Entrepreneurship Mid term Review: Units 1-8
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| What is a synonym for entrepreneur? | show 🗑
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| Scenario: An entrepreneur was denied a loan that they were planning to use to increase manufacturing. Instead of applying for a new loan, they raised the money from stakeholders in their community. Which trait did the entrepreneur MOST demonstrate? | show 🗑
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| Scenario: An entrepreneur was denied a loan that they were planning to use to increase manufacturing. Instead of applying for a new loan, they raised the money from stakeholders in their community. Which behavior did the entrepreneur MOST demonstrate? | show 🗑
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| show | Skills that support a workplace
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| show | Economics
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| show | It can be beneficial from one job to the next
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| Which term best describes ethics? | show 🗑
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| show | Requiring safe working conditions
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| Why are entrepreneurial ethics important? | show 🗑
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| show | consumers
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| show | design-thinking method
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| What provides consumers with a summarized argument for purchasing a particular product or service? | show 🗑
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| What is the term commonly used to describe a subset of the population that is expected to purchase a specific product or service? | show 🗑
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| What tool do companies conducting market research use to gather data on consumers by asking relevant questions of a target market? | show 🗑
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| show | product features
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| What principle of the design-thinking method is best undertaken by a group as opposed to an individual? | show 🗑
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| show | Sampling groups are meant to be representative of target markets.
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| A sample consumer profile includes Gender, Age, Race, and Address as characteristics. What can be said about this profile? | show 🗑
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| When asked what soda they’d like to purchase, a consumer said that they will purchase whichever is cheapest. What is the consumer revealing? | show 🗑
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| show | Consumer demand
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| True or False: Entrepreneurs are required to obtain a college degree in Entrepreneurship | show 🗑
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| True or False: Ethical codes are one way to create a system of ethics in a workplace. | show 🗑
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| Which of the following best describes the purpose of conducting a SWOT analysis? | show 🗑
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| show | Financial risks
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| show | Opportunities
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| Total Liabilities of a business can be found in which of the following financial statements? | show 🗑
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| show | To communicate the financial performance and position of a company
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| What are the expenses incurred during the process of creating a new business? | show 🗑
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| What is the act of creating a business while building and scaling it to generate a profit? | show 🗑
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| show | Niche market
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| show | 25%
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| A company’s value proposition statement should be: | show 🗑
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| Emerging markets are characterized by: | show 🗑
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| show | Operating costs
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| show | revenue
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| risks related to the availability and management of financial resources, such as cash flow issues, inability to secure funding, or economic downturns | show 🗑
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| the process of determining potential risks or uncertainties to a business | show 🗑
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| True or False: A business’s operating costs and start-up costs are usually the exact same amount. | show 🗑
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| show | False
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| True or False: A strong value proposition statement can help a business attract its ideal customers. | show 🗑
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| A company analyzes customer feedback and realizes that its product is perceived as too expensive. Which “P” of the marketing mix should it adjust? | show 🗑
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| What element of the marketing mix consists of individuals involved in the marketing process, including customers, employees, and other stakeholders? | show 🗑
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| A company’s slogan is an example of which part of its marketing plan? | show 🗑
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| show | Place
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| show | The strategies used to promote and sell a product
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| Hiring new employees would fall under which part of a business? | show 🗑
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| show | Growth
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| During what stage, in the development of a product, does the project team define project objectives, scope, deliverables, and timelines? | show 🗑
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| show | The stage where the product reaches its peak sales and market saturation
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| show | Testing the feasibility of the product
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| Why is a sales report a valuable tool? | show 🗑
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| show | To identify customer needs and preferences
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| What is the definition of e-commerce? | show 🗑
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| Which business entity is characterized by a single owner who has complete control and is personally liable for all business debts? | show 🗑
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| Which business entity allows for the distribution of profits and losses among its members based on their ownership percentage? | show 🗑
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| How does e-commerce differ from traditional commerce? | show 🗑
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| What is the primary motivation behind profit-seeking behavior? | show 🗑
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| show | Angel investors
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| Which funding source is characterized by individuals pooling their money together to invest in startups or small businesses? | show 🗑
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| show | Bank Loan
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| Which financing option allows the entrepreneur to maintain full control but comes with limited access to ready capital? | show 🗑
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| show | Financial advisor/analyst
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| Assessing market trends to make strategic choices about resource allocation is an example of: | show 🗑
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| show | Dynamic pricing
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| Which pricing strategy focuses on maximizing profit margins by charging a premium price for a unique product or service? | show 🗑
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| show | True
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| show | True
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