Everfi: Venture Study Guide
What is the main purpose of developing a business pitch?
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?
Where she wants to sell her product, the price of her product, and a description of the people in her target market
Which of the following is probably NOT an important point to include in a business pitch?
A detailed description of the meaning behind the company's name
Groceries are considered
A variable expense
Salaries for her employees, truck insurance, and advertising are
ALL fixed expenses for Maria's sandwich food truck
A warm winter coat is an example of a
Need
When creating a personal budget, it is important to consider things you ____, ______ things you ____.
Need, before, want
Federal taxes
Payments you make to the US federal government
Which of the following is an advantage of starting your own business?
You have control over where and when you work
Fixed expense
An expense that typically does not change month to month
What is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Judge each idea as realistic or not
A start-up expense for Maria's food truck is
Kitchen appliances and other equipment needed to conduct her business
Taxes
Mandatory payments you make to state and local governments
An example of a tax is
Medicare
Income is
Money you earn, usually from working a job
Determination is
NOT considered a skill
Start promoting one's store to people in the neighborhood is
NOT part of the market research process
_____ can be learned and developed while _______ _______________ are inherent qualities within.
Skills, personal characteristics
An example of a tax you must pay is
Social security
In a balanced budget, the amount you _____ is _____ __ the amount you earn.
Spend, equal to
Which of the following statements is TRUE about startup capital?
Startup capital is the money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running.
What are the four parts of a SWOT Analysis?
Strengths, Weaknesses, Opportunities, Threats
The following items are typically included in a balanced budget
The amount you earn in income; The amount you pay in taxes; The amount to put away in savings
Which of the following is NOT a true statement about business plans?
They should never be revised
Movie tickets are an example of a
Want
When is a budget considered to be balanced?
When the amount you spend is equal or less than the amount you earn
Polygraphics
is NOT part of a consumer profile
Immediately finding a storefront property for her business, putting down a deposit, and signing a lease
would NOT be a good early step in opening a business
What kind of research should one do to effectively evaluate their potential business opportunity?
Conduct market research to determine whether her business idea is a business opportunity that meets a consumer need or want
An ___________ is someone who creates, owns and potentially runs a business
Entrepreneur
Variable expense
Expense that is different from month to month
Medicare
Federal health insurance for people over age 65
Rental payments are considered
Fixed expenses
Regina is creating her competitive analysis. She understands why it's important to know her direct competitors, but she's not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?
Yes. Indirect competition is important to understand, since the different product fulfills the same customer need
What happens if you spend money in things you want before things you need?
You limit your ability to save for high-priced items, like higher education
Why is it important to conduct market research on your target audience before building your marketing plan?
You need to consider who your potential customers are before deciding on marketing strategies
The features and benefits that make the product or business unique
is the BEST description of a Value Proposition
Pete's disappointed with the projections of how much his cupcake cart will make in the first month. What could he do to try to improve his net profit?
Increase the prices, Increase the number of cupcakes he sells, and Decrease his fixed expenses
The amount left over from your monthly paycheck after deductions is
Take home pay
Selecting an organizational structure for your company
is NOT one of the four steps to preparing a sales forecast.
