FN2 Terms-1.01

What is a business concept?

• A plan for how a business will make money

• An idea for a new business that can be tested

• A short statement explaining what a business does

• A group of customers a business focuses on

Which of the following best describes channels?

• A clear, compelling message about a business

• Costs that change with production levels

• The pathways to customers, such as advertising

• The money a business earns

What does "competitive advantage" mean?

• A. A short statement explaining business goals

• B. The unique factor that makes a business more profitable than competitors

• C. Indicators for measuring business success

• D. The cost of starting a business

What is a cost structure?

• All the expenses required to start a business

• A plan for how a business will make money

• The fixed and variable costs of a business

• The money a business makes after expenses

Who is an entrepreneur?

What are key metrics?

• The group a business focuses on

• Indicators for evaluating factors crucial to business success

• Costs that stay the same regardless of production

• A fluid diagram capturing a business model

What is the Lean Canvas Model?

• A plan for starting a business

• A simple diagram that captures a business model

• A method for calculating costs

• A statement describing what a business does

What is considered a product?

• The group a business focuses on

• A thing or service sold to customers

• A plan for how a business makes money

• A pathway to customers

What is revenue?

• The money that comes into a business

• Costs that change based on production

• A short explanation of business goals

• The expenses required to start a business

What are start-up costs?

• Fixed and variable costs of a business

• Indicators for business success

• Expenses required to start a business

• A plan for how a business earns revenue