A SWOT chart delineates what?

Strengths, Weaknesses, Opportunities,Threats

The five Fs sum up what customers want. These are:

Functions, Finances, Freedom, Feelings,Future

Product, Price, Promotion, Place

Installed user base refers to:

Sizable portion of market already uses a prod/serv similar

A market-driven company is shaped by:

Demands and trends of the marketplace

The four P’s of marketing are:

Product, Price, Place, Promotion

Your break even point occurs when:

Sales = the amount of fixed expenses +variable cost of sales

Product, Price, Promotion, Place

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Entrepreneurship AACC Exam Review

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Review for AACC Exam on Entrepreneurship! #entrepreneurship #aacc

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Questions 27

Answers

1
A SWOT chart delineates what?
Strengths, Weaknesses, Options, Threats
Strengths, Weaknesses, Operations, Trends
Strengths, Weaknesses, Opportunities, Trends
Strengths, Weaknesses, Opportunities,Threats
2
ROI stands for:
Run on income
Return on investment
Return on income
Revenue over income
3
In what ways does a business plan help you succeed?
All of the above
You ask the tough questions
You examine all aspects of your business
Make mistakes on paper, not with precious time and realmoney
4
The five Fs sum up what customers want. These are:
Functions, Feasibility, Freedom, Feelings, Future
Facts, Finances, Freedom, Feelings, Future
Functions, Finances, Freedom, Feelings,Future
5
Your slide show presentation should be able to convey all the key details of your companyin:
12 Slides
8 Slides
18 Slides
24 Slides
6
Social Entrepreneurship-The triple bottom line covers:
People, Planet, Products
People, Planet, Politics
People, Planet, Profit
People, Planet, Profit sharing
7
The 4Ps are:
Product, Price, Promotion, Place
Package, Passion, Perspective, Personality
Process, Presentation, Perception, Profit
People, Prospect, Presence, Pitch
8
The best way to know whether customers are out there is,paradoxically, if you have _______.
partnership
competition
followers
friends
9
Installed user base refers to:
Sizable portion of market already uses a prod/serv similar
Company’s market dominanceby giving away free prod/servs
The software industry’s existing market
None of the above
10
A geographic description can include traits such as:
Climate
All of the above
Area served (neighborhood, city, state, region, country)
Density or type (e.g., suburban, urban, rural, etc.)
11
When developing a business plan, which is most important?
The plan itself
The planning
12
LIFO stands for:
Last In, First Out
Less Inventory, Faster Overturn
Less Inventory, Fewer Operations
Less In, Fewer Out
13
True or false? Your electronic slide presentation must stand on its own without a presenter.
False
True
14
When determining your target market, you need to consider:
The features and benefits of your product or service
Ease of reaching your prospects
The competition
All of the above
15
Which is not one of the three most important financial forms for your business plan.
income statement
cash flow statement
balance sheet
assumption sheet
16
Forms of competition to research include:
Indirect competition
Direct competition
All of the above
Future competition
17
Meeting___________ is the basis of all business.
needs
wants
desires
people
18
What is the easiest method of obtaining data?
Informational interviews
Focus groups
Personal observation
Surveys
19
To be useful, the definition of your targetmarket must be definable, meaningful, sizable, and:
recognizable
really cool
reachable
responsible
20
A market-driven company is shaped by:
Demands and trends of the marketplace
Sales structures
The inherent characteristics of a product or service
Market readiness, preparation, and planning
21
The four P’s of marketing are:
Product, Profit, Priorities, Promotion
Product, Price, Priorities, Promotion
Product, Price, Place, Promotion
Product, Price, Place, Promotion
22
Your break even point occurs when:
You initially turn a profit
Sales = the amount of fixed expenses
Sales = the amount of fixed expenses +variable cost of sales
Total sales = ∆expenses/∆profits
23
Key employees and principals may include:
All of the above
Chief technology officer
President and CEO
Personnel director
24
Which one is not one of the three critical areas to research?
company & competition
habitat
industry
market
25
What is the first thing a potential investor is likely to askyou for?
your phone number
your resume
your business card
your business plan
26
The 4Ps are:
Product, Price, Promotion, Place
Package, Passion, Perspective, Personality
People, Prospect, Presence, Pitch
Process, Presentation, Perception, Profit
27
Hire for __________, train for skills.
personality
attitude
brains
looks

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