Entrepreneurship Units 1-6

Question 1

Which is NOT primary data

Accepted Answer

statistics on a government website

Question 2

A trendy new gadget is all the rage. People are willing to pay any price to get one. What pricing strategy should be use

Accepted Answer

demand-based

Question 3

People who own operate and take the risk of a business venture are called....

Accepted Answer

entrepreneurs

Question 4

Offering an incentive to customers in order to increase sales

Accepted Answer

sales promotion

Question 5

An online ad that displays in a new window that opens in front of the current window is called...

Accepted Answer

pop up

Question 6

What is the best way to advertise a local neighborhood service business?

Accepted Answer

an advertisement in the local newspaper

Question 7

What opportunity cost?

Accepted Answer

the value of the next-best alternative that you passed up

Question 8

The ability to learn a particular kind of job is called...

Accepted Answer

aptitude

Question 9

Measures the advantages of producing one additional unit of a good or service

Accepted Answer

marginal benefit

Question 10

Data descriptors in terms of age, marital status, family size, ethnicity, gender, education and income

Accepted Answer

demographics

Question 11

Pricing that is based on the belief that certain prices have an impact on how customers perceive a product

Accepted Answer

psychological

Question 12

A description of a business's likely customer

Accepted Answer

customer profile

Question 13

Which of the following is a strategy for maintaining customer loyalty

Accepted Answer

offering superior service

Question 14

To market successfully, a business must do which of the following?

Accepted Answer

all of the above

Question 15

What is an idea?

Accepted Answer

thoughts or concepts that come from creative thinking

Question 16

A written document that describes all the steps necessary for opening and operating a successful business is called...

Accepted Answer

business plan

Question 17

Business plans are important for the following reasons except

Accepted Answer

guarantees you will get financing

Question 18

Which type of business does NOT sell directly to end users

Accepted Answer

manufacturing

Question 19

Pricing that is determined by how much customers are willing to pay

Accepted Answer

demand-based

Question 20

Which would be the best way to promote a pressure washing business?

Accepted Answer

discount coupon

Question 21

Organizations made up of professionals in a specific industry are called...

Accepted Answer

trade associations

Question 22

All are mistakes to avoid except...

Accepted Answer

wasting time on research

Question 23

Which one is NOT a part of a competitive analysis

Accepted Answer

create a customer profile

Question 24

Which of the following is NOT an advantage of entrepreneurship

Accepted Answer

Entrepreneurs take all the risks

Question 25

Another name for economic resources is

Accepted Answer

factors of production

Question 26

Which of the following is NOT an example of a service

Accepted Answer

bicycle

Question 27

All of the processes used to place products in the hands of customers

Accepted Answer

marketing

Question 28

The plant where Goodyear tires are made is what type of business?

Accepted Answer

manufacturing

Question 29

Purposes of a business plan include...

Accepted Answer

all of these

Question 30

Define economic resource

Accepted Answer

means through which goods and services are produced

Entrepreneurship Units 1-6

Questions 30

Entrepreneurship Units 1-6

Questions 30