EEE 2023 Watters OKstate exam 1
questions with complete solutions
Someone |who |starts |a |business |in |order |to |pursue |a |certain |lifestyle, |such |as |a |personal |
trainer |or |a |bed |and |breakfast |is |said |to |have |what |kind |of |business |- |CORRECT |ANSWER✔✔-
Lifestyle |business
Maggie |opens |an |upscale |clothing |boutique |that |carries |hard |to |find |designer |labels. |Her |
prices |are |high |because |she |knows |people |will |pay |those |prices, |This |is |an |example |of |_____ |
pricing |- |CORRECT |ANSWER✔✔-Value |driven
According |to |the |textbook, |the |four |characteristics |of |successful |entrepreneurs |are |- |CORRECT |
ANSWER✔✔-passion |for |business, |tenacity |despite |failure, |product/customer |focus, |and |
execution |intelligence
Jennifer |wants |to |start |a |business |where |customers |sign |up |online |and |get |a |box |of |dog |treats |
and |dog |toys |delivered |to |their |house |for |15.95 |per |month. |Her |business |model |is |a |_____ |
model |- |CORRECT |ANSWER✔✔-subscription
A |_____ |is |a |favorable |set |of |circumstances |that |creates |a |need |for |a |new |product, |service, |or |
business |- |CORRECT |ANSWER✔✔-Opportunity
Sandy |owns |a |bicycle |shop. |Her |rent, |utilities, |insurance, |and |payroll |expenses |would |be |
considered |- |CORRECT |ANSWER✔✔-fixed |costs
_____ |business |models |depict |existing |plans |or |recipes |firms |can |use |to |determine |how |they |
will |create, |deliver, |and |capture |value |- |CORRECT |ANSWER✔✔-Standard
Prototyping |Services, |Landing |pages, |and |surveys |are |all |online |tools |available |to |assist |in |the |
_____ |stage |of |developing |a |business |plan |- |CORRECT |ANSWER✔✔-opportunity |recognition
, The |four |major |categories |in |the |barringer/ireland |business |model |template |are |- |CORRECT |
ANSWER✔✔-Core |strategy, |resources, |financials, |and |operations
In |the |barringer/ireland |model |template, |_____ |describes |how |the |firm |plans |to |compete |
relative |to |its |competitors |- |CORRECT |ANSWER✔✔-core |strategy
According |to |research |in |this |area, |it |is |more |likely |that |an |entrepreneurs |will |get |a |business |
idea |through |_____ |relationship |than |the |alternatives |- |CORRECT |ANSWER✔✔-weak-tie
Stephanie |starts |a |business |giving |piano |lessons |to |kids. |There |are |no |piano |lessons |for |kids |in |
her |area. |This |business |opportunity |is |based |on |- |CORRECT |ANSWER✔✔-finding |a |gap |in |the |
market |place
Three |Ways |to |Identify |an |Opportunity |- |CORRECT |ANSWER✔✔-observing |trends, |solving |a |
problem, |finding |gaps |in |the |marketplace
a |bug |list |is |- |CORRECT |ANSWER✔✔-a |brainstorming |tool |that |can |help |identify |problems |and |
potential |business |idea
Alex |launched |a |firm |several |years |ago |and |has |been |particularly |successful |in |introducing |new
|products |to |the |market |place. |One |thing |that |alex |is |particularly |good |at |is |translating |his |
thoughts, |creativity, |and |imaginations |into |products |that |reach |the |marketplace. |The |ability |to |
make |this |happen |is |most |closely |related |to |which |of |the |following |characteristics |of |
successful |entrepreneurs |- |CORRECT |ANSWER✔✔-execution |intelligence
According |to |the |textbook, |entrepreneurs |are |- |CORRECT |ANSWER✔✔-moderate |risk |takers
An |increased |focus |on |health |and |wellness |has |resulted |in |a |number |of |new |businesses |ideas |
including |healthier |foods |and |beverages, |yoga |instruction |and |training |centers. |An |increased |
questions with complete solutions
Someone |who |starts |a |business |in |order |to |pursue |a |certain |lifestyle, |such |as |a |personal |
trainer |or |a |bed |and |breakfast |is |said |to |have |what |kind |of |business |- |CORRECT |ANSWER✔✔-
Lifestyle |business
Maggie |opens |an |upscale |clothing |boutique |that |carries |hard |to |find |designer |labels. |Her |
prices |are |high |because |she |knows |people |will |pay |those |prices, |This |is |an |example |of |_____ |
pricing |- |CORRECT |ANSWER✔✔-Value |driven
According |to |the |textbook, |the |four |characteristics |of |successful |entrepreneurs |are |- |CORRECT |
ANSWER✔✔-passion |for |business, |tenacity |despite |failure, |product/customer |focus, |and |
execution |intelligence
Jennifer |wants |to |start |a |business |where |customers |sign |up |online |and |get |a |box |of |dog |treats |
and |dog |toys |delivered |to |their |house |for |15.95 |per |month. |Her |business |model |is |a |_____ |
model |- |CORRECT |ANSWER✔✔-subscription
A |_____ |is |a |favorable |set |of |circumstances |that |creates |a |need |for |a |new |product, |service, |or |
business |- |CORRECT |ANSWER✔✔-Opportunity
Sandy |owns |a |bicycle |shop. |Her |rent, |utilities, |insurance, |and |payroll |expenses |would |be |
considered |- |CORRECT |ANSWER✔✔-fixed |costs
_____ |business |models |depict |existing |plans |or |recipes |firms |can |use |to |determine |how |they |
will |create, |deliver, |and |capture |value |- |CORRECT |ANSWER✔✔-Standard
Prototyping |Services, |Landing |pages, |and |surveys |are |all |online |tools |available |to |assist |in |the |
_____ |stage |of |developing |a |business |plan |- |CORRECT |ANSWER✔✔-opportunity |recognition
, The |four |major |categories |in |the |barringer/ireland |business |model |template |are |- |CORRECT |
ANSWER✔✔-Core |strategy, |resources, |financials, |and |operations
In |the |barringer/ireland |model |template, |_____ |describes |how |the |firm |plans |to |compete |
relative |to |its |competitors |- |CORRECT |ANSWER✔✔-core |strategy
According |to |research |in |this |area, |it |is |more |likely |that |an |entrepreneurs |will |get |a |business |
idea |through |_____ |relationship |than |the |alternatives |- |CORRECT |ANSWER✔✔-weak-tie
Stephanie |starts |a |business |giving |piano |lessons |to |kids. |There |are |no |piano |lessons |for |kids |in |
her |area. |This |business |opportunity |is |based |on |- |CORRECT |ANSWER✔✔-finding |a |gap |in |the |
market |place
Three |Ways |to |Identify |an |Opportunity |- |CORRECT |ANSWER✔✔-observing |trends, |solving |a |
problem, |finding |gaps |in |the |marketplace
a |bug |list |is |- |CORRECT |ANSWER✔✔-a |brainstorming |tool |that |can |help |identify |problems |and |
potential |business |idea
Alex |launched |a |firm |several |years |ago |and |has |been |particularly |successful |in |introducing |new
|products |to |the |market |place. |One |thing |that |alex |is |particularly |good |at |is |translating |his |
thoughts, |creativity, |and |imaginations |into |products |that |reach |the |marketplace. |The |ability |to |
make |this |happen |is |most |closely |related |to |which |of |the |following |characteristics |of |
successful |entrepreneurs |- |CORRECT |ANSWER✔✔-execution |intelligence
According |to |the |textbook, |entrepreneurs |are |- |CORRECT |ANSWER✔✔-moderate |risk |takers
An |increased |focus |on |health |and |wellness |has |resulted |in |a |number |of |new |businesses |ideas |
including |healthier |foods |and |beverages, |yoga |instruction |and |training |centers. |An |increased |
