Podcast
Questions and Answers
Which term refers to the ability to develop new ideas and discover new ways of looking at problems and opportunities?
Which term refers to the ability to develop new ideas and discover new ways of looking at problems and opportunities?
- Entrepreneurship
- Invention
- Innovation
- Creativity (correct)
What is a road map an entrepreneur draws up to fulfill a company's mission, goals, and objectives?
What is a road map an entrepreneur draws up to fulfill a company's mission, goals, and objectives?
- Vision
- Business plan (correct)
- Strategy
- Strategic management
In negotiating a deal, what is one goal of the seller?
In negotiating a deal, what is one goal of the seller?
- Sell the business at the lowest price possible
- Avoid unreasonable contract terms limiting future opportunities (correct)
- Minimize the amount of cash paid upfront
- Maximize the tax burden from the sale
What do we call those who create multiple companies and usually run more than one business simultaneously?
What do we call those who create multiple companies and usually run more than one business simultaneously?
Which term describes developing new products or ideas based on existing concepts or processes?
Which term describes developing new products or ideas based on existing concepts or processes?
What is the process of turning an idea into a tangible product or service for the market?
What is the process of turning an idea into a tangible product or service for the market?
When negotiating a deal, what is NOT a common goal for the seller?
When negotiating a deal, what is NOT a common goal for the seller?
What is not a common trait of scalable entrepreneurs?
What is not a common trait of scalable entrepreneurs?
What is the purpose of promotion in marketing?
What is the purpose of promotion in marketing?
What is one disadvantage of buying an existing business?
What is one disadvantage of buying an existing business?
What differentiates a small business from its competitors and gives it a unique position in the market?
What differentiates a small business from its competitors and gives it a unique position in the market?
What do semi-independent business owners pay fees and royalties to a parent company for?
What do semi-independent business owners pay fees and royalties to a parent company for?
Which of the following is NOT one of the information commonly used in data mining?
Which of the following is NOT one of the information commonly used in data mining?
In marketing, what does branding often involve?
In marketing, what does branding often involve?
In a partnership, co-owners share a business's assets, liabilities, and profits based on what?
In a partnership, co-owners share a business's assets, liabilities, and profits based on what?
What does UPA stand for in the context of business?
What does UPA stand for in the context of business?
What type of competitors offer some of the same products and services as a business?
What type of competitors offer some of the same products and services as a business?
What is a corporation called when it conducts business in the state where it is incorporated?
What is a corporation called when it conducts business in the state where it is incorporated?
Which of the following are methods for preparing an advertising budget?
Which of the following are methods for preparing an advertising budget?
What factors determine the right price for a product or service?
What factors determine the right price for a product or service?
One advantage of buying an existing business can be ________________.
One advantage of buying an existing business can be ________________.
What type of franchising involves using a trade name?
What type of franchising involves using a trade name?
Which approach determines the value of a business using price/earnings ratios of similar businesses?
Which approach determines the value of a business using price/earnings ratios of similar businesses?
What is the correct pairing of terms defining creativity and innovation?
What is the correct pairing of terms defining creativity and innovation?
In business terms, what does 'small business' refer to?
In business terms, what does 'small business' refer to?
Which benefit is NOT associated with owning a small business?
Which benefit is NOT associated with owning a small business?
Which form of business ownership caters to a business owned and managed by one individual?
Which form of business ownership caters to a business owned and managed by one individual?
What is the primary focus of human capital?
What is the primary focus of human capital?
In pricing strategy, what does 'price ceiling' refer to?
In pricing strategy, what does 'price ceiling' refer to?
When selecting advertising media, what factor should a company consider regarding customer reach?
When selecting advertising media, what factor should a company consider regarding customer reach?
What type of structure combines aspects of both a partnership and a corporation?
What type of structure combines aspects of both a partnership and a corporation?
Which concept is considered a natural part of the creative process?
Which concept is considered a natural part of the creative process?
In a business plan presentation, what is essential to include regarding your company?
In a business plan presentation, what is essential to include regarding your company?
Which distinction is made solely for federal income tax purposes?
Which distinction is made solely for federal income tax purposes?
