Entrepreneurship Final Review - 2nd Block

Question 1

Blending of the product, price, distribution, and promotion used to reach a target market

Accepted Answer

Marketing Mix

Question 2

Defines the market,identifies customers,competitors,outlines a strategy to attract/keep customers and anticipates change

Accepted Answer

Marketing Plan

Question 3

Things that a person thinks he or she must have in order to be satisfied

Accepted Answer

Wants

Question 4

Goals do not help you stay on task and follow through with your plans

Accepted Answer

False

Question 5

Evaluation of your strengths and weaknesses

Accepted Answer

Self-assessment

Question 6

You must have a lot of money in order to start up a business

Accepted Answer

False

Question 7

A business that has the legal rights of a person but is independent of its owners

Accepted Answer

Corporation

Question 8

The study of moral choices and values; involves choosing between right and wrong

Accepted Answer

Ethical Behavior

Question 9

Thoughts or concepts that come from creative thinking

Accepted Answer

Ideas

Question 10

A description of the person or company that is likely to buy your product or service

Accepted Answer

Customer Profile

Question 11

A letter that introduces and explains an accompanying document or set of documents

Accepted Answer

Cover Letter

Question 12

Name 3 things entrepreneurs try to do in the marketplace

Accepted Answer

Make a profit, Meet the needs of the marketplace, Identify the needs of the marketplace

Question 13

A business owned by two or more people

Accepted Answer

Partnership

Question 14

List the three types of entrepreneur business

Accepted Answer

Manufacturing, Wholesaling, Retailing

Question 15

Why would someone want to start their own business?

Accepted Answer

All of the above

Question 16

A disadvantage to owning your own business/being an entrepreneur is...

Accepted Answer

Working long hours, No regular income

Question 17

The quantity of a good or service that consumers are willing to buy at a given price

Accepted Answer

Demand

Question 18

Value of the next-best alternative

Accepted Answer

Opportunity Cost

Question 19

Needs of customers are the primary focus during the planning, production, distribution, and promotion of product/service

Accepted Answer

Market Concept

Question 20

The Financial Management lets you identify any risk your business may face and how you plan to deal with it

Accepted Answer

True

Question 21

A creative problem-solving technique that involves generating a large number of fresh ideas

Accepted Answer

Brainstorming

Question 22

Entrepreneurs must realize there are other stake holders to make their business successful

Accepted Answer

True

Question 23

When starting up a business, it is not important to look at who your competitors are

Accepted Answer

False

Question 24

The name, symbol, or design used to identify a product

Accepted Answer

Brand

Question 25

Needs and Wants are limited, you're only limited by your mind, if you can imagine it then your business can provide it

Accepted Answer

False

Question 26

A business is owned exclusively by one person

Accepted Answer

Sole-proprietorship

Question 27

Items of value that you own

Accepted Answer

Assets

Question 28

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

Accepted Answer

Business Plan

Question 29

Entrepreneurs have multiple characteristics

Accepted Answer

True

Question 30

Individuals or companies that are interested in a product or services and are willing to pay for it

Accepted Answer

Target Market

Question 31

A paid form of communication sent out by a business about a product or service

Accepted Answer

Advertising

Question 32

Difference between the revenues earned by a business and the costs of operating the business

Accepted Answer

Profit

Question 33

People who own, operate, and take the risk of a business venture

Accepted Answer

Entrepreneurs

Question 34

Entrepreneurs play an important part in supplying goods and services to meet the demands of the consumers

Accepted Answer

True

Question 35

A system for collecting, recording, and analyzing information about customers, products, services, and customers

Accepted Answer

Market Research

Question 36

Small businesses usually do not fail

Accepted Answer

False

Question 37

Production, Marketing, and Finance are the functions of business

Accepted Answer

True

Question 38

Which of the following is a type of retailing business?

Accepted Answer

All of the above

Question 39

Economics is all about making choices and satisfying the wants and needs of consumers

Accepted Answer

True

Question 40

The process of achieving goals by establishing operating procedures that make effective use of people & other resources

Accepted Answer

Management

Question 41

People who are hired to work for someone else

Accepted Answer

Employee

Question 42

Business owners are driven by helping the economy

Accepted Answer

False

Question 43

A legal agreement that gives an individual the rights to market a company's products or services in a particular area

Accepted Answer

Franchise

Question 44

Business Plans will not help your secure financing for your business

Accepted Answer

False

Question 45

Means through which goods and services are produced

Accepted Answer

Economic Resources

Question 46

Things that a person must have in order to survive

Accepted Answer

Needs

Question 47

Entrepreneurs should consider: cost of labor, cost of materials, & fixed costs when figuring out the price for a product

Accepted Answer

True

Question 48

The quantity of a good or service a producer is willing to produce at different prices

Accepted Answer

Supply

Question 49

Every business has fixed and variable costs

Accepted Answer

True

Question 50

Possibilities that arise from existing conditions

Accepted Answer

Opportunities

Question 51

All it takes is one idea to start your own business

Accepted Answer

True

Question 52

Process of running a business of one's own

Accepted Answer

Entrepreneurship

Question 53

Amounts you owe

Accepted Answer

Liability

Question 54

Data that describes a group of people by age, marital status, gender, etc.

Accepted Answer

Demographics

Question 55

Integrity and ethical behavior is extremely important when running a business

Accepted Answer

True

Question 56

Business Plans explain the idea behind your business and spells out how your product or service will be produced & sold

Accepted Answer

True

Entrepreneurship Final Review - 2nd Block

Questions 56

Entrepreneurship Final Review - 2nd Block

Questions 56