Chapter 1 Review

A business plan might also be called a...

• Innovation and/or details

• Balance Sheet

• Human Resource Policy

• Roadmap and/or Pitch Deck

This stage of the entrepreneurial process is where you determine if your idea fills a void or gap in the marketplace, whether it meets a want or need:

• Discovery

• Resourcing

• Harvesting

• Business Plan

A small business is generally defined as a company with fewer than:

• 25 employees

• 200 employees

• 5 employees

• 500 employees

A business model is how a company sells its products to customers and it’s plan for making a __________.

• expense

• invention

• profit

• sales forecast

A manufacturer makes finished products from raw materials and is a type of:

• business ownership

• business model

• business plan

• franchise

E-Commerce is an electronic medium to facilitate the buying and selling of products and services by businesses and consumers, and can support this approach to business:

• Business to Business

• Business to Consumer

• Consumer to Consumer

• All of the Above

McDonalds and Subway are examples of a ____________ business model.

• E-Commerce

• Multilevel Marketing

• Franchise

• Direct Sales

A business model that charges a regularly scheduled fee, usually monthly or annually, for their products or services, is called:

• Freemium

• Aggregator

• Subscription

• SaaS

While the primary goal of business is to make a profit, government regulation ensures that businesses:

• ignore privacy laws

• are also mindful of and compliant with environmental laws

• make a profit

• provide the most effective products

These items are impacted differently, based on the type of business structure chosen by a business owner:

• tariffs and limits of liability

• how the business is taxed and limits of liability

• limits of liability and products the company sells

• how the business is taxed and tariffs