Entrepreneurship Objective 4.00

Question 1

When seeking a loan, an entrepreneur has "capacity" if they:

Accepted Answer

Demonstrate the ability to repay the debt

Question 2

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

Accepted Answer

Corporation

Question 3

The purpose of this organization is to stimulate local economic growth:

Accepted Answer

Chamber of Commerce

Question 4

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

Accepted Answer

Packaging

Question 5

There's something wrong with a shipment or invoice. Who should the purchasing manager contact?

Accepted Answer

Vendor

Question 6

What closely regulated business can own assets, borrow money & not directly involve the owners?

Accepted Answer

Corporation

Question 7

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

Accepted Answer

Sell more items

Question 8

Advertising and promotion expenses for an ongoing business are:

Accepted Answer

Variable costs

Question 9

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

Accepted Answer

Target customers

Question 10

Why should you carefully choose your target customers when begining a new business?

Accepted Answer

they are most likely to buy a specific product or service

Question 11

The state agency that helps business with information about unemployment insurance is:

Accepted Answer

State Department of Labor

Question 12

What must the company know in advance to predict when it will make a profit?

Accepted Answer

Break-even point

Question 13

Initial inventory for the business is which type of cost?

Accepted Answer

Start-up cost

Question 14

If Foods 2 class lost money on the project but all items were sold, what needs evaluating?

Accepted Answer

Financials

Question 15

Which form of incorporation would a church or charity use?

Accepted Answer

Nonprofit Corporation

Question 16

A short-term loan is repayable in:

Accepted Answer

1 year

Question 17

Jones Co. is selling stock to raise capital. What type of business is this?

Accepted Answer

Corporation

Question 18

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

Accepted Answer

Markup

Question 19

Conception, pricing, promotion & distribution of products & services to meet customer need is:

Accepted Answer

Marketing

Question 20

What is a major advantage in buying a franchise?

Accepted Answer

Management training and tech assistnce provided

Question 21

Fees paid to your accountant for consutations prior to your business opening are considered:

Accepted Answer

Start-up costs

Question 22

Foods 2 Class prepared 25 dozen cookies, but no one came to buy them. What should be evaluated?

Accepted Answer

Marketing

Question 23

This federal agency provides help and advice to small businesses:

Accepted Answer

Small Business Administration (SBA)

Entrepreneurship Objective 4.00

Questions 23

Entrepreneurship Objective 4.00

Questions 23