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Foods 2 Entrepreneurship and Small Business Management 4.01-4.02 Flashcards | StudBud
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Foods 2 Entrepreneurship and Small Business Management 4.01-4.02
Foods 2 Entrepreneurship and Small Business Management 4.01-4.02
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Questions pertaining to the study of entrepreneurship and small business management.
Flashcards
28 cards
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Questions
28
Answers
1
What are marketing objectives?
Goals
Sales
Strategies
Products
2
What is net income to a business?
Inventory
Loss
Profit
Costs
3
Of the major factors in small business success, what's affected by lack of working capital?
Planning
Financing
Management
Image
4
There are no coffee shops in town. Sue thinks a coffee shop has commercial value; this idea is:
an Opportunity
a Partnership
a Mission
a Corporation
5
What is the amount added to the cost of an item to cover expenses and ensure profit?
Prestige Pricing
Profit
Markup
Price Skimming
6
Why is sole proprietorship the most common form of business ownership?
Limited liability for sole proprietorships is a benefit
The government assumes little control over them
Money can be raised easily by issuing shares of stock
Legal assistance is needed for start up in this form
7
What must a company know in advance to predict when it will make a profit?
Turnover rate
Credit card sales
Break-even point
Net profit income
8
Conception, pricing, promotion and distribution of a prod/svc to satisfy customer want/need is:
Target market
Marketing
Marketing concept
Entrepreneurship
9
What is a working model of a product?
Prototype
Production model
Sample
Target product
10
If a price is reduced; what must happen to continue to break even?
Conduct a market feasibility study
Sell to new customers
Sell fewer items
Sell more items
11
System for maintaining product or service standards?
Quality control
Quality circle
Automation
Inspection
12
What is NOT used to construct a cash flow statement?
Revenue
Net income (or loss)
Expenses
Inventory
13
What expenses will stay constant with the number of items produced?
Liabilities
Variable costs
Fixed costs
Break even point
14
What is the process used to test a business idea or concept?
Business plan
Business concept
Feasibility analysis
Market survey
15
A feasibility analysis determines if:
A business plan is necessary
An idea is practical
The money is available to start a new business
Customers will buy the product
16
Who are the people most likely to buy a specific product or service?
Customers
Consumers
Target customers
Buyers
17
Product standards are developed to benefit the:
Investor
Consumer
Entrepreneur
Small business owner
18
Sue asks questions and does research when she solves problems related to her business; she is:
Creative
Responsible
Inquisitive
Persistant
19
The result of making several products before choosing which one to sell is called a:
Mock
Profile
Prototype
Carrier
20
What financial statement tells an owner what the business is worth at a given time?
Profit and Loss statement
Balance sheet
Ledger
Cash flow statement
21
The inability to interpret financial records demonstrates a lack of:
product service planning
image development
competence of the entrepreneur
management planning
22
What does an income statement show the business owner?
Break-even point
Stock turnover rate
Total production costs
Amount of profit or loss
23
Which is a major advantage to buying a franchise?
management training and technical support provided
freedom in making decisions
high cost of supplies and equipment
guaranteed profit on all goods sold
24
The XYZ Company decided to sell stock to raise capital. This form of business organization is:
Corporation
Franchise
Partnership
Sole Proprietorship
25
Who are the people to whom a business plans to sell its products?
Target customers
Consumers
Sales staff
Administrators
26
Using 100% markup & a 1 cent deduction; what's RETAIL price on an item that cost wholesale $20?
$40
$29.99
$30
$39.99
27
What is the covering, wrapper or container in which merchandise is placed for retail sale?
Packaging
Boxing
Wrapping
Labeling
28
Before offering a service or product for sale, determine that there is:
Opportunity for sales
Enough inventory available
A demand for the product
A niche in the market
