34 Questions
Which term refers to the ability to develop new ideas and discover new ways of looking at problems and opportunities?
Creativity
What is a road map an entrepreneur draws up to fulfill a company's mission, goals, and objectives?
Business plan
In negotiating a deal, what is one goal of the seller?
Avoid unreasonable contract terms limiting future opportunities
What do we call those who create multiple companies and usually run more than one business simultaneously?
Serial entrepreneurs
Which term describes developing new products or ideas based on existing concepts or processes?
Creativity
What is the process of turning an idea into a tangible product or service for the market?
Entrepreneurship
When negotiating a deal, what is NOT a common goal for the seller?
Accept the first offer made
What is not a common trait of scalable entrepreneurs?
Preference for maintaining small, localized operations
What is the purpose of promotion in marketing?
To inform consumers about a product or service and influence them to make a purchase
What is one disadvantage of buying an existing business?
Paying for 'ill will'
What differentiates a small business from its competitors and gives it a unique position in the market?
Competitive advantage
What do semi-independent business owners pay fees and royalties to a parent company for?
Franchising
Which of the following is NOT one of the information commonly used in data mining?
Psychotic
In marketing, what does branding often involve?
Building recognition and trust with customers
In a partnership, co-owners share a business's assets, liabilities, and profits based on what?
The terms of an established partnership agreement
What does UPA stand for in the context of business?
Uniform Partnership Act
What type of competitors offer some of the same products and services as a business?
Indirect competitors
What is a corporation called when it conducts business in the state where it is incorporated?
Domestic corporation
Which of the following are methods for preparing an advertising budget?
Affordable, competitor matching, percentage of sales, objective-and-task
What factors determine the right price for a product or service?
Cost structure, market assessment, desired image
One advantage of buying an existing business can be ________________.
Leverage the experience of the previous owner
What type of franchising involves using a trade name?
Trade-name franchising
Which approach determines the value of a business using price/earnings ratios of similar businesses?
Earnings approach
What is the correct pairing of terms defining creativity and innovation?
Creativity, Innovation
In business terms, what does 'small business' refer to?
Small business
Which benefit is NOT associated with owning a small business?
Opportunity to reap impressive profits
Which form of business ownership caters to a business owned and managed by one individual?
Sole proprietorship
What is the primary focus of human capital?
Intellectual assets of a company
In pricing strategy, what does 'price ceiling' refer to?
The highest possible price a customer is willing to pay
When selecting advertising media, what factor should a company consider regarding customer reach?
Number of social media followers
What type of structure combines aspects of both a partnership and a corporation?
Limited liability company (LLC)
Which concept is considered a natural part of the creative process?
Innovation
In a business plan presentation, what is essential to include regarding your company?
The problem your product or service solves
Which distinction is made solely for federal income tax purposes?
S corporation
Test your knowledge on business planning, entrepreneurship and negotiations with this quiz. Determine the correct terms related to closely held corporations, innovation, and seller's goals in a deal.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
