Unit 3 Navigating the Business World Review -Ent

What step in the rational decision-making process involves assessing what worked and did not work about the process and solution?

• Step five, testing the solution

• Step six, implementing the solution

• The first step, defining the problem

• The last step, evaluating the solution

What key entrepreneurial trait involves making decisions without being afraid to explore the unknown and embracing the opportunity to try and learn new things?

• Discipline

• Curiosity

• Empathy

• Mindset

By managing her emotions so that she is able to make unbiased, objective business decisions, including thinking before doing and separating business goals from personal ones, what key entrepreneurial trait is Colby building on?

• Creativity

• Empathy

• Self-regulation

• Mindset

Jacob’s teacher gives each member of the class a definition for a type of good and asked them to figure out the best key term that matches their definition. Jacob’s definition states, “Usually requires more planning and thought during the purchasing process and includes clothing, electronics, and furniture.” What does he select as his key term?

• Unsought goods

• Manufacturing goods

• Convenience goods

• Shopping goods

What is the approximate lifespan of durable goods?

• Three or more years

• Fifteen to twenty years

• Six months to one year

• Infinite

Kiara is working on a project that explores and discusses consumer goods. What are some items that she might discuss within her project?

• Raw materials such as cotton and lumber

• Furniture, portable electronics, and beverages

• Automated machinery, like a T-shirt press machine

• Renewable and natural resources

What type of goods are machinery, raw materials such as cotton and lumber, and equipment?

• Industrial

• Consumer

• Production

• Support

Shawna’s business advisor asks her, “Will your products be used by the end consumer, or will they be purchased by businesses to create other products?” What will her answer help determine?

• Whether or not she will need a marketing plan

• Whether or not she will receive government investors

• Whether or not she will create industrial or consumer goods

• Whether or not she will have a profitable business

When the wholesaler takes large shipments and breaks them down for direct resale to the consumer, what does it eliminate?

• Eliminates the retailer and extra costs for the consumer

• Eliminates all profits and taxes

• Eliminates the consumer and the manufacturer

• Eliminates the manufacturer

What kind of value chain can be described as purchases being made by the retailer from the manufacturer and then the retailer selling the products to the customer?

• Manufacturer to retailer to consumer

• Manufacturer to wholesaler to consumer

• Industrial to the consumer to retailer

• Creator to the manufacturer to wholesaler