Test 2 Review Entrepreneurship

Question 1

Because of the focus on laws, regulations, and finances, the study of _______ is very important in the business world.

Accepted Answer

Ethics

Question 2

McDonald&#x27;s Special Sauce for the Big Mac is a prime example of what?

Accepted Answer

Proprietary Information

Question 3

Which is NOT a reason why you should conduct market research before opening a business?

Accepted Answer

Develop an investment plan

Question 4

_____________ is the quality of being honest and fair.

Accepted Answer

Integrity

Question 5

Franchisees have the opportunity to develop their own rules and regulations

Accepted Answer

False

Question 6

Being socially responsible means behaving with sensitivity to these 3 issues:

Accepted Answer

Economic, Environmental, Social

Question 7

Select ALL the answers that a business could do to be socially responsible.

Accepted Answer

Donate a portion of profits to the homeless, Order from local suppliers, Recycle

Question 8

A partnership is a relationship between two people who join to create a business.

Accepted Answer

False

Question 9

What are the four variables in market segmentation?

Accepted Answer

Behavioral, Demographic, Geographic, Psychographic

Question 10

Select ALL variables by which you can segmet a market psychographically?

Accepted Answer

Activities, Interests, Attitude, Values

Question 11

Nonprice competition is based on the features and benefits of a good or service.

Accepted Answer

True

Question 12

Copyright patents are often a major disadvantage of purchasing an existing business.

Accepted Answer

False

Question 13

The definition of ethics is...

Accepted Answer

Rules of behavior based on ideas of what is right and wrong

Question 14

Within the Research Plan, what comes directly before drawing conclusions?

Accepted Answer

Analyze data

Question 15

Who is a direct competitor of Subway?

Accepted Answer

Jimmy John&#x27;s

Question 16

Which is NOT one of the four start-up strategies?

Accepted Answer

Understand the current marketplace

Question 17

Who is an indirect competitor of Nike?

Accepted Answer

Levi&#x27;s

Question 18

Select ALL advantages of owning a franchise.

Accepted Answer

Training provided, Established company

Question 19

Select ALL disadvantages of starting your own business.

Accepted Answer

Decisions based on trial and error, No history to draw from

Question 20

Select ALL of the ways you can do market research.

Accepted Answer

Surveys, Experiments, Observations, Interviews

Question 21

The EPA stands for Environmental Preservation Agency

Accepted Answer

False

Question 22

_______ % of business comes from _______ of the business&#x27; loyal customers.

Accepted Answer

80%; 20%

Question 23

If I am choosing to buy a product from one retailer over another, strictly due to price, this is an example of what?

Accepted Answer

Price Competition

Question 24

Which question is NOT part of the ethics checklist?

Accepted Answer

Is this something I will be proud of?

Question 25

Within the Research Plan, after defining the process, conducting background research, what comes directly after?

Accepted Answer

State a Hypothesis

Question 26

When one person owns a business and is responsible for its debts, it is called a(n)....

Accepted Answer

Sole Proprietorship

Question 27

What states that an employee will not share any company information?

Accepted Answer

Confidentiality Agreement/Report

Question 28

Age, gender, ethnicity and occupation are just a few examples of ____________ segmentations.

Accepted Answer

Demographic

Question 29

Location is often a major advantage of purchasing an existing business.

Accepted Answer

True

Test 2 Review Entrepreneurship

Questions 29

Test 2 Review Entrepreneurship

Questions 29