FOODS 2- REVIEW 4-Enterprise

Question 1

The FOODS II class prpared 25 doz. cookies, but no 1 came 2 prchase them. Wat shud b evaluated?

Accepted Answer

marketing

Question 2

what is the process used to test a business idea or concept

Accepted Answer

feasibility analysis

Question 3

Product standards are develop to benefit the

Accepted Answer

consumer

Question 4

what does an income statement show the business owner?

Accepted Answer

amount of profit or loss

Question 5

When seeking a loan, an entrepreneur who has capacity

Accepted Answer

demonstrates the ability to repay the debt

Question 6

What is the amount added to the cost of an item to cover expenses and ensure profits?

Accepted Answer

markup

Question 7

What step best describes the development of a marketing strategy?

Accepted Answer

marketing mix

Question 8

if a price is reduced, what must happen to continue to break even

Accepted Answer

sell more items

Question 9

Why is sole proprietorship the most common form of business ownership?

Accepted Answer

government assumes little control over sole proprietorships

Question 10

A system for verifying and maintaining the desired standards in a product or service is called

Accepted Answer

quality control

Question 11

What expenses will stay constant with the number of items produced?

Accepted Answer

fixed costs

Question 12

What is net income to a business?

Accepted Answer

profit

Question 13

What are marketing objectives?

Accepted Answer

goals

Question 14

which is a major disadvantage to buying a franchise

Accepted Answer

performance of other franchises impact on the difference

Question 15

Who are the people to whom a business plan sell its products

Accepted Answer

target customers

Question 16

Who are the people most likely to buy a specific product or service

Accepted Answer

target customers

Question 17

Target customers must be chosen with care when beginning a new business coz they r d customers

Accepted Answer

most likely to buy a specific product or service

Question 18

The inability to interpret financial records demonstrates a lack of

Accepted Answer

competence of the entrepreneur

Question 19

Which organization has as its purpose- the stimulation of local economic growth

Accepted Answer

chamber of commerce

Question 20

Under which form of business ownership do owners have limited liability

Accepted Answer

corporation

Question 21

Studnts practice mking sevral prodcts b4 chosing whch one 2 sell. D result of this prctice is

Accepted Answer

prototype

Question 22

defined as d conception,pricing,promotion&distribution of products&services 2 satisfy customers

Accepted Answer

marketing

Question 23

Which form of incorporation would a church or charity use?

Accepted Answer

nonprofit corporation

Question 24

Advertising and promotion expenses for an ongoing business are

Accepted Answer

variable costs

Question 25

A short -term loan is repayable in

Accepted Answer

one year

Question 26

What must the company know in advance to predict when it will begin making a profit?

Accepted Answer

break-even point

Question 27

What kind of plan is presented to potential lenders or investors to gain financial support?

Accepted Answer

business

Question 28

Agency provides bsinesses wd infos rgarding employr rspnsblties n rlation 2 unemploymnt nsurnce

Accepted Answer

State department of labor

Question 29

Which is a major disadvantage of a corporation

Accepted Answer

double taxation

Question 30

What financial statement tells an entrepreneur what his/her business is worth at a given time?

Accepted Answer

balance sheet

Question 31

What is the covering, wrapper, or container in which merchandise is placed for retail sale?

Accepted Answer

packaging

Question 32

What is a working model of a product

Accepted Answer

prototype

Question 33

Initial inventory for the business is which type of cost?

Accepted Answer

start-up cost

Question 34

The federal agency which provides assistance &advice on hw small bsiness can ncrease revenues s

Accepted Answer

SBA

Question 35

Cooper cmpny dcided 2 sel stock 2 raise cpital,whch form of bsnes orgnztn does d cmpany oprate

Accepted Answer

corporation

Question 36

A feasibility analysis determine if

Accepted Answer

an idea is practical

Question 37

What is not used to construct a cash flow statement?

Accepted Answer

inventory

Question 38

Which is a major advantage to buying a franchise?

Accepted Answer

management training&technical assistance provided

Question 39

If the Foods II class lost mney on their projct but all prodcts wer sold, what shud b evaluated

Accepted Answer

financials

Question 40

Jaz asks many questions & conduct research 2 solve problems. She has a prsonal chracteristic of

Accepted Answer

inquisitiveness

Question 41

Who shud the purchasing manager contact if there is something wrong wid a shpment or an invoice

Accepted Answer

vendor

Question 42

Which type of business can own assets &borrow money w/o directly nvolving d people who own it

Accepted Answer

corporation

Question 43

B4 offering a service or product for sale, determine that there is

Accepted Answer

a demand for the product

FOODS 2- REVIEW 4-Enterprise

Questions 43

FOODS 2- REVIEW 4-Enterprise

Questions 43