1 / 27

Entrepreneurship 1 Final review!

Entrepreneurship 1 Final review!. Career Planning. Feasibility & Decision Making. Marketing Plans & Business Law. Product Service Management/ Distribution Channels. Price, Promotion, and Market Planning. 10. 10. 10. 10. 10. 20. 20. 20. 20. 20. 30. 30. 30. 30. 30. 40. 40. 40.

lnadeau
Download Presentation

Entrepreneurship 1 Final review!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Entrepreneurship 1 Final review!

  2. Career Planning Feasibility & Decision Making Marketing Plans & Business Law Product Service Management/ Distribution Channels Price, Promotion, and Market Planning 10 10 10 10 10 20 20 20 20 20 30 30 30 30 30 40 40 40 40 40 50 50 50 50 50

  3. Topic 1 – 10 Points • QUESTION: • Which of the following is most likely to have a negative effect on domestic small-business growth? (1.01) • A. Involuntary tax reductions C. Low interest rates • B. Restrictive loan policies D. Slow inflation • ANSWER: • B. Restrictive loan policies

  4. Topic 1 – 20 Points • QUESTION: • Which of the following statements is true about entrepreneurship and small business growth? (1.01) • A. Trade regulations have very little effect on small-business growth. • B. Many people start entrepreneurial ventures during times of economic recession. • C. Small business start-ups are taxed at a higher rate than multinational companies. • D. Consumer spending is a primary internal factor that influences entrepreneurial success • ANSWER: • B. Many people start entrepreneurial ventures during times of economic recession. • (type answer here)

  5. Topic 1 – 30 Points • QUESTION: • What is one of the main reasons why small businesses are strongly promoted and supported by local government? (1.01) • They serve only their local communities. C.They may become a big business. • B.They are owned by one person. D.They are important to the economy. • ANSWER: • They are important to the economy

  6. Topic 1 – 40 Points • QUESTION: • When writing a letter of inquiry, when should you identify the purpose of your letter?(1.04) • A. At the beginning of the letter • B. After describing your company • C. Once the recipient has agreed to meet with you • D. After identifying what prompted your inquiry (such as an advertisement) • ANSWER: • At the beginning of the letter

  7. Topic 1 – 50 Points • QUESTION: • A reliable online source of general business start-up information is: (1.03) • A. Wikipedia (www.wikipedia.org/wiki/Entrepreneurship). • B. the Project Management Institute (www.pmi.org). • C. the Small Business Administration (www.sba.gov). • D. the National Retail Federation (www.nrf.com). • ANSWER: • C. the Small Business Administration (www.sba.gov).

  8. Topic 2 – 10 Points • QUESTION: • Which of the following statements is true about entrepreneurial discovery? (2.01) • A. It ensures that start-up businesses have continuous funding. • B. It's an ongoing process that facilitates a business's success rate. • C. It provides entrepreneurs with professional development training. • D. It's a way to determine the long-term profit that a start-up company can generate. • ANSWER: • B. It's an ongoing process that facilitates a business's success rate.

  9. Topic 2 – 20 Points • QUESTION: • What is often a positive result of accepting responsibility for a poor decision? (2.08) • A. You reinforce skeptical attitudes. C. You demonstrate self- importance. • B. You control others' opinions. D. You gain others' respect. • ANSWER: • D. You gain others' respect

  10. Topic 2 – 30 Points • QUESTION: • Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery? (2.01) • A. Interest rate fluctuations C. Industry deregulation • B. Increased cultural diversity D. Technological advancements • ANSWER: • B. Increased cultural diversity

  11. Topic 2 – 40 Points • QUESTION: • The entrepreneurial discovery process requires knowledge and the recognition of a(n): (2.01) • A. economic crisis. C. market need. • B. preventable accident. D. creative observation. • ANSWER: • C. market need.

  12. Topic 2 – 50 Points • QUESTION: • After Porter realized that he processed an order incorrectly, he waited too long to correct the problem. As a result, an incorrect item was shipped to the customer. Now, the customer will need to ship the item back to the warehouse, and Porter's company will need to pay extra charges to have the product returned. This situation illustrates that: (2.08) • A. customers are likely to be very angry when employees make mistakes. • B. employees should tell their supervisors about all problems as soon as they occur. • C. the company has unrealistic expectations about Porter's ability to perform his job. • D. an employee's decisions and actions can negatively impact others. • ANSWER: • D. an employee's decisions and actions can negatively impact others.

  13. Topic 3 – 10 Points • QUESTION: • Which of the following best describes the role of tactics in marketing strategies? (3.01) • A. Road maps C. General goals • B. Specific actions D. Adaptable options • ANSWER: • B. Specific actions

  14. Topic 3 – 20 Points • QUESTION: • When sellers offer one-size-fits-all products that will appeal to most buyers, they are using: (3.02) • A. market segmentation. C. mass production. • B. mass marketing. D. demographic segmentation. • ANSWER: • B. mass marketing

  15. Topic 3 – 30 Points • QUESTION: • When a business selects a target market, the most useful or desirable market segments to the business are those that are measurable and: (3.04) • A. accessible. C. concentrated. • B. undifferentiated. D. inflexible. • ANSWER: • A. accessible.

  16. Topic 3 – 40 Points • QUESTION: • Which of the following is a question that a business should answer about its target market while conducting a situational analysis? (3.03) • A. How are our financing methods affecting our company's growth? • B. What are our customers buying? • C. Are we operating at peak efficiency? • D. Which shipping companies are we using? • ANSWER: • B. What are our customers buying?

  17. Topic 3 – 50 Points • QUESTION: • Which of the following is an activity that a business performs when conducting a competitive analysis? (3.05) • A. Sets productivity goals C. Calculates economic data • B. Monitors rivals' marketing strategies D. Develops selling procedures • ANSWER: • B. Monitors rivals' marketing strategies

  18. Topic 4 – 10 Points • QUESTION: • Channel members should share an equal commitment to the product's: (4.08) • A. name. C. quality. • B. price. D. packaging. • ANSWER: • C Quality

  19. Topic 4 – 20 Points • QUESTION: • A hairstylist cutting a client's hair is an example of a __________ distribution channel. (4.08) • A. producer to agent to consumer C. producer to retailer to consumer • B. producer to consumer D. producer to wholesaler to consumer • ANSWER: • B. Producer to consumer

  20. Topic 4 – 30 Points • QUESTION: • During the distribution channel selection process, a producer should consider an intermediary's services, its availability, and its: (4.09) • A. policies. C. origins. • B. theories. D. scales. • ANSWER: • A: policies

  21. Topic 4 – 40 Points • QUESTION: • Which of the following products would likely use an exclusive distribution pattern? (4.08) • A. A silk necktie C. A home-decorating magazine • B. A gallon of milk D. A large piece of farm machinery • ANSWER: • D : a large piece of farm machinery

  22. Topic 4 – 50 Points • QUESTION: • The Barker Company is determining which channel of distribution to use by considering the number of potential customers in various geographic regions. The company is focusing on: (4.09) • A. market factors. C. product benefits. • B. branding issues. D. employees' capabilities. • ANSWER: • A. market factors

  23. Topic 5 – 10 Points • QUESTION: • The MSV Company developed a sales forecast by considering the opinions of industry experts. This is an example of which of the following sales-forecasting methods? (5.06) • A. Industrial C. Qualitative • B. Conditional D. Quantitative • ANSWER: • C. Qualitative

  24. Topic 5 – 20 Points • QUESTION: • When do businesses usually set the marketing budget? (5.06) • A. Before segmenting customers C. After identifying standards • B. Before analyzing markets D. After determining objectives • ANSWER: • D. After determining objectives

  25. Topic 5 – 30 Points • QUESTION: • When an business allocates a certain amount of money in relation to the amount of goods and services that it sold the previous year, it is setting its marketing budget by: (5.06) • A. using the percentage-of-sales method. • B. reviewing industry standards. • C. considering its competitors' activities. • D. obtaining bids for various marketing activities. • ANSWER: • (A. using the percentage-of-sales method.

  26. Topic 5 – 40 Points • QUESTION: • One reason why the target market of a business affects its pricing is because consumers in each target market: (5.01) • A. monitor the industry standard. C. prefer products in the growth stage. • B. expect a large product mix. D. judge the value of products differently. • ANSWER: • D. judge the value of products differently.

  27. Topic 5 – 50 Points • QUESTION: • Businesses should set their selling prices at a level that will: (5.02) • A. be lower than that of competitors. C. be equal to the cost of goods. • B. cover expected markdowns and expenses. D.ensure a high percent of profit. • ANSWER: • B. cover expected markdowns and expenses

More Related