Entrepreneurship ACC Exam Review 1

Positive reasons to be an entrepreneur include:

Rule(s) to keep cash flowing include

Cost of services sold is:

As a sole proprietorship, you sell tangible products to the public at retail. You need to pay

Private businesses operating in an environment with little government interference is the ____.

An organization's target market is:

An organization should use integrated marketing communications for success to:

When a customer is dissatisfied, the sales person is a javelin catcher. Customer can provide:

Assets that will take more than one year to use are called ____

Your Client Relationship Management (CRM) database can provide you with:

Finding a location to sell water with no other vendors is maximizing which of the 4 P's?

An income statement shows whether the difference between revenues and expenses is a profit or a

____ are the amounts of inventory and work-in-progress kept to guarantee service levels

If an employee violates company rules you should

If you are a small business owner looking for a loan, a bank will expect you to_____.

When looking for trends & determining what competitors are doing, you are performing:

Which two categories below are used for business costs?

Net worth is another name for

____ is the details of what a business will provide their customers and how it is priced.

Part of providing great service is

____ will tell you how long it will take to earn enough profit to cover your startup investment

The cost structure of your business is:

Because of the potential difficulties partnerships can have it is important to

An item that exists in nature, is made by people, or you can touch is a ___.

Generally your product will do the best in a store if it has the best:

A bill or statement that details the product or service sold and the cost

Cash itself or items that could be quickly turned into cash or will be used within a year

A potential customer compares what you provide with what your competitor can they are reviewing

The failure of a signatory to perform as agreed on a contract is ______.

Kickstarter.co, GiveForward.com, are places to provide ______ for your venture.

Part of the business plan which describes how the business is going to promote its products

The main disadvantage of corporations is that corporate income is

The system that produces and distributes the wealth of a country is called _____.

There are two categories of variable costs

Entrepreneurs invest time, energy, or money into a venture because they expect

To understand how many units you need to sell to neither make a profit or a loss you should do

When a buyer is willing to let you pay in February for merchandise you receive in November

In today's business climate the use of calling, texting, and voicemails are

If you are telling consumers Goodyear Tires' durability can save them $$, you are describing a

When transactions are recorded as cash paid out or received, the ____ method is being used.

Where others see problems, entrepreneurs recognize:

The most important guideline to be a good employer is

Group of people interested in buying a product, can afford it, and can do so legally is called

A key element in the success of a business is its ability to:

Effective ways to recruit outstanding applicants is

A burn rate is _____

Remainder of revenues minus fixed costs, variable costs, and taxes is:

When describing what makes you special you would want to include:

______ is the management of sourcing, procuring, production, and logistics from start to end

Disadvantages of a Sole Proprietorship include

When you understand your willingness to sustain a loss you understand your

Once a business begins to grow, an entrepreneur needs to keep an eye on _____

Fixed Operating Costs _______.

Research carried out indirectly through existing resources that are available is called ____.

A _____ is a document that thoroughly explains a business idea and how it will be carried out.

What is important about your product or service is:

When you always identify and implement changes to better meet the needs of customers

When a company pays an investor a share of it is called a _____.

A transaction between two parties who agree to trade cash for a product or service is:

When a business details how it will provide products to customers it is describing:

Keeping numerical records or money flow of your business is called _____.

A loan document that is a written promise to pay a specific sum of money before a certain date

Percentage of value of an asset subtracted each year until the value is zero to reflect wear

501 or non profit corporations

When dividing the cost of goods sold from the balance sheet by average inventory you find the

When you ___ you not only increase your effectiveness you make it more worth while

A way to gain the trust and support of your suppliers is to

When you hire someone who does not work out, even after repeated attempts to fix the problem

Organizations who are successful & make marketing research an integral part of their business:

One of the key elements in making a business more successful is to increase its

The set of actions that produce goods and services is called _____.

Promoting a brand through the internet that facilitates your message to each individual

When you want to quickly describe your business you would give your:

The % of value of an asset subtracted each year until the value becomes 0

Changes made to adapt a rented property for a particular business are

Which of the following are areas for a business concept tested in a feasibility analysis:

A company may show a profit and have a negative cash flow; ____ and profit are not the same

Important reasons to keep good records every day include

Communicating a competitive advantage of how a product differs & what makes you special is:

Group of individuals who love your company and communicate together on a regular basis:

The break-even point is:

When a CPA does a tax return for a client they are providing a:

Observing potential customers behavior and buying patterns in a non-scientific way is called:

A _______ and position description for all key personnel should be included in a business plan.

When you compare your company's performance against that of businesses in the same industry

When selecting a location for your retail facility you should

An entrepreneur who relies too much on equity investments from outside investors

When you are making a go/no go decision you should conduct

Services are intangible, meaning ________.

Whatever you can do better than your competition to enable your business success is your:

What unique feature and benefit sets a company apart from its competition:

Advantages of a Sole Proprietorship include

The greater the potential reward, _______.

To protect your business or property from disaster you should buy _______.

The value of what must be given up in order to obtain something else is:

Plan for how a business performs to surpass its competitors by proving what makes it special is

The symbol "c" is used to indicate protect authors original work and is called _____.

Relying primarily on debt financing is very dangerous for a company because ___.

The nature of a business' cash flows are susceptible to

An investor who invests money into your business in exchange for equity receives _____

Boilerplate language is

If you were generating publicity through public speaking or networking you would be employing:

Entrepreneurs use a(n) _____ to track assets and liabilities

Someone who wants your product and can afford it is

Shared beliefs, values, and attitudes among employees can be described as the organization's

Development & use of strategies for generating interest in a product to customers is:

An exclusive right, granted by the government, to produce, use, and sell an invention

There are two categories of variable costs: ________.

An organization's behavior and action should be guided by its:

Something you own that has monetary value is a

____ is essential for initial investment, ongoing operations, and growth

If you are paid a specific amount of money weekly or monthly by a company you are being paid

Revenue, costs of goods sold, & gross profit, are among parts of which kind of financial report