Types of Business
You're in the market
All about business
True or False
Multiple choice
100

Entrepreneurship


Process of running a business of one’s own


100

marketing concept 


Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service.

100

business plan 


A written document that describes all the steps necessary for opening and operating a successful business.

100

 Entrepreneurs must realize there are other stake holders to make their business successful. 

True 

100

Which of the following is a retailing business?

  • auto repair shop 

  • grocery store 

  • gold mine

  • (d) farm 

Grocery store 

200

corporation

A business that has the legal rights of a person but is independent of its owners.

200

marketing plan 


Defines the market, identifies customers and competitors, outlines a strategy for attracting and keeping customers, and anticipates change.

200

Demand

 The quantity of a good or service that consumers are willing to buy at a given price.

200

 When starting up a business, it is not important to look at who your competitors are. 

False 

200

Which of the following is not a purpose of a business plan? 

to describe the backgrounds and experience of your suppliers 

to explain the idea behind your business 

to explain how you expect to achieve specific objectives 

to describe the backgrounds and experience of your suppliers 

300

sole proprietorship 



 A business is owned exclusively by one person.


300

 marketing mix


Blending of the product, price, distribution, and promotion used to reach a target market.

300

Profit


 Difference between the revenues earned by a business and the costs of operating the business.


300

Business Plans explains the idea behind your business and spells out how your product or service will be produced and sold

True

300

Your business plan should have a cover sheet that includes ________________. 

a statement of the amounts of capital you need 

the name, address, and phone number of the company 

a listing of the contents of the business plan 

(a brief description of the business      

the name, address, and phone number of the company 

400

partnership


 A business owned by two or more people.


400

market research 


A system for collecting, recording, and analyzing information about customers, products, services, and customers.

400

opportunity costs 



 Value of the next-best alternative.


400

 The Financial Management lets you identify any risk your business may face and how you plan to deal with it.  

True

400

Your executive summary should ________________. 

include your projections for sales, costs, and profits 

state the amount of money you want to borrow 

be written after the business plan is completed 

state how to advertise your business

 

be written after the business plan is completed 

500

S corp 

a special type of corporation that is designed to avoid the double taxation drawback of regular c corp 

500

target market 


Individuals or companies that are interested in a product or services and are willing to pay for it.

500

needs


 Things that a person must have in order to survive.


500

Goals do not help you stay on task and follow through with your plans

False

500

Documents that might appear in the appendix are ____________. 

pro forma financial statements 

future expansion plans 

resume, advertisements, and business Cards

magazine articles 

resume, advertisements, and business Cards