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Entre. Final-Hanser

Final Exam Study Guide

An entrepreneur owns, operates, and takes the risk of a business venture. True
Retailing businesses sell services directly to the people who use them. True
Entrepreneurs have changed American business throughout the history of the United States. True
Successful entrepreneurs are confident and able to make quick decisions when necessary. True
Running your business is difficult, and many companies started by entrepreneurs go out of business. True
An entrepreneur can expect to earn large profits immediately after starting a business. False
Good business writing is an important skill for an entrepreneur to obtain. True
Some of the communication you have as an entrepreneur will be in person rather than in writing or on the telephone. True
Listening skills are not important to an entrepreneur. False
The best entrepreneurs use problem solving mechanisms to gather information and evaluate different options. True
Joe's Plumbing is an example of a service business. True
Packaging is part of the product, even if it's thrown away. True
Creativity is the ability to invent or make something using your imagination. True
An invention is a new creation that can be used for some practical purpose. True
Tangible products are those you can’t touch. False
It is always good to know what your competitors are doing. True
Nike is a “brand”. True
Marketing involves how you get people to know your company exists. True
Business cards belong to the product part of the “four P’s” in the marketing mix. False
The location of your business will not really impact your success. False
Using surveys is a way of collecting information by asking questions of a sampling of people. True
Selling higher-priced luxury products in discount stores is a good placement strategy. False
As an entrepreneur, it is not necessary to create a business plan. False
A bank would like to review your business plan if you need a loan for your business. True
There is only one correct way to write a business plan. False
It is always a good idea to have someone review your business plan for errors. True
An assessment of your interests is: Helpful in deciding what business is right for you.
Disadvantages of entrepreneurship include: Uncertain income, working long hours, risk.
An employee: Works for someone else.
Characteristics of successful entrepreneurs include: Optimism
Which of the following is a retailing business? Jewelry store, paper mill, appliance repair shop, or an orange grower? Jewelry store
When a group of people get together to discuss ideas is called: Brainstorming
When a group of people agree on an idea is called: Consensus
A business that an individual starts is called: Sole proprietorship
A business started between two or more people is called: Partnership
A business that has a board of directors is called: Corporation
Thinking that challenges assumptions and provokes new ideas is called: Lateral thinking
If you invent a product, you can apply for a/an __________ so no one can steal your idea. Patent
The “Four P’s” of marketing are: Product, place, price, promotion
The act of giving back to your community or a cause you believe in is called: Philanthrophy
Created by: thanser



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