Practice 02

This market segment describes the benefits to customers based on their wants or needs and how they use the product.

• Behavioral
• Geographic
• Demographic
• Psychographic

Which type of sales channel is someone using if they own an “ecommerce website” where customers can purchase the journals that they make?

• a. Business-to Business
• b. Retail
• c. Wholesale
• d. Direct-to-consumer

Value engineering changes the purpose of the product.

• True
• False

Richard has a small business. His first-year financials are as follows: Start-Up Costs: $70,000, Gross Sales: $66,800, Total Expenses: $28,500, Income Taxes: $6,370. What is the return on investment (ROI) for your business?

• a. 1.96%
• b. 55%
• c. 61%
• d. 92%

You currently opened an Arepa truck business. Identify what are your “operating” costs.

• a. Gasoline
• b. Cooking Utensils
• c. Business License
• d. Truck Lease Payments

One objective of entrepreneurship is to make a profit.

• True
• False

Which two elements below of the “sales process”, goes after the sales pitch?

• a. Prospect
• b. Overcome objections.
• c. Follow-up
• d. Approach

Who creates budget and financial strategies for a company?

• a. Chief Executive Officer (CEO)
• b. Founder
• c. Chief Financial Officer (CFO)
• d. Manager

What is a benefit of being an entrepreneur?

• a. Limitless income potential
• b. Paid sick time and health insurance
• c. Predictable job description
• d. Consistent 40-hour work weeks

Marla is a new entrepreneur. She is working on her business plan. In what section of the business plan should she describe that in five years she “plans to sell” her company?

• a. Financial projection
• b. Executive summary
• c. Exit strategy
• d. Vision