Business Planning and Entrepreneurship Quiz

Play an AI-generated podcast conversation about this lesson

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?

Vision

Business plan (correct)

Strategy

Strategic management

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?

Serial entrepreneurs Signup and view all the answers

Which term describes developing new products or ideas based on existing concepts or processes?

Creativity Signup and view all the answers

What is the process of turning an idea into a tangible product or service for the market?

Entrepreneurship Signup and view all the answers

When negotiating a deal, what is NOT a common goal for the seller?

Accept the first offer made Signup and view all the answers

What is not a common trait of scalable entrepreneurs?

Preference for maintaining small, localized operations Signup and view all the answers

What is the purpose of promotion in marketing?

To inform consumers about a product or service and influence them to make a purchase Signup and view all the answers

What is one disadvantage of buying an existing business?

Paying for 'ill will' Signup and view all the answers

What differentiates a small business from its competitors and gives it a unique position in the market?

Competitive advantage Signup and view all the answers

What do semi-independent business owners pay fees and royalties to a parent company for?

Franchising Signup and view all the answers

Which of the following is NOT one of the information commonly used in data mining?

Psychotic Signup and view all the answers

In marketing, what does branding often involve?

Building recognition and trust with customers Signup and view all the answers

In a partnership, co-owners share a business's assets, liabilities, and profits based on what?

The terms of an established partnership agreement Signup and view all the answers

What does UPA stand for in the context of business?

Uniform Partnership Act Signup and view all the answers

What type of competitors offer some of the same products and services as a business?

Indirect competitors Signup and view all the answers

What is a corporation called when it conducts business in the state where it is incorporated?

Domestic corporation Signup and view all the answers

Which of the following are methods for preparing an advertising budget?

Affordable, competitor matching, percentage of sales, objective-and-task Signup and view all the answers

What factors determine the right price for a product or service?

Cost structure, market assessment, desired image Signup and view all the answers

One advantage of buying an existing business can be ________________.

Leverage the experience of the previous owner Signup and view all the answers

What type of franchising involves using a trade name?

Trade-name franchising Signup and view all the answers

Which approach determines the value of a business using price/earnings ratios of similar businesses?

Earnings approach Signup and view all the answers

What is the correct pairing of terms defining creativity and innovation?

Creativity, Innovation Signup and view all the answers

In business terms, what does 'small business' refer to?

Small business Signup and view all the answers

Which benefit is NOT associated with owning a small business?

Opportunity to reap impressive profits Signup and view all the answers

Which form of business ownership caters to a business owned and managed by one individual?

Sole proprietorship Signup and view all the answers

What is the primary focus of human capital?

Intellectual assets of a company Signup and view all the answers

In pricing strategy, what does 'price ceiling' refer to?

The highest possible price a customer is willing to pay Signup and view all the answers

When selecting advertising media, what factor should a company consider regarding customer reach?

Number of social media followers Signup and view all the answers

What type of structure combines aspects of both a partnership and a corporation?

Limited liability company (LLC) Signup and view all the answers

Which concept is considered a natural part of the creative process?

Innovation Signup and view all the answers

In a business plan presentation, what is essential to include regarding your company?

The problem your product or service solves Signup and view all the answers

Which distinction is made solely for federal income tax purposes?

S corporation Signup and view all the answers