Podcast
Questions and Answers
Which of the following is a variable expense? (Select all that apply)
Which of the following is a variable expense? (Select all that apply)
- Rental payment
- Student loan payment
- Health insurance
- Groceries (correct)
Which of the following is an example of a tax?
Which of the following is an example of a tax?
- Rental payment
- Medicare (correct)
- Cash payment
- Line of credit
Which of the following is an advantage of starting your own business?
Which of the following is an advantage of starting your own business?
- During the startup phase you do not have to think about
- As long as you make a business plan you will know what obstacles to expect
- You can have control over where and when you work (correct)
- You are in charge of the decision making so there is little to no risks
What is income?
What is income?
Which of the following is not true about an entrepreneur?
Which of the following is not true about an entrepreneur?
What are taxes?
What are taxes?
Which of the following is an example of a need?
Which of the following is an example of a need?
Which of the following is not a fixed expense?
Which of the following is not a fixed expense?
What is the difference between a personal characteristic and a skill?
What is the difference between a personal characteristic and a skill?
When is a budget balanced?
When is a budget balanced?
Are indirect competitors important to know about?
Are indirect competitors important to know about?
Which of the following is a tax you must pay?
Which of the following is a tax you must pay?
Which of the following is NOT necessarily a characteristic of a successful entrepreneur?
Which of the following is NOT necessarily a characteristic of a successful entrepreneur?
Which of the following is a fixed expense for Maria's sandwich food truck?
Which of the following is a fixed expense for Maria's sandwich food truck?
Which of the following is a fixed expense?
Which of the following is a fixed expense?
Which of the following is NOT a true statement about a business plan?
Which of the following is NOT a true statement about a business plan?
Define entrepreneur.
Define entrepreneur.
Which of these is NOT considered a skill?
Which of these is NOT considered a skill?
What is NOT part of a consumer profile?
What is NOT part of a consumer profile?
Which of the following is a startup expense for Maria's food truck?
Which of the following is a startup expense for Maria's food truck?
Which of the following is not a fixed expense?
Which of the following is not a fixed expense?
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Study Notes
Variable Expenses
- Groceries are classified as variable expenses, which fluctuate based on consumption.
Taxes
- Medicare is an example of a tax, mandatory for certain healthcare benefits.
Business Ownership Advantages
- Starting your own business allows for control over work schedule and location.
Income Definition
- Income refers to money earned from employment.
Entrepreneur Characteristics
- An entrepreneur's salary is based on business performance rather than completing assigned tasks.
Tax Obligations
- Taxes are required payments to state and local governments.
Needs vs. Wants
- A warm winter coat exemplifies a need, prioritizing essential items over non-essential luxuries like headphones or candy.
Fixed Expenses
- Movie tickets are not considered fixed expenses, unlike rental payments, internet service, and cell phone bills.
Skills vs. Characteristics
- Skills can be developed and learned, whereas personal characteristics are inherent traits.
Budgeting
- A budget is considered balanced when expenses do not exceed income.
Indirect Competition
- Understanding indirect competitors is crucial as they meet similar customer needs with different products.
Required Taxes
- Social Security is a mandatory tax that individuals are obligated to pay.
Entrepreneur Traits
- Not all successful entrepreneurs exhibit traits like aggressiveness and intensity.
Fixed Expenses for Businesses
- A food truck's fixed expenses include salaries for employees and truck insurance.
Business Plan Misconceptions
- A business plan should be adaptable and revised, not static.
Definition of an Entrepreneur
- An entrepreneur is defined as someone who starts, owns, and manages a business.
Misconceptions about Skills
- Determination is not classified as a skill unlike people skills and communication skills.
Consumer Profile Elements
- Polygraphs do not belong to the components of a consumer profile, which typically includes demographics, psychographics, and buying patterns.
Start-up Expenses
- Kitchen appliances and necessary equipment signify start-up expenses for a food truck business.
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