WorksheetsBusiness 1 Mid Term part 2
Total questions: 20
Worksheet time: 10mins
The term for the money that is earned after expenses have been paid
revenue
profit
income
all are correct
When demand is high and supply is low, the price of a product
decreases
increases
stays the same
doesn't matter
The biggest benefit to being an entrepreneur is
being your own boss
making lots of money
working your own schedule
prestige in the community
If you have basic business skills then you
know how to write a business plan
have a basic understanding of how the economy works
know how to talk and listen to others
work until the job is done
A small, specialized business is called a
service
market
prototype
niche
Contracting with other companies for services is called
specializing
outsourcing
contracting
partnering
Potential benefits of outsourcing include
saving money
saving time
working more efficiently
all are correct
A tool used for organizing important information about the competition is called a(n)
feasibility analysis
business concept
competitive analysis
business plan
A working model of a new product is called a(n)
test model
example
sample
prototype
A document that describes a new business and a strategy to launch that business is called a(n)
business concept
executive summary
business plan
feasibility analysis
A collection of businesses with a common line of products and services is called a(n)
industry
market
demographic
focus group
When a business has a feature or benefit that makes it's product or service more desirable then it's competition, that is know as having
a competitive advantage
a niche business
a target market
a new business venture
A common way of collecting primary data is
through the internet
by researching the industry
through customer surveys
by looking at the competition
A description of a customer or set of customers is called a(n)
customer matrix
customer profile
customer survey
customer study
The following are all types of market research EXCEPT
confidential research
historical research
exploratory research
descriptive research
You do NOT want your business to be in the following stage of it's industry life cycle
decline
birth
growth
all are good
Another word for equity is
percentage
money
ownership
capital
In Shark Tank, when they discuss the "valuation", they are referring to
how much a business is worth
what a business makes in profit
what a business costs to run
all are correct
Another word for a businesses sales is
profit
revenue
worth
equity
All of the following are names of the sharks on Shark Tank EXCEPT
Kevin
Mark
Desmond
Robert
