BUSINESS BASICS ASSESSMENT 3RD FORM

The unique value the product provides over its competitors and why a customer should pick one product over another, is called:

• Revenue

• Value Proposition

• Customer service

• Business Model

The business model canvas consists of _________ main elements. (number)

Match the following key building block with the respective choice. Assets are:

• Key resources

• Key partners

• Key activities

Business expenses that remain the same, regardless of the number of products produced or services provided are known as:

• Variable costs

• Fixed costs

• Mixed costs

• Cash flows

The amount that a good is sold for is known as:

• The cost

• The price

• The profit

• The break-even point

The first step in determining the product price is to determine fixed costs.

• True

• False

This refers to all the

stages involved in bringing a product from concept or idea,

through market release and beyond.

• Product range

• Product price

• Product development

• Product line

What is the first step in the product development process?

• Planning

• Launching the product

• Identifying a market need

• Conceptualizing

At the prototyping stage in the product development process:

• The product is made and used as a sample in the market.

• The product is launched on a large scale

• We plan on how the product will be made

Which process involves matching the information in your accounts to the transactions on the bank account:

• Making a deposit

• Reconciling your bank statements

• Checking your online balance

• Withdrawing money from your account