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Entrepreneurship CTE Preparation Flashcards | StudBud
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Entrepreneurship CTE Preparation
Entrepreneurship CTE Preparation
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If you wanna pass your CTEs then try this Quiz and study in a more fun way.
Flashcards
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Questions
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Answers
1
Which is the BEST way to describe "direct competitor"?
Your main range of competition
A division between two competing companies for better products or services.
A relationship between two companies that offer the same product or service
Intact competition that is easy to defeat.
2
What happens if a price becomes more easily available?
The price decreases
The demand increases
The price increases
The price stays constant
3
When a company claims that its products are better quality than other similar products, its called
direct competition
Quality-based competition
nonprice competition
price-based competition
4
Who bought the right to open McDonald's restaurants?
Howard Kinsley
Donald Glover
Timmy Woke
Ray Kroc
5
Enterprise is another word for entertainment
True
False
6
What is the highest rank in a company?
CIO
CEO
CFO
CTE
7
COO is also performed by______
the employee of a company
the president of a company
8
The purpose of the manufacturing industry is___
takes materials and transforms them into new tangible, physical products
takes products and legally approves items
takes materials and changes them into old tangible, physical products
9
What is the MAIN benefit of networking skills?
Helps to break relations with co workers
Helps to communicate with people easily
Helps to maintain relationships with people
10
What does the HR do?
All of the above
Health-related services
Help with workers compensation
For hiring people
11
Which of the following is a disadvantage of entrepreneurship?
Working long hours
Flexibility in schedule
Control over your decisions
Freedom to do what you want
12
A unit of sale is not the smallest chunk that a person can buy a product or service in.
True
False
13
An industrial good is a good that is not purchased by a business for producing other products.
False
True
14
If all other factors are equal, the supply will increase if the price goes up.
False
True
15
A mining company is part of the extractive industry.
False
True
16
An economy is created by_________
Interaction between multiple business owners
Interactions between producers and consumers
Lots of money
The government
17
Retail companies sell products to end consumers.
False
True
18
If all other factors are equal, the demand of a product will go up if the price goes down.
True
False
19
What is a social entrepreneur?
A person who starts a business associated with social status
A person who starts a business in order to benefit society
A person who starts a business in order to benefit social media
20
Staple goods and impulse goods are examples of____
Junk food
Tempered goods
EZ goods
Convenience goods
21
What is a distribution chain?
A set of stations a product has to go through in order to be distributed.
The set of companies a product goes through on the way to the consumer.
When a product goes through a set of distributors in order to be delivered.
None of the above
22
A saturated market is not more competitive for sellers.
False
True
23
What's an example of a service-based business?
A clothing store
A bookstore
A botanist
A house cleaning company
24
What is revenue?
The total amount spent on things in order to start your business.
The total amount spent on material items like office space, utilities, etc
The total amount earned from customers buying items from your company.
The amount spent or earned as far as associated with your company.
25
The GDP is the value of the products and services produced in a country.
False
True
26
Net profit is also known as_______
Total profit
Big revenue
Bottom line
WSP
27
What is gross profit?
Money left over after getting sales from providing products and services
Negative profits
Another word for revenue
Money left over after the cost of making a product or providing a service.
28
Capitalism is also known as___
Free enterprise system
Private-owned businesses
A government owned technique
Communists' enemies
29
Define direct distribution?
A product is sold from the manufacturer to the end consumer.
Distribution between direct competitors.
None of the above
There is no wholesale or retail companies in between.
30
Set of ideas such as inventions, production processes trademarks, etc are called
Personal ideas
Software property
Personal security property
Intellectual property
31
Researching the potential demand, pricing, and competition for a product can help you to achieve respect from investors
True
False
32
If you buy a product or service, what are you?
Hacker
Merchant
Consumer
Victim
33
What is the purpose of a CIO?
They manage the social areas of the company
They manage the technological areas of the company
They manage the financial areas of the company
34
What are the two most important things that you must have in order to become an entrepreneur.
Perfection and passion
Networking and business expertise
A good resume and goals
Business idea and passion
35
In the identify business stage, you decide whether a business opportunity is a good fit for you personally.
False
Partially true
Partially false
True
36
A company that lowers its costs per unit by selling more units overall has improved Its economies of scale.
False
True
37
As a factor of production, capital is the tangible products made by labor.
True
False
38
A growing GDP is a sign that a country's economy is strong.
True
False
39
What is a monopoly?
A greedy large company
A board game
when one large company controls an entire area of products and services.
When one business controls small businesses
40
How are you doing so far in this quiz? :-D
Terrible
Good
Bad
Amazing
41
The U.S capitalist system generally assumes____
that businesses exist for profit and society
All of the above
that businesses exist to make a profit
that businesses exist to help society
42
Kid entrepreneurs get more media attention than adults entrepreneurs.
True
False
43
Yay! You reached 50 questions! Keep going and don't give up!(What's your favorite animal?)
Birds
Cats
Other
Dogs
44
By offering to deliver a large, heavy product, a company improves the product's possession utility for the consumer.
False
True
45
An entrepreneur is a person who starts a business.
True
False
46
Listening skills can help you determine what your customers want.
False
True
47
Every tangible product is made up of land.
True
False
48
What is the purpose of a CFO?
They manage the financial area of the company
They manage the technological area of the company
They manage the social area of the company
49
What is an economy?
System of busy bees
System of production, trade, distribution, etc.
System of many different economic factors
System of con artists
50
An improvement that makes a product satisfy its purpose better is an improvement to the product's
form of price
form of utility
51
The money left over after all of the business costs are subtracted is called the net profit.
True
False
52
What happens when the value of a dollar goes down(inflation)?
The prices decrease
You can get more products or services for your money
The demand for products decreases
You can't get many products or services for your money
53
The percentage of people who don't have jobs in a country or area is called
Unemployment rate
Jobless rates
GPA
GDP
