C-corporation
Limited Liability Company
6
Who should the purchasing manager call if there is a problem with a shipment or invoice?
Retailer
Customer
Manufacturer
Vendor
7
A short term loan is re-payable in what time frame?
Twenty-five years
Two years
One year
Five years
8
When begining a business, your target customers must be chosen with care because they:
are most likely to buy a specific product or service
are willing to take a risk in buying from a new business
plan to buy a specific product or service
are asked to purchase a specific product or service
9
The Federal agency which provides help on how small businesses can increase revenues and profit
FTC
IRS
SBA
SBI
10
It can own assets, borrow $ without directly involving the owners and is closely regulated:
General partnership
Family-owned business
Sole-proprietorship
Corporation
11
Which organization has as its purpose the stimulation of LOCAL economic growth?
State Department of Labor
Internal Revenue Service
Small Business Development Center
Chamber of Commerce
12
Advertising and Promotion expenses for an on-going business are considered:
Sale revenue
Variable costs
Start-up costs
Fixed costs
13
What kind of plan is presented to potential investors to obtain financial support?
Marketing
Management
Business
Financial
14
Which is a major DISADVANTAGE of a corporation?
Double taxation
Unlimited liability
Difficult to leave the business
Difficult to raise capital
15
Initial purchase of inventory for a business is which type of cost?
Personal costs
Fixed costs
Variable costs
Start-up costs
16
If Sue lost money in her business, but sold all of her product; what should be evaluated?
her standards
her operations
her financials
her marketing
17
Sue met with her accountant prior to opening her shop; the fee charged for this service is a:
Wage and salary
Office expense
Fixed cost
Start up cost
18
The STATE agency that helps small business with information on unemployment insurance?
Department of Development
Worker's Compensation Board
Office of the Secretary of State
State Department of Labor
19
Under which form of business ownership do owners have limited liability?
Strategic alliance
Sole proprietorship
General partnership
Corporation
