business concepts
Pikachu purchased a movie from a popular streaming service, what type of product is this?
digital
A type of funding that uses the owners own money to start up and run the business is called?
bootstrapping
Name TWO offline marketing platform. (both answers must be correct)
Flyers, Pamphlets, TV. (Must include two of these three)
What should one research before creating a product ?
What is required to make the product.
What are two disadvantages of Entrepreneurship ?
1. Not having a promised paycheck
2. May not get paid or have enough money to pay employees
You have a business with four share holders who do NOT want to be taxed twice, which type of business should you start? (hint: s-corp, c-corp, partnership)
s-corp, you will not be taxed twice
What is the formula for determining gross profit ?
Gross profit = Income - Cost of Goods
Which type of digital platform of marketing is widely used today and uses influencers to promote a product?
social media
What is a minimum viable product used to test ?
Ease-of-use and functionality
What characteristics do successful entrepreneurs have?(3 answers).
1. Responsible
2. Tenacious
3. Adaptable
Who is the operating officer in a company that manages and plans cash flow, along with creating budgets?(Hint: CFO, CEO, CIO, COO)
CFO (chief financial officer)
Josh owns a construction business, he uses heavy machinery to build skyscrapers. He also uses a bank loan to fincance the machines. Name the asset and liability in his business.
Asset: Equipment
Liability: Bank loan
What are THREE segments to a marketing plan? (each correct answer worth 100 points)
Behavioral, Geographic, Demographic.
Kevin owns a toy company. How should he ensure that his customers are receiving a high quality product ?
Test a prototype
What is a primary benefit of starting a business without purchasing a franchise or buying an existing business?
Developing your own rules.
At chipotle, workers are paid $10/hr and given company shares for working there. Which TWO types of compensation is this?
Hourly and Equity
What can change depending on the volume of production ?
Fixed Costs
The WORX gym had 5,000 new customers last year. They spent $35,000 in marketing, what is the customer acquisition cost (CAC)?
$7
Which are options for determining what a customers service needs are? Choose 3 answers.
1. Survey customers in the area
2. Talk with individuals interested in the service
3. Place phone calls
Brandon is in a band. His band has recently produced a new song. Which intellectual property law best protects the bands song from being stolen or produced by others ?
Copyright
Marco's pizza on 301 has begun to recieve less business and is at the stage where they need to find out a way to increase profits, Which stage is this?
Pivot or Persist
Ben owns a print shop. Last quarters income was $8,000, his cost of goods was $650, and his total expenses were $4,300. What are Bens Net Income and Gross Income for the last quarter?
Net Income= $3,050 and Gross Income= $7,350
A type of marketing that uses engine crawlers to find and send content to the top of the search bar. (Hint: when you see big companies pop up first in a google search)
Search Engine Optimization (SEO)
Your company is manufacturing a new product. You need to establish a Product Quality Control Process. What are 3 things you must do to create establish your Product Quality Control Process ? (3 answers)
1. Establish the method to use for testing product quality
2. Review the results of internal quality assurance testing.
3. Determine what standards have to be met based on the product and industry.
Elizabeth sells makeup and has a team of distributors that she has recruited to sell makeup with her. She earns a percentage from all the sales that the distributors make. What type of business opportunity is Elizabeth apart of ?
Network marketing.