Business Foundations Exam Prep

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What is the definition of entrepreneurship?

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The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

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What are the key characteristics of a successful entrepreneur?

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Passion, perseverance, creativity, adaptability, risk-taking, and strong leadership skills.

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What is the marketing mix?

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The marketing mix is a set of controllable marketing tools used to achieve marketing objectives.

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What are the different types of marketing strategies? Options: social media marketing, content marketing, email marketing, influencer marketing, SEO, SEM, affiliate marketing, viral marketing, telemarketing, direct marketing, print marketing, radio marketing, word-of-mouth marketing, guerilla marketing, experiential marketing, event marketing, door-to-door marketing, billboard marketing, TV marketing, radio marketing

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social media marketing, content marketing, email marketing, influencer marketing, SEO, SEM, affiliate marketing, viral marketing

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What is the difference between marketing and advertising?

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Marketing is a broader term that includes all activities involved in identifying customer needs and satisfying them. Advertising is a subset of marketing that involves promoting a product or service through various channels such as TV, radio, print, online, etc.

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What is the importance of financial management in business?

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Financial management is important in business because it helps in making informed decisions, managing cash flow, allocating resources effectively, and achieving financial goals.

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What are the different sources of financing for a business? Options: credit cards, donations, inheritance, lottery winnings; personal savings, loans, venture capital, angel investors, crowdfunding, grants, government programs; gambling, crowdfunding, scholarships, subsidies; bartering, sponsorship, stock market, insurance

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personal savings, loans, venture capital, angel investors, crowdfunding, grants, government programs

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What is the role of operations management in a business?

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The role of operations management in a business is to oversee, design, and control the process of production and redesigning business operations in the production of goods or services.

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What are the key components of a business plan?

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Executive summary, company description, market analysis, organization and management structure, product or service line, marketing and sales strategy, funding request, financial projections, and appendix.

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What are the legal requirements for starting a business?

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Registering the business with the government, obtaining necessary licenses and permits, and complying with tax and employment laws.