chapter 5 business
which of the following is a variable expense? student loan payment, rental payment, health insurance, groceries
Groceries
what are taxes?
mandatory payments to the state and local gov
which of the following is NOT a true statement about business plan? should never be revised, help lower the risk of starting a new business, created before starting a business, should include an overview of your business goals and how you think you are going to achieve them
should never be revised
which of the following is a tax you must pay? bounced checks, late fee, rental payment, social security
social security
which of the following is an example of a need? new pair of headphones, designer shoes, warm winter coat, candy
warm winter coat
what is NOT part of a consumer profile? demographics, polygraphs, psychographics, buying patterns
polygraphics
which of the following is a fixed expense? clothing purchase, groceries, rental payment, movie ticket
rental payment
which of the following is an example of a tax? line of credit, rental payment, cash payment, medicare
Medicare
which of the following is NOT necessarily a characteristic of successful entrepreneur? creativity&collaboration, comfort&risk, aggressiveness&intensity, initiative&self direction
aggressiveness&intensity
which of the following is a fixed expense for Maria's sandwich food truck? salaries for employees, truck insurance, advertising, all
all
which of these is NOT considered a skill? people skill, determination skills, business skills, communication skills
determination
which of the following is not true about an entrepreneur? gets to act like a boss, salary is evaluated based on his ability to complete tasks assigned to him, ownership in the bus, responsible for the success their business
entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.
which of the following is a start up expense for Maria's food truck? kitchen appliances and other equipment needed to conduct her business, cellphone bill, gas, all
kitchen appliances and other equipment needed to conduct her business
what is income
money you earn from working a job
which of the following is not a fixed expense? movie ticket, rental payment, internet service, cell phone bill
movie ticket
which of the following is not a fixed expense? rental payment, internet service, cell phone bill, movie ticket
movie ticket
difference between a personal characteristic and a skill? personal characteristic become skills overtime, many people are born with business skills but you can't be born with characteristics, learn personal characteristics but its not possible to learn a skill, skills can be learned and developed while personal characteristics are inherent qualities within
skills can be learned and developed while personal characteristics are inherent qualities within
define entrepreneur
someone who creates, owns and potentially runs a business
When is a budget balanced? when the amount you earn is equal or less than the amount you spend, amount you spend is greater than the amount you earn, amount you save is less than the amount you earn, amount you spend is equal or less than the amount you earn
when the amount you spend is equal or less than the amount you earn
are indirect competitors important to know about? no they sell different products, no only to understand if things change and become direct competition, yes its important to understand since the different product fulfill the same customers need, yes its important bc indirect competitions compete in areas other than money such as hiring
yes its important to understand since the different product fulfill the same customers need
which of the following is an advantage of starting your own business? you can have control over where and when u work, as long as you make a business plan you will know what obstacles to expect, you are in charge of the decision making so there is little to no risks, during the start up phase you do not have to think about
you can have control over where and when u work
