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Foods 2 Entrepreneurship and Small Business 4.03-4.05 Flashcards | StudBud
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Foods 2 Entrepreneurship and Small Business 4.03-4.05
Foods 2 Entrepreneurship and Small Business 4.03-4.05
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Questions pertaining to entrepreneurship and small business management
Flashcards
19 cards
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Questions
19
Answers
1
What kind of plan is presented to potential investors to obtain financial support?
Marketing
Management
Business
Financial
2
Initial purchase of inventory for a business is which type of cost?
Start-up costs
Personal costs
Fixed costs
Variable costs
3
Who should the purchasing manager call if there is a problem with a shipment or invoice?
Retailer
Manufacturer
Customer
Vendor
4
The Federal agency which provides help on how small businesses can increase revenues and profit
SBA
SBI
IRS
FTC
5
What step BEST describes the development of a marketing strategy?
Marketing mix
Sharing ideas
Purchased product
Pricing
6
Sue made 25 dozen cookies, but no one came to purchase them. What needs to be evaluated?
her financials
her standards
her marketing
her operations
7
Under which form of business ownership do owners have limited liability?
Sole proprietorship
Corporation
Strategic alliance
General partnership
8
Which organization has as its purpose the stimulation of LOCAL economic growth?
Chamber of Commerce
State Department of Labor
Internal Revenue Service
Small Business Development Center
9
When seeking a loan; an entrepreneur who has "capacity" :
Demonstrates the ability to repay the debt
Has made a personal investment in the business
Considers the environment before applying for the loan
Has insurance to cover business losses
10
If Sue lost money in her business, but sold all of her product; what should be evaluated?
her operations
her financials
her standards
her marketing
11
The STATE agency that helps small business with information on unemployment insurance?
Worker's Compensation Board
Office of the Secretary of State
State Department of Labor
Department of Development
12
Which is a major disadvantage to buying a franchise?
The performance of other franchises impact on the franchise
Equipment and supplies are less expensive
There is no guarantee of product consistency
No management or technical support is provided
13
A short term loan is re-payable in what time frame?
Twenty-five years
Five years
Two years
One year
14
Which form of incorporation would a church or charity use?
Limited Liability Company
C-corporation
Nonprofit corporation
Subchapter S corporation
15
Advertising and Promotion expenses for an on-going business are considered:
Start-up costs
Sale revenue
Variable costs
Fixed costs
16
When begining a business, your target customers must be chosen with care because they:
are most likely to buy a specific product or service
are asked to purchase a specific product or service
plan to buy a specific product or service
are willing to take a risk in buying from a new business
17
Sue met with her accountant prior to opening her shop; the fee charged for this service is a:
Start up cost
Office expense
Wage and salary
Fixed cost
18
It can own assets, borrow $ without directly involving the owners and is closely regulated:
Family-owned business
General partnership
Corporation
Sole-proprietorship
19
Which is a major DISADVANTAGE of a corporation?
Difficult to raise capital
Difficult to leave the business
Unlimited liability
Double taxation
