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Entrepreneurship - Chapters 8 thru 10 Review

Authored by THOMAS MOSLEY

Business

10th - 12th Grade

Used 5+ times

Entrepreneurship - Chapters 8 thru 10 Review
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The business model phase is a part of the entrepreneurial process where questions must be answered in order for the business to be a validated .

orchestration

confirmation

acknowledgement

validation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are 3 requirements for using critical thinking in scenarios?

Acknowledge personal feelings and preexisting opinions, Rely on reason and thought instead of on emotion or impulse, Evaluate the most popular options.

Acknowledge personal feelings and preexisting opinions, Rely on intuition, Evaluate all possible options—even those that are unpopular.

Acknowledge personal feelings and preexisting opinions, Rely on reason and thought instead of on emotion or impulse, Evaluate all possible options—even those that are unpopular.

Ignore personal feelings and preexisting opinions, Rely on reason and thought instead of on emotion or impulse, Evaluate all possible options—even those that are unpopular.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If there was a huge increase in the % of women entering the workforce, which of these would be the BEST business opportunity based on the DEMAND this would create?

A pet store

A cooking school

A daycare business

A travel agency

A home and garden store

Answer explanation

When women who have children (especially very young children) go back into the workforce, one of the biggest needs for their families becomes childcare.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A well-written research question will get you _______ data that can be used for the business.

primary

secondary

consecutive

profitable

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Both trade associations and list-rental companies will typically charge for their services but there are also free online survey tools such as Survey Monkey that will allow you to send surveys and collect data online for no charge.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an inherent DISADVANTAGE of putting together a minimum viable product (MVP) to test?

You don't gain insight into how customers interact with the product

You typically have higher start-up costs since there is less market research conducted before opening the business

You don't have the benefit of advanced market research before you launch

You aren't able to tweak the product in response to customer feedback

Answer explanation

You WILL conduct and use marketing research AFTER you roll out your mvp - but by definition you won't do advanced marketing research before you roll it out.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A research objective is a carefully worded question used to conduct market research about a prospective business opportunity in order to validate it.

answer

True

False

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