Managing Finances
Creating a detailed financial plan that outlines the company’s expected income and expenses over a specific period.
A) Accounting
B) Forecasting
C) Budgeting
D) Estate Planning
C) Budgeting
Name a benefit of diversification in investing
Reduced overall risk, more consistent returns, etc.
Which of the following business types are “double taxed”
A) Limited Liability Company (LLC)
B) Partnership
C) Sole Proprietorship
D) C-Corporation
D) C-Corporation
Which of the following is a major benefit to social media marketing?
A) High Upfront Costs
B) Cost Effective Advertising
C) Instant Customer Loyalty
D) Limited Audience
B) Cost Effective Advertising
Which type of content typically creates successful social media campaigns?
A) Engaging content
B) Controversial content
C) Basic content
D) Irregular content
A) Engaging content
Which of the following would be a variable cost?
A) Insurance
B) Shipping Charges
C) Property Taxes
D) Rent
B) Shipping Charges
This type of investment is essentially a loan you give to a government or company. In return, they agree to pay you back with regular interest payments and repay the full amount at a specific date.
Bond
Name a benefit of a sole proprietorship
Easy to form, no double taxation, full control, fewer requirements & paper work, etc.
What are the 4 P’s that make up the marketing mix?
A) Perception, Price, Place, Promotion
B) Product, Price, Place, Promotion
C) Product, Price, Place, Production
D) Product, Popularity, Place, Promotion
B) Product, Price, Place, Promotion
What does SWOT stand for
Strengths, Weaknesses, Opportunities, and Threats
Business costs that change in proportion to production or sales volume.
Variable Cost
A preliminary model of something.
Prototype
Name a benefit of a C-Corporation
Limited liability, access to capital & investors, exists forever, credibility, etc.
Name one way a company can build brand equity
Brand Awareness
Consistent Brand Image
Quality Products/Services
Customer Loyalty Programs
Emotional Connection
Differentiation and Innovation
Strong Customer Experience
Positive Brand Associations
A systematic process that involves identifying, assessing, and reducing the impact of threats to an organization.
Risk Management
Business costs that are constant regardless of the quantity of goods or services produced.
Fixed Cost
The practice of spreading investments across different assets to reduce risk.
Diversification
What is a disadvantage of using venture capital to finance a business?
Giving up portion of business, having to answer to investors, reporting requirements, etc.
The general public's or customers' collective feelings, beliefs, and opinions about a brand.
Brand Perception
A particular group of consumers at which a company aims its products and services.
Target Market
Where the total revenue equals the total costs. At this point, there will be no profits and no losses.
Break Even Point
Contracting a party outside the company to perform services and create goods that were traditionally performed in house by the company’s own employees and staff.
Outsourcing
What is the best type of business entity to create if I have a small business and want to protect my personal assets from liability.
Limited Liability Company (LLC)
The value a company gains from its name recognition and its perceived benefits and admirable qualities.
Brand Equity
The process of gathering data about people or companies and then analyzing it to better understand what that group of people needs/wants.
Market Research