Domain 1
The key objective of a small business owner is to generate _____.
profits
A landscaper is a product or service?
Service
Mallory owns an auto repair shop. She has $12,000 in cash, $8,000 in inventory, a $4,000 credit card balance, and $3,500 in long-term debt. What is Mallory’s equity?
$12,500
Match the software as a service (SaaS) type to its description. Answers may be used more than once.
Prebuilt or Build your own
Offers a user more control ___
Has a subscription fee to use the software ___
Offers a user more control: Build your own
Has a subscription fee to use the software: PREBUILT
A necklace is a product or service?
Product
Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses
risks
One can expect their sales volume to be ____ when they are in product/market fit.
high
Mallory sells hats. Last month, Mallory had an income of $3,800, her cost of goods was $875, and her total expenses were $1,400. What was Mallory’s gross income?
$2,925
Label the different stores as either digital or physical sales channels.
Bakery __
Facebook Marketplace ___
Wholesale store ___
Physical
Digital
Physical
Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs a to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis elements.
Strength? - opportunity? - Threat? - Weakness?
Strength - Dependable employees
Opportunity - Increased customers
Threat - Repair shop competitors
Weakness - Small budget
The ____ _____ ____ oversees daily operational and administrative functions.
Chief Operating Officer
For services, one must spend time finding out what customers' _____ are.
needs
A _______ is used to identify the amount of cash a company is spending every month
burn rate
When setting one’s own quality standards, one must ensure that the standards are _____.
measurable
Receives and temporarily stores goods before fulfilling the customer’s order and is often used for retail stores.
distribution center or fulfillment center.
distribution center
_____ employees are paid a fixed amount each pay period
Salary
Ellie owns a tumbling gym. She compiled a list of nearby competitors. Classify each of the following businesses as either direct or indirect competition.
Gymnast training center: ______
Direct competition
Gary is opening a restaurant. Determine whether his costs are fixed or variable. fixed or variable:
Takeaway boxes __
Rent ___
Variable
Fixed
Distribution and fulfillment centers are both ______ distribution channels.
indirect
Strategically stores products so that when a customer places an order, the product can be quickly picked up and sent out.
distribution center or for fulfillment
a fulfillment center
The five elements of the design thinking process are: empathize, define, ideate, prototype , and test.
true
Label the items as either a product or a service.
Web designer
Necklace
Attorney
Stove
Service
Product
Service
Product
Clara owns a bakery. Last year, she had a beginning cash balance of $3,700, total cash sales of $16,500, $3,700 in utilities, $2,500 in loan payments, and $1,600 in marketing costs. What was Clara’s ending cash balance for last year
$12,400
Distribution and fulfillment centers ______ and ship products for businessess.
store
A distribution channel is a method used to get a product from ______ to the end-user.
manufacturer