FBLA Entrepreneurship Test Questions & Answers Already Passed!!

_____ is a process in which a small group of people interacts to produce a large quantity of imaginative ideas. - Brainstorming _______ is a road map of the tactics and actions an entrepreneur draws up to fulfill the company's mission, goals, and objectives. - Strategy ____________ are at the very heart of the financial market for small businesses. - Commercial Banks A _______ is any distinctive word, phrase, symbol, name, or log a firm uses to distinguish itself or its products. - Trademark A ________ is what a customer gains from the product or service feature. - Benefit A _________ sells products to the ultimate consumer. - Retailer A joint venture is different from a partnership in that the joint venture can be formed: - Only by two individuals. A(n) ________ represents clients who buy or sell specialized goods or seasonal products. - Broker All business plan information includes assumptions based on information available. How should this be addressed in the business plan? - The differing results if and when results differ from projections should be included. An accounting system should have the following characteristics. - Easy to use, accurate, and consistent Because of technology, entrepreneurs now have access to _______ opportunities. - InternationalCapacity is one of the five Cs of credit. Which one of following phrases defines capacity? - Ability to repay the debt from ongoing business operations. Capital is one of the five Cs of credit. Which one of following phrases defines capital? - Borrower's financial net worth. Character is one of the five Cs of credit. Which one of the following phrases defines character? - Customer's integrity, willingness, and potential ability to repay the loan Collateral is one of the five Cs of credit. Which one of the following phrases defines collateral? - Resale value of the secure items if repossession becomes a reality. Conditions are one of the five Cs of credit. Which one of the following phrases defines conditions? - Current economic, industrial, and firm-specific prospects for the loan period. Congress passed an act in 1970 that has set workplace safety standards. What is this act called? - Occupational Safety and Health Act (OSHA) Corporations are not allowed to pay for certain benefits for their employees and they are not considered income for the employees for tax purposes. Which one of the following is not of these benefits? - Stock Options Developing a business plan is a good way to: - Prevent costly oversights in the creation of a business. Employee recruitment through the use of _________ will normally get a large number of responses, but many of these are unqualified or under qualified. - Help-Wanted Ads Employee stock options are required by law to meet a number of requirements. Which one of the following is one of the requirements of an incentive stock option? - The exercise price must be the fair market value of the stock at the time of issuance.Entrepreneurs tend to be overly ______ and misjudge the ______ requirements to start a new business. - Optimistic; Financial Establishing ________ will aid a business in developing key operational areas such as service and innovation. - Core Competencies