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Entrepreneurship final review Flashcards | StudBud
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Entrepreneurship final review
Entrepreneurship final review
32 terms
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2017 final exam review
Flashcards
32 cards
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Practice quiz
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Questions
32
Answers
1
Prices are set low to attract customers and gain market share.
penetration pricing
seasonal pricing
bundle pricing
premium pricing
2
Characteristics that will satisfy customer needs.
benefits
characteristics
designs
features
3
Period of rapidly increasing sales in the product life cycle.
Boom stage
Growth stage
Maturity stage
Maturity stage
4
The total number of product lines a company carries.
product selection
product categories
product mix
product line
5
Which of the following is NOT found in the Market Analysis of a business plan:
problems you may have in your business
describe business truck business in your area
describe your menu
food truck regulations
6
Which is NOT a disadvantage of running a sole proprietorship:
Difficult to raise money
Difficult to start the business
Unlimited liability
Responsible for all losses
7
Reflected by a company's dress code, employee benefits, hiring decisions, treatment of customer
Corporate Responsibility
Corporate Climate
Business Culture
Corporate Culture
8
The portion of a market controlled by a particular company or product.
market growth
market share
market pie
market portion
9
When a product becomes obsolete or out of style and sales decrease.
market sponge
market obsolence
market saturation
market decline
10
Advantages that result from product features. Ex: different sizes to meet all customer needs:
product styles
product benefits
product advantages
product features
11
The most profitable stage of the product life cycle.
Growth stage
Boom stage
Introduction stage
Maturity stage
12
Where information about the product is placed.
organizer
box
tab
label
13
Selling related products at a reduced price.
bargain pricing
premium pricing
bundle pricing
psychological pricing
14
Which of the following is NOT a disadvantage of running a corporation.
Difficult to start
Increased taxation
Increased governmental control
Unlimited liability for business losses
15
Federal agency that coordinates programs that reduce pollution and protect the environment.
Environmental Control
IRS
Anti-pollution Agency
Environmental Protection Agency
16
Which is NOT a disadvantage of running a partnership.
More difficult to raise money
Have to share the profits
Unlimited liability
Possible conflicts between partners
17
Operating a business that accounts for social and environmental impact created by the business:
Corporate Culture
Corporate Social Responsibility
Business Welfare Culture
Corporate Social Impact
18
Which is NOT and advantage of a sole proprietorship:
Lower taxes
Easy to start the business
Control over management of business
Limited liability
19
Pricing by the hour.
premium pricing
penetration pricing
psychological pricing
time based pricing
20
Box, container or wrapper in which the product is placed.
none of these
product utilizer
packaging
holder
21
What should be in a mission statement:
How to train employees
How to raise money
how your customer's life is better because of your business
Your company goals
22
Unique design, symbol, words or a combination of these that creates an image of a product
identifier
brand
label
icon
23
A registered symbol that has been registered with the US Patent Office.
Legal trademark
Registered Trademark
patent
trademark
24
Products and services within the same catetory that serve different customer needs: Ex: cars
product positioning
product relationships
product service
market product
25
The favor or advantage that a business has acquired through its brands and good reputation.
Positive Advantage
Good responsibility
Goodwill
none of these
26
A business charges $1.99 instead of $2.00.
psychological pricing
optional pricing
price skimming
penetration pricing
27
A business charges a high price at first and lowers the price when product declines.
premium pricing
penetration pricing
bundle pricing
price skimming
28
The price is set high to indicate the product is exclusive
price skimming
seasonal pricing
premium pricing
bundle pricing
29
Work that includes creations of the mind, inventions, literature, art, patents etc
individual property
creative individual property
intellectual property
creative property
30
Establishes national standards to protect individuals' medical records.
Medical Records Act
HIPPA
NAPA
Medical Privacy Act
31
The stage of the product life cycle where sales start to go down.
Saturation stage
Introduction
Decline stage
Growth stage
32
A group of related products under a single brand sold by the same company.
market products
product mix
market line
product line
