Advertising can be very important for new businesses because it

lets customers know your product/service offerings

Information about business opportunities is available from

the Small Business Administration

The products or services section of your plan should

explain how your products/services differs from others

An assessment of your interests is

helpful in deciding what business is right for you

individuals are usually able to obtain what they want

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FBLA Entrepreneurship

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Questions 24

Answers

1
Alternatives to hiring permanent employees include
freelancers
temporary workers
all of these
interns
2
An employee
takes the risk of a business venture
sets financial goals for a business
sets non-financial goals for a business
works for someone else
3
In researching all the parts of your business, you can
learn a great deal about running a business
all of these
find specific ideas for starting up your company
find information through trade associations
4
Advertising can be very important for new businesses because it
lets customers know your product/service offerings
is free form of promotion
provides an incentive to customers
helps set up a network of reliable distributors
5
Information about business opportunities is available from
none of these
most banks
the Postal Service
the Small Business Administration
6
A business that sells the same or similar products/services as another business is
indirect competition
primary competition
secondary competition
direct competition
7
To keep customers, you will need to
respond to their concerns
segment your target market
lease space in a mall
identify your target market
8
Which of the following loans has the lowest yearly interest?
$40,000 loan at a rate of 6%
$25,000 loan at a rate of 8.5%
$35,000 loan at a rate of 8%
$30,000 loan at a rate of 7.25%
9
The products or services section of your plan should
explain how your products/services differs from others
describe the market for your product/service
explain how you plan to enter the market
list your company's advantages over the competition
10
All businesses face the risk of
employee theft
shoplifting
credit card fraud
robbery
11
A business loan that must be repaid, with interest, in a certain time period is
loan guarantee
venture capital
equity capital
debt capital
12
Supply, the quantity of a good/service a producer is willing to produce at different prices,
increases as price increases
decreases as price increases
increases as price increases
is not affected by price
13
An assessment of your interests is
an advantage of entrepreneurship
helpful in deciding what business is right for you
a non-financial goal
self-discipline
14
In a market economy,
there is very little choice in what is available
scarcity does not exist
production decisions are made by the government
individuals are usually able to obtain what they want
15
The level of a reorder point depends on
how long it takes to get merchandise
how important it is not to be out of stock
your monthly sales
all of these
16
Entrepreneurs who work for their family business
can make all decisions themselves
must contribute a large amount of money
must be prepared to compromise
none of these
17
Without a business plan, you will not be able to
manage your business
find a location for your business
make sales projections
obtain a business loan
18
An important factor in determining where an industrial business locates is
on-site business
convenience
availability of parking
low cost
19
You should mark all of the following on your trade area map except
all locations that might be appropriate for your business
all your competitors
all businesses for sale
businesses that may attract the same kind of customer
20
What is rent/customer if a location costs $1,200 and projects traffic of 11,500 customers
$0.09
$0.10
$0.58
$0.11
21
The appendix includes supporting evidence such as
loan requirements
current financial statements
letters of recommendation
newspaper articles
22
There is limited liability for businesses that are
corporation or S corporations
sole proprietorship or partnership
sole proprietorship or S corporations
partnerships or corporations
23
Which of the following is not a financial statement needed for potential lenders and investors?
loss statement
balance sheet
income statement
cash flow statement
24
Demand, an individual's need or desire for a product or service at a given price,
increases as price decreases
decreases as price decreases
is not affected by price
increases as price increases

FBLA Entrepreneurship Flashcards | StudBud