EXAM Questions 1
responsible for the operations in a company
What is COO?
Stage 5 if the design process
What is test?
The person who provides the funds to start a business and assumes most of the risk or reward is known as
What is entrepreneur?
When you _____ with the customer you understand challenges they face
What is empathize?
Potential loss of personal funds
What is risk?
responsible for all technological information in a company
a scaled down version of a product
What is prototype?
One of the benefits of starting your own business is the potential to make _____ Income
What is Unlimited?
The _____ of a product can affect demand factors
What is price?
If you are the Sole Proprietor of the Cell Phone Repair business, you are protected from any debts occurred (TRUE OR FALSE)
What is False?
be on the Board of Directors or reports to the Board of Directors
What is CEO?
literally means brainstorming in a non judgemental environment
What is Ideate?
Fast food Restaurants and gymnasiums are an example of
What is a Franchise?
Setting your own schedule
What is reward?
You have a family member that wants to invest in your cell phone repair business. This friend is interested in owning a small percentage of the business without assuming any debt. What type of partnership would this be
What is Limited Partnership?
explains why a consumer should buy a product or service
What is Value Proposition?
If you plan on seeking business financing you must include an ____ in your business plan
What is an Exit Strategy?
Many entertainment companies ______ their brand names to other companies
What is license?
You have a need to hire staff for handling interactions with customers. Greeting potential customers and processing cell phone repair sales and accessory purchases are typical duties of this role
What is Employee?
Your cell phone business is rapidly expanding, you are even adding six new locations. As your business continues to grow, you are bringing on a new executive for handling additional duties of managing payroll and directing the cash flow of the business. What title would this individual hold?
What is CFO?
covers both published and unpublished works
What is copyright?
a used for the invention or discovery of a new useful process, machine or article of manufacture
What is utility?
of the design process is to clearly define the problem
What is stage 2?
92.706 million
What is the distance from the sun?
Your elderly Uncle Jim has decided to become a partner with you on the Cell Phone Repair business. Jim thinks that the business should be formed as a Limited Liability Corporation (LLC) to limit his liability as an investor. Why might you not want to enter into an LLC based business?
What is in the case of a death of one of the partners, the LLC must be disbanded?