Final Exam Review

One way to prevent some of the problems that family business face is to

To identify consumer markets, you should be aware of

Which one of the following promotes the value of the product or service to the customer

A partnership in which to businesses work together for mutual benefit

Entrepreneurs want to set their own agendas andschedules.Which word best describes this 

Operating under a new name or purposely discontinued to start a new one is considered a 

Customers who buy for personal use are in what market segment?

A retail business sells directly to

Which one of the following determines if an ideafor a new business is practical?

The success or failure of an entrepreneurial venture rests entirely on the

The easiest and most popular form of business to create is the

Customers who like to purchase products and services from companies they know show

A type of partnership where two companiesjoin  to complete a specific project iscalled a 

Business ownership carries with it a certain amount of

This strategy involves how you will deliver your goods and services to your customers

A binding legal agreement or promise to do something

Advertisements sent directly to the home

A collection of businesses with a common line of products and services

Striving for the same customer or market

Sales promotions in the form of games

A promotion that returns part of the purchase price to a consumer

A legal agreement to begin a new business in the name of a recognized company

The principal disadvantage of a sole proprietorship is

A portion of the total sales generated by all the competing companies in a given market

A document that consists of 4 strategies - price, product, place, promotion

A portion of the total sales generated by all the competing companies in a given market

The oral presentation made by a salesperson to help a person make a buying decision

What is a risk of being an entrepreneur?

Amount of goods or services that consumers are willing and able to buy is determined by

Partners that all have unlimited personal liability and full management are

A complete picture of a business’ prospective customers is a 

Entrepreneur who is willing to work until a job isdone is

One of the benefits of starting your own business is the ability to

Filing Chapter 7 bankruptcy and losing money for creditors and investors is considered a

Percentage of price of an item that goes to state or local government

The amount of a good or service that producers are willing to provide is called

Money that is left after all expenses of running a business have been paid

Revenues lost to lower prices can be made up through

Statistical data that describes a given market by criteria like age, gender, and income

The number one cause of business failure is

Which of the following is a contribution that abusiness owner makes to the community?