Everfi Marketing Unit Study Guide

An example of an asset is:

Time, Money , A Car All of the above!

When is a budget considered to be balanced?

When 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. A detailed description of the meaning behind the company's name.

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?

A. Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want.

Suzanne 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?

A. Immediately finding a storefront property for her business, putting down a deposit, and signing a lease.

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.

Which of the following is NOT one of the four steps to preparing a sales forecast?

B. Select an organizational structure for your company.

Why is it important to conduct market research on your target audience before building your marketing plan?

B. You need to consider who your potential customers are before deciding on marketing strategies.

Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?

C. Judge Each Idea as Realistic or Not

What are the four parts of a SWOT Analysis?

C. Strengths, Weaknesses, Opportunities, Threats

Which statement is the best description of a Value Proposition?

C. The features and benefits that make the product or business unique.

What is the main purpose of developing a business pitch?

C. To briefly share the most important information about your business to people in an engaging way.

Your friend is developing a marketing plan for her new business. What should she put in this plan?

D. All of the above

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.

What are the 4 P's of marketing?

Product,Price,Place, and Promotion

What are federal taxes?

Federal taxes are payments you make the the US federal government.

What is income?

Income is money you earn, usually from working at a job.

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.

Which of the following is an example of a tax you must pay?

Social security

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.