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Entrepreneurship Unit 2 Review Flashcards | StudBud
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Entrepreneurship Unit 2 Review
What is a niche?
Equity financing is when __________.
Entrepreneurship Unit 2 Review
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1
Equity financing is when __________.
you get a loan from a bank
you receive cash in exchange for your product
you receive cash in exchange for services you provide
someone invests in your company in exchange for a percentage of ownership
2
What is a niche?
a discounted rate on your loan
a special product for special customers
a specialized segment of the market based on customer needs
an investor that wants to invest $100,000 in your business
3
Market development is when ___________________.
a company expands horizontally
a business expands to reach new locations and new customers
a company expands vertically
a company attempts to increase sales in their current market
4
Geographics refers to segmenting your market based on:
where your customers live
customer attitudes, lifestyles, and beliefs
None of the above
age, race, income level, etc.
5
What is the first step of product development?
Investigate the concept
Recognize the opportunity.
Design product
Build and test prototype
6
Debt financing is when you get cash for your business in the form of a(n) _______.
Loan
ownership interest
7
When talking about loans, COLLATERAL refers to what?
the amout being borrowed
the interest rate
the bank's responsibility
what the borrower will forfeit if they cannot repay the loan
8
Logistics is ________________________.
testing your prototype
the first step of product development
the planning, execution, and control of the movement of goods.
the last step of product development
9
Market penetration is best defined as____________________.
an example of vertical growth
when a business expands to new locations
franchising
an attempt to increase sales in your current market
10
Franchising: _____________________.
is restricted to fast food restaurants
none of these
allows others to do business under the company's name
allows others to purchase shares of the business
11
Your competitive advantage is what sets you apart from your competition.
False
True
12
An example of horizontal growth is:
Nike purchasing clothing manufacturers.
Nike purchasing Converse and Hurley.
Nike purchasing its suppliers.
Nike adding products to its product line.
13
Demographic information about your customers includes:
how much they buy
Age, race, gender, income level
their attitudes, beliefs, and lifestlye
where they live
14
Outsourcing is best defined as _______________________.
Reading customer reviews on your website.
purchasing materials for your product
transporting your product to its final destination
Hiring others to do tasks for your business.
15
Psychographic information about your customers includes:
where they live
none of the above
their attitudes, lifestlyes, beliefs, and opinions
age, gender, race, income, etc.
16
The amount of money you must pay back, in addition to the original loan amount, is called __________
none of the above
interest
extra
collateral
17
When companies can find new ways to use their products, it represents this type of growth:
market penetration
market development
Franchising
Diversification
18
Vertical growth is when a company purchases its competitors to gain a larger market share.
False
True
19
Carrying capacity refers to the ability of an industry to support more growth.
True
False
20
Franchising is a great example of market penetration.
False
True
21
A contingency fund is ________________.
a requirement for getting a loan
an extra amount of money saved to cover unexpected issues
working capital
an amount given by angel investors
