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Rutiri - Entrpr Exam
Entrepreneurship Chaps. 1,2,3.1, 3.2, 10, 11& Basics of Business Plan Exam
| Question | Answer |
|---|---|
| What do you give to a customer that has your name, logo, address, phone number, e-mail address. | Business Card |
| What is a catch phrase or small group of words that are combined in a special way to identify a product or company a catchy slogan for your business? | Slogan |
| What is a brand name, design, image, presented in a particular style, color, font and used in the manner of a trade mark e.g. the Nike 'swoosh'. | Logo |
| One way you can gain a sense of what business is like is by taking a what? | Internship |
| What is the ability to learn a particular kind of job? | Aptitude |
| What is a creative group problem-solving technique that involves generating a large number of fresh ideas? | Brainstorming |
| What is an application of the principles of right and wrong to issues that come up in the workplace. | Business Ethics |
| What is a written document that describes all the steps necessary in opening and operating a successful business. | Business Plan |
| What is a level of ethical behavior demanded by an individual, a business, or a culture. | Code of Ethics |
| What is an agreement among a group of people? | Consensus |
| Who are the people who buy the products and services companies offer? | Customers |
| What is a reduction in the retail or wholesale price of a product or service? | Discount |
| What is used to and receive electronic messages from anyone in the world? | Electronic Mail |
| What is used at the end of an e-mail that will be automatically sent at the end of the message? | Signature |
| In the 1800's, this entrepreneur was one of the most prolific inventors in history. He changed the world forever with the invention of the phonograph. | Thomas Edison |
| What is an individual's need or desire for a product or service at a given price? | Demand |
| Who are people who work for someone else? | Employees |
| What is the process of running a business of one's own? | Entrepreneurship |
| What is the study of moral choices and values? | Ethics |
| Who is the entrepreneur from Sweden that started a furniture company at the age of 17. | Ingvar Kamprad with IKEA |
| This is the amount per unit that a product contributes toward the company's profitability before the fixed expenses are subtracted. | Contribution Margin (PROFIT) |
| This is what a customer buys from you? | A Unit of Sale |
| This is a financial document that summarizes a business's income and expenses over a given time period and shows whether the business made a profit or took a loss. | Income Statement |
| What is a variable expense that is associated with each unit of sale, including the cost of materials and labor used to make the product of provide the service? | Cost of Goods Sold |
| What is the calculation of profit (or loss) for each unit of sale made by a business? | Economics of One Unit |
| What is a business that is owned by two or more people? | Partnership |
| What is the financial document that summarizes a business's income and expenses over a given time period and shows whether the business made a profit or took a loss? | Income Statement |
| What is the objective social and economic facts about people? | Demographics |
| What is the payment for labor or services done on a an annual basis? | Salaries |
| What is the dollar value of the goods or services a business gives to customers over a certain period? | Sales |
| What is a business owned exclusively by one person? | Sole Proprietorship |
| What is a one-time only expenses that are paid to establish a business? | Start-up Costs |
| What is the phrase to remember Common Fixed Expenses? | "I SAID U ROX" |
| What are payments for labor or services that are made on an hourly, daily, or per-unit basis? | Wages |
| What is an evaluation of your strengths and weaknesses? | Self-assessment |
| How are entrepreneurs different from employees? | Entrepreneurs assume all the risk. |
| What is one reason a person goes into business for themselves/ | To pursue a personal dream |
| What are the different types of businesses? | Manufacturing, wholesaling, retailing, service. |
| What type of business is your entrepreneurial idea for your business? | Manufacturing, wholesaling, retailing, or service? |
| To help pay for their venture, they sold some of their personal possessions for a total of $1300.00. Weeks later, the first Apple computers were sold. Whom was multimillionaires in 1980 from this computer start-up company? | Steven Jobs and Stephen Wozniak |
| In 1903, this company was created because they wanted to improve the bicycle. | William Harley and Arthur Davidson |
| What companies today contribute billions of dollars every year to the US economy? | Microsoft, Apple, Wal Mart Stores, Inc. |
| What are some characteristic of successful entrepreneurs? | Independent, Self-confident, determination, perseverance, goal-oriented, high standards, creative, act quickly. |
| What are advantages of entrepreneurship? | Can make lots of money, and be your own boss |
| What are disadvantages of entrepreneurship? | It is risky and face uncertain and irregular incomes. |
| What are special meetings where companies display their products? | Trade Shows |
| As an entrepreneur, you will need to set what type of goals? | Financial and non-financial |
| How possible or worthwhile it is to pursue an idea, to see if it is actually an opportunity is called what? | Feasibility |
| What are the three types of economies? | Command, Market, and Mixed |
| Where will the regional and state YESCarolina entrepreneurship competition take place? | College of Charleston |
| How do you start your Business Plan presentation with the me for grading the final part of the exam? | Introduction of yourself, name of your business, location of your business, and the 30 second sales pitch! |
| Business transactions can be made over the telephone. What is a general rules about speaking in a telephone conversation? | Speak clearly, cheerful and politely |
| When meeting with customers and suppliers, what are the general rules? | Shake hands, make eye contact, speak clearly |
| Why is it important to have good listening skills in business? | Problems in business happen because people fail to listen. |
| What are the basic math skills that are important in business? | Adding, substracting, multiplying, and dividing |
| What is federal, state, or local government expense charged on goods? | Sales Tax |
| When you complete a sales slips for two kinds of sales transactions, what are the type of sales? | Credit or cash sales |
| Whenever a customer uses a credit card to pay for a purchase, what happens? | A fee is assessed to the merchant |
| What are three business applications for which percentages are used? | Sales growth, markup, and markdown |
| What is a transaction in which both suppliers and consumers believe they benefit? | Voluntary Exchange |
| Where did the lucky SC State student entrepreneur travel in the US to compete for national competition? | Silicon Valley, CA -- is a nickname for the South Bay portion of the San Francisco Bay Area in Northern California, United States. It is home to many of the world's largest technology corporations, as well as thousands of small startups. Wikipedia |
| Investment involves _____________. | Risk |
| A company that runs most or all of its business from the Internet is called what? | A dot-com company |
| How many business owners have home-based businesses? | About 50 percent |
| What is economics? | A social science concerned with how people satisfy their demands for goods and services when the supply of those goods and services is limited. |
| What is a concession? | It is something you give up. |
| What is a symbol that indicates that the uses of a brand or brand name is legally protected and cannot be used by other businesses? | Trademark |
| Time, money or energy invested an be what? | lost |
| This is an exclusive right to make, use, or sell a device or process. | Patent |
| What is an example of one retail's unit of item | one belt |
| The is a limit to what an entrepreneur can make. | False |
| What is an intangible thing that you believe is worthwhile and important? | Value |
| A business that appears to be environmentally responsible? | Greenwashing |
| A business that provides a service to customer for a fee? | Service Business |
| The business plan required your competition? | True |
| The business owner expert on Lynda.com video said this about customer service? | It should be done with ease, never forcing the customer. |
| This type of person has the ability to recognize a business opportunity. | Entrepreneur |
| A social science concerned with how people satisfy their demands for goods and services when the supply of those goods and services is limited. | Economics |
| Amount of carbon you use and thus release into the atmosphere. | Carbon footprint |
| The biggest reward of becoming an entrepreneur is what? | Empowerment |
| When there are personal considerations and professional obligations interfere with each other, it is called? | Conflict of Interest |
| Investment involves what? | Risk |
| What is the number one causes of accidents in the classroom? | Trips and falls |
| What type of company operates not to provide for the shareholders but to serve the good of society. | Nonprofit |
| If an employee violates an agreement and reveals secret information what is this called? | Confidentiality |
| What is the key to success as an entrepreneur? | Positive mental attitude |
| Review business plan slides: | What is the formula for ROS? |
| Closing a business means the entrepreneur has failed? | false |
| Review business plan slides: | How do you get Gross Profit? |
| Review business plan slides: | What is demographics? |
| Review business plan slides: | How do you get Monthly breakeven on units? |
| The use of someone else's intellectual property is called? | Copyrighting |
| Review business plan slides: | How do you get a contribution margin? |
| A youth business should be what? | Safe and simple |
| The act of convincing people is called what? | Persuasive |
| The violation of a copyright, trademark, patent's holders rights is called what? | Infringement |
| A net profit on an investment is expressed as a percentage of the initial investment is called what? | ROI (return on investment) |
| Review business plan slides: | How do you get Gross Revenue |
| This is based on what consumers want - not necessarily on what you want. | Opportunity |
| The Lynda.com expert on Are you an Entrepreneur video stressed when starting a business you should make which of the following decisions? | Start online if possible, Decide between online vs. brick and mortar, Curate your inventory, Have a great website |
| The Lynda.com expert on Are you an Entrepreneur video said this about customer service? | It should be done with ease, never forcing the customer. |
Created by:
eva_rutiri
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