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Entrepreneurship
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an entrpepreneurship quiz to practice for final exams!
Flashcards
31 cards
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Questions
31
Answers
1
Which is a use of product promotion?
Recruiting new employees
Informing consumers about product features
Highlighting social or environmental issues
2
Which is an example of an effective marketing objective that a business might set?
Hire additional salespeople
Increase profit by 6% next year
Identify new local vendors
3
An ad for Kleenex tissue in
Ladies?’ Home Journal
is an example of what type of advertising?
Business
Product
Institutional
4
Which is a
disadvantage
for each partner of a general partnership?
The responsibility for preparing the annual report
The liability for the losses of the business
The investment of the same amount of capital
5
Which is usually a characteristic of a creative person?
Likes to seek out new challenges
Patient with other people
Depends on others
6
Which factor helps a business to determine its product mix?
Merchandise breadth and depth
Size and target market
Staple goods and regular goods
7
Which is the primary reason for governments to regulate business activities?
To encourage businesses to expand their operations
To limit the level of competition in the marketplace
To protect the well-being of individuals and businesses
8
The product mix that business decides to offer help to project what factor about business?
Display themes
Unique image
Sales goals
9
Which statement is true about entrepreneurship and small-business growth?
they start entrepreneural ventures during economic recession
Consumer spending is primary factor of entrepreneur success.
Trade regulation have little effect on small-business growth
10
What behavior shows when individual sees possibility of bad outcome and still work toward goal?
Risk-taking
Self-discipline
Creativity
11
Which is a benefit to businesses of offering customized services to their customers?
businesses deliver more consistent products to customers
they save time by giving customized services.
they charge higher prices which lead to higher profit margin
12
Effective product or service management help businesses to perform which action?
To recruit
To compete
To prospect
13
business identifies market that deals with where people live/work. What segmentation?
Ethnicity
Geographic
Demographic
14
If XOB Company wants to show
good
product in comparison to others, it should relate to what?
Markets
Consumers
Competitors
15
Marketers determine distribution intensity so they can achieve which outcome?
Perfect market balance
Complete market coverage
Ideal market exposure
16
What broadcast media is growing the fastest rate in terms of its use as an advertising medium?
Television
Transit
Newspaper
17
A car manufacturer buys things that it uses to make parts for cars. What is the manufacturer?
A wholesaler
An industrial user
A retailer
18
What question should a entrepreneur have about target market when doing a situational analysis?
Are we operating at peak efficiency?
Which shipping companies are we using?
What are our customers buying?
19
Businesses often select marketing metrics that help them compare current market share w/ what?
Market potential
Brand recognition
Inventory turnover
20
When do businesses usually set its marketing budget?
Before segmenting customers
After identifying standards
After determining objectives
21
Identifying market segments helps a business to develop which factors appropriately?
Economic forecasts
Marketing strategies
Leadership styles
22
A marketing plan should outline specific activities that the business will use to perform what?
Meet the needs of its employees
Achieve its marketing objectives
Evaluate its sales policies
23
What does a business need to consider when developing a marketing budget?
Expense associated with offering credit
Costs of performing marketing activities
Forecasts of future sales figures
24
Which is an example of a business using a flexible pricing policy?
Setting prices as low as possible
Establishing prices that are competitive
Lowering prices during bad economic times
25
Which is considered a reliable information source for a business start-up?
Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
The National Retail Federation (www.nrf.com)
The Small Business Administration (www.sba.gov)
26
When generating ideas for new businesses, entrepreneurs often look for ways to perform what?
Rationalize spending
Control outcomes
Solve problems
27
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Industry deregulation
Technological advancements
Increased cultural diversity
28
One reason why businesses select marketing metrics is to use them as which function?
Selling procedure
Operating strategy
Measurement tool
29
Which is an important
advantage
for the corporate form of business ownership?
Ability to raise large amounts of capital
Ease of starting and dissolving
Ease of making major policy changes
30
A business that fails to protect employees from risk/health hazards on the job may be sued for?
Negligence
Misrepresentation
Incompetence
31
Many entrepreneurs encounter which situation of emotional risks?
martial tensions and family problems
depression
poor business well-being
