Why is tolerance important?

It helps you deviate from the norm

An Industry/Market Analysis is?

Presents research into the industry and market

An Executive Summary is?

Include important information from your Business Plan

What is a variable cost?

Costs that change as sales volume changes

What is a fixed cost?

A budget item that remains constant

What is gross profit?

Money left after your COGS is subtracted from expenses

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Entrepreneurship 2.08-2.13

15 termsStudBud Administration400 plays

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

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Questions 15

Answers

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

Entrepreneurship 2.08-2.13 Flashcards | StudBud