Entrepreneurship - Final Exam Review

Goals a business wants to accomplish through its marketing efforts

An advantage of buying an existing business is ______________.

Grouping resources (employees, machinery/equipment, work schedules) to help achieve objectives.

What is a disadvantage of starting a FRANCHISE.

Adidas is willing to sell 10,000 of their Adidas running shoe to Foot Locker for $59.99

A financial statement reporting a company's value in assets, liabilities, and owner's equity 

I am taxed twice if I form a corporation (Inc.) (taxed on income earned and profits/dividends)

The capacity and willingness to develop, organize and manage a business venture

GAAP is the system in which all businesses must establish for accounting guidelines.

The marketing mix consists of Price, Product, _________ and ___________.

Moving the product from producer (Manufacturer) to the consumer; through an online purchase.

One way to prevent some of the problems that a family business faces is to ____________.

A blueprint to guide the marketing activities of the vision and mission of the business venture

Willing to work until the job gets done, describes what characteristic?

A non-paid presentation of ideas, goods or services (i.e. - article in a newspaper or online).

A consumer buys a vehicle due to its high gas mileage is an example of what buying motive?

The most common form of start-up capital is the business owner's personal savings

I used $20,000 of my financing to pay for my day-to-day activities for the month.

What pricing strategy is being used below?

Best Buys gave customers a chance to win a $10,000 entertainment center

Revenue = $100,000; Gross Profit = $60,000; Operating Expenses = $25,000; Net Income = ______

The success or failure of an entrepreneurial venture rests entirely on the __________.

Venture Capitalists (like on Shark Tank) are very selective before investing in start-ups

I have a desire to go on a 2-week European cruise by need $1500 more to pay for the trip

"I borrowed $100,000 on a 10 year loan from BMO Harris to finance my company."

Evaluating and comparing your monthly sales goals with your actual monthly sales figures

Writing a mission statement, developing a SWOT analysis and creating marketing strategies

What pricing strategy is being used below?

The Accounting Equation is Assets ____  Liabilities ____ Owner's Equity

Scott sold 25% of his company for $100,000.  What does he feel his company is worth (valuation)

Which is NOT a disadvantage of starting your own business

Which form of ownership has the most government regulation?

$400,000 of assets vs $100,000 of liabilities has a 4.0 ratio; this is a a good thing.

A franchisee of McDonald's must pay 10% of gross sales to McDonalds, Inc.; this is called ____.

To protect myself from personal liability I should form a:

A positive contribution that entrepreneurs make to the community is __________

You are willing and able to buy a new pair of Adidas shoes at Foot Locker for $89.

Wanting to know as much as possible about anything affecting their business venture.

I need to constantly supervise my employees to ensure the job gets done.

An indirect channel employs _________ to move products between them and the consumer.

When product is out-of-season, to reduce inventory, business will implement a ______ on price.

In order to accomplish one's marketing initiatives, an entrepreneur must develop these 4 P's.

Deciding to deliver my goods to the consumer via overnight FedEx shipping 

What pricing strategy is being used below?

In supply and demand, one major factor that affects the equilibrium price is _________.

Companies with exceptional sales growth and a strong management team can access this financing.

What pricing strategy is being used below?

A manager who tries to take control over the whole operation

What pricing strategy is being used below?

A sole proprietor has unlimited liability meaning their personal assets are at risk.

I believe employees will work hard and internally be motivated if you give them autonomy.

A major risk of being an entrepreneur of a start-up business is ____________.

"I purchased $20,000 of Adidas product from a wholesaler on account to be paid in 60 days."

Company that acts as a intermediary between your business and the media to market your product.

A consumer who buys a product for social approval and recognition is motivated by?

An entrepreneur makes their own decisions, which characteristic exemplifies this?

"I am seeking $100,000 for 40% ownership stake in the company"

"Employees are required to wear protective eye wear while in chemical plant"

Assets are listed on a balance sheet in the order of their liquidity (Cash, A/R, etc.).

Process of working with employees one-on-one by guiding and supervising them.

Recording your income when earned and expenses when incurred whether on account or paid cash

In 5 years, Subway through product and brand positioning will be the #1 restaurant in Europe.

Liability insurance is imperative if operating your business as a sole proprietorship.

"Employees should contact their supervisor 12 hours in advance to report a sick day."

If a product costs you $50 and you increase the price by 30% to sell it, I am a _____.