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Final Exam Practice 12-4

Total questions: 13

Worksheet time: 7mins

Name
Class
Date
1.

What type of business provides legal rights to market an existing company's business model and brand name?

a)

Franchise

b)

Private

c)

Monopoly

d)

Nonprofit

2.

What is the term for a method of funding new business ideas and products that relies on receiving small contributions from many sources via the internet?

a)

Bank loan

b)

Trade credit

c)

Venture capital

d)

Crowdfunding

3.

What distinguishes a product/service from the competition?

a)

Crowdsourcing

b)

Customer segment

c)

Unique value proposition

d)

Technopreneurship

4.

How can an entrepreneur transfer risk to protect a business from liability?

a)

Decrease prices

b)

Eliminate competition

c)

Purchase insurance

d)

Increase supply

5.

Identify the FOUR elements of the marketing mix (4 P’s). (Choose 4)

a)

Place

b)

Product

c)

Price

d)

Partnering

e)

Promotion

6.

What are costs that fluctuate in proportion to the good or service that a business produces?

a)

Variable costs

b)

Total costs

c)

Marginal costs

d)

Fixed costs

7.

Identify the elements of a promotional mix (select 3)

a)

Advertising

b)

Personal selling

c)

Sales promotions

d)

Lifetime value

e)

Customer acquisition cost

8.

What is the largest risk of owning your own business?

a)

Losing your investment

b)

Increase your taxes

c)

Managing your time

d)

Being your own boss

9.

What is a product with just enough features to satisfy early customers and provide feedback for future product development?

a)

Unique Value Proposition (UVP)

b)

Minimum Viable Product (MVP)

c)

Lean Product Manufacturing (LPM)

d)

Product Viability Resource (PVR)

10.

Which of the following are taxes that businesses pay? (Choose 3)

a)

Recycling

b)

Property

c)

Income

d)

Payroll

e)

Estate

11.

Which TWO terms describe legal protection of ideas and intellectual property? (Choose 2)

a)

Open source

b)

Scarcity

c)

Copyright

d)

Exclusivity

e)

Patent

12.

Patrick creates an innovative product using recycled water bottles. What type of entrepreneurship trend is this considered?

a)

Technopreneurship

b)

Social entrepreneurship

c)

Green entrepreneurship

d)

Crowdsourcing

13.

Which term describes the portion of a market controlled by a specific company?

a)

Market share

b)

Oligopoly

c)

Product mix

d)

Brand