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Entrepreneurship State Test Review Flashcards | StudBud
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Entrepreneurship State Test Review
Entrepreneurship State Test Review
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Questions
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Answers
1
Wealthy investors focused on financing small businesses for equity in the business. *Usually family or friends
Angel investors
Crowdfunding
Bootstrapping
Venture capitalists
2
The following are risks of owning a business
The rewards always are worth the risks
long hours, uncertain income, risking investment, feeling overwhelmed, etc.
money, time, family, energy
There are no risks with owning your own business
3
The profit formula is revenue - costs = profit
False
True
4
Which are the 4 P's of marketing mix?
Planning, psychographics, products, pricing
Product, price, people, promotion
Product, price, place, promotion
Product, pricing, physical inventory, promos
5
What is the definition of price?
amount of money requested or exchanged for a product
money exchanged for a product, should cover expenses & allow for profit
the amount of money you are asking for when you sell something
value of a product/service
6
The purpose of the lean canvas model is to do busy work in entrepreneur class.
True
False
7
A development technique where a new product is introduced in the market with basic features, but enough to get attention
Customer segment
Minimal viable product
Unique value proposition
Competitive advantage
8
Type of ownership where one individual runs the business and is entitled to all the profits and all the liabilities.
Partnership
Sole proprietorship
Corporation
LLC
9
Revenue is the amount of money made after business expenses are paid.
True
False
10
A change made from being adaptable to internal and external factors in business is called
explore trends
channels
pivot
key metrics
11
This organization helps Americans start and grow businesses through a network of field offices and partnerships.
SBDC (Small Business Development Center)
SBA (small business administration)
GOED (Governor's Office of Economic Opportunity)
SCORE (Service Corps of Retired Executives)
12
How many parts of a business are included in the lean canvas model?
9
5
3
7
13
What are the 4 categories of market segmentation?
ummm....I really don't know.
Demographics, location, interests, & trends
Demographics, geographics, interests, & buying characteristics
Demographics, geographics, psychographics, & behavioral
14
The ultimate goal of a business is to make money. What is another name for this?
Profit motivation
all about that monayyyyyy!
Profit motive
Motivation of profit
15
An income statement is also known as a profit and loss statement.
False
True
16
Import: goods or services that are brought into one country that were produced in another.
False
True
17
A legally separated and distinct entity from its owners and where shareholders are responsible for the business.
Sole proprietorship
Corporation
Partnership
LLC
18
An expense that a business incurs through its normal business operations.
Working capital
COGS
Start-up costs
Operating expenses
19
An approach to sales that focus on providing seamless customer service on all shopping channels.
Customer experience
Omni-channel retailing
Multi-channel retailing
Behavioral focused sales
20
Entrepreneurship is the action of setting up a business, taking on financial risks in the pursuit of a profit.
True
False
21
An employee who promotes innovation within the limits of the organization.
Shift manager
CEO
Entrepreneur
Intrapreneur
22
What is scarcity?
the loss of potential gain from alternatives when one alternative is chosen
comparison of wants and needs
motivation to operate so as to maximize profits
unlimited wants & needs & limited resources to satisfy those wants & needs
23
I feel so ready for the state test! I can do this!
True
False
24
Business focused advantage that other companies cannot easily copy or mimic.
Patent
Competitive advantage
MVP
Unique Value Proposition
25
Fixed costs are costs that fluctuate based on units of production.
False
True
26
An individual who undertakes to start and run their own business with the intention of making a profit
Business owner
Entrepreneur
CEO
Intrapreneur
27
T/F: You must have a specific license to handle food that will be served to the general public.
False
True
28
Financial statement that covers assets, liabilities, and equity for a period of time is called...
Cash flow statement
Income statements
Balance sheet
Profit and loss statements
29
A trademark...
is an recognizable symbol/phrase/word that denotes a specific product
protects the inventor exclusive rights to a process, design, or invention
protects creators of original material from unauthorized duplication or use
a type of ownership
30
Customer focused message stating why you are offering value, solving your customers' needs, and what distinguishes you.
Business advantage
Unique Value Proposition
Minimal viable product
Competitive advantage
31
I have a youscience log in and memorized password to use for the state test later this week. (Please be honest!)
False
True
32
COGS stands for...
Cost of goods supplied
Cost of goods sold
Creation of great solutions
Creation of goods supplied
33
A type of business that operates conventionally rather than over the internet
Pop up
Centrally planned business district
Brick & Mortar
E-commerce
34
E-commerce is a business that operates conventionally rather than over the internet?
False
True
35
Which 3 things are the best examples of marketing channels if your market segment is elderly people?
newspapers, signs (retirement community}, flyers in grocery stores/pharmacy
social media, tv commercials, billboards
newspapers, social media, flyers
billboards, signs at the mall, youtube ads
