Entre Final Exam Review 1

Entrepreneurs try to identify unmet _____ in the marketplace.

• Jobs
• Wants
• Needs
• Skills

Which of the following is not a reason why people become entrepreneurs.

• They want to be their own boss
• The want to pursue a dream
• They don’t want to work hard
• They want to set their own schedule

Entrepreneurs must consider the idea that there are many risks involved in starting a business

• True
• False

Researchers have identified 8 characteristics that distinguish successful entrepreneurs from those that fail. Which of the following is NOT one of these characteristics?

• Successful entrepreneurs have determination and perseverance
• Successful entrepreneurs are creative
• Successful entrepreneurs are master networkers
• Successful entrepreneurs are good leaders

Which of the following is not a good example of a S.M.A.R.T. Goal?

• Our company will increase sales by 12% over the previous year through increased marketing to our target market
• Our company will increase profit this year.
• Our company will create a marketing plan for Instagram that’s ready to launch in three months to generate new online sales.
• Our company will increase productivity by 10% in the next 6 months by holding weekly training meetings for employees.

Identify the six steps to the problem-solving model

• Define the reason, gather resources, identify the reason, evaluate the reason, take action, and follow through with the action.

• Define the problem, gather information, identify various solutions, evaluate alternatives and select the best option, take action, and evaluate the action.

• Define the problem, gather resources, identify various solutions, evaluate the various solutions, take action, and evaluate the action.

There are 4 types of Economic Systems they are:

• Mixed, Traditional, Wholesale, and Market
• Command, Traditional, Service, and Manufacturing
• Risky, Uncertain, Decisions, and Creativity
• Traditional, Mixed, Market, and Command

A percentage of a sale paid to a salesperson is called _____________.

• Bonus
• Salary
• Commission
• Wages

Which pricing strategy offers customers a reduced price?

• Discount Pricing
• Psychological Pricing
• Demand-based Pricing
• Market Share

Demand is an individual’s need or desire for a product or service at any cost.

• True
• False