What is a variable cost?

Costs that change as sales volume changes

What is a fixed cost?

A budget item that remains constant

Why is tolerance important?

It helps you deviate from the norm

What is gross profit?

Money left after your COGS is subtracted from expenses

An Executive Summary is?

Include important information from your Business Plan

An Industry/Market Analysis is?

Presents research into the industry and market

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Entrepreneurship 2.08-2.13

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This is a review for 2.08-2.13 test in Enterpreneurship 1.

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Questions 15

Answers

1
When you develop personal financial goals, they should be?
Unlimited time frame
Your good friend's goals
Unrealistic
Realistic goals
2
Applying principles of right and wrong in the work place is called?
Unemployment Opportunities
Ethical Behavior
Friendly competition
Mission Statement
3
Which is a way for a business to reduce operating waste?
Always purchase brand new qguipment
Employees to work as much as they want
Keep the lights and equipment on 24/7
Reduce travel expenses
4
A Product/Service Plan includes one of the following?
Mission Statement
Planning considerations
What your neighbor's business includes
Product/Services you don't offer
5
In developing a Business Plan you must?
Research and Gather Data
All of the answers
List questions you want answered
Setup a notebook to organize your data
6
What is a variable cost?
The amount of money you want to spend
Costs that change as sales volume changes
A cost that remains constant
The different colors of the price stickers
7
What is a fixed cost?
A budget item to changes every month
Something that a plumber does
Is a tax
A budget item that remains constant
8
Why is tolerance important?
Only some comapany's should take this approach
It is best to stay untolerant
It is not important
It helps you deviate from the norm
9
Which of the following is a type of Business planning?
Tactical
Opportunity Identification
Thought process
Execution
10
What is gross profit?
cost composition
Money left over when you buy new equipment
adjustment to your 401K
Money left after your COGS is subtracted from expenses
11
An Executive Summary is?
Should be longer than 2 pages?
Written before you write you Business Plan
A Management Team Plan
Include important information from your Business Plan
12
What is often a positive result of accepting responsibility for a poor decision?
You gain other's respect.
You reinforce skeptical attitudes
You control other's opinions
You demonstrate self-importance
13
In tough situations are there 2 principles that can guide your reaction?
No
Yes
14
An Industry/Market Analysis is?
Only people who want to open a restaurant do this
Nothing that has ever worked for a business owner
Is the last thing you should do
Presents research into the industry and market
15
What is self confidence?
Positive belief in yourobjectives
Positive belief in your talents
Positive belief in yourskills
All of the above

Entrepreneurship 2.08-2.13 Flashcards | StudBud