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Entrepreneurship final review Flashcards | StudBud
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Entrepreneurship final review
Entrepreneurship final review
32 terms
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2017 final exam review
Flashcards
32 cards
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Practice quiz
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Questions
32
Answers
1
Selling related products at a reduced price.
bundle pricing
psychological pricing
bargain pricing
premium pricing
2
Which of the following is NOT a disadvantage of running a corporation.
Increased taxation
Unlimited liability for business losses
Difficult to start
Increased governmental control
3
What should be in a mission statement:
How to raise money
how your customer's life is better because of your business
Your company goals
How to train employees
4
Which of the following is NOT found in the Market Analysis of a business plan:
describe business truck business in your area
describe your menu
problems you may have in your business
food truck regulations
5
Period of rapidly increasing sales in the product life cycle.
Boom stage
Maturity stage
Maturity stage
Growth stage
6
Federal agency that coordinates programs that reduce pollution and protect the environment.
Anti-pollution Agency
Environmental Protection Agency
IRS
Environmental Control
7
Which is NOT a disadvantage of running a sole proprietorship:
Unlimited liability
Responsible for all losses
Difficult to raise money
Difficult to start the business
8
When a product becomes obsolete or out of style and sales decrease.
market saturation
market sponge
market obsolence
market decline
9
The total number of product lines a company carries.
product categories
product line
product selection
product mix
10
The portion of a market controlled by a particular company or product.
market share
market portion
market pie
market growth
11
Prices are set low to attract customers and gain market share.
penetration pricing
premium pricing
seasonal pricing
bundle pricing
12
Work that includes creations of the mind, inventions, literature, art, patents etc
intellectual property
individual property
creative property
creative individual property
13
The price is set high to indicate the product is exclusive
seasonal pricing
price skimming
bundle pricing
premium pricing
14
A group of related products under a single brand sold by the same company.
market products
product line
product mix
market line
15
A business charges a high price at first and lowers the price when product declines.
premium pricing
bundle pricing
price skimming
penetration pricing
16
A registered symbol that has been registered with the US Patent Office.
trademark
Registered Trademark
Legal trademark
patent
17
Pricing by the hour.
premium pricing
time based pricing
psychological pricing
penetration pricing
18
Reflected by a company's dress code, employee benefits, hiring decisions, treatment of customer
Corporate Culture
Corporate Responsibility
Business Culture
Corporate Climate
19
Where information about the product is placed.
label
tab
box
organizer
20
Which is NOT and advantage of a sole proprietorship:
Limited liability
Control over management of business
Lower taxes
Easy to start the business
21
Establishes national standards to protect individuals' medical records.
NAPA
HIPPA
Medical Records Act
Medical Privacy Act
22
The favor or advantage that a business has acquired through its brands and good reputation.
Positive Advantage
Good responsibility
none of these
Goodwill
23
The stage of the product life cycle where sales start to go down.
Decline stage
Saturation stage
Growth stage
Introduction
24
Operating a business that accounts for social and environmental impact created by the business:
Business Welfare Culture
Corporate Culture
Corporate Social Responsibility
Corporate Social Impact
25
A business charges $1.99 instead of $2.00.
price skimming
penetration pricing
psychological pricing
optional pricing
26
Box, container or wrapper in which the product is placed.
holder
none of these
packaging
product utilizer
27
Which is NOT a disadvantage of running a partnership.
Unlimited liability
Have to share the profits
More difficult to raise money
Possible conflicts between partners
28
Products and services within the same catetory that serve different customer needs: Ex: cars
product relationships
product positioning
market product
product service
29
Characteristics that will satisfy customer needs.
benefits
characteristics
features
designs
30
The most profitable stage of the product life cycle.
Growth stage
Maturity stage
Introduction stage
Boom stage
31
Advantages that result from product features. Ex: different sizes to meet all customer needs:
product benefits
product advantages
product features
product styles
32
Unique design, symbol, words or a combination of these that creates an image of a product
icon
identifier
brand
label
