Entreprenurship Cumulative Exam

What is the difference between a startup and a small business?

• Startups intend to grow larger compared to a small business

• Startups have been in business longer

• Small businesses have multiple locations, startups do not

• A small business has more employees than a startup

Business entity that blends elements of partnership and corporate structures.

• proprietorship
• limited liability company
• partnership
• corporation

“The target consumer will be interested in health and wellness seminars, and other special events” refers to which form of market segmentation?

• demographics

• geographics

• psychographics

• buying patterns

In a cover letter, information about an applicant's education:

• establishes credibility

• compliments the employer

• connects with the employer

• concludes with class

Every sale has related expenses

• True 
• False

A systematic set of rules and procedures used to guide the behavior of an individual, a business, or a culture

• Innovative
• Business Ethics
• Resourcing
• Code of Ethics

Demographics

• objective social and economic facts about people

• basing market segments on where consumers live

• characteristics of consumers, such as attitudes, opinions, beliefs, interests, personality, lifestyle, political affiliation, and personal preferences

• a company who sells to other companies

Which of the following is not a promotional element?

• advertising

• sales promotion

• publicity

• price

_______________ Amount per unit that a product contributes toward the company’s profitability before the fixed expenses are subtracted.

• profit 
• contribution margin
• COGS
• COSS

One page visual business plan template that helps you deconstruct your idea into its key assumptions using 9 basic building blocks that can be easily revised as more data is learned

• Operations Strategy

• Lean Canvas Business Model

• Business Plan

• Unique Value Proposition