Business and entrepreneur test
How are two ways that fulfillment centers differ from direct distribution
- Warehousing is a primary role - fulfillment centers pack and ship for a manufacturer
What what are three things you must do to create establish your product quality control process?
- review the results of internal quality assurance testing - determine what standards have to be met based on the product and industry -established a method to use for testing product quality
What are three things you will need to consider regarding the mass delivery of your service?
-Finding a source of materials to support your service. -Training employees with the knowledge to consistently deliver the service. -Create an effective demonstration of your service.
A bakery has developed a new artisan bread. What are two criteria the bakery can use to determine the quality of their new product?
-Measure sales if the new bread after customers have sampled it. -Observe customer reactions while they taste the product.
Which three factors are used to evaluate fair use copyright
-Purpose if your use. -Effect of your use on the potential market of the work copied. -Amount of the work copied.
Characteristic of a pitch deck
-Used to get investors attention -10-20 slides -highly visual
Prospecting
1
Preparation
2
Approach
3
Presentation
4
Handling objections
5
Closing
6
Follow up
7
Pitch deck
A slide presentation for potential investors that summarizes of the key items of a business.
You need to create a legal structure for your small business. You have plans for it to grow and hope in the future to sell shares to the public. Your startup partners are citizens of Mexico and Japan. You do not want to be personally responsible for business liabilities.
C-corp
Which tool is most useful in helping Customer Service support sales strategies?
CRM
What is the primary characteristic of all physical and digital sales channels?
Closing sales
What is the primary benefit of starting a new business without purchasing a franchise or buying an existing business?
Developing your own rules
Long-term Asset
Equipment
True or false - business insurance is a start up cost
False
True or false - operating costs include your down payment on rental property
False
True or false - product price has no effect on the length of a distribution channel
False
True or false - the geographic location of customers does not require different distribution channels
False
True or false- A copyright is used to protect a company logo
False
True or false- A patent is used to protect an original work like music.
False
True or false- Opportunities identified in a SWOT Analysis are not meant to be actionable.
False
survival of the fittest
Focus shifts to revenue, expenses, and growth. Cash flow is a major issue.
Which is a variable cost?
Hourly wages
You have an idea for a new service. Market research suggests the service is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before offering a new service?
Identify knowledge required.
What is an example of primary data?
Information collected from a poll of your company Facebook followers.
Current asset
Inventory
Business plan
Is a multi-page document describing and detailing a business.
Lean canvas
Single-page business summary template that was created by Ash Maurya
True or False- A fit exists when people need your product rather than just seeing a potential benefit of using it.
True
True or false- A trademark protects a brand name.
True
True or false- Equity financing requires a business owner to give up control of the business to obtain funding
True
True or false- Technical and complex products are best sword through direct distribution
True
True or false- Trade Secrets are confidential information which may be sold or licensed.
True
True or false- When users love your product so much they tell other people to use it, you have product/ market fit.
True
Bank loans
current liability
mortgage payment
long term liability
