Entrepreneurial and Small Business Concepts
Which three factors are used to evaluate Fair Use copyright?
a) Purpose of your use
b)Obtained from a subscription website
c) If it for use by a teacher or student
d) Effect of your use on the potential market of the work copied
e) Copied from a work purchased by a friend
f) amount of the work copied
a) Purpose of your use
d) Effect of your use on the potential market of the work copied
f) amount of the work copied
Which expense is a variable cost?
a) Purchase of a new copy machine
b) Monthly rent on a store
c) Insurance payments
d)Hourly wages for an office employee
d) Hourly wages for an office employee
Which two are segments in a Marketing Plan?
a)Psychographic
b)Income
c)Demographic
d)Loyalty
a) Psychographic
c) Demographic
Which tool is most useful in helping Customer Service support sales strategies?
A) Contact list
B) Remote desktop
C) CRM
D) Website
Which three characteristics are components of a Pitch deck?
a) Used to get investor buy-in
b) Used to Get Investors Attention
c) Highly Text-Based
d) 10-20 slides
e) Highly Visual
f) 10-100 pages
b) Used to Get Investors Attention
d) 10-20 slides
e) Highly Visual
For each statement about Start-Up and Operating Costs, select true or false.
Operating costs include payroll
Business insurance is a start-up cost
Building improvements should be calculated into start-up costs
Operating costs include your down payment on rental property
Logo and website design are examples of start-up costs
True:
Operating costs include payroll,
Building improvements should be calculated into start-up costs,
Logo and website design are examples of start-up costs
False:
Operating costs include your down payment on rental property,
Business insurance is a start-up cost
Place the Elements of a Sales Process in the correct order.
Handling objections
Presentation
Prospecting
Follow-up
Approach
Closing
Preparation
1. Prospecting
2. Preparation
3. Approach
4. Presentation
5. Handling Objections
6. Closing
7. Follow-up
Which is the primary characteristic of all physical and digital sales channels?
a) Branding
b) Closing sales
c) Market dominance
d) B2B
b) closing sales
A rancher is preparing to retire. He is planning to sell his land and give half to his children. He hears that a development for a ski resort was just approved on land adjacent to his property.
Which viable business opportunity does the retiring rancher foresee?
a) An increase in land value
b) A decrease in local home sales
c) A decrease in land value
d) An Increase in cattle sales
a) an increase in land value
What is your projected ending cash balance for the month?
a) ($80)
b) $4,000
c) $80
d) $500
c) $80
You have opened a for-profit adult technical school and you want to advertise it to potential students throughout your state.
Which marketing method would be most appropriate?
a)social media
b)local television ad
c) distribute flyers
d) email
b) local television ad
Which two types of Sales Channels sell primarily to other businesses?
a) wholesale
b) online
c)direct-to-consumer
d)b2b
e)retail
d) B2B
Which two are benefits of using Angel Investors to help start a business?
a) Angels do not share in the profits of the business
b) Angels often accept a lower return on investment compared to other sources of equity capital
c)Angels have no say in the management of the business
d) No need for collateral
e) Angel investors typically do not expect to be paid until the business begins making money
f) Payback of the loan is predictable
b) Angels often accept a lower return on investment compared to other sources of equity capital
e) Angel investors typically do not expect to be paid until the business begins making money
Fill the blank for each business document description.
A __________is a multi-page document describing and detailing a business.
A slide presentation for potential investors that summarizes of the key items of a business is called a __________.
A __________ is a single-page business summary template that was created by Ash Maurya.
1. Business plan
2. Pitch deck
3. lean canvas
To answer, move each Asset or Liability from the list on the left to its Category on the Balance Sheet on the right.
Equipment
Inventory
Bank loans
Mortgage payments
Long-term assets
Current assets
Current liabilities
Long-term liabilities
Sales revenue last year: $350,000
sales revenue current year: $402,500
What is the sales growth?
a) 10%
b) 15%
c) 17%
d) 13%
b) 15%
For each statement about Requirements to Obtain Funding, select True or False.
Bootstrapping requires the owner(s) of the company to provide all of the funding
Equity financing requires a business owner to give up control of the business to obtain funding
Lenders do not require owners to identify the purpose of the loan
The business owner's personal credit score does not affect their ability to qualify for a loan
True:
Bootstrapping requires the owner(s) of the company to provide all of the funding,
Equity financing requires a business owner to give up control of the business to obtain funding
False:
Lenders do not require owners to identify the purpose of the loan, The business owner's personal credit score does not affect their ability to qualify for a loan
True or false statements about trademarks, trade secrets, copyrights, and patents.
a)A patent is used to protect an original work, like music.
b) A copyright is used to protect a company logo
c) A trademark protects a brand name
d) Trade secrets are confidential information which may be sold or licensed.
True:
c) A trademark protects a brand name
d) Trade secrets are confidential information which may be sold or licensed.
False:
a)A patent is used to protect an original work, like music.
b) A copyright is used to protect a company logo
A barber charges $20 per haircut. The total cost for his business each month is $4,000, which includes a salary of $3,000 per month. The minimum amount of haircut he needs to do to cover his expenses is 200.
The barber wants to increase his salary to $4,000 per month, making his total expenses $5,000 each month. What is the minimum price he must charge for each of the 200 haircuts so he can cover this increased salary?
$15
$25
$30
$20
$25
Number of customers at start of month: 100
Number of customers at end of month: 120
number of new customers: 40
value of free dinners redeemed: $240
What was the Customer Retention Cost?
a) $12
b) $6
c) $2
d) $3
d) $3