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Exam (elaborations) MRL 2601 Entrepreneurial Law. Final exam review questions with verified solutions
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MRL2601Intro To Entrepreneurship - Exam 1
a formal written document that describes the nature of a business and how it will
operate - Business Plan
refers to the process investors go through after they tentatively commit to an investment
- Due Diligence
Defining the market size too broadly - Example of a Red Flag
Dollar Shave Club's "Shave Time, Shave Money" is an example of this - Tagline
Jim's Handicrafts' main product sells for $100 and the cost of goods sold is $40. The
$60 difference between the two is called __________. - Contribution Margin
Juiced Up determined that the $11,000 per month rent for their store in Manhattan, NY
was a cost the company had to pay whether they sold something or not. For Juiced Up,
the rental cost was a ________ cost. - Fixed
A firm's ____________ is an analysis of its fixed versus variable costs. - Operating
Leverage
A(n) ________ is a panel of individuals elected by a corporation's shareholders to
oversee the management of the firm. - Board of Directors
A(n) ___________ chart is a graphic representation of how authority and responsibility
are distributed within the company. - Organization
Return on assets is an example of a(n) _________. - Ratio
Which one of the following is NOT an essential quality of an opportunity?
a) it's attractive
, b) it's durable
c) it's anchored in a product, service, or business that creates or adds value to buyer or
end-usser
d) it's timely
e) it's profitable - it's profitable
Which one of the following is NOT a social trend that is currently affecting how
individuals behave and set up priorities?
A. Aging of the population
B. The increasing diversity of the workforce
C. Increased participation in social networks
D. Passage of the Affordable Care Act (Obamacare)
E. Growth in the use of mobile devices - Passage of the affordable care act
(obamacare)
____ in the marketplace are a source of business opportunities. - Gaps
Elon Musk, the founder of the electric car company Tesla and co-founder of the solar
panel company SolarCity is credited with having a "sixth sense" that allows him to see
opportunities that others miss. This sixth sense that Elon Musk has is called _______. -
Entrepreneurial alertness
John and Amy both work in the billings department of Acme Corp. The nature of their
job involves frequent interaction with each other every working day. The tie between
John and Amy is an example of a_______ relationship. - strong-tie
The number one rule for a brainstorming session is that __________. - no criticism
A popular technique used in classrooms to teach brainstorming is called the ______
report. - bug
Intuit (which makes Quicken and TurboTax products) routinely sends teams of testers to
the homes and businesses of its users to see how its products are working and to see
insights for new product ideas. Intuit uses ________ research. - day-in-the-life
The term window of opportunity is a metaphor describing the ____ in which a firm can
realistically enter a new market. - time period
Which of the following relationships is more likely to spark a new idea? - weak-tie
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