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Midterm Review
Entrepreneurship Mid term Review: Units 1-8
| Question | Answer |
|---|---|
| What is a synonym for entrepreneur? | owner |
| Scenario: An entrepreneur was denied a loan that they were planning to use to increase manufacturing. Instead of applying for a new loan, they raised the money from stakeholders in their community. Which trait did the entrepreneur MOST demonstrate? | persistent |
| Scenario: An entrepreneur was denied a loan that they were planning to use to increase manufacturing. Instead of applying for a new loan, they raised the money from stakeholders in their community. Which behavior did the entrepreneur MOST demonstrate? | Living comfortably with failure |
| What are soft skills? | Skills that support a workplace |
| Which hard skill is helpful for entrepreneurs in a variety of industries? | Economics |
| What makes a skill transferable? | It can be beneficial from one job to the next |
| Which term best describes ethics? | Morals |
| What is the BEST example of an entrepreneur acting ethically toward their suppliers? | Requiring safe working conditions |
| Why are entrepreneurial ethics important? | The actions of one entrepreneur can have many impacts. |
| What describes the actual or potential purchasers of a product or service? | consumers |
| What is a process that successful business ventures utilize to conceptualize new products? | design-thinking method |
| What provides consumers with a summarized argument for purchasing a particular product or service? | value proposition |
| What is the term commonly used to describe a subset of the population that is expected to purchase a specific product or service? | Target market |
| What tool do companies conducting market research use to gather data on consumers by asking relevant questions of a target market? | survey |
| What term refers to the unique aspects of a product or service that often influence purchasing preferences? | product features |
| What principle of the design-thinking method is best undertaken by a group as opposed to an individual? | brainstorming |
| What is the difference between a target market and a sampling group? | Sampling groups are meant to be representative of target markets. |
| A sample consumer profile includes Gender, Age, Race, and Address as characteristics. What can be said about this profile? | It lacks psychographic data. |
| When asked what soda they’d like to purchase, a consumer said that they will purchase whichever is cheapest. What is the consumer revealing? | a buyer purchasing preference |
| A company adjusts a product or service after the success of a competitor’s similar product or service. That adjustment was made in response to what? | Consumer demand |
| True or False: Entrepreneurs are required to obtain a college degree in Entrepreneurship | False |
| True or False: Ethical codes are one way to create a system of ethics in a workplace. | True |
| Which of the following best describes the purpose of conducting a SWOT analysis? | To analyze what is causing success and harm to a company’s progress |
| Risks related to the availability and management of financial resources are called: | Financial risks |
| The four components of the SWOT analysis are strengths, weaknesses, threats, and ________. | Opportunities |
| Total Liabilities of a business can be found in which of the following financial statements? | balance sheet |
| What is the overall purpose of financial statements? | To communicate the financial performance and position of a company |
| What are the expenses incurred during the process of creating a new business? | Start-up costs |
| What is the act of creating a business while building and scaling it to generate a profit? | Entrepreneurship |
| A company specializing in luxury watches is most likely targeting which type of market? | Niche market |
| If a company’s sales revenue is $500,000 and the total market sales revenue is $2,000,000, what is its market share? | 25% |
| A company’s value proposition statement should be: | Clear, concise, and easy to understand |
| Emerging markets are characterized by: | Economies experiencing rapid growth and industrialization |
| expenses associated with the day-to-day maintenance and administration of a business | Operating costs |
| amount of money a company brings in through the sale of its goods and services | revenue |
| risks related to the availability and management of financial resources, such as cash flow issues, inability to secure funding, or economic downturns | financial risks |
| the process of determining potential risks or uncertainties to a business | risk assessment |
| True or False: A business’s operating costs and start-up costs are usually the exact same amount. | False |
| True or False: A niche market caters to a broad range of customers. | False |
| True or False: A strong value proposition statement can help a business attract its ideal customers. | True |
| A company analyzes customer feedback and realizes that its product is perceived as too expensive. Which “P” of the marketing mix should it adjust? | Price |
| What element of the marketing mix consists of individuals involved in the marketing process, including customers, employees, and other stakeholders? | People |
| A company’s slogan is an example of which part of its marketing plan? | Promotion |
| Which “P” of marketing focuses on where a product is sold? | Place |
| The marketing mix is defined as what? | The strategies used to promote and sell a product |
| Hiring new employees would fall under which part of a business? | Human Resources |
| During what stage of the product life cycle does the product experience a rapid increase in sales and market acceptance? | Growth |
| During what stage, in the development of a product, does the project team define project objectives, scope, deliverables, and timelines? | Planning |
| What best describes the "Maturity" stage in the product life cycle? | The stage where the product reaches its peak sales and market saturation |
| What is the primary goal of prototyping in product development? | Testing the feasibility of the product |
| Why is a sales report a valuable tool? | It identifies the most popular products. |
| What is the primary purpose of market research and analysis in product development? | To identify customer needs and preferences |
| What is the definition of e-commerce? | The buying and selling of goods and services through internet-based platforms |
| Which business entity is characterized by a single owner who has complete control and is personally liable for all business debts? | Sole proprietorship |
| Which business entity allows for the distribution of profits and losses among its members based on their ownership percentage? | Limited liability company (LLC) |
| How does e-commerce differ from traditional commerce? | E-commerce relies on digital delivery methods |
| What is the primary motivation behind profit-seeking behavior? | Maximizing financial gains |
| Which type of funding source involves a group of high-net-worth individuals providing capital to startups in exchange for equity? | Angel investors |
| Which funding source is characterized by individuals pooling their money together to invest in startups or small businesses? | Crowdfunding platforms |
| Which funding source typically involves borrowing money from a financial institution and requires repayment with interest? | Bank Loan |
| Which financing option allows the entrepreneur to maintain full control but comes with limited access to ready capital? | Personal Savings |
| Which professional is best suited to provide an unbiased assessment of a company's financial health, market position, and growth potential? | Financial advisor/analyst |
| Assessing market trends to make strategic choices about resource allocation is an example of: | Forecasting sales |
| Which pricing strategy involves adjusting prices based on real-time market demand and factors such as supply availability and customer preferences? | Dynamic pricing |
| Which pricing strategy focuses on maximizing profit margins by charging a premium price for a unique product or service? | Value-based pricing |
| True or False: Profit is one of the factors contributing to business sustainability. | True |
| True or False: Profit is the difference between total revenue and total costs. | True |
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