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WorksheetsFinal Exam Practice 12-4
Total questions: 13
Worksheet time: 7mins
What type of business provides legal rights to market an existing company's business model and brand name?
Franchise
Private
Monopoly
Nonprofit
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?
Bank loan
Trade credit
Venture capital
Crowdfunding
What distinguishes a product/service from the competition?
Crowdsourcing
Customer segment
Unique value proposition
Technopreneurship
How can an entrepreneur transfer risk to protect a business from liability?
Decrease prices
Eliminate competition
Purchase insurance
Increase supply
Identify the FOUR elements of the marketing mix (4 P’s). (Choose 4)
Place
Product
Price
Partnering
Promotion
What are costs that fluctuate in proportion to the good or service that a business produces?
Variable costs
Total costs
Marginal costs
Fixed costs
Identify the elements of a promotional mix (select 3)
Advertising
Personal selling
Sales promotions
Lifetime value
Customer acquisition cost
What is the largest risk of owning your own business?
Losing your investment
Increase your taxes
Managing your time
Being your own boss
What is a product with just enough features to satisfy early customers and provide feedback for future product development?
Unique Value Proposition (UVP)
Minimum Viable Product (MVP)
Lean Product Manufacturing (LPM)
Product Viability Resource (PVR)
Which of the following are taxes that businesses pay? (Choose 3)
Recycling
Property
Income
Payroll
Estate
Which TWO terms describe legal protection of ideas and intellectual property? (Choose 2)
Open source
Scarcity
Copyright
Exclusivity
Patent
Patrick creates an innovative product using recycled water bottles. What type of entrepreneurship trend is this considered?
Technopreneurship
Social entrepreneurship
Green entrepreneurship
Crowdsourcing
Which term describes the portion of a market controlled by a specific company?
Market share
Oligopoly
Product mix
Brand
