GMetrix ESB: Production & Distribution Training Mode

You are examining the year-end balance sheet for your business. According to the information in the Balance Sheet, what is your equity in the business? Balance Sheet for year ending December 31 Assets Cash: $10,000 Inventory: $2,000 Equipment: $5,000 Total Assets: $17,000 Liabilities Credit card balance: $2,500 Long-term debt: $0 Unearned revenues: $3,500 Total Liabilities: $6,000 $10,000 $7,000 $11,000 $17,000

$11,000

A hair salon acquired 100 new customers last year.Costs in the marketing and sales areas were the following:• Marketing costs = $1,000• Sales costs = $10,000• Salaries = $96,000What was the customer acquisition cost? o o o o $11,000 $110 $1,070 $107,000

$110

A nail salon pays $2500 in rent per month and each nail technicians get paid $20 per client visit. Supplies cost $500 per month. At 150 client visits 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. o o o o 200% 25% 50% 100%

100%

You recently started a small affiliate marketing service. Last month, you spent $1,000 on a Pay-Per-Click (PPC) online advertising campaign that resulted in $1,200 in sales.What was last month's Return on Investment (ROI) for your affiliate marketing service? o o o o .2% 120% 20% 80%

20%

The owner of a landscaping business has noticed that none of his competitors are including ponds or other water features in the gardens they create. The landscaper wants to determine the viability of this business opportunity. What should this entrepreneur do FIRST before offering to design and build water features as part of his landscaping business? o o o o Contact the water department to see if they can support the extra demand for water. Ask the customers in the area if they are interested in adding a water feature to their gardens. Determine if there is a supply chain available. Perform a financial audit to determine if there is enough money available to add the new service.

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

You've been asked to classify several businesses as either B2B or B2C. For each business, select B2B or B2C. Note: You will receive partial credit for each correct answer.

B2B Wholesale flooring distributor Purchases requiring a tax exemption certificate B2C Chain of local grocery stores Motorcycle repair shop

You need a photograph to use in a commercial presentation. You decide to use a photo with a Creative Commons license and implement the intellectual property guidelines for reusing the author's work. Match each Creative Commons license type to its useage guideline. To answer, drag each Creative Commons type from the column on the left to its description on the right. Note: You will receive partial credit for each correct answer.

CC: Identifies it is a Creative Commons license BY: Credit must be given to the creator SA: Adaptations must be shared under the same terms NC: Only noncommercial uses of the work are permitted ND: No derivatives or adaptations of the work are permitted

Successful entrepreneurs have mindsets that typically possess which three characteristics? (Choose three) o o o o Nervous Collaboration Creativity Status quo Self-reliance

Collaboration Creativity Self-reliance

You are a technical trainer. You teach online courses to help workers more efficiently use Microsoft Office applications. What is an effective way to measure your teaching performance during an online course? o o o o Form a focus group Conduct onscreen pop-up quizzes Ask the sales team if demand increased Email an evaluation a week after the course

Conduct onscreen pop-up quizzes

You create a new type of electric shaver that is light-weight, portable, and holds a longer charge.What are three things you will need to consider regarding the mass production of your electric shaver? (Choose three) Note: You will receive partial credit for each correct answer. o o o o Creating your prototype to demonstrate the product's function to potential customers. Establishing quality control measures and accountability. Finding a manufacturer. Sourcing materials needed for the components of the products. Setting up your test marketing strategy. Developing the product website and social media compaign.

Creating your prototype to demonstrate the product's function to potential customers. Finding a manufacturer. Sourcing materials needed for the components of the products.

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? (Choose two) o o o o Marketing Demographic Geographic Organizational

Demographic Geographic

Which Sales Channel has been opened to manufacturers because of digital tools? o o o o B2B Direct-to-Consumer Wholesale Distribution

Direct-to-Consumer

Match each Element of the Design Thinking Process to its corresponding description. To answer, move each element from the list on the left to its description on the right. Note: You will receive partial credit for each correct answer. o o o o

Empathize: Research your users' needs Define: State Your Users' Needs and Problems Ideate: Challenge Assumptions and Create Ideas Prototype: Create Solutions Test: Try Your Solutions

Which element of a marketing plan provides a synopsis of details to be outlined later in the plan? o o o o Executive Summary/Business Description Marketing Mix Situation Analysis Delivery Plan

Executive Summary/Business Description

For each role and responsibility for a business, categorize the role or responsibility as belonging to either a founder or a stakeholder. o o o o

Founder Starts a company around an idea The main driver for a vision of a startup Stakeholder Part of company activities, including decision-making Can include both customers and employees

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? o o o o Identify materials Create a social media following Pre-sale the product for funding Launch a marketing campaign

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? o o o o Incubator Shark Bootstrapping Accelerator

Incubator

A photographer wants to do a SWOT Analysis with the characteristics identified. Setup a SWOT analysis with the characteristics provided about this business by matching the company characteristic with the appropriate SWOT element. To answer, drag the company characteristic from the column on the left to the corresponding SWOT element on the right.

Large gallery of stock photos: Strengths Working alone, no skilled help: Weaknesses Increase in weddings expected as COVID restrictions ease: Opportunities COVID pandemic restrictions disallow large family gatherings: Threats

Which two documents summarize the business plan of a company? (Choose two) o o o o Marketing Plan Balance Sheet Lean Canvas Pitch Deck

Lean Canvas Pitch Deck

Which two ways can Customer Service and Support affect sales? (Choose two) o o o o More Sales through Customer Evangelists Coordinating shipping Increased Sales through Responsiveness and Personalization Closing the deal with rapid engagement Distributing marketing information

More Sales through Customer Evangelists Increased Sales through Responsiveness and Personalization

Which two costs should be included when calculating start-up costs for a business? (Choose two) o o o o Payroll Rent Utilities Permits, licenses, and incorporation fees Business cards

Permits, licenses, and incorporation fees Business cards

Complete each statement about business compensation structure by selecting the correct option from each drop-down list. Note: You will receive partial credit for each correct selection. o o o o An example of ________ compensation is paying field laborers for the amount of fruit they pick. Choose One... Piece Work Salary Commision Hourly A ________ employee receives a set amount of pay each month without overtime compensation for extra hours worked. Choose One... Piece Work Salary Commission Hourly Employees most affected by minimum wage laws are compensated ________. Choose One... Piece Work Salary Commission Hourly An employee who is paid a percentage of a sale is paid by ________. Choose One... Piece Work Salary Commission Hourly

Piece Work Salary Hourly Commision

In the context of interpreting market research, classify the following data as either Primary or Secondary. Note: You will receive partial credit for each correct answer.

Primary A marketing survey you posted on Facebook. Information collected from your company focus group. Secondary Demographic data you obtained from the government. Facts you collected from professional journal articles.

Match each Type of Sales Channel to its corresponding description. To answer, move each type from the list on the left to its description on the right. Note: You will receive partial credit for each correct answer.

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 to them solely through retailers. B2B: Businesses that sell to other businesses who are the intended end user of the product.

You need to create a legal structure for your small business. You would like some of the benefits enjoyed by large corporations, but do not want to be taxed twice. You have four partners who will be shareholders. None of you plan to sell your ownership shares to the public, but do want to be protected from business liabilities. Which legal structure should you set up for your business? o o o o Sole Proprietorship C-Corporation Limited Liability Company S-Corporation

S-Corporation

Which is one of the greatest benefits of being an entrepreneur? o o o o Schedule control Quick return on investment Meeting new people Paying less taxes

Schedule control

Which three characteristics help identify a business opportunity? (Choose three) o o o o Marketing Branding Service Price Size Quality

Service Price Quality

Which statement defines entrepreneurship? o o o o Marketing and selling products. Setting up a business with the aim to make a profit. Acquiring leadership and managerial skills. Quickly advancing in positions within a corporation.

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? o o o o Distribute Flyers Social Media Email Local Television Ad

Social Media

Place the stages of the business life cycle in the correct order. Move all of the stages to the answer area and place them in the correct order. Note: You will receive partial credit for each correct answer.

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

Which three elements are required to have a Trade Secret? (Choose three) o o o o Subject to reasonable efforts to maintain its secrecy Others cannot legitimately obtain the information A unique logo or brand names Information has economic value not generally known Original work must be in a tangible form Must be a service

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

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 and email.Which would be the most effective way to gather reactions from those who attended the dance? o o o o Personal Interviews Surveys Observation Focus Groups

Surveys

Which two marketing platforms are offline marketing platforms? (Choose two) o o o o Social Media TV ads Email Google ads Flyers and Pamphlets

TV ads Flyers and Pamphlets

Which are two characteristics of direct distribution that differ from fulfillment centers? (Choose two) o o o o The manufacturer controls all aspects of distribution. Warehousing is outsourced. Inventory is stored for longer periods of time. Direct distribution is also known as a zero level channel. Packing and shipping is done by a third-party.

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

For each statement about the components of Business Plans and Pitch Decks, select True or False.

True Business Plans are text-based documents The goal of a Pitch Deck is to get investors' attention The goal of a Business Plan is to get investors' buy-in A Pitch Deck is a visual slide presentation False A typical Pitch Deck has between 20-100 slides Business Plans are highly visual

For each statement about requirements for Equity vs Debt Financing, select True or False. Note: You will receive partial credit for each correct selection.

True Debt financing requires borrowing money whereas equity 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. 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. False Equity financing places a large financial burden on the company

For each statement about Direct Competition and Indirect Competition, select True or False. Note: You will receive partial credit for each correct selection.

True Direct Competition is a company that offers the same thing you offer. Indirect Competition is a business whose services are different from yours but satisfy the same need. False All companies that sell goods and services are Indirect Competitors. A business is not affected by knowing the strengths and weaknesses of competitors.

For each statement about the Selection of Distribution Channels, select True or False. Note: You will receive partial credit for each correct selection

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 the Sales Process, select True or False.

True Prospecting is usually the first step in the Sales Process. Determining if the potential customer can afford your product is part of Prospecting. Handling Objections involves listening to the potential customer's concerns and addressing them. False Closing the deal is the last and final element in the Sales Process. Presentation is best done with a PowerPoint slide deck that is the same for each presentation.

For each statement about Product Quality Control Testing, select True or False.

True Refine 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. Don't spend money on Product Quality Control Testing unless more than 10% of customers complain.

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? o o o o Identify underserved customer needs Value proposition UX Determine the target customer

Value proposition

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You operate a small insurance office with a partner.Which expense is a fixed cost? o o o o Cost of paper supplies. Property lease for the office Water bill for an office Paycheck for an hourly administrative assistant.

property lease for the office