Entrepreneur Pre-Test

How much do wholesalers and distributors generally add to the produce price as their markup?

15-20%

The business life cycle consists of how many stages?

4

which of these is not a reason that marketers create supply and demand curves? 1.) to analyze market conditions 2.) to determine ideal pricing 3.) to validate previous pricing decisions 4.) to determine opportunity costs

4.) to determine opportunity costs

Which of these is true about a products value in the marketplace? A- it varies from customer to customer B- it is the same for all customers C- it is easily determined using an equation D- it is directly related to pricing

A- it varied from customer to customer

Which of these is a potential cost of being an entrepreneur A: being your own boss B: the risk of failure C: making people's lives better D: being innovative

B: the risk of failure

Which of the following is NOT likely to occur during the maturity stage of the business life cycle? A/ companies begin leaving the market B/ business revenues and profits decline C/ customers increase spending on the product D/ manufacturers look for new ways to use the product

D/ manufacturers look for new ways to use the product

Which of describes the business practice of granting a license to another business to operate his or her individually owned business as if it were part of a chain of stores

Franchising

What type of plan helps an entrepreneur identify new opportunities and plan next steps

Growth plan

If you decide you want to have a made in the USA label on your products, what will you have to do?

Manufacture in the US with only negligible foreign countries

What is the profit equation?

Profit = total revenue - total cost

What is the only way to make money in business?

To take in more money than you spend

which sheet is a sort of snapshot of a business' assets, liabilities and net worth

balance sheet

Why are ethical issues of particular importance to entrepreneurs?

because they are powerful individuals whose actions affect entire companies and society as a whole

Which of the following might be seen as an advantage to being an entrepreneur?

being your own boss

which of the following best describes a business plan? a.) a wish list b.) a snapshot c.) a blueprint d.) a roadmap

d.) a roadmap

Which of the following is NOT true about entrepreneurial talents? a.) they can be learned b.) they can be used to fill needs c.) they can be improved with practice d.) they apply only to business

d.) they apply only to business

what does sourcing the plan mean?

finding funds for a business plan

Which are the basic steps (in order) to becoming an entrepreneur

identify a problem, brainstorm solutions, evaluate options, plan for development

Which of the following best describes an intrapreneur

someone who develops ideas or meets needs within an existing organization

An entrepreneur is someone who

starts his or her own business to develop an idea or meet a need