Entrepreneurship 2.0 Review Part 2

Question 1

Feasibility Study. Which of the following should you answer in terms of financial consideration

Accepted Answer

How will the business obtain the money it needs

Question 2

A way that a business can determine if a product will fulfill its target market's needs

Accepted Answer

Ask The Customers

Question 3

Costs of sales for a new manufacturing venture typically include

Accepted Answer

Raw Materials, Equipment, and Product Inventory

Question 4

Which of the following statements is true about business start-up requirements

Accepted Answer

Financial Needs depend on the nature of the venture

Question 5

One-time start-up costs often include __________ fees.

Accepted Answer

Incorporation

Question 6

An entrepreneur considers venture location and financial needs during the _____________ process

Accepted Answer

Planning

Question 7

Emotional Risks that many entrepreneurs face include

Accepted Answer

Marital Tensions and Family Problems

Question 8

A tool that an entrepreneur develops to project sales for a new business venture

Accepted Answer

Sales Forcast

Question 9

A business that identifies products to sell that fill customer needs is making which decision.

Accepted Answer

Product Mix

Question 10

An operational issue that entrepreneurs must consider when planning their businesses

Accepted Answer

Production Process

Question 11

Jim may give up a his job at an established company so he can start a business. What type Risk?

Accepted Answer

Career

Question 12

Which of the following is a characteristic of a well-conducted feasibility study

Accepted Answer

Complete

Question 13

A Business might take a product and alter it to fulfill a specific need for a different...

Accepted Answer

Target Market

Question 14

The primary purpose of a feasibility study is to answer which of the following questions

Accepted Answer

Should we proceed with this project

Question 15

Sam allocates 2% of estimated sales to web and newspaper ads. Sam is developing a

Accepted Answer

Promotional Budget

Question 16

The costs of operating a business are often called _____________ expenses.

Accepted Answer

Overhead

Question 17

Variable expenses increase in direct proportion to the increasing rate of

Accepted Answer

Production

Question 18

For a business to generate a profit, its operating costs must be ______ the gross margin

Accepted Answer

Less Than

Question 19

The 1st factor that a business should consider when deciding if it should sell a product is the

Accepted Answer

Market Demand

Question 20

What is often a positive result of accepting responsibility for a poor decision?

Accepted Answer

Gain Others' Respect

Questions 20