Business and entrepreneur test

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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


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