PACKAGE DEAL FOR Entrepreneurship and Small Business (ESB) Pre-test Correct 100%

Acquisition Cost - ANSWER the cost of obtaining data that you don't have Contingency costs - ANSWER amount of money included to cover potential events that are not specifically accounted for in a cost estimate Variable Cost - ANSWER a cost that rises or falls depending on how much is produced...

Quality - ANSWER _______ is measured by how well the product or service successfully serves its users' purpose. E-commerce sales and door-to-door sales - ANSWER What are two examples of direct distribution channels? Middlemen - ANSWER Indirect distribution channels use _______ to sell their p...

Ophelia runs a local seamstress business. Ophelia is losing customers to a competing business. Upon sending an employee over to check out the competition, Ophelia discovers the competitor's turnaround time is double her turnaround time. What should Ophelia's new marketing strategy be to woo back h...

James owns a restaurant with beginning cash balance of $5,000, $30,000 in sales, $2,000 in utilities, $6,000 in loans and $4,000 in marketing. What is James ending cash balance? - ANSWER $24,800 Shelly owns a car dealership. She just received a shipment of teslas and paid $70,000 for each one and...

What are the 3 elements required to have a trade secret? 1.Subject to reasonable efforts to maintain its secrecy 2. Others cannot legitimately obtain the information 3. A unique logo or brand names 4.Information has economic value not generally known 5. Original work must be in a tangible form ...

C Corporation - ANSWER Double taxed, shareholders and corporation, great for international businesses S Corporation - ANSWER Lower tax, pay on personal income only, like the C corporation but for smaller businesess. LLC - ANSWER great for individuals with low risks nonprofit organization - ...

In general, which characteristics define a "small" business? - ANSWER - fewer than 1,500 employees - less than $35.5 million revenue classify each of the following as either physical or digital - ANSWER PHYSICAL: - bakery in your community - hair salon that makes appointments online DIGIT...

Domain 1 Lesson 1 - ANSWER The key objective of a small business owner is to generate ____ - ANSWER profits Entrepreneurs are willing to take on new opportunities and unknown ____ to grow their businesses rapidly - ANSWER risks Tangible items that require pick-up or delivery are ____ produ...

What is entrepreneurship? - ANSWERSSetting up a business with the aim to make a profit. For each business, select B2B or B2C. - ANSWERSB2B Purchases requiring a tax exemption certificate. Wholesale flooring distributor. B2C Motorcycle repair shop. Chain of local grocery stores. Which le...

Entrepreneurship - ANSWER Setting up business with the aim to make profit. B2B (business-to-business) - ANSWER Sells products and services directly to other businesses. Normally requires a sales tax exemption certificate from the buyer. B2C (business-to-consumer) - ANSWER Sells products and se...

In general, which two characteristics define a "small" business? (Choose two) - ANSWER Fewer then 1,500 employees AND Less than $35.5 million revenue Classify each of the following businesses as either Physical or Digital. - ANSWER Physical: - Bakery in your community - Hair salon tha...

Service - ANSWER A head chef conducts a survey of other restaurants in the area. The chef notices that most customer complaints primarily come from takeout order being delayed. The chef believes that having a short-order cook dedicated to primarily come from takeout orders being delayed. The chef be...