Which of the following is not a function of Packaging?

Protecting the product, Combines two products into one

What did the ghosts say to Santa Claus?

We'll have a boo Christmas without you.

Intellectual property is

trademarks, copyrights and trade secrets

What do the following characteristics have in common? Independent, goal-oriented, self-confident, strong work ethic.

All are characteristics for entrepreneurs

When a company has no competition

The four basic principles of the U.S. economic system are

private property, freedom of choice, profit, competition

price skimming involves

charging a higher price than competition

The ability to learn a particular job

What is monopolistic competition?

Many producers sell differentiated products

studbud

1st Semester Business Entrepreneurship

41 termsStudBud Administration270 plays

Using the Greene book, "Entrepreneurship, Ideas in Action". This is the semester 1 review. Chapters 1-7 Lobby Music by Trans Siberian Orchestra- https://youtu.be/CLfNgYF1h-Y Chapters 1-5, and a few Christmas riddles.

Flashcards41 cardsFPractice quizPHost liveL

Questions 41

Answers

1
Marginal costs
Business organization
The costs incurred when producing more of a product in batch
Person who buys goods
Extra cost of producing one additional unit of production
2
What is ROI?
running on internet
Risk or investment
room observing interest
Return on Investment
3
A business plan does not include
copies of graphs and images
personal bank account details
Budgets, estimates and judgments
Graphs and tables
4
Variable Costs
are all the valuable cost items in production
change with the volume of production
are rent and insurance costs
remain the same irrespective of the number of units produced
5
a business plan is written
before a business starts
when a business gets into trouble
every year
every month
6
Physical distribution includes all of the following except
Transportation
branding
Handling of products
Packaging of products
7
Brainstorming is
best done with a partner that generates a good idea
a severe weather event in the South
best done in a quiet place by yourself
a creative problem solving technique
8
_____ are possibilities that arise from existing conditions.
Discoveries
Opportunities
Thoughts
Ideas
9
Which of the following is not a function of Packaging?
Selling the product
Protecting the product
Theft Reduction
Combines two products into one
10
Customer profile can be broken down by
Demographics
timeliness
education
psychographics
11
What did the ghosts say to Santa Claus?
Trick or treat.
Don't believe what you hear. We've all been nice.
You can't scare us.
We'll have a boo Christmas without you.
12
An evaluation of your strengths and weaknesses is called a(n)
SWOT analysis
a self assessment
brainstorminmg session
Self testing
13
What is not a pricing strategy?
Competition oriented pricing
Demand oriented pricing
Quality oriented pricing
Cost oriented pricing
14
People that are hired to work for someone else.
students
employees
intrepreneurs
entrepreneurs
15
the marketing mix consists of
price,place
product,price,place,promotion
place,promotion
product, promotion
16
The equilibrium price and quantity would be...
P= $5, Q=5
P= $6, Q= 5
P = $5, Q= 4
P=$5, Q=6
17
Intellectual property is
trademarks, copyright only
trade secrets only
none of these are correct
trademarks, copyrights and trade secrets
18
An advantage of entrepreneurship is that they can
make lots of money
enjoy uncertain income
work long hours
be lazy
19
The lowest level of Maslow's Hierarchy of Needs Pyramid is
Physiological
Self actualization
Social needs
Esteem
20
This business would be classified as a
Manufacturer
Producer
Service Business
Intermediary
21
A tax preparation business is an example of a(n)
wholesaling business
service business
retailing business
manufacturing business
22
This pricing strategy sets a low initial price and then increases the price over time.
Price skimming
Cost plus pricing
Optional pricing
Penetration pricing
23
What do the following characteristics have in common? Independent, goal-oriented, self-confident, strong work ethic.
All are characteristics for good managers
They describe all students
All are characteristics for entrepreneurs
All are descriptions for employees
24
People who own, operate, and take the risk of a business venture are called_____.
employees
students
managers
entrepreneurs
25
What is a monopoly?
When a company has no competition
When a company has lots of competition
When a company goes out of business
When a company makes a lot of money
26
Entrepreneurs satisfy
wants and needs
the answer is not listed
wants and wishes
questions and answers
27
The four basic principles of the U.S. economic system are
private property, freedom of choice, profit, competition
taxed property, freedom of choice, profit, competition
private property, freedopm of choice, loss, competition
private property, limited choice, profit, competition
28
Which one of Santa's reindeer has the best moves?
Prancer
Dasher
Dancer
Rudolph
29
price skimming involves
charging a higher price than competition
charging the same price as competitors
charging a lower price than your competitors
adding a % to ensure you recover your costs
30
An example of a noneconomic want is
clothing
cars and trucks
housing
friendship
31
examples of fixed costs
rent, insurance
sales, payables
electricity, water
labor wages, materials
32
Aptitude is _____
The process of running a business
Thoughts or concepts that come from thinking
The ability to learn a particular job
the ability to do a specific task
33
All of the following are types of businesses explained in chapter 1 EXCEPT
Sports management
Manufacturing
Services
Wholesaling
34
Successful entrepreneurs keep up to date with technology.
True
False
35
Groups of customers within a large market who share common characteristics
Target market
Market segments
Market research
Focus group
36
In the Problem Solving Model, what is step 2?
Identify Various Solutions
Gather Information
Define the Problem
Take Action
37
Who comes down your chimney and gives you presents
Rudolph
The Grinch
Will Ferrell
Santa
38
What pricing strategy is selling at a high price in order to create a feeling of superior quality?
Discount Pricing
Introductory Pricing
Penetration Pricing
Psychological Pricing
39
Starbucks Coffee was founded in 1971 in Orlando, FL
False
True
40
Functions of business include all of the following except
finance
production
marketing
pricing
41
What is monopolistic competition?
A few sellers dominate the industry
The exclusive control of the supply of a commodity
Many buyers and sellers and identical products
Many producers sell differentiated products

1st Semester Business Entrepreneurship Flashcards | StudBud

1st Semester Business Entrepreneurship

41 termsStudBud Administration270 plays

Flashcards41 cardsFPractice quizPHost liveL

Questions 41

Answers

1
Marginal costs
Business organization
The costs incurred when producing more of a product in batch
Person who buys goods
Extra cost of producing one additional unit of production
2
What is ROI?
running on internet
Risk or investment
room observing interest
Return on Investment
3
A business plan does not include
copies of graphs and images
personal bank account details
Budgets, estimates and judgments
Graphs and tables
4
Variable Costs
are all the valuable cost items in production
change with the volume of production
are rent and insurance costs
remain the same irrespective of the number of units produced
5
a business plan is written
before a business starts
when a business gets into trouble
every year
every month
6
Physical distribution includes all of the following except
Transportation
branding
Handling of products
Packaging of products
7
Brainstorming is
best done with a partner that generates a good idea
a severe weather event in the South
best done in a quiet place by yourself
a creative problem solving technique
8
_____ are possibilities that arise from existing conditions.
Discoveries
Opportunities
Thoughts
Ideas
9
Which of the following is not a function of Packaging?
Selling the product
Protecting the product
Theft Reduction
Combines two products into one
10
Customer profile can be broken down by
Demographics
timeliness
education
psychographics
11
What did the ghosts say to Santa Claus?
Trick or treat.
Don't believe what you hear. We've all been nice.
You can't scare us.
We'll have a boo Christmas without you.
12
An evaluation of your strengths and weaknesses is called a(n)
SWOT analysis
a self assessment
brainstorminmg session
Self testing
13
What is not a pricing strategy?
Competition oriented pricing
Demand oriented pricing
Quality oriented pricing
Cost oriented pricing
14
People that are hired to work for someone else.
students
employees
intrepreneurs
entrepreneurs
15
the marketing mix consists of
price,place
product,price,place,promotion
place,promotion
product, promotion
16
The equilibrium price and quantity would be...
P= $5, Q=5
P= $6, Q= 5
P = $5, Q= 4
P=$5, Q=6
17
Intellectual property is
trademarks, copyright only
trade secrets only
none of these are correct
trademarks, copyrights and trade secrets
18
An advantage of entrepreneurship is that they can
make lots of money
enjoy uncertain income
work long hours
be lazy
19
The lowest level of Maslow's Hierarchy of Needs Pyramid is
Physiological
Self actualization
Social needs
Esteem
20
This business would be classified as a
Manufacturer
Producer
Service Business
Intermediary
21
A tax preparation business is an example of a(n)
wholesaling business
service business
retailing business
manufacturing business
22
This pricing strategy sets a low initial price and then increases the price over time.
Price skimming
Cost plus pricing
Optional pricing
Penetration pricing
23
What do the following characteristics have in common? Independent, goal-oriented, self-confident, strong work ethic.
All are characteristics for good managers
They describe all students
All are characteristics for entrepreneurs
All are descriptions for employees
24
People who own, operate, and take the risk of a business venture are called_____.
employees
students
managers
entrepreneurs
25
What is a monopoly?
When a company has no competition
When a company has lots of competition
When a company goes out of business
When a company makes a lot of money
26
Entrepreneurs satisfy
wants and needs
the answer is not listed
wants and wishes
questions and answers
27
The four basic principles of the U.S. economic system are
private property, freedom of choice, profit, competition
taxed property, freedom of choice, profit, competition
private property, freedopm of choice, loss, competition
private property, limited choice, profit, competition
28
Which one of Santa's reindeer has the best moves?
Prancer
Dasher
Dancer
Rudolph
29
price skimming involves
charging a higher price than competition
charging the same price as competitors
charging a lower price than your competitors
adding a % to ensure you recover your costs
30
An example of a noneconomic want is
clothing
cars and trucks
housing
friendship
31
examples of fixed costs
rent, insurance
sales, payables
electricity, water
labor wages, materials
32
Aptitude is _____
The process of running a business
Thoughts or concepts that come from thinking
The ability to learn a particular job
the ability to do a specific task
33
All of the following are types of businesses explained in chapter 1 EXCEPT
Sports management
Manufacturing
Services
Wholesaling
34
Successful entrepreneurs keep up to date with technology.
True
False
35
Groups of customers within a large market who share common characteristics
Target market
Market segments
Market research
Focus group
36
In the Problem Solving Model, what is step 2?
Identify Various Solutions
Gather Information
Define the Problem
Take Action
37
Who comes down your chimney and gives you presents
Rudolph
The Grinch
Will Ferrell
Santa
38
What pricing strategy is selling at a high price in order to create a feeling of superior quality?
Discount Pricing
Introductory Pricing
Penetration Pricing
Psychological Pricing
39
Starbucks Coffee was founded in 1971 in Orlando, FL
False
True
40
Functions of business include all of the following except
finance
production
marketing
pricing
41
What is monopolistic competition?
A few sellers dominate the industry
The exclusive control of the supply of a commodity
Many buyers and sellers and identical products
Many producers sell differentiated products