Entrepreneurship Final Review

Which term refers to the amount of a good or service that PRODUCERS are willing and able to make available at a certain price?

• Shortage

• Demand

• Supply

• Surplus

Research shows that 90% of consumers use the web to search for local businesses. What marketing strategy would best increase the success of their business?

• Increase online presence

• Add an online shopping cart

• Revise business plan

• Advertise in local newspaper

What is a common method used to generate new profit ideas?

• Bootstrapping

• Competition

• Employees

• Brainstorming

Identify the characteristics for doing business in a brick and mortar store

• Increased market reach

• Sample products before purchase

• Geographically limited

• Reduced overhead

• Lower startup costs

Identify the characteristics for doing business in a an online business.

• Increased market reach

• Geographically limited

• Reduced overhead

• Lower startup costs

• Immediate product availability

Which government agency provides financial, technical, and management assistance to help Americans start, run, and grow their businesses?

• Occupational Safety and Health Act (OSHA)

• Environmental Protection Agency (EPA)

• Internal Revenue Service (IRS)

• Small Business Administration (SBA)

What type of business provides legal rights to market an existing company's business model and brand name?

• Franchise

• Private

• Monopoly

• Nonprofit

What is the term for a method of funding new business ideas and products that relies on receiving small contributions from many sources via the internet?

• Bank loan

• Trade credit

• Venture capital

• Crowdfunding

What distinguishes a product/service from the competition?

• Crowdsourcing

• Customer segment

• Unique value proposition

• Technopreneurship

How can an entrepreneur transfer risk to protect a business from liability?

• Decrease prices

• Eliminate competition

• Purchase insurance

• Increase supply