Which of the following statements about market research is false?

SWOT stands for Strengths, Weaknesses, Options, and Threats.

Which quote can be attributed to Alexis deTocqueville?

"Americans of all ages constantly form associations."

Which is NOT an example of a market trend:

Mike comes in with his dog every Friday at 4:00pm

Within the business plan, what is an executive summary?

One-two pages highlighting each section of the business plan

% of entrepreneurs starting a business think their venture will be full-time vs. part-time?

33% think it will be full-time, 67% part-time

What does a tool like "mind mapping" help do?

Allows an entrepreneur to turn interest area into a business

The majority of small businesses are

Owned and operated by one person

What is NOT a primary purpose of a business plan?

Gets out there and sells for the business owner

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Entrepreneurship Final Exam

26 termsStudBud Administration37 plays

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

1
Which of the following statements about market research is false?
SWOT stands 4 Strengths, Weaknesses, Opportunities, Threats
Investors expect you to know your market.
SWOT stands for Strengths, Weaknesses, Options, and Threats.
Business owners who know their market are more successful.
2
Social entrepreneurs:
Two of the answers
Are always nonprofits
Solve social problems
Have a mission focus
3
How would you directly poll a customer for their opinions on a product?
Tertiary data gathering
Secondary data gathering
A combination of data gathering
Primary data gathering
4
How many small businesses are there in the U.S.?
400,000
28 million
300 million
5 million
5
Being creative in business can support which of the following:
Both answers
Developing new ideas for products and services
Staying ahead of the competition
6
Which quote can be attributed to Alexis deTocqueville?
"We accept the reality of the world."
"Give me liberty, or give me death."
"To be or not to be, that is the question."
"Americans of all ages constantly form associations."
7
Today, small business:
Pays 44 percent of the U.S. payroll
Two of the answers
Cannot compete with big businesses
Produces 60-80 percent of all new jobs
8
Going onto a website to read an article about dog toys would be considered:
A tertiary research technique
A primary research technique
A combination research technique
A secondary research technique
9
Which of the below is NOT a way to protect a creative idea?
Trademark
Copyright
Datamark
Servicemark
10
Which is NOT an example of a market trend:
Mike comes in with his dog every Friday at 4:00pm
Women aged 45-60 buy the dog shampoo most often
# of allergies has led to a need for cleaner environments
The dog shampoo market is growing by 3% a year
11
Within the business plan, what is an executive summary?
None of the answers
One-two pages highlighting each section of the business plan
A summary of resumes of executives advising the business.
A plan for how executives will be compensated
12
% of entrepreneurs starting a business think their venture will be full-time vs. part-time?
50% think it will be full-time, 50% part-time
33% think it will be full-time, 67% part-time
100% think it will be full-time
10% think it will be full-time, 90% part-time
13
The term "entrepreneur" means:
All of the above
One who organizes, manages, and assumes risks
"To undertake" (the derivation of a French word)
Someone who pioneers change or wants to work for themselves
14
What does a tool like "mind mapping" help do?
Allows a future entrepreneur to understand their competition
Allows an entrepreneur to turn interest area into a business
All of the answers
Allows a future entrepreneur to map a market landscape
15
The following could be a small business:
All of the answers
A hairdresser
A high tech firm
A doctor's office
16
In gathering market information, which of the below are components you might seek?
What are your customers' likes and dislikes?
When should you start your business?
Who is your market?
All of the answers
17
One person can make a difference as an entrepreneur
True
False
18
What is an elevator pitch?
A 20 to 60 second presentation
A baseball pitch made in an elevator
A sales presentation of any length
19
What is NOT a common type of expense in a business?
Utilities
Rent
Sports Tickets
Equipment
20
Which of the following is NOT a risk of entrepreneurship?
Long hours and hard work
High levels of stress
Uncertain income
Fear of success
21
What is net income?
None of the answers
Revenues minus expenses
Expenses plus profit
Revenues plus sales minus expenses
22
Entrepreneurs who finish a business plan are twice as likely to:
Two of the answers
Grow their business
Go out of business
Obtain an investment or a loan
23
The majority of small businesses are
Owned and operated by two people
Owned by one person, operated by between 1 and 5 people
Owned and operated by one person
Owned by two people, operated by between 1 and 5 people
24
The following are traits of an entrepreneur:
Likes to work the same hours every day
Action oriented
Likes routine
Likes to get up early
25
Until the 1800's, production in the U.S. could be described as:
Assembly line production
Economies of scale
All of the answers
One product at a time
26
What is NOT a primary purpose of a business plan?
Provides introduction document for fundraising
Gets out there and sells for the business owner
Drives action
Charts course for business owner

Entrepreneurship Final Exam Flashcards | StudBud

Entrepreneurship Final Exam

26 termsStudBud Administration37 plays

Entrepreneurship Final Exam

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

1
Which of the following statements about market research is false?
SWOT stands 4 Strengths, Weaknesses, Opportunities, Threats
Investors expect you to know your market.
SWOT stands for Strengths, Weaknesses, Options, and Threats.
Business owners who know their market are more successful.
2
Social entrepreneurs:
Two of the answers
Are always nonprofits
Solve social problems
Have a mission focus
3
How would you directly poll a customer for their opinions on a product?
Tertiary data gathering
Secondary data gathering
A combination of data gathering
Primary data gathering
4
How many small businesses are there in the U.S.?
400,000
28 million
300 million
5 million
5
Being creative in business can support which of the following:
Both answers
Developing new ideas for products and services
Staying ahead of the competition
6
Which quote can be attributed to Alexis deTocqueville?
"We accept the reality of the world."
"Give me liberty, or give me death."
"To be or not to be, that is the question."
"Americans of all ages constantly form associations."
7
Today, small business:
Pays 44 percent of the U.S. payroll
Two of the answers
Cannot compete with big businesses
Produces 60-80 percent of all new jobs
8
Going onto a website to read an article about dog toys would be considered:
A tertiary research technique
A primary research technique
A combination research technique
A secondary research technique
9
Which of the below is NOT a way to protect a creative idea?
Trademark
Copyright
Datamark
Servicemark
10
Which is NOT an example of a market trend:
Mike comes in with his dog every Friday at 4:00pm
Women aged 45-60 buy the dog shampoo most often
# of allergies has led to a need for cleaner environments
The dog shampoo market is growing by 3% a year
11
Within the business plan, what is an executive summary?
None of the answers
One-two pages highlighting each section of the business plan
A summary of resumes of executives advising the business.
A plan for how executives will be compensated
12
% of entrepreneurs starting a business think their venture will be full-time vs. part-time?
50% think it will be full-time, 50% part-time
33% think it will be full-time, 67% part-time
100% think it will be full-time
10% think it will be full-time, 90% part-time
13
The term "entrepreneur" means:
All of the above
One who organizes, manages, and assumes risks
"To undertake" (the derivation of a French word)
Someone who pioneers change or wants to work for themselves
14
What does a tool like "mind mapping" help do?
Allows a future entrepreneur to understand their competition
Allows an entrepreneur to turn interest area into a business
All of the answers
Allows a future entrepreneur to map a market landscape
15
The following could be a small business:
All of the answers
A hairdresser
A high tech firm
A doctor's office
16
In gathering market information, which of the below are components you might seek?
What are your customers' likes and dislikes?
When should you start your business?
Who is your market?
All of the answers
17
One person can make a difference as an entrepreneur
True
False
18
What is an elevator pitch?
A 20 to 60 second presentation
A baseball pitch made in an elevator
A sales presentation of any length
19
What is NOT a common type of expense in a business?
Utilities
Rent
Sports Tickets
Equipment
20
Which of the following is NOT a risk of entrepreneurship?
Long hours and hard work
High levels of stress
Uncertain income
Fear of success
21
What is net income?
None of the answers
Revenues minus expenses
Expenses plus profit
Revenues plus sales minus expenses
22
Entrepreneurs who finish a business plan are twice as likely to:
Two of the answers
Grow their business
Go out of business
Obtain an investment or a loan
23
The majority of small businesses are
Owned and operated by two people
Owned by one person, operated by between 1 and 5 people
Owned and operated by one person
Owned by two people, operated by between 1 and 5 people
24
The following are traits of an entrepreneur:
Likes to work the same hours every day
Action oriented
Likes routine
Likes to get up early
25
Until the 1800's, production in the U.S. could be described as:
Assembly line production
Economies of scale
All of the answers
One product at a time
26
What is NOT a primary purpose of a business plan?
Provides introduction document for fundraising
Gets out there and sells for the business owner
Drives action
Charts course for business owner