The elevator pitch is much shorter than a vision statement or tagline.
Distributors and wholesalers prefer taking on start-up products as there are no setup
charges involved.
The total cost of keeping inventory is the sum of the cost to buy the inventory, the cost
to store, protect, and maintain inventory, and the cost of making an order to purchase
inventory.
An “as is” property is one which is in compliance with all applicable laws, rules, and
regulations.
Flexibility rewards are the most rapidly growing type of reward.
By asking the same survey questions to each respondent, a researcher can accurately
compare answers and even statistically analyze these answers.
High-growth ventures and big businesses generally do not succeed without small
businesses offering supporting services.
There are two basic categories of information available to small business owners: legal
and commercial.
The term “value proposition” refers to small business owners’ unique selling points that
will be used to differentiate their products and/or services from those of the
competition.
The business-to-consumer (B2C) contract is an example of an Internet contract.
Promotion includes getting the message out to the target market so that they can make
decisions about a product or service.
“S” in the creativity tool SCAMPER stands for summarize.
_____ refers to working for self for 35 or fewer hours a week.
A. Franchising
B. Full-time self-employment
C. Aggrandizing
D. Part-time self-employment
If the toy products are initially sold at an extremely low price that just covers the costs
in order to get competitors’ market share, then this pricing strategy would be known as
_____.
A. penetration pricing
B. price signaling
C. price skimming
D. partitioned pricing
_____ is a method that employees use to steal cash after it has been received and
recorded in the company books.
A. Racketeering
B. Phony disbursement
C. Skimming
D. Embezzlement
According to Graham Wallas’ description of the creative process, which of the
following is true of the incubation stage of a creative thought?
A. It involves exploring the problem or opportunity in all directions.
B. It involves the flow of ideas.
C. It involves the testing of the idea.
D. It involves putting the problem on the back burner.
_____ refers to family or friends letting you add your purchases with theirs in order to
get lower prices.
A. Piggybacking
B. Accelerated cash-outs
C. Free use
D. Overpayment
Joshua suffered a serious knee injury at work after a machine he was using
malfunctioned. Joshua plans to sue for compensation from Milch Enterprises, the
company that built that machine. Joshua’s attorney wants a percentage of the
compensation if it is proven that Milch Enterprises’ negligence caused the accident.
Which of the following types of legal fee would Joshua be paying to his attorney?
A. Retainers
B. Hourly fees
C. Flat fees
D. Contingency fees
Josh, an electronics retailer, noticed that the e-commerce business was booming. He
started an online shopping Web site to take advantage of this surge in business. As a
result, his business attracted more customers from all across the country. This reflects
Josh’s:
A. creativity.
B. radical ability.
C. incremental skill.
D. entrepreneurial alertness.
Alana, the owner of a small dress-making establishment called Mantua Fab, decides to
hire assistants for design, sewing, and other tailoring jobs. Alana signs a contract with
Minerva Inc., a company which employs dress designers and tailors for an annual fee.
She makes an arrangement to pay the employees of Minerva both a fixed amount and
an annual fee for finishing Mantua’s projects of dress-making for a period of two years.
This is an example of:
A. outsourcing.
B. employee leasing.
C. networking.
D. employee referral.
Which of the following legitimacy-building features does having trademarks, service
marks, patents, or copyrights typically indicate?
A. Organizational size
B. Customer service
C. Intellectual property
D. Public listings
The ability of business owners to structure their lives in the way that best suits their
needs refers to:
A. flexibility rewards.
B. family rewards.
C. growth rewards.
D. wealth rewards.
_____ is a form of insurance that does not accumulate any value over the contract
period.
A. Buyout insurance
B. Life insurance
C. Term insurance
D. Period insurance
Returns at levels higher than the entrepreneur could make working for others are known
as:
A. substitution profits.
B. marginal profits.
C. supplemental profits.
D. success profits.
What is an executive summary? How is it organized into topics?
What is customer relationship management (CRM)? What are the different strategies of
CRM?
Differentiate between litigation, arbitration, and mediation.
What are the various critical success factors that help identify those businesses that are
more likely to survive?
Define capital budgeting. Briefly explain the two most commonly used financial ratios
for comparing investment alternatives including their advantages and disadvantages.
Explain the financial components of a business plan.
Discuss the effects of demand, value, and competition upon pricing.