NOCTI Entrepreneurship Review #6

Question 1

What state agency provides information about unemployment insurance?

Accepted Answer

State Department of Labor

Question 2

Which federal agency provides advice/assistance to small businesses to increase revenues/profit

Accepted Answer

SBA

Question 3

What step BEST describes the development of a marketing strategy?

Accepted Answer

Marketing Mix

Question 4

There are no coffee shops in his town so Mike decides to open one. His idea is considered a:

Accepted Answer

Opportunity

Question 5

Who should the purchasing manager contact about a problem with a shipment or invoice?

Accepted Answer

Vendor

Question 6

A company plans to sell stock to raise capital. This company operates as a:

Accepted Answer

Corporation

Question 7

What financial statement tells an entrepreneur what his/her business is worth at a given time?

Accepted Answer

Balance Sheet

Question 8

If the Foods 2 class lost money on their project, but all items were sold. What evaluate?

Accepted Answer

Financials

Question 9

What is the process used to test a business idea or concept?

Accepted Answer

Feasibility Analysis

Question 10

A feasibility analysis determine if:

Accepted Answer

An idea is practical

Question 11

When seeking a loan, an entrepreneur who has capacity:

Accepted Answer

Demonstrates ability to repay a debt

Question 12

Which type of business owns assets/borrows money without directly involving the owners?

Accepted Answer

Corporation

Question 13

What expenses stay constant with the number of items produced?

Accepted Answer

Fixed Costs

Question 14

What is the amount added to the cost of an item to cover expenses and ensure a profit?

Accepted Answer

Markup

Question 15

Before offering a service or product for sale, determine that there isL

Accepted Answer

A demand for the product

Question 16

Which form of incorporation would be for a church/charity?

Accepted Answer

Nonprofit

Question 17

What kind of plan is presented to potential lenders or investors to gain financial support?

Accepted Answer

Business

Question 18

What does an income statement show the business owner?

Accepted Answer

Amount of profit or loss

Question 19

A system for verifying and maintaining the desired standards in a product or service is called

Accepted Answer

Quality Control

Question 20

The inability to interpret financial records demonstrates a lack of:

Accepted Answer

Competence of the entrepreneur

Question 21

Which is a major DISADVANTAGE of a corporation?

Accepted Answer

Double Taxation

Question 22

Under which form of business ownership do owners have limited liability?

Accepted Answer

Corporation

Question 23

Jessica asks many questions and conducts research. What personal characteristic is this?

Accepted Answer

Inquisitiveness

Question 24

Advertising and promotion for an ONGOING business are:

Accepted Answer

Variable Costs

Question 25

What is a major advantage to buying a franchise?

Accepted Answer

Management training/Technical assistance provided

Question 26

What factor is affected by the lack of working capital?

Accepted Answer

Financing

Question 27

Which organization stimulates local economic growth?

Accepted Answer

Chamber of Commerce

Question 28

Who are the people to whom a business plans to sell its products?

Accepted Answer

Target Customers

Question 29

Which is a major disadvantage to buying a franchise?

Accepted Answer

The performance of other franchises impacts your franchise

Question 30

Why is sole proprietorship the most common form of business ownership?

Accepted Answer

The government assumes little control

Question 31

A short term loan is repayable in:

Accepted Answer

One year

Question 32

Product standards are developed to benefit the:

Accepted Answer

Consumer

Question 33

The Foods 2 class made 25 dozen cookies but sold none. What evaluate?

Accepted Answer

Marketing

Question 34

Which term is defined as the conception, pricing, promotion to satisfy customer wants/needs

Accepted Answer

Marketing

Question 35

What is net income to a business?

Accepted Answer

Profit

Question 36

What is the covering, wrapper or container in which merchandise is placed?

Accepted Answer

Packaging

Question 37

Students practiced making several products to decide which to sale. The result of that is a:

Accepted Answer

Prototype

Question 38

What is NOT used to construct a cash flow statement?

Accepted Answer

Inventory

Question 39

When preparing to open a business, visits to accountant would be considered:

Accepted Answer

Start-Up costs

Question 40

If a price is reduced, what must happen to continue to break even?

Accepted Answer

Sell more items

Question 41

Initial inventory for a business is which type of cost?

Accepted Answer

Start-Up

Question 42

What are marketing objectives?

Accepted Answer

Goals

Question 43

What must a company know in advance to predict when it will begin making a profit?

Accepted Answer

Break-Even Point

NOCTI Entrepreneurship Review #6

Questions 43

NOCTI Entrepreneurship Review #6

Questions 43