Small Business Vocabulary - Mar 4, 2022

A prototype is:

• when 2 or more people own a company

• the first representation of a business owner's product

• one person that owns a company

• a picture from a camera phone

When one person owns a company, that person is called a ______

• partnership

• franchise

• corporation

• sole-proprietor

Which of the following are examples of a service? (Select all that apply)

• Hair Salon/Barber shop

• A shoe store

• Truck Driver

• A clothing store

• grocery store

Answer explanation

A truck driver and hair salons provide a service. Truck drivers move goods from one location to another location; hair salons provide services to men/women by way of washing and/or styling clients' hair.

Target Market is how you will fund your new company.

• True

• False

brick-and-mortar means what?

(a)  

Answer explanation

Brick-and-mortar is an actual store location...Wal-Mart, Target for example.

List 3 possible ways you may get money for your new business

Select examples of advertising or marketing?

• social media

• radio ads

• word-of-mouth

• passing out flyers

When 2 or more people own a business, it is considered a

• corporation

• franchise

• partnership

• sole-proprietorship

Entrepreneurs look for business ideas and new and better ways to solve problems.

• True
• False

A person most likely to buy your product or service is your

• Client

• Target Customer

• Agent

• Mom