Foods 2 Entrepreneurship

Question 1

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

Accepted Answer

Quality control

Question 2

What step BEST describes the development of marketing strategy

Accepted Answer

Marketing mix

Question 3

What expenses will stay constant with the number of items produced

Accepted Answer

Fixed costs

Question 4

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

Accepted Answer

Target customers

Question 5

The inability to interpret financial records demonstrates a lack of

Accepted Answer

Competence of the entrepreneur

Question 6

What is the net income to a business

Accepted Answer

Profit

Question 7

Under which form of business ownership do owners have limited liabilty

Accepted Answer

Corporation

Question 8

The Foods class prepared 25 doz. cookies, no one came to buy them. What should be evaluated

Accepted Answer

Marketing

Question 9

Of the major factors giving to the success of a business, which is affected by lack of captial

Accepted Answer

Financing

Question 10

The federal that provides assistance and advice on how a small business can increase profits is

Accepted Answer

SBA

Question 11

Product standards are developed to benefit the:

Accepted Answer

Consumer

Question 12

Which can be defined as the conception, pricing, promotion and distribution to satisfy needs

Accepted Answer

Marketing

Question 13

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

Accepted Answer

Sell more items

Question 14

What type of business can own assets & borrow money w/o directly involving people who own it

Accepted Answer

Corporation

Question 15

Initial inventory for the business is which type of cost

Accepted Answer

Startup cost

Question 16

What is NOT used to construct a cash flow statement

Accepted Answer

Inventory

Question 17

Advertising and promotion expenses for an ongoing business are:

Accepted Answer

Variable costs

Question 18

What are marketing objectives?

Accepted Answer

Goals

Question 19

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

Accepted Answer

Packaging

Question 20

Who are the people to whom a business plans to sell its product

Accepted Answer

Target Customers

Question 21

FACS students mades several products before choosing which to one to sell. That is called a:

Accepted Answer

Prototype

Question 22

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

Accepted Answer

Chamber of commerce

Question 23

Which form of incorporation would a church or charity use

Accepted Answer

Nonprofit corporation

Question 24

Target customers must be chosen with care when starting a new business bc they are:

Accepted Answer

Most likely to buy a specific product or service

Question 25

The cooper company decided to sell stock. Which type of business does the company operate

Accepted Answer

Corporation

Question 26

A feasibility analysis determines if:

Accepted Answer

An idea is practical

Question 27

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

Accepted Answer

Balance sheet

Question 28

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

Accepted Answer

Break-even point

Question 29

What is a working model of a product

Accepted Answer

Prototype

Question 30

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

Accepted Answer

A demand for the product

Question 31

Which agency provides businesses info about employee responsibilities in relation to unemployme

Accepted Answer

State Department of Labor

Question 32

What does an income statement show the business owner

Accepted Answer

Amount of profit or loss

Question 33

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

Accepted Answer

Feasibility analysis

Question 34

Which is a major disadvantage to buying a franchise

Accepted Answer

The performance of other franchises impact on the franchisee

Question 35

Which is a major advantage to buying a franchise

Accepted Answer

Management training and technical assistance provided

Question 36

If the Foods class lost money on their project but all products were sold, what should change

Accepted Answer

Financials

Question 37

When seeking a loan, an entrepreneur who has capacity:

Accepted Answer

Demonstrates the ability to repay the debt

Question 38

Which is a major disadvantage of a corporation

Accepted Answer

Double taxation

Question 39

Why is sole proprietorship the most common form of business ownership

Accepted Answer

The gov. assumes little control over sole proprietorship

Question 40

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

Accepted Answer

Markup

Question 41

There are no coffee shops in Faison. Mike thinks a coffee/bagel should is worth value. This is:

Accepted Answer

Opportunity

Question 42

A short-term loan is repayable in:

Accepted Answer

One year

Question 43

Joe asks questions and conducts research when trying to solve problems, this characteristic is:

Accepted Answer

Inquisitiveness

Question 44

Who should be the purchasing manager contact if there is something wrong with a shipment

Accepted Answer

Vendor

Question 45

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

Accepted Answer

Business

Question 46

If something is $20.00, with a 100% mark up, taking one cent off, what is the retail price?

Accepted Answer

39.99

Foods 2 Entrepreneurship

Questions 46

Foods 2 Entrepreneurship

Questions 46