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ENTREPRENEURSHIP exam2 Flashcards | StudBud
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ENTREPRENEURSHIP exam2
ENTREPRENEURSHIP exam2
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Please read each question carefully before making a selection.
Flashcards
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Answers
1
Which statement about entrepreneurs is TRUE?
Entrepreneurs are comfortable taking risks.
Entrepreneurs like to follow the instructions of others
Entrepreneurs work fewer hours than regular employees.
Entrepreneurs can count on having a regular income
2
Describes the business's moral philosophy and gives guidelines for carrying it out
income statement
sales forecast
code of ethics
company description
3
In practicing good ethics, entrepreneurs must be sure to:
respect the privacy of others
get permission to use items in the public domain
engage in conflicts of interest
infringe on intellectual property
4
When deciding which type of business to start, teen entrepreneurs consider all EXCEPT :
aptitudes and skills
grade point average (GPA)
potential competition
interests
5
A business plan will help an entrepreneur do all of the following EXCEPT:
obtain funding for the business
guarantee the success of the business
set goals and objectives
define the business
6
What is the name of the instructor of this class
Patricia Ross
Percelia Ross
Priscilla Ross
Princess Ross
7
Which approach is one of the main ways used to generate a new business idea
market
any
standard
traditional
8
Which of the following people is a famous entrepreneur?
Abraham Lincoln, president of the United States
Mark Fields, current CEO of Ford Motor Company.
Jeff Bezos, the founder of Amazon
Jackie Carra CVS customer
9
Which of the following is NOT a way to help improve your listening skills?
speak clearly
take notes
identify the speaker's purpose
tey not to interrupt
10
A person who owns and operates a business venture is a(n):
entrepreneur
marketer
salesperson
employee
11
An understaffed store may result in all of the following EXCEPT:
closed cash registers
fewer customers making purchases
empty sales shelves and displays
customers paying with credit cards
12
Contains research data about the target market and competition.
sales analysis
product analysis
code of ethics
market analysis
13
The most common form of business communication today is:
social media
faxes
memos
email
14
A business owned by one person is a(n):
corporation
LLC
sole proprietorship
partnership
15
When creating various documents for your business, you should do all of the following EXCEPT:
vary the document designs to keep the customers' interest.
identify your signature colors
maintain a consistent image to establish your brand
include your logo and tagline on all documents.
16
Which of the following is a trend in business today?
Businesses are discouraging their employees
Businesses are hiring more senior citizens than college kids
businesses are making use of the Internet to make sales
Markdowns are more common than markups
17
Predicts the number of items a business will sell.
community forcast
sales forecast
market forecast
product forecast
18
Which of the following statements about business communication is FALSE?
Business communciations should vary based on the situation.
Business communications should use an easy to follow format.
Business communications should be positive.
Business communications should be lenghty.
19
Which of the following items is part of the Operating Plan?
market analysis
marketing plan
product plan
hours of operation
20
Experts recommend keeping your business slogan to _____ words or less.
five
two
seven
three
21
When conducting a survey to find out which products your customers will buy you are doing a
secondary research
primary research
scientific research
competitive research
22
A tagline is another name for the business:
pricing
logo
name
slogan
23
Which factor is NOT important when deciding where to open your business?
where the customers live
the types of markups used for products
traffic and parking
the distance from other competitors
24
In a market economy, the prices of goods and services are determined by:
the state government
the federal government
the tax rate
supply and demand
25
Which of the following is NOT one of the Four Ps of Marketing?
projection
promotion
price
product
26
Identifies the basic information about the business.
code of ethics
product description
company description
location summary
27
which research analysis uses strengths, opportunities, threats, and weakness?
location analysis
target market analysis
costs analysis
SWOT analysis
28
Details the everyday activities the owner will do once the business is up and running.
business plan
marketing plan
code of ethics
operating plan
29
The combination of services a tutoring or landscaping business sells is its ___ mix
price
marketing
promotional
product
30
Provides the key ideas of each section of the business plan.
executive summary
market summary
product summary
code of ethics
31
A customer profile contains all of the following categories EXCEPT:
poligraphics
demographics
geographics
psychographics
32
Which of the following is a service business?
Giant Grocery Store
Home Depot
Modell's Sporting Goods
Hair Cuttery
33
A target market is:
anyone who might purchase your products.
the people who live in your community.
the location of your business.
the group of people most likely to purchase your products.
34
Shows the products of the business, the price, the promotion, and the distribution information.
product plan
sales plan
promotion plan
marketing plan
35
Wal-Mart and Target are examples of _____ competitors.
indirect
complementary
contrasting
direct
