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Entrepreneurship Final Review
Entrepreneurship Final Review
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Questions
30
Answers
1
All of the following are helpful resources in researching your business except __.
trade associations
large national newspapers
public library
the Internet
2
An example of a retail store is __.
appliance repair shop
paper mill
jewelry store
orange grower
3
Where Goodyear makes tires and then distributes them is called a __ business.
wholesaling
manufacturing
service
retailing
4
A reduction in the wholesale price of a produce is ___.
mark up
invoice
sales tax
discount
5
Without a business plan you will not be able to __.
make sales projections
manage your business
find a location for your business
obtain a business loan
6
The main body of the business plan include __.
executive summary
statement of purpose
financial management
supporting documents
7
The abbreviation for an organization that helps small business and their owners is __.
SCB
SBC
SBA
SAB
8
The ability to learn a particular kind of job is called ___.
characteristic
skill
opportunity
aptitude
9
Jackson Hewitt Tax Service is what type of business?
wholesaling
service
manufacturing
retailing
10
Which of the following is a way to maintain customer loyalty?
keeping standard business hours
do nothing
adhering to strict return policy
offering superior service
11
Most products and services appeal to __.
a market segment
a large number of people
the psychographic market
the demographic market
12
A portion of total sales generated by all competing companies in a given market is called __.
marketing plan
market share
industrial market
capitalism
13
As an entrepreneur you will face __.
indirect competition
demographic competition
unfocused competition
incidental competition
14
These costs of a business are usually the same each month.
fixed
opportunity
variable
marginal
15
A person who works for someone else is called a(n) ___.
entrepreneur
investor
employee
dictator
16
When income from sales equals the total cost of producing and selling goods is called __.
equilibrium point
variable costs
sales growth
break-even point
17
Data that helps you determine where your potential customers live is called __ data.
use-based
psychographic
demographic
geographic
18
A deduction from the retail price is called a ___.
markup
break-even
equilibrium
markdown
19
A document that describes a new business is called a ___.
report
marketing plan
research paper
business plan
20
This will present the company's strategy for making the customer aware of products/services.
growth plan
organizational chart
marketing plan
business plan
21
An example of a wholesale business is __.
travel agency
grocery store
heating equipment
florists
22
A complete picture of a business's prospective customers is a ___.
customer analysis
customer profile
marketing plan
resource plan
23
A letter that introduces and explains an accompanying document is called a ___.
statement of purpose
cover letter
introductory letter
letter of intent
24
Demographics are data that describe a group of people in terms of their __.
opinions
needs
tastes
income
25
Which of the following explains why you are asking for a loan and what you plan to do?
cover letter
executive summary
statement of purpose
title page
26
Characteristics of successful entrepreneurs include __.
self-control
optimism
indiscretion
independence
27
One section that is not in the business plan is the ___.
marketing plan
management plan
feasibility plan
executive summary
28
What characteristic allows an entrepreneur to make his or her own decisions?
independent
action-oriented
enthusiastic
goal-oriented
29
What is a risk of being an entrepreneur?
flexibility
uncertain income
creativity
solo decision-making
30
The success or failure of an entrepreneurial venture rests entirely on the
owner
customer
investor
market