Which statement defines Entrepreneurship? - ANSWER Setting up a business with the
aim to make a profit.
Examples of B2B - ANSWER Wholesale Flooring Distributor / Purchases requiring a tax ex-
emption Certificate
Examples of B2C - ANSWER Chain of local grocery stores / Motorcycle Repair Shop
You need to create a legal structure for your small business that fits the following: enjoy
some benefits of large businesses but do not want to be taxed twice, four partners that will
be shareholders, no ownership shares to the public but want to be protected from liability.
Which legal structure should you set up for your business? - ANSWER S-Corporation
Roles/Responsibilities of Founders - ANSWER Starts a company around an idea / The
main driver for a startup
Roles/Responsibilities of Stakeholders - ANSWER Can include both employees & custom-
ers / Part of company activities, including decision making.
An example of ________ compensation is paying field laborers for the amount of fruit they
pick. - ANSWER Piece Work
A ________ employee receives a set amount of pay each month without overtime compen-
sation for extra hours worked. - ANSWER Salary
1
,Employees most affected by minimum wage laws are compensated ________. - ANSWER
Hourly
An employee who is paid a percentage of a sale is paid by ________. - ANSWER Commis-
sion
Five stages of the business life cycle in order: - ANSWER Existence, Survival of the Fittest,
Success, Take-Off, Maturity
Five stages of the design thinking process in order: - ANSWER Empathize, Define, Ideate,
Prototype, Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
ANSWER Collaboration, Creativity, Self-reliance
Which is one of the greatest benefits of being an entrepreneur? - ANSWER Schedule con-
trol
Which three characteristics help identify a business opportunity? - ANSWER Quality, Ser-
vice, Price
The owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens they create. The landscaper wants to deter-
mine the viability of this business opportunity. What should this entrepreneur do first before
offering to design and build water features as part of his landscaping business? - ANSWER
Ask the customers in the area if they are interested in adding a water feature to their gar-
dens.
Which two documents summarize the business plan of a company? - ANSWER Lean Can-
vas, Pitch Deck
2
,What separates a Pitch Deck from a Business Plan? - ANSWER A Pitch Deck is a highly vis-
ual sideshow meant to get Investors' attention.
What separates a Business Plan from a Pitch Deck? - ANSWER A Business Plan is a highly
text-based document covering more specifics meant to get investors' buy-in.
Which three elements are required to have a trade secret? - ANSWER Subject to reasona-
ble efforts to maintain its secrecy, Others cannot legitimately obtain the information, Infor-
mation has economic value not generally known
A cooking company wants to identify a target market for a new, AI-enabled toaster oven.
Which types of behaviors are analyzed when defining a target market? - ANSWER Demo-
graphic, Geographic
Examples of Primary Data - ANSWER Information collected from your focus group, A mar-
keting survey you posted on Facebook.
Examples of Secondary Data - ANSWER Facts you collected from professional journal arti-
cles,
Direct Competition is ____________ - ANSWER a company that offers the same thing you
offer
Indirect Competition is ______________ - ANSWER a business whose services are differ-
ent from yours but satisfy the same need
SWOT Analysis - ANSWER An overall evaluation of the company's strengths (S), weak-
nesses (W), opportunities (O), and threats (T).
Which two marketing platforms are offline marketing platforms? - ANSWER Flyers and
Pamphlets, TV ads
3
, Your company manufactures 72 hr. emergency kits and sells them for a low profit margin.
You want to expand your customer base to increase your sales volume, but you have a lim-
ited budget. What marketing method would be the best choice? - ANSWER Social Media
A DJ wants to analyze market reactions to the new music selections played at his dance last
weekend. He advertises his weekly dances using social media and email. Which would be
the most effective way to gather reactions from those who attended the dance? - AN-
SWER Surveys
A hair salon acquired 100 new customers last year. costs in the marketing and sales area
were the following
•marketing costs = $1000
•sales calls = $10,000
•salaries = $96,000
what was the customer acquisition cost? - ANSWER $110
Which element of a marketing plan provides a synopsis of details to be outlined later in the
plan? - ANSWER Executive Summary/Business Description
What is Prospecting? - ANSWER Typically the first step in the Sales Process, involving
finding potential customers, determining if they have a need for it, and if they can afford it.
What are the elements of a sales process? - ANSWER Prospecting, Handling Objections,
Closing, Presentation
Which Sales Channel has been opened to manufacturers because of digital tools? - AN-
SWER Direct-to-Consumer
What is Retail? - ANSWER Selling products directly to end customers for a profit. Done
either in-store, online, mail-order, or by phone.
4
aim to make a profit.
Examples of B2B - ANSWER Wholesale Flooring Distributor / Purchases requiring a tax ex-
emption Certificate
Examples of B2C - ANSWER Chain of local grocery stores / Motorcycle Repair Shop
You need to create a legal structure for your small business that fits the following: enjoy
some benefits of large businesses but do not want to be taxed twice, four partners that will
be shareholders, no ownership shares to the public but want to be protected from liability.
Which legal structure should you set up for your business? - ANSWER S-Corporation
Roles/Responsibilities of Founders - ANSWER Starts a company around an idea / The
main driver for a startup
Roles/Responsibilities of Stakeholders - ANSWER Can include both employees & custom-
ers / Part of company activities, including decision making.
An example of ________ compensation is paying field laborers for the amount of fruit they
pick. - ANSWER Piece Work
A ________ employee receives a set amount of pay each month without overtime compen-
sation for extra hours worked. - ANSWER Salary
1
,Employees most affected by minimum wage laws are compensated ________. - ANSWER
Hourly
An employee who is paid a percentage of a sale is paid by ________. - ANSWER Commis-
sion
Five stages of the business life cycle in order: - ANSWER Existence, Survival of the Fittest,
Success, Take-Off, Maturity
Five stages of the design thinking process in order: - ANSWER Empathize, Define, Ideate,
Prototype, Test
Successful entrepreneurs have mindsets that typically possess which three characteristics? -
ANSWER Collaboration, Creativity, Self-reliance
Which is one of the greatest benefits of being an entrepreneur? - ANSWER Schedule con-
trol
Which three characteristics help identify a business opportunity? - ANSWER Quality, Ser-
vice, Price
The owner of a landscaping business has noticed that none of his competitors are including
ponds or other water features in the gardens they create. The landscaper wants to deter-
mine the viability of this business opportunity. What should this entrepreneur do first before
offering to design and build water features as part of his landscaping business? - ANSWER
Ask the customers in the area if they are interested in adding a water feature to their gar-
dens.
Which two documents summarize the business plan of a company? - ANSWER Lean Can-
vas, Pitch Deck
2
,What separates a Pitch Deck from a Business Plan? - ANSWER A Pitch Deck is a highly vis-
ual sideshow meant to get Investors' attention.
What separates a Business Plan from a Pitch Deck? - ANSWER A Business Plan is a highly
text-based document covering more specifics meant to get investors' buy-in.
Which three elements are required to have a trade secret? - ANSWER Subject to reasona-
ble efforts to maintain its secrecy, Others cannot legitimately obtain the information, Infor-
mation has economic value not generally known
A cooking company wants to identify a target market for a new, AI-enabled toaster oven.
Which types of behaviors are analyzed when defining a target market? - ANSWER Demo-
graphic, Geographic
Examples of Primary Data - ANSWER Information collected from your focus group, A mar-
keting survey you posted on Facebook.
Examples of Secondary Data - ANSWER Facts you collected from professional journal arti-
cles,
Direct Competition is ____________ - ANSWER a company that offers the same thing you
offer
Indirect Competition is ______________ - ANSWER a business whose services are differ-
ent from yours but satisfy the same need
SWOT Analysis - ANSWER An overall evaluation of the company's strengths (S), weak-
nesses (W), opportunities (O), and threats (T).
Which two marketing platforms are offline marketing platforms? - ANSWER Flyers and
Pamphlets, TV ads
3
, Your company manufactures 72 hr. emergency kits and sells them for a low profit margin.
You want to expand your customer base to increase your sales volume, but you have a lim-
ited budget. What marketing method would be the best choice? - ANSWER Social Media
A DJ wants to analyze market reactions to the new music selections played at his dance last
weekend. He advertises his weekly dances using social media and email. Which would be
the most effective way to gather reactions from those who attended the dance? - AN-
SWER Surveys
A hair salon acquired 100 new customers last year. costs in the marketing and sales area
were the following
•marketing costs = $1000
•sales calls = $10,000
•salaries = $96,000
what was the customer acquisition cost? - ANSWER $110
Which element of a marketing plan provides a synopsis of details to be outlined later in the
plan? - ANSWER Executive Summary/Business Description
What is Prospecting? - ANSWER Typically the first step in the Sales Process, involving
finding potential customers, determining if they have a need for it, and if they can afford it.
What are the elements of a sales process? - ANSWER Prospecting, Handling Objections,
Closing, Presentation
Which Sales Channel has been opened to manufacturers because of digital tools? - AN-
SWER Direct-to-Consumer
What is Retail? - ANSWER Selling products directly to end customers for a profit. Done
either in-store, online, mail-order, or by phone.
4
