Entrepreneurship: Midterm Review

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Questions and Answers

Which financial statement provides a snapshot of a company's assets, liabilities, and equity at a specific point in time?

Balance Sheet (correct)
Income Statement
Statement of Retained Earnings
Statement of Cash Flows

Which of the following best describes the role of 'positioning' in marketing?

Negotiating favorable shelf space in retail stores.
Determining the geographical location of target customers.
Establishing a distinct place for a product or service in the minds of consumers. (correct)
Analyzing the financial position of the company.

What is the primary difference between managerial and financial accounting?

Managerial accounting follows GAAP, while financial accounting does not.
Managerial accounting is used internally by company management, while financial accounting is for external stakeholders. (correct)
Managerial accounting focuses on past performance, while financial accounting focuses on future projections.
There is no significant difference between managerial and financial accounting.

Which of the following is the best description of 'brand equity'?

The added value a brand name gives to a product beyond its functional benefits. (A) Signup and view all the answers

Which aspect of human resources is most closely related to ensuring employees have the skills and knowledge needed to perform their jobs effectively?

Learning & Development (D) Signup and view all the answers

Within the context of financial markets, what do 'bulls' and 'bears' represent?

Bulls represent investors who expect market prices to increase, while bears expect them to decrease. (D) Signup and view all the answers

What does the acronym 'STP' stand for in marketing?

Segmentation, Targeting, and Positioning (B) Signup and view all the answers

What is the concept of 'sunk costs fallacy' primarily related to?

Making rational investment decisions based on future potential rather than past investments. (A) Signup and view all the answers

What is the main goal of 'Lean Manufacturing'?

To minimize waste and maximize efficiency in production processes. (A) Signup and view all the answers

What does 'lifetime value of a customer' measure?

The predicted revenue a customer will generate during their relationship with a company. (D) Signup and view all the answers

What is the 'accounting equation'?

Assets = Liabilities + Equity (B) Signup and view all the answers

What is the purpose of 'budgeting and variances' in financial management?

To plan future financial performance and compare it against actual results. (B) Signup and view all the answers

What do the '4 Ps' of marketing typically refer to?

Product, Price, Place, Promotion (D) Signup and view all the answers

Which of the following best describes 'just-in-time' manufacturing?

Producing goods only when needed, minimizing inventory and waste. (D) Signup and view all the answers

What is the primary focus of supply chain management (SCM)?

Overseeing the entire process of producing and distributing a product, from raw materials to the end consumer. (A) Signup and view all the answers

What is the significance of 'DEI' in Human Resources Management?

Diversity, Equity, and Inclusion (C) Signup and view all the answers

What is the difference between direct and indirect distribution?

Direct distribution involves selling directly to consumers, while indirect distribution uses intermediaries. (A) Signup and view all the answers

Which of the following is an example of a fringe benefit?

Health insurance (A) Signup and view all the answers

How does 'made-to-order' production differ from 'made-to-stock'?

Made-to-order involves producing goods only after receiving a customer order, while made-to-stock involves producing goods in anticipation of demand. (D) Signup and view all the answers

Why is understanding key financial statement terms important for entrepreneurs?

Entrepreneurs need to interpret financial data to make informed business decisions. (B) Signup and view all the answers

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Flashcards

Organization Structure

The basic structure of an organization, including its hierarchy, roles, and responsibilities.

Primary Research

Research that involves gathering new data directly from sources.