Entrepreneurship Final Exam 2019

People go into business for themselves because

• they want to set their own schedules
• they hope to pursue a personal dream
• they want to work at home but still earn an income
• all of the above

Data that help you determine where your potential customers live and how far they will travel to do business with you are called __________.

• geographic data

• demographics

• census

• primary data

A description of the characteristics of the person or company that is likely to purchase a product or service is called a

• customer profile

• customer segment

• market segment

• target market

One major advantage of being an entrepreneur is that

• entrepreneurs are guaranteed to make large sums of money
• entrepreneurs can choose a business that interests them
• entrepreneurs do not need to work with anyone else to get their business up and running
• all of the above are advantages of being an entrepreneur

Lenders want to know where your business will be located because the location of a business is often a critical factor to its success

• True
• False

What is an example of primary research?

• Magazine

• Observation

• Newspaper

• Government statistics

When Campbell's makes nacho cheese soup for Texas and Cajun gumbo soup for Louisiana, what kind of segmentation is it practicing?

• Geographic

• Psychographic

• Behavioral

• Demographic

• Political

When an entrepreneur considers whether or not behavior is ethical, both the actions and the result of those actions need to be considered.

• True
• False

Which of the following type of business sells products directly to consumers?

• manufacturing
• retailing
• wholesaling
• service

Which of the following is a way to segment age?

• Family Size

• Teenagers

• Gender

• Social Class