Which statement is the best description of a Value Proposition?

The features and benefits that make the product or business unique

Which of the following is a start-up expense for Maria's food truck?

Kitchen appliances and other equipment needed to conduct her business

What is a fixed expense?

An expense that typically does not change from month to month

What are federal taxes?

payments you make to the US federal government.

Mandatory payments you make to state and local governments.

What is the main difference between a personal characteristic and a skill?

Skills are learned/developed; pers. characteristics are qualities you have

Why is it important to conduct market research on your target audience before building your marketing plan?

To consider who your customers are before deciding on marketing strategies.

What is the main purpose of developing a business pitch?

Briefly share the most important info about the business in an engaging way

What are the four parts of a SWOT analysis

Strengths, Weaknesses, Opportunities, Threats

Which of the following is NOT true about an entrepreneur?

Her salary is based on her ability to complete the tasks assigned to her

What is a variable expense?

An expense that typically changes from month to month

Which of the following statements is TRUE about start-up capital?

Money you invest to get your business up and running

money you earn, usually from working at a job

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Senior Seminar - Unit Review: Entrepreneurship

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Questions 22

Answers

1
Which statement is the best description of a Value Proposition?
The cost of creating the product
Part of the business plan that identifies the target market for the product
None of the above
The features and benefits that make the product or business unique
2
In a balanced budget, the amount you ______ is ______ the amount you earn.
spend; equal to
spend; greater than
save; less than
3
Which of the following is a start-up expense for Maria's food truck?
Her personal cell phone bill
Kitchen appliances and other equipment needed to conduct her business
All of the above
Her personal car payment
4
What is a fixed expense?
An expense that typically varies from month to month
An expense that typically does not change from month to month
None of the above
5
What are federal taxes?
money you earn from working at a job.
payments you make to the US federal government.
payments you make to the state government where you live.
6
What are taxes?
Optional payments you make to state and local governments.
Refunds you receive for overpayment.
Mandatory payments you make to state and local governments.
7
Which of the following is a variable expense?
Groceries
Student loan payments
Rental payments
8
What is the main difference between a personal characteristic and a skill?
People are born with business skills; you aren't born with characteristics
Skills are learned/developed; pers. characteristics are qualities you have
You can learn a personal characteristic, it isn't possible to learn a skill
9
Which of the following is an example of a tax you must pay?
Social Security
Rental payment
Bounced check
10
Which of the following is NOT a true statement about business plans?
They should include an overview of the business goals & how to achieve them
They are created before starting the business
They can help lower the risk of starting a new business
They should never be revised
11
Why is it important to conduct market research on your target audience before building your marketing plan?
Customers like giving opinions, so mkt research will make your product sell
To consider who your customers are before deciding on marketing strategies.
Newspapers & magazines will give a discount on ads if you show the research
It doesn't matter which one you do first
12
What is the main purpose of developing a business pitch?
To provide an in-depth description of how your business was formed.
Briefly share the most important info about the business in an engaging way
To determine whether your business idea is a business opportunity.
13
What are the four parts of a SWOT analysis
Strengths, Weaknesses, Obstacles, Threats
Sales, Work ethic, Organization, Training
Strengths, Weaknesses, Opportunities, Threats
14
Which of the following is NOT true about an entrepreneur?
An entrepreneur gets to act as his own boss
An entrepreneur is responsible for the success of their business.
An entrepreneur has ownership in the business.
Her salary is based on her ability to complete the tasks assigned to her
15
Which of the following would be an example of a NEED?
A warm winter coat
Your favorite candy
A new pair of headphones
Designer shoes
16
What is a variable expense?
None of the above
An expense that typically changes from month to month
An expense that is the same from month to month
17
Which of the following statements is TRUE about start-up capital?
Both A and B
Money you invest to get your business up and running
money spent in order to create a balanced budget for your personal finances
Neither A nor B
18
Which of the following would be an example of a WANT?
A place to live
Food
A warm winter jacket
Movie tickets
19
What is income?
payments you make to the government to pay for roads, bridges, and schools
Payments you make to the federal government
money you earn, usually from working at a job
20
Which of the following is an example of a tax?
Medicare
Rental payment
Cash payment
21
An example of an asset is:
All of the above
Car
Money
Time
22
Which of the following is a fixed expense?
Groceries
Movie tickets
Clothing purchases
Rental payments

Senior Seminar - Unit Review: Entrepreneurship Flashcards | StudBud