Cert

A hair salon acquired 100 new customers last year. costs in the marketing and sales area were the following •marketing costs = $1000 •sales calls = $10,000 •salaries = $96,000 what was the customer acquisition cost?

$110

A barber charges $20.00 per haircut. The total cost for running his home-based business is $4,000.00 per month, which includes his salary of $3,000 per month. The minimum number of haircuts he must do to cover all of these expenses and his salary is 200 per month.

$25

A local restaurant prides itself in having a high number of return customers. To build loyalty the owner of the restaurant offers a free Prime Rib dinner Number of Customers at start of month = 10 Number of Customers at end of month = 120 Number of new Customers = 40 Value of Free Dinners Redeemed = $240

$3

You have a handyman services business. You have the following financial information for the month. - Initial cash balance: $1,500 - Projected revenue based on existing clients: $2,500 - Gas: $100 - Equipment maintenance fees: $300 - Truck payment: $400 - Payroll: $3,000 - Insurance: $120 What is your projected ending cash balance for the month?

$80

Which three components are characteristic of a Pitch Deck

- Used to Get Investors Attention - 10-20 Slides - Highly Visual

Match each element of the design thinking process to its corresponding description.

1. Empathize 2. Define 3. Ideate 4. Prototype 5. Test

Place the stages of the business life cycle in the correct order

1. Existence 2. Survival of the Fittest 3. Success 4. Take-off 5. Maturity

Place the Elements of a Sales Process in the correct order.

1. Prospecting 2. Preparation 3. Approach 4. Presentation 5. Handling Objections 6. Closing 7. Follow-up

Which are two characteristics of direct distribution that differ from fulfillment centers

1. The manufacturer controls all aspects of distribution 2. Direct distribution is also known as a zero level channel

A nail salon pays $2500 in rent per month and each nail technicians get paid $20 per client visit. Supplies cost $500 per month, how much does the salon have to mark up each visit, percentage wise, for to break even at the end of the month

100%

The owner of an organic pet food store would like to analyze the sales data to determine if the business is growing, declining, or remaining flat. Sales Revenue Last Year = $350,000 Sales Revenue Current Year = $402,500 The owner has the following data. What is the sales growth percentage?

15%

You recently started a small affiliate marketing service. Last month you spent $1000 on pay per click (PPC) online advertising campaign that resulted in $1200 in sales

20%

Complete the sentence about business documents by selecting the correct option from each dropdown list

A BUSINESS PLAN is a multi page document describing and detailing a business A slide presentation for potential investors that summarizes of the key items of a business is called a PITCH DECK A LEAN CANVAS is a single page business summary template that was created by Ash Maurya

Which business scenario fits the definition of a small business according to the SBA

A fast food restaurant that is independently owned and operated

Match each income statement and balance sheet term to its role in their respective statements

Account Receivable: The amount of money customers owe to a business and services sold Revenue: The amount of gross sales from goods and services Accounts Payable: The amount if money a business owes to vendors Expenses: The costs a business has to maintain operations and sell goods and services

Which two are benefits of using Angel investors to help start a business?

Angels often accept a lower return on investment compared to other sources of equity capital. Angel investors typically do not expect to be paid until the business begins making money

What should this entrepreneur do FIRST before offering to design and build water features as part of his landscaping business?

Ask the customers in the area if they are interested in adding a water feature to their gardens.

Which two costs should be included when calculating start-up costs for a business

Business cards, Permits licenses and incorporation fees

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. Which legal structure should you set up for your business

C-Corporation

Match each business management role to its corresponding description. To answer, move each role from the list on the left to its description on the right.

COO: Oversees the day-to-day administrative functions of a business; second in command. CTO: Manages the technological requirements of a company CFO: Creates budgets, analyzes financial data, and forecasts company profits. CEO: The highest-ranking employee in the company; reports to the board of directors.

Which tool is most useful in helping Customer Service support sales strategies

CRM

Which of these are characteristics of a successful entrepreneur mindset?

Can tolerate risk, Resilient

Which is the primary characteristic of all physical and digital sales channels

Closing sales

Successful entrepreneurs have mindsets that typically possess which three characteristics (Choose three)

Collaboration, creativity, self-reliance

A computer training business needs to hire a consultant for a project to revamp the training courseware. Once the courseware revamped, the consultant's services are complete. Which business compensation structure will pay the consultant and lead to the smallest payroll tax liability for the business

Contract

You run a small lawncare service and are deciding whether to build your own website or have a website design company build the site. What type of analysis is needed to make the best decision possible

Creating an effective demonstration of your service for potential customers Training employees with the knowledge to consistently deliver the services Buy or build

A cooking company wants to identify a target market for a new, AI-enabled toaster oven. Which types of behaviors are analyzed when defining a target market

Demographic, Geographic

What is a primary benefit of starting a new business without purchasing a franchise or buying an existing business

Developing your own rules

You own a mobile Taco Truck. You have a short list of competitors. Classify the following competition as either Direct Competition or Indirect Competition.

Direct Competition: - A local Taco Bell franchise - Walk-up Mexican Food stand Indirect Competition: - A local Burger King franchise - Mobile Fish and Chips Truck

Which Sales Channel has been opened to manufacturers because of digital tools?

Direct-to-Consumer

Match each Pricing Strategy to its corresponding description. To answer, move each strategy from the list on the left to its description on the right.

Economy Pricing: Prices that targeting customers looking to save as much money as possible Bundle Pricing: Pair several products together and selling them for less money than each would be individually Market Penetration: Setting prices low until after a reliable customer base is established, then raising prices Price Skimming: Setting high prices when a product is introduced and then gradually lowering the price Premium Pricing: High quality products marketed to high-income individuals

You downloaded several of your favorite songs and used them in an ad to promote your product on social media sites. The ad was rejected because of the songs you chose. Which three ate factors used to evaluate Fair Use copyright?

Effects of your use on the potential market of the work copied Amount of work copied Purpose of your use

Which element of a marketing plan provides a synopsis of details to be outlined later in the plan?

Executive Summary/Business Description

You are weighing possible risk in becoming an entrepreneur. Which situation is a risk of being an entrepreneur

Financial instability

Which two marketing platforms are offline marketing platforms

Flyers and Pamphlets, TV ads

Which are two characteristics of fulfillment centers that differ from direct distribution

Fulfillment centers pack and ship for a manufacturer Warehousing is a primary role

Which expense is a variable cost

Hourly wages for an office employee

You have an idea for a new product. market research suggests the product is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before creating a product prototype?

Identify materials

A startup business is looking for ways to get funded. Which type of funding funds a business through private investments during a set period of time

Incubator

In the context of interpreting market research, which of the following is an example of Primary Data?

Interviews with SMEs

Which two documents summarize the business plan of a company

Lean canvas and pitch deck

You have opened a for-profit adult technical school and you want to advertise it to potential students throughout your state. Which marketing method would be most appropriate?

Local Television Ad

a bakery has developed a new artisan bread. the staff are giving away taste samples to customers as they enter the store. what are two criteria the bakery can use to determine the quality of their new product?

Measure sales of the new bread after customers have sampled it. Observe customer reactions while they taste the product.

Classify each of the following businesses as either Physical or Digital

Physical: - Bakery in your community - Hair salon that makes appointments online Digital: - Online store that dropships camping gear - Bookstore on Amazon that sells eBooks

Match each aspect of business life cycle to its corresponding description. To answer, move each stage from the list on the left to its description on the right

Pivot: Change part of a business model Persevere: Make attempts to scale a business Exit strategy: Turn a business over to a family member

In the context if interpreting market research, classify the following data as either Primary or Secondary

Primary: a marketing survey you posted on Facebook, Information collected from your company focus group Secondary: facts you collected from professional journal articles, Demographic data you obtained from the government

A company releasing a new software is constructing its marketing mix. Which of these elements comprise the marketing mix

Product Price Place Promotion

For each element of a product/market fit hypothesis, identify whether the element applies to the market or to the product

Product: Value proposition Market: Identify undeserved customer needs, Determining target customers

Match each Type of Sales Channel to its corresponding description

Retail: Selling products directly to end customers for a profit, either in-store, online, mail-order, or by phone. Wholesale: Selling products in bulk to various outlets or retailers for onward sale. Direct-to-Consumer: When a brand or manufacturer sells direct to consumers and the end users of their products, as opposed to selling them solely through retailers. B2B: Businesses that sell to other businesses who are the intended end user of the product.

Create legal structure for small business

S-Corporation

A new product tester at a company reads that all testing must be done in adherence with OSHA regulations? Which two aspects of business operations fall under OSHA?

Safety requirements Government regulations

Which is one of the greatest benefits of being an entrepreneur

Schedule control

Which three characteristics help identify a business opportunity?

Service Price Quality

Which statement defines entrepreneurship?

Setting up a business with the aim to make a profit.

Your company manufactures 72 hr. emergency kits and sells them for a low profit margin. You want to expand your customer base to increase your sales volume, but you have a limited budget. What marketing method would be the best choice?

Social Media

Which three marketing platforms are online marketing platforms?

Social media, Google ads, Email

Which three elements are required to have a Trade Secret

Subject to reasonable efforts to maintain its secrecy Others cannot legitimately obtain the information Information has economic value not generally known

For each statement about the Selection of Distribution Channels select true or false

TRUE Product price affects the length of a distribution Channel Perishable products require more direct distribution FALSE Products that are bulky, large in size, and technically complicated are usually sold through multiple handlers before reaching the end customer

For each statement about SWOT Analysis, select True or False

True: - Threats identified in a SWOT Analysis are the most difficult element to mitigate. - Acting on weaknesses identified in a SWOT Analysis can be challenging but often necessary to grow business. False: - Opportunities identified in a SWOT Analysis are not meant to be actionable. - Strengths identified in a SWOT Analysis are new actions a business should implement.

For each statement about trademarks, trade secrets, copyrights, and patents, select true or false

True: - Trade Secrets are confidential information which may be sold or licensed. - A Trademark protects a brand name. False: - A Copyright is used to protect a company logo. - A Patent is used to protect an original work, like music.

For each statement about Product Quality Control Testing select true or false

True: • refined quality measures as needed to increase the level of satisfaction with your product • establish the method to use for testing product quality • determine what standards have to be met based on the product and industry False: • review the results of a competitors quality assurance testing • establish testing after starting sales on the product

For each statement about the Design Thinking Process select true or false

True: - Assumptions are challenged and ideas are created in the Ideate phase. - In the Evolve process, the goal is to take the test results and work toward building an actual project False: - The Empathize phase tests solutions to users' problems. - An MVP is the most valuable person on a project

For each statement about Start up Costs and Operating Costs select true or false

True: - Logo and website design are examples of start-up costs. - Operating costs include payroll. - Building improvements should be calculated into start-up costs. False: - Business insurance is a start-up cost. - Operating costs include your down payment on rental property.

For each statement about requirements for Equity vs Debt Financing select true or false

True: Creditors look favorably upon a relatively low debt-to-equity ratio, which benefits the company if it needs to access additional debt financing in the future, Debt financing requires selling a portion of the company, The main advantage of equity financing is that there is no obligation to repay the money acquired through it False: Equity financing places a large burden on the company

For each statement about the components of business plans and pitch decks select true or false

True: The goal of a business plan is to get investors' to buy-in, a pitch deck is a visual slide presentation, Business plans are text-based documents False: Business Plans are highly visual, a typical pitch deck has between 20-100 slides

You create a new type of electric shaver that is lightweight, portable, and holds a longer charge. You want to value engineering to improve the shaver. Which action is an example of value engineering

Using cheaper materials for the cover without affecting overall quality

Which two types of Sales Channels sell primarily to other businesses

Wholesale & B2B

A DJ wants to analyze market reactions to the new music selections played at his dance last weekend. he advertises his weekly dances using social media an email. which would be the most effective way to gather reactions from those who attended the dance?

surveys

A toy company wants to create a product/market fit hypothesis for a new toy. Which element of the hypothesis involves writing a statement explaining what the new toy does and how it is different from the competition

value proposition

Which two ways can customer service and support affect sales?

• more sales through customer evangelists • increased sales to responsiveness and personalization