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BizInnovator FINAL PART 1 Flashcards | StudBud
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BizInnovator FINAL PART 1
BizInnovator FINAL PART 1
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Final review PART 1 for the Biz Innovator final in Small Business Management (Units 1,2 &3)
Flashcards
44 cards
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Practice quiz
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Host live
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Questions
44
Answers
1
Which one below is NOT an intellectual property right?
patent
copyright
by-laws
trademark
2
A cell phone or a light bulb is an example of what kind of business creation?
synthesis
duplication
invention
extension
3
Which one below is in the private sector?
General Motors
Luccia's Restaurant
US Post Office
University of Montana
4
What needs to be completed before taking the final?
Complete survey for Askin
Talk to Ivan
Sharpen pencil
Demographic information
5
The final for the 2020 Small Business Class is?
Tuesday, June 2 @ 11 am
Wednesday, June 3 @ 11:00 am
Tuesday, June 2 @ 1pm
Thursday, June 4 @ 1 pm
6
Entrepreneurs are good at taking "demand and turning it into supply".
False
True
7
What term refers to achieving success without outside investment?
Prospecting
Budgeting
Bootstrapping
Shoestring budge
8
Working 40+ hours a week is normal for entrepreneurs.
False
True
9
Federal express that came about from the US Postal Service being so slow is an example of?
duplication
synthesis
extention
invention
10
Creative ideas never come from the world around us.
False
True
11
If someone says "what if we do the opposite?" that could bring about a new idea.
False
True
12
If someone says "it's not in the budget" that spurs creativity.
False
True
13
Being opportunity-focused as a business means never lost sight of what?
competitive advantages
the customer & the marketplace
economics
distinctive competencies
14
Which tool is used to analyze costs & the level of sales needed to cover costs?
break-even point
quick ratio
liability ratio
asset to debt ratio
15
Which below is NOT a characteristic of an entrepreneur?
Motivated
Unenthusiastic
Persuasive & creative
Passion
16
Which below is NOT a common myth about entrepreneurs?
Leaders are born, not made
young & energetic
Entrepreneurs are gamblers
often limit their potential for growth
17
ROI refers to?
return on income
risk on investment
return on investment
risk or investment
18
What is the advantage of a single product business?
Can focus marketing
Potential for several revenue streams
Diversification
More staffing necessary
19
According to BizInnovator which is the #1 consideration in recognizing a business opportunity?
the opportunity
the product
the financials
the market
20
Which is a barrier to creativity & innovation?
Being illogical
using brainstorming
Fearing mistakes/failure
Believing in your ability to be creative
21
When bootstrapping a business you usually approach a bank for a loan.
False
True
22
Asking "is there a new way to do it?" could inspire creative idea.
False
True
23
Innovative businesses often end up with a different product/service than what they originally started with.
True
False
24
Which intellectual property right protects literary works or music?
copyrights
patents
China
trademark
25
What types of risks do entrepreneurs actually take?
Small
Calculated
High
Wild & crazy
26
Entrepreneurs exist in the public sector?
True
False
27
New ideas for products/businesses can come from something that bothers us.
True
False
28
Innovation & creativity cannot be learned.
False
True
29
Entrepreneurship means?
Gathering investors
appearing on Shark Tank
finding a new idea
Owning and controlling a business
30
Saying, "can we put it to other uses?" is another way to inspire the creative process.
False
True
31
Which one below is in the public sector?
Lowe's
VA Hospital
Rock Hand Hardware
Proctor & Gamble
32
What item below is considered the most important for business start-up success?
Teamwork
Opportunity recognition
Building a new product/idea
Gathering resources
33
If you invested $10,000 in a business and sold it a year later for $15,000. What was your ROI?
50%
25%
150%
100%
34
An advantage of being an employee vs an entrepreneur?
Get to make your own hours
You get to make decisions
Get to bring ideas into action
Steady paycheck
35
The use of puzzles or wuzzles offer no help in the creative process.
True
False
36
Advantage of being an entrepreneur vs an employee?
Potential for high income
Less than 40 hours/week
Steady paycheck
No concerns about business after hours
37
Which is true about failure & entrepreneurs?
Failures & setbacks rarely happen in business
Setbacks happen but it is used as a learning tool
Failures are common and this results in closing the business
Failure is fun for entrepreneurs because it doesn't bother them
38
Common everyday items can be used for inspiration for new uses of a product.
False
True
39
The best analogy to a business plan?
blueprint
"How to" manual
an investment contract
roadmap
40
What is analyzed in a SWOT analysis?
stamina, weakness, ownership, trepidations
strengths, weaknesses, opportunities & threats
success, wins, opportunities, witnesses
sales, weaknesses, operations, & trade
41
What do most entrepreneurs fail at most on start-ups?
Ideas for new products
Gaining investors
finding enough good employees
generating enough cash from sales
42
Relatively newer smaller companies are traditionally better at innovation than older/larger companies.
True
False
43
Using a light bulb as a heat lamp is an example of what type of business/product creation?
duplication
extension
synthesis
invention
44
Taco Bell is an example of what kind of business creation?
synthesis
extenstion
invention
duplication
