Practice 04

A fixed cost has the same value each time it is incurred.

• True
• False

This market segment describes statistical information about customers.

• Geographic
• Psychographic
• Demographic
• Behavioral

The design thinking process places a high emphasis on developing customer empathy.

• True
• False

You own a business that manufactures pool chairs. For each pool chair, you determine the following: Labor: $75, Materials: $200, Desired Markup: 40%. What should your selling price be? (labor + materials x markup)

• $140
• $120
• $110
• $280

Lenders require business owners to identify the purpose of the loan.

• True
• False

The business owner’s personal _________ score does not affect their ability to qualify for a loan.

• credit
• business
• skills
• knowledge

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

• Prospect
• Follow-up
• Approach
• Overcome Objections

For a franchise opportunity, you will receive ongoing support from larger companies.

• True
• False

You need to start a customer loyalty program to reward and retain your current customers. Which two types of programs should you select?

• Points program
• Coupon code
• Annual sale
• Referral program

For a personal business opportunity, you will generally have lower start-up costs than opening a franchise.

• True
• False