MOY Review

Question 1

When an owner uses their own savings to fund a business it is known as bootstrapping.

Accepted Answer

True

Question 2

You have an idea for a product that research shows will be popular. What is something you must do before a prototype?

Accepted Answer

Source Materials

Question 3

SBA Grants do NOT need to be paid back.

Accepted Answer

True

Question 4

One should know if their is ____ for a product before taking on a business opportunity.

Accepted Answer

High demand

Question 5

Crowd Funding is when a startup business uses an online platform to pre-sell items to build capital.

Accepted Answer

True

Question 6

Lean Canvas and Pitch Deck are 2 documents that help summarize the company's business plan.

Accepted Answer

True

Question 7

SBA Loans must be paid back with interest. The terms differ depending on the type of loan.

Accepted Answer

True

Question 8

A common financial risk that entrepreneurs encounter is bankruptcy.

Accepted Answer

True

Question 9

What is a target market?

Accepted Answer

Customers that a company wants to sell to

Questions 9