WorksheetsBootCamp1_2023_2024
Total questions: 28
Worksheet time: 17mins
Which lean canvas component describes how a business idea solves customers problems in a better way than existing solutions?
Milestones
Competition
Value Proposition
Business Model
What are the characteristics of an entrepreneurial mindset?
business knowledge, financial knowledge,
and organizational skills
community awareness, educactional readiness, and literacy
people skills, problem solving and career exploration
creativity, adaptability, determination, and empathy
You manufacture race cars.
How should you determine performance criteria for your product?
Secure additional funding
Run a social media campaign
Create a commercial explaining the product
Test an interactive prototype
You own a hot dog cart downtown. You sell each hot dog for $2.50. You need to determine your monthly BREAK-EVEN POINT
* Monthly Expenses $600
* Cost to produce each hot dog $1
How MANY hot dogs do you need to sell each month to break-even
172
240
400
600
Which THREE answer options are products that would be developed by digital production not physical production
(Choose 3)
Social Media applications
Wall mounted televisions
E-Books
Laptops
Banner Ads
You have a small business. Your first-year financials are as follows
- Start up costs: $60,000
- Gross Sales: $65,800
- Total Expenses: $28,500
- Income Taxes: $6,370
What is the Return on Investment (ROI) for your business?
1.96%
51%
61%
92%
Which THREE resources represent SECONDARY DATA
(Choose 3)
Focus Groups
Industry Newsletter
United States Census
Customer Interviews
Academic Journals
You decide to open a coffee shop. You need to determine your monthly fixed costs and variable costs.
Which two costs are FIXED (Choose 2)
Cups
Insurance
Coffee grounds
Rent
What is the main advantage of direct distribution over fulfillment services?
Unfiltered relationship with customers
Established distribution system
Brand recognition
Minimal storage costs
Which two types of information does an income statement provide?
( Choose 2 )
An analysis of the shareholder equity
A classification of revenues and expenses
An indication of profitability
A classification of assets and liabilities
What is the primary difference between wholesale and retail sales channels?
Wholesale is business-to-business while Retail is business-to-consumer
Wholesale provides more control over the brand experience than retail
Wholesale products demand higher prices than retail
Wholesale has more public locations than retail
A consultant determined that your company needs a better social media presence to market your health and fitness products
Which three marketing methods should you use? (Choose 3)
Create email subscriptions
Create an online community for customers
Use direct mail flyers
Produce a television infomercial
Create company profiles on relevant online platforms
You need to create a legal structure for your small business. You DO NOT plan on selling stock, and need to protect your personal property
C-Corporation
Sole Properietorship
Limited Liability Corporation
S-Corporation
You own a small business and your company had 5000 new customers last year
Cost in the marketing and sales areas were the following:
- Marketing costs: $30,000
- Sales costs: $10,000
- Salaries: $60,000
What was your Customer Acquisition Cost?
$6
$8
$12
$20
What are two disadvantages of debt financing? (Choose 2)
Owners may be required to personally guarantee debt
Debt has to be repaid
Loans take longer to procure than investments
Owners are required to give up ownership
You make and sell designer necklaces. The financial information for one necklace is as follows:
- Sales price for each necklace: $180.00
- Cost to produce one necklace: $134.50
What is the RETURN ON INVESTMENT (ROI) for one necklace
25%
34%
45%
51%
In addition to PRICING, which three elements comprise your marketing mix?
Prediction
Product
Promotion
Profit
Place
Why would a business owner choose a partner distribution channel?
Lower profit margin
Customer base growth
Cost Effective
Increased Sales
Which three roles have EQUITY in a business? (Choose 3)
Partner
Employee
Contractor
Stockholder
Owner
Which three answer options are supply chain members? (Choose 3)
Retailers
Manufactures
Market Analysis
Product Developers
Wholesalers
Which two answer options about Customer Retention Spending are true?
( Choose 2 )
Includes loyalty program costs
Includes referral discounts
Increase churn rate
Affects customer acquisition cost
Includes initial marketing costs
You have a landscaping business. You have the following financial information for the month
- Initial cash balance: $1,200
- Projected revenue based on existing clients: $2,350
- Gas: $100
- Equipment maintenance fees: $290
- Truck payment: $400
- Payroll: $2,900
- Insurance: $120
What is your projected Ending Cash Balance for the month?
($140)
($260)
$940
$2,640
You want to open a Print Shop that sells T-Shirts and other products
What two factors should you consider in deciding if your idea is a good business opportunity? (Choose 2)
Use of newest technology
Short-term profitability
Risk Level
High Demand for Product
Which answer option is the correct category for website maintenance?
Selling, general and administrative cost
Start-up cost
Cost of good sold
Depreciation cost
What are the qualities of an entrepreneurial mindset?
Flexible and Resiliant
Assertive and independent
Sensitive and obedient
Demanding and authoritative
For which two reasons should a small toy company select a fulfillment center for product distribution instead of using a direct distribution channel? ( Choose 2 )
To ship goods to customers at a lower cost
To personalize all aspects of the sale
To survey customers buying habits
To have better control over product inventory
You are examining the year-end balance sheet for your business
According to the information in the balance sheet, what is your EQUITY in the business?
Balance sheet for year ending December 31
Assets
Cash $15,000
Inventory $2,000
Equipment $10,000
Total Assets: $27,000
Liabilities
Credit card balance $3,500
Long-term debt $0
Unearned revenues $2,500
Total Liabilities: $6,000
$6000
$15,000
$21,000
$27,000
Which three steps are part of the SALES PROCESS? ( Choose 3 )
Prospect
Adjust the product price
Close the Deal
Present the Pitch
Analyze the market
