Venture Study Guide Lessons 1-4
What are federal taxes?
Federal taxes are payments you make the the US federal government.
Which of the following statements about federal taxes is TRUE?
Federal taxes are payments you make the the US federal government.
Which of these is NOT part of a consumer profile?
Polygraphics
What is the main difference between a personal characteristic and a skill?
Skills can be learned and developed while personal characteristics are inherent qualities within.
George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
Start promoting their shoe store to people in the neighborhood.
Which of the following statements about startup capital is FALSE?
Startup capital is the money spend in order to create a balanced budget for your personal finances.
Which of the following statements is TRUE about startup capital?
Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.
When creating a personal budget, it is important to consider things you _____, _______ things you ______.
need; before; want
What happens if you spend money on things you want before things you need?
You limit your ability to save for for high-priced items, like higher education.
Which of the following is NOT a true statement about business plans?
They should never be revised.
Based on the diagram, has Pete's business broken even (meaning, covered its fixed expenses and become profitable)?
Yes
Pete wants to write a business plan for Pete's PB&J Cupcake Cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake for a Economics of One Unit. What is the most accurate way of determining his expenses?
Go through the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient.
Which of the following is an example of a tax you must pay?
Social security
While being an entrepreneur can be the right career choice for many, some may not feel that starting a business is for them. What is the best reason to study entrepreneurship?
Thinking like an entrepreneur can make you a better student and employee, no matter what your job is.
Why is it important to conduct market research on your target audience before building your marketing plan?
You need to consider who your potential customers are before deciding on marketing strategies.
In a balanced budget, the amount you ______ is ______ the amount you earn.
spend; equal to
What is income?
Income is money you earn, usually from working at a job.
Regina is looking to start a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.
"Don't spend money on unnecessary items" ...she should move this from Demographics to Buying Patterns.
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Aggressiveness & Intensity
What is the definition of an entrepreneur?
An entrepreneur is someone who creates, owns and potentially runs a business
Which of the following is NOT true about an entrepreneur?
An entrepreneur's salary is evaluated based on his ability to complete the tasks assigned to him.
What is a variable expense?
An expense that is different from month to month.
Which of the following is a variable expense?
Groceries
Typically, how do people earn income?
Most people earn income by working at a job.
Regina is creating her competitive analysis. She understands why it's important to know her direct competitors, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?
Yes. Indirect competition is important to understand, since the different product fulfills the same customer need.
Which of the following is an advantage of starting your own business?
You have control over where and when you work.
Which of the following is an example of a tax?
Medicare
Which of the following budgets would be considered balanced?
A budget where the amount you spend is equal or less than the amount you earn.
Which of the following is probably NOT an important point to include in a business pitch?
A detailed description of the meaning behind the company's name.
Which of the following would NOT be considered a want?
A warm winter coat
Which of the following would be an example of a NEED?
A warm winter coat
An example of an asset is:
All of the above
George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?
All of the above
Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?
All of the above
Which of the following is a fixed expense for Maria's sandwich food truck?
All of the above
Your friend is developing a marketing plan for her new business. What should she put in this plan?
All of the above
Which of the following statements about take home pay is FALSE?
All of the above.
Which of the following items are typically included in a balanced budget?
All of these items are included in a balanced budget.
Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?
Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.
Which one of these is NOT considered a skill?
Determination Skills
What role do entrepreneurs play in economics?
Entrepreneurs create the businesses that produce products and services that meet the wants and needs of consumers.
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Judge Each Idea as Realistic or Not
Which of the following is a start-up expense for Maria's food truck?
Kitchen appliances and other equipment needed to conduct her business
What are the four parts of a SWOT Analysis?
Strengths, Weaknesses, Opportunities, Threats
Which of the following statements about take home pay is TRUE?
Take home pay is amount left over from your monthly paycheck after deductions.
What are taxes?
Taxes are mandatory payments you make to state and local governments.
What is take home pay?
The amount left over from your monthly paycheck after deductions.
Which of the following statement is TRUE about variable expenses?
The amount you spend on variable expenses changes from month to month.
What is the main purpose of developing a business pitch?
To briefly share the most important information about your business to people in an engaging way.
When is a budget considered to be balanced?
When the amount you spend is equal or less than the amount you earn.
What is Medicare?
Medicare is federal health insurance for people over age 65.
Which of the following is NOT a fixed expense?
Movie tickets
Which of the following is NOT one of the four steps to preparing a sales forecast?
Select an organizational structure for your company.
What is a fixed expense?
An expense that typically does not change month to month.
Which of the following is TRUE about income?
Income is money you earn, usually from working at a job.
Which of the following would be an example of a WANT?
Movie tickets
Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?
Immediately finding a storefront property for her business, putting down a deposit, and signing a lease.
Which of the following is a fixed expense?
Rental payments
What is one way to begin saving startup capital?
Set aside a portion of your income each month.
Which statement is the best description of a Value Proposition?
The features and benefits that make the product or business unique.
