6. Entrepreneurship & Small Business Certification Study Guide

Product license is used for a new product, new technology or new invention.

• True

• False

Trade Secrets must be registered with the government's Patent and Trademark office.

• True

• False

A trademark license protects names, logos or slogans.

• True

• False

Copyright is required for material in the public domain.

• True

• False

It varies from firm to firm, but most venture capital firms want to see 2 of the following before investing:

• A scalable business model.

• A profitable exit strategy.

• several business associates.

• That you have invested all of your own money.

You own a company that makes baseball bats. For each bat you know the following:

Labor cost: $20

Materials: $30

You want a 25% mark-up, how much do you charge for each bat?

• $76

• $65.50

• $50

• $62.50

Answer explanation

Add your costs:

20=30=50

then multiply by 1.25 - tis would be the cost (1) plus 25% (.25)

50x1.25 = $62.50

What are two characteristics of a lean canvas?

• Lean Canvas focusses on the Key Metrics, Unique Value Proposition and finding solutions to the problem.

• A Lean Canvas includes Financial Projections and a Detailed Market analysis.

• A Lean Canvas is a highly test based long detailed document.

• A lean Canvas is a quick, concise tool used to outline or update a Business Plan.

A Variable cost is something you will eventually pay off.

• True

• False

A fixed cost is the same each month.

• True

• False

A fixed cost is paid regardless of the changes in sales or revenue.

• True

• False