Free Printable Adv. Entrepreneurship Final Study Guide 2018

1.

A company’s sale of their product is an example of cost structure

a)

True

b)

False

2.

Instagram’s coding and engineering of the application to allow photos to be edited by users is an example of cost structure

a)

True

b)

False

3.

A company’s sale of their product is an example of revenue streams

a)

True

b)

False

4.

An example of a channel for Bucketfeet would be various retail stores.

a)

True

b)

False

5.

An example of a channel for Instagram would be through the Today Show

a)

True

b)

False

6.

An example of a customer relationship for a company would be through social media

a)

True

b)

False

7.

An example of a customer relationship for a company would be through various retail stores

a)

True

b)

False

8.

The process of dividing an audience into smaller groups based on similar characteristics is called customer segments

a)

True

b)

False

9.

The formula for Coca Cola is considered a utility patent.

a)

True

b)

False

10.

Once disclosed by the owner, a trade secret is free to be copied.

a)

True

b)

False

11.

Trademarks can be lost if they become generic

a)

True

b)

False

12.

Under US law, a copyright owner can sue someone for infringement only after the work is registered with the Copyright Office.

a)

True

b)

False

13.

A patent will NOT be issued if the product has been on sale for more than a year before the application is filed.

a)

True

b)

False

14.

The notes that you take in class are automatically considered copyrighted.

a)

True

b)

False

15.

Expenses are entered in which category of the BMC?

a)

Cost structure

b)

Problem

c)

Revenue

d)

Solution

16.

When completing the cost structure section of the BMC, which of the following would you add into it?

a)

Anticipate profit margins

b)

Income per unit

c)

Anticipated revenue

d)

Expenses needed to build your product

17.

Which of the following would be added to the Revenue Streams on the BMC?

a)

Investment money

b)

Payment from customers

c)

Staff salaries

d)

Cost of goods sold

18.

The way a customer can purchase or gain access to a product/service falls into which section of the business model canvas?

a)

Customer Relationships

b)

Channels

c)

Solution

d)

Unique Value Proposition

19.

Which of the following are channels?

a)

The online shop of the company’s product

b)

The company’s TV ad

c)

The company’s Facebook ad

d)

A commercial about the product

20.

They way a customer becomes exposed to a product/service would fall into which section of the business model canvas?

a)

Unique Value Proposition

b)

Channels

c)

Solution

d)

Customer Relationships

21.

What data a company will collect and measure to determine success would fall into which section of the business model canvas?

a)

Cost Structure

b)

Key Metrics

c)

Revenue Streams

d)

Unique Value Proposition

22.

Which of the following is a direct competitor to Starbucks?

a)

Cub Foods

b)

Gas station mini mart (Casey’s)

c)

Higher Grounds

d)

McDonald’s

23.

The best way to stand out from your competitors and get noticed by your customers is by having which of the following?

a)

A solution that has already been created

b)

A problem you can’t solve

c)

Many solutions to their problem

d)

A unique value proposition

24.

Which of the following best describes a Unique Value Proposition?

a)

Ways your product or service is different from other companies

b)

Key features or benefits your business has for your employees

c)

Key features or benefits your product or service that influence why customers choose you over a competitor

d)

Ways your product or service is similar to other companies

25.

When deciding WHO has the problem that you identified, you would be describing the

a)

Customer Segment

b)

Channels

c)

Customer Relationship

d)

Solution

26.

A company who sells to the high school market redefines a subgroup of their customers as those who like theater and are in afterschool clubs that involve improv comedy. What has this company identified?

a)

An Early Adopter

b)

A Customer Solution

c)

A Customer Persona

d)

A Unique Value Proposition

27.

What is a person or business who will use your product first before most others do called?

a)

Target market

b)

Customer personas

c)

Customer Segments

d)

Early Adopters

28.

What is the difference between a user and a buyer?

a)

Buyers and users must be the same person

b)

Buyers purchase the product/service while users gain from the benefits provided

c)

Users of a product/service are always the paying customer while buyers gain insight from the user

d)

Users purchase the product/service while users gain from the benefits provided

29.

During the problem interview process, the goal is to determine which of the following?

a)

Do enough people have this problem

b)

What is the competition

c)

Is the problem solvable

d)

Who has the problem

30.

What is the business purpose of a position statement?

a)

Justifies your pricing model

b)

Allows you to sell easier to your customers

c)

Creates a workflow for your solution

d)

Articulates a specific direction for your business; creeates a roadmap for marketing

31.

Which of the following is not included in a positioning statement?

a)

Customer Segment

b)

Product Category

c)

Product / Brand Name

d)

Price

32.

Which of the following are examples of a direct channel for Christie’s Christmas Candles?

a)

www.christiechrismascandles.com

b)

Third party show booth display at Christmas art fair

c)

www.amazon.com

d)

Walgreens

33.

What is the marketing funnel cycle?

a)

Keep, get, and grow customers

b)

Grow, keep, and get customers

c)

Get, keep, and grow customers

d)

Get, grow, and keep customers

34.

What is using loyalty programs, surveys or follow up calls an example of?

a)

Get

b)

Grow

c)

Keep

d)

All of the above

35.

What are upselling, cross-selling, and referrals an example of?

a)

Get

b)

Grow

c)

Keep

d)

All of the above

36.

What are using search, website or social media an example of?

a)

Get

b)

Grow

c)

Keep

d)

All of the above

37.

What is market reach?

a)

The estimated number of potential customers the tactic could reach.

b)

The estimated number of potentials sellers the tactic could reach

c)

The estimated new markets the tactic could reach

d)

The estimated revenue the tactic will bring in

38.

What is Total Addressable Market?

a)

Total number of presales for product to predict total sales.

b)

otal number of subgroups’ frequency of their purchase(s) at the lowest unit price (subgroup x frequency x low price)

c)

Total number of products / services for sale at the average unit price (products x price)

d)

Total number of all the buyers’ frequency of their purchase(s) at the average unit price (buyers x frequency x price)

39.

What is a Serviceable Addressable Market?

a)

An estimated number of how many people HAVE purchased your product/service

b)

An estimated number of how many people WILL purchase your product/service

c)

An estimated number of how many people COULD purchase your product/service

d)

An estimated number of how many people WILL NOT have purchased your product/service

40.

What is revenue?

a)

The amount of money a person or business spends per unit

b)

The amount of money a company brings in

c)

The amount of money spent on making or providing the good/service

d)

The amount of money left over after costs have been paid

41.

What are the costs that are associated with providing your service or creating your product called?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

42.

What are costs used to operate your business called?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

43.

What are costs that are needed to start your business and occur only once?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

44.

What are COGS?

a)

Costs associated with providing service or creating product

b)

Costs associated with creating a new prototype

c)

Costs used to operate your business

d)

Costs used to startup your business and occur only once

45.

You are a company building software for the medical field. What is the cost of the initial development considered?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

46.

You run a jean-making company. What are the costs associated with the fabric considered?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

47.

A company pays monthly insurance costs. What are those costs called?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

48.

Every year, a company hires an accountant to review the books. What is this cost considered?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

49.

A local burger joint pays for the buns, meat, cheese, ketchup, onion and mayonnaise used to make their burger. What are these costs considered?

a)

COGS

b)

SG&A

c)

Revenue

d)

Startup Costs

50.

What is an MVP?

a)

Version of a new product or service that allows for maximum amount of learning about customers with least amount of effort

b)

Version of a new product or service that includes several features in an effort to include as much as possible in the first iteration

c)

Version of a new product or service that is a miniature version of the final product, often used as a demo

d)

Version of new product or service that provides an idea of what the final version looks like in order to gain as much funding support as possible

51.

Scenario: A company has a product idea of fingerless gloves made from microfiber materials for teachers to wear when working at a whiteboard; the gloves allow the writer to erase without having to use a separate tool. Which of the following is an example of an MVP to test the product or service in the above scenario?

a)

Buying a variety of fabric at the local fabric store and making hundreds of pairs to test. Pass them out to teachers to figure out which type of glove they like best.

b)

Buying gloves at the Dollar Store, cutting off the fingers on the gloves, and asking teachers in a school that uses whiteboards to use them

c)

Hiring a local seamstress to build the first batch of high-quality gloves. Sell them to teachers at a high price

d)

Create a presentation of the idea, and pitch it to a glove-maker to see if he will make your orders

52.

Scenario: A company has a product idea of a mobile app that provides real-time notification for bus arrival times at school bus stops. The product’s goal is to reduce outside wait time for riders. Which of the following is an example of a concierge type MVP to test the product or service in the above scenario?

a)

Collecting the names, phone numbers and bus routes for a specific set of bus riders. Following those buses in a car and then texting the rider with 5min notification time of arrival time

b)

Hiring a mobile app development company to create a mock up of their bus tracking app and then asking bus riders if they would buy this application when it become available

c)

Creating a slide presentation and describing the process to potential bus riders, and then collecting their bus routes

d)

Surveying bus riders on their wait times for the routes they ride

53.

What is the main criteria for a website to show up in a search engine’s unpaid search results?

a)

Bold text to catch the attention of your customer

b)

Catchy slogan that align with what your competition is promoting

c)

Interactive graphics and images

d)

Key words that align with what your customers are searching

54.

What is a trade secret?

a)

Anything that creates a business advantage by alignment to competition’s goals

b)

Anything that creates a business advantage when shared with the public

c)

Anything that creates a business advantage by virtue of not being known or accessible by general public

d)

Anything that creates a business advantage when given for free

55.

What is the invention of a new and useful process protected by?

a)

Utility Patent

b)

Copyright

c)

Trade Secret

d)

Design Patent

56.

What patent is needed to protect a mark used to identify and distinguish his or her goods, including a unique product, from those manufactured or sold by others?

a)

Trademark

b)

Design Patent

c)

Utility Patent

d)

Trade Secret

57.

What is a liquidity cushion?

a)

the estimation of capital dollars needed for contingencies

b)

the estimation of COGS minus revenue

c)

the calculation of SG&A and COGS

d)

the calculation of known capital dollars needed with contingencies

58.

Which of the following are examples of a direct channel for Nike? Select all that apply

a)

Famous Footwear

b)

A Nike retail store

c)

DWS

d)

www.nike.com

59.

Which of the following can be used to “get” your customers? Select all that apply

a)

website

b)

face-to-face meeting

c)

social media

d)

email

60.

Which of the following are free marketing tactics? Select all that apply.

a)

Testimonials

b)

Celebrity Endorsements

c)

Radio commercial

d)

Social media presence

61.

Knowing how Google’s search works, which of the following are important to help increase your SEO? Select all that apply.

a)

Pictures on your page should have attributes

b)

Get quality pages - such as news outlets - to link to your website

c)

Terms customers search for should be terms in your headers and on your page

d)

Website should have a site index page

62.

You market size can be determined by which of the following? Select all that apply

a)

Revenue dollars

b)

Units

c)

Customers

d)

Costs

63.

Which of the following are Investors of startups interested in when it comes to market size? Select all that apply.

a)

How the market size is calculated

b)

The final numbers

c)

How you came up with your estimates

d)

Costs

64.

A company can generate revenue from which of the following?

a)

Charging for delivery

b)

Charging for advertising space

c)

Charging for subscription services

d)

Charging a price for the product/service

65.

When designing an MVP to validate a business idea, which of the following criteria are needed?

a)

An estimation of how many dollars needed to create the MVP

b)

An identification of the riskiest assumption in the business model canvas

c)

An explanation of what data will be collected to measure success

d)

An identification of who will manufacture the final product in future iterations

66.

What are the four (4) most critical pieces of information included in an MVP pitch asking for funding to validate a product or service idea? Select all that apply.

a)

What is the problem we are trying to solve?

b)

What is the value/benefit our solution brings?

c)

Who is our solution for?

d)

How you plan to scale?

e)

What does our solution look like or how does it work?

67.

Which of the following are business reasons to have a website for your product or service? Select all that apply.

a)

To build awareness of your business

b)

To cultivate and maintain relationships with customers

c)

To establish lines of communication for potential customers

d)

To ensure you have copyright to your business name

68.

Which of the following are examples of a Marketing tactics? Select all that apply

a)

Attending a trade show

b)

Handing out flyers at an event

c)

Putting flyers up in school or a business

d)

Buying an advertisement in a magazine

69.

Which of the following are answers your marketing plan should answer?

a)

What is your message to customers?

b)

Where do you find customers?

c)

Why should customers buy your product/service?

d)

What is your financial goal?

70.

Which of the following are key characteristics of a successful salesperson? Select all that apply.

a)

Positive attitude

b)

Pushes a customer to make a decision

c)

Anticipates the objectives

d)

Good listener

71.

Which of the following are key characteristics of a successful salesperson? Select all that apply.

a)

Able to explain the financial model of the business

b)

Is prepared for talking about the product or service

c)

Focuses on the data, rather than the customer

d)

Not afraid to “ask for a commitment”

72.

Scenario: George hires Maria, a brilliant engineer, to work for his company. Maria churns out marvelous contributions faster than George can imagine. George wants to legally protect all these contributions, and he knows IP protections can overlap but he has to pick and choose what he protects and how because of cost considerations. Maria creates a confidential glue formula. What IP does is needed?

a)

Trade Secret

b)

Copyright

c)

Design Patent

d)

Utility Patent

e)

Trademark

73.

Scenario: George hires Maria, a brilliant engineer, to work for his company. Maria churns out marvelous contributions faster than George can imagine. George wants to legally protect all these contributions, and he knows IP protections can overlap but he has to pick and choose what he protects and how because of cost considerations. Maria creates a new apparatus that staples papers together without using staples. What IP does is needed??

a)

Trade Secret

b)

Copyright

c)

Design Patent

d)

Utility Patent

e)

Trademark

74.

Scenario: George hires Maria, a brilliant engineer, to work for his company. Maria churns out marvelous contributions faster than George can imagine. George wants to legally protect all these contributions, and he knows IP protections can overlap but he has to pick and choose what he protects and how because of cost considerations. Maria creates an ornamental design for a clock. What IP does is needed?

a)

Trade Secret

b)

Copyright

c)

Design Patent

d)

Utility Patent

e)

Trademark

75.

Scenario: George hires Maria, a brilliant engineer, to work for his company. Maria churns out marvelous contributions faster than George can imagine. George wants to legally protect all these contributions, and he knows IP protections can overlap but he has to pick and choose what he protects and how because of cost considerations. Maria creates a great new logo for the company’s “stapless stapler.” What IP does is needed?

a)

Trade Secret

b)

Copyright

c)

Design Patent

d)

Utility Patent

e)

Trademark

76.

Scenario: George hires Maria, a brilliant engineer, to work for his company. Maria churns out marvelous contributions faster than George can imagine. George wants to legally protect all these contributions, and he knows IP protections can overlap but he has to pick and choose what he protects and how because of cost considerations. Maria creates a new software program. What IP does is needed?

a)

Trade Secret

b)

Copyright

c)

Design Patent

d)

Utility Patent

e)

Trademark

77.

Scenario: Mary takes a breathtaking photograph of some snow leopards. She wants to post them on her website but fears that a rival photographer might steal them and take the credit. Before she posts them, she should protect it with which form of IP?

a)

Trade Secret

b)

Copyright

c)

Design Patent

d)

Utility Patent

e)

Trademark

78.

An example of a channel for Facebook would the Apple app store

a)

True

b)

False

79.

What is calculating the entire market opportunity for your product/service?

a)

Market Segment

b)

SAM

c)

TAM

d)

Market Share

80.

What is the realistic segment of the market you intend to sell and market your product or service to?

a)

TAM

b)

SAM

c)

SEO

d)

Market Sizing

81.

How is revenue different than profit?

a)

Revenue and Profit are synonymous; they mean the same thing

b)

Revenue is the amount of money brought in, while profit is what money remains after costs have been paid

c)

Profits are used to calculate price, while revenue is used to calculate costs

d)

. Profit is the amount of money brought in, while revenue is what money remains after costs have been paid

82.

What are SG&A?

a)

Costs used to operate your business

b)

Costs associated with creating a new prototype

c)

Costs associated with providing service or creating product

d)

Costs used to startup your business and occur only once

Adv. Entrepreneurship Final Study Guide 2018

Total questions: 82

Worksheet time: 42mins

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