Business 1
____ Entrepreneurs are passionate about improving the quality of life for people.
social
historical
Social
Which of the following are considered variable costs?
insurance premiums
raw materials
raw materials
Which of the following is the formula for calculating the economics of one unit (EOU)?
sales price x cost
sales price-cost
sales price - cost
Entrepreneurs might engage in which type of selling?
B2B
B2C
B2G
All of them
Which step of the personal selling process comes last?
close the sale
use suggestion selling
close the sale
To help a business grow, entrepreneurs should have a plan _______ improvement
continuous
Factors to consider when selecting vendors and suppliers include________. ( 3 things)
on time delivery
return rates
number of customers
Which of the following does not require a professional state or federal license to start an entrepreneurial business?
pet sitter
Which of the following strategies should entrepreneurs utilize to reduce business risks?
create an LLC to limit personal liability of the owners
______responsibility requires the entrepreneur to balance their business profit with the welfare of the natural environment.
environmental
The ______price is set by by the interaction of buyers and sellers in a market.
equilibrium
down
Entrepreneurs have an obligation to practice business___with their customers, employees, and marketing strategies
ethics
When the price and quantity demanded by customers____the price and quantity supplied by entrepreneurs, the equilibrium price is reached>
equals
The stages of the ______ life cycle are introduction, growth, maturity, and decline.
product
When product supply decreases and product demand_____, the price of a product goes up.
increases
In a market economy, entrepreneurs have the _____freedom to innovate and own a business of their choosing.
most
In general, entrepreneurs experience long-term success when they sell a great product at a ________price.
fair
A marketing plan includes strategies for reaching the target market using ______. (3)
advertising
sales promotion
public relations and publicity
An entrepreneur's ___policy should be designed to establish customer loyalty, improve and maintain the business image, and attract new customers.
customer service
To avoid business failure, entrepreneurs should maintain sufficient cash flow so that there is enough revenue flowing in to cover____flowing out of the business.
expenses
If you invest $1,000 om your business and your annual profit is $100, your return on investment (ROI) percentage is_____.
10%
In addition to paying for their own health insurance and taxes, gig economy workers (e.g. freelancers, and independent contractors) should first understand that _____?
long-term employment and income are not guaranteed
Which of the following occurs after carefully going through the build-test-learn loop data and realizing that significant changes need to be made to the product or a new product needs to be created altogether based on customer feedback?
pivoting
Financial numbers and profitability should be the focus of an elevator pitch to_____.
investors