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Entrepreneurship Flashcards | StudBud
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Entrepreneurship
Entrepreneurship
16 terms
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Final Review
Flashcards
16 cards
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Questions
16
Answers
1
Does not describe a sole proprietorship:
Owner is responsible for all debts
Simplified tax preparation
Limited tax liability
Easy to set up
2
What is the purpose of "idea screening" in the steps to develop a new product.
Come up with as many new products as possible.
Rule out ideas that will not sell
Analyze business
Test prototype
3
Start up fees for a franchise do NOT include:
Equipment
Licenses
Real Estate
Royalty Fees
4
When there is no more demand for a product.
Market Saturation
Market Decline
Dead file
Product wear-out
5
Which of the following is NOT one of the 4 P's of Marketing.
product
place
price
protection
6
Does NOT describe a corporation:
Double taxation
Heavily regulated
Limited tax liability
Easy to set up
7
What is the last step in the development of a new product?
Business analysis
Launch the new product
Product development
None of these
8
Product Life Cycle, the product is established and company wants to keep market share.
Introduction Stage
Decline Stage
Growth Stage
Maturity Stage
9
Trade secret, information a company wishes to keep secret.
Ethical agreement
Insider trading
Conflict of interest
Proprietary information
10
Arrangement where a company sells the right to use name and operating plans to another business
Franchise
Sole Proprietorship
Cooperative
Licensor
11
A statement of our business goals, the reason you think these goals can be met.
Business Plan
Social Contract
Mission Statement
Executive Summary
12
Operating a business that accounts for social and environmental impact.
Code of Ethics
None of these
Corporate Culture
Corporate Social Responsibility
13
Taking someone else's work or ideas and passing them off as your own.
Copyright infringement
Goodwill
Plagarism
Unethical agreement
14
Different types of products and services a business sells:
Product line
Product marketing
Brands
Product mix
15
What can a business do to extend the life of a product?
Advertise
Find a new market
All of these
Reduce the price
16
Creating an image for a product in the customer's mind.
Product marketing
Product positioning
Brand
Features
