Principles 1B Unit 8 Quiz

Which best describes why Karim Abouelnaga’s Practice Makes Perfect solves a problem in the market?

• He recognized that certain students benefit greatly from mentorship.

• He created a program that could be marketed and sold to high schools.

• He devised a unique system to help students master standardized tests.

• He created a resource for high school students who want to go to college.

Which is the best indication that Karim Abouelnaga’s Practice Makes Perfect program is a success?

• He has sold it to 31 schools.

• He went to college with help from a mentor.

• The average for participating students who go on to college is 89 percent.

• Inner city high schools often have low graduation rates.

How did Siqi Mou take a unique personal experience and use it to create a business?

• She got a degree in business to forward her career.

• She was frustrated trying to find appropriate skin care.

• She had been looking for custom-blended skin products.

• She recognized the ecommerce is an important business trend.

Why is it important that Hello Ava follows up with clients after purchases?

• It increases labor costs and reduces profitability.

• Clients are willing to pay an additional fee to give feedback.

• Most ecommerce businesses have little to no customer support.

• It gives them an ongoing database of which products customers find effective.

Which is the best explanation of why Karim Abouelnaga would get a Master’s in Education Administration instead of Business?

• He obviously plans to open his own school one day.

• Most people cannot work in schools without some degree in education.

• The business was already profitable, so he wanted to develop the educational aspect.

• He wanted to ensure he did not have another degree that was unrelated to his business.

What skills learned in hospitality management could best help a graduate develop and run an educational program?

• identifying trends and effective marketing

• event planning and reservation management

• planning cost-effective vacations and menus

• management skills and working with the public

Since Siqi Mou does not make the products sold on Hello Ava, how can the business make a profit?

• It can see what other businesses charge and set prices below that.

• It can charge a little more for products to cover the cost of the expert input.

• It will have a hard time making a profit after customers have purchased one product.

• It will need to look into making custom skin care blends if it is going to be competitive.

The market forecast for beauty products is to go from $22.1 billion a year in 2017 to $28.7 billion by 2020. Why is that useful information for an entrepreneur looking to market a beautyrelated business?

• It suggests that there will be a lot of room for new businesses.

• It guarantees that any beauty-related business will do really well.

• It indicates that beauty products for men will see exponential growth.

• It means that the government feels consumers should spend more on beauty products.

What would it mean for an entrepreneur if the market forecast for the kind of business that they wanted to start indicates that the market for that product or service was expected to decline?

• Under no circumstances should someone start that kind of business.

• Competition is likely to more intense than in some other businesses.

• It will be very difficult to find people with the skills required to sell that product.

• That business is going to be more heavily regulated since growth is projected to slow.

Going to college is not an option for Felix, but he knows that he would like to open a business one day, maybe a restaurant. What is the best strategy for Felix to build skills?

• Take a job working remotely to build computer skills.

• Find a restaurant that has a management training program.

• Assume that he will needs someone with formal education to be his partner.

• Reconsider his career prospects and find one that does not require education.