Entrepreneurship Set 2
Quiz by Kelli Smirniotis
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- Q1
Disadvantage/disadvantages of debt financing?
Loans take longer to procure than investments
Owners are required to give up ownership of their business.
The owner is required to personally guarantee debt and debt has to be repaid.
30s - Q2
Which lean canvas component describes how a business idea solves customer's problems in a better way than existing solutions?
Competition
Milestones
Business model
Value proposition
30s - Q3
Which resources represent secondary data?
Census, Academic journals, Industry
Personal observation, Focus groups, Customer interviews
30s - Q4A small business had 5000 new customers. Costs in the marketing and sales areas were 30,000 marketing costs, $10,000 sales costs, and $60,000 in salaries. What was the customer acquisition cost?
$20
$8
$6
$12
30s - Q5
Qualities of the entrepreneurial mindset
Demanding and authoritative
Assertive and independent
Sensitive and obedient
Flexible and resilient
30s - Q6
Why should a small shoe company select a fulfillment center for product distribution instead of using a direct distribution channel?
For lower cost and have better control over the products.
30s - Q7You own a sandwich truck. You sell a sandwich for $2.50. Monthly expenses are $600 and cost to produce each sandwich is $1.00. How many sandwiches do you need to sell each month to break even?
400
240
600
172
30s - Q8
What information is on an income statement?
Classification of revenues and expenses and profitability
Analysis of the shareholder equity
A classification of assets and liabilities
30s - Q9
You created a new type of ice cream and took samples to a focus group to get their opinions of the new product. Which stage of development process are you in?
Product development
Market strategy creation
Idea generation
Concept development
30s - Q10On the year-end balance sheet assets are $27,000. Liabilities were $6,000. What is the equity in the business?
$6,000
$15,000
$27,000
$21,000
30s - Q11
You manufacture race cars. How will you determine performance criteria for your product?
Secure additional funding
Run a social media campaign
Create a commercial explaining the product
Test an interactive prototype
30s - Q12
Which are part of the sales process?
present the pitch, close the deal, prospect
Implement product feedback and analyze the market
Adjust the product price
30s - Q13
Who creates budgets and financial strategies?
Chief Executive Officer (CEO)
Chief Financial Officer (CFO)
Founder
Chief Operations Officer (COO)
30s - Q14
Who finds and invests resources to form the company and help it succeed?
CFO
COO
CEO
Founder
30s - Q15
Who reports to the Board of Directors, and is the highest ranking officer in the Corporation?
COO
CEO
Founder
CFO
30s