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Cost of Production and Components of a Business Plan

Total questions: 116

Worksheet time: 58mins

Name
Class
Date
1.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

2.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business.

d)

To help reduce the risk of business failure.

e)

All of the above.

3.
An analysis of the business’s advantage over its competitors
a)
Growth Plan
b)
Competitive Analysis
c)
Contingency Plan
d)
Market Analysis
4.
How a company will make customers aware of its products/services
a)
Marketing Plan
b)
Industry Overview
c)
Product and Service Plan
d)
Growth Plan
5.
A brief account of the key points contained in a business plan
a)
Executive Summary
b)
Company Description
c)
Mission Statement
d)
Vision Statement
6.
Research of the potential customer’s profile
a)
Market Analysis
b)
Marketing Plan
c)
Mission Statement
d)
Growth Plan
7.

What Is This Logo?

a)

Jov's Smart Shop

b)

Walmart

c)

Target

d)

Sam's Club

8.

What Is This Logo?

a)

Honda Moter Company

b)

BMW

c)

General Moters

d)

Tesla

9.

What Is This Logo?

a)

Nikes

b)

Jordans

c)

Adadias

d)

ReeBok

10.

What Is This Logo

a)

Apple

b)

Samsung

c)

Android

d)

Flip Phone

11.

What Is This Logo?

a)

Starbucks

b)

McDonalds

c)

Wendys

d)

Pizza hunt

12.

Name that logo

a)

Twitter

b)

Facebook

c)

Snapchat

d)

Instagram

13.

"Better Ingredients. Better Pizza."

a)

Papa John's

b)

Papa Murphy's

c)

Pizza Hut

d)

Godfather's

14.

"We Have the Meats."

a)

Arby's

b)

Hardee's

c)

Red Robin

d)

Wendy's

15.
"The Ultimate Driving Machine"
a)
BMW
b)
Mercedes
c)
Ford
d)
Cheverlet
16.
"Melts in you Mouth, Not in you Hands"
a)
M & M's
b)
Snickers
c)
Reeses 
d)
Butterfingers
17.
"You're in Good Hands with..."
a)
Reebok
b)
Allstate
c)
State Farm
d)
Universal
18.
"Eat More Chikin"
a)
Chick-Fil-A
b)
Wendy's
c)
Cane's
d)
KFC
19.

This picture is an example of what advertising technique?

a)

Slogan

b)

Expert Opinion

c)

Testimonial

d)

Repetition

20.

This picture is an example of what advertising technique?

a)

Bandwagon

b)

Appeals to emotion

c)

Slogan

d)

Expert Opinion

21.

This picture is an example of what advertising technique?

a)

Expert opinion

b)

Testimonial

c)

Slogan

d)

Appeals to emotion

22.
informing customers about products and persuading them
a)
place
b)
price
c)
promotion
d)
market
23.
where goods or services are available
a)
place
b)
product
c)
promotion
d)
price
24.
goods or services that are sold
a)
promotion
b)
price
c)
place
d)
product
25.

"Hurry in! This deal ends soon!" Is an example of...

a)

Weasel Claim

b)

Snob Appeal

c)

Bottled Cool

d)

Scarcity

26.

This persuasive technique makes a product sound unbelievably fabulous with fluffy, meaningless words. There's no substance...they're just "the best."

a)

Snob Appeal

b)

Testimonial

c)

Glittering Generalities

d)

Emotional Appeal

27.

To attract buyer who desires an elite, upper-class status...one with a glamorous, ritzy lifestyle...advertisers might use this technique.

a)

Snob Appeal

b)

Bandwagon

c)

Emotional Appeal/Transfer

d)

Repetition

28.
A business owned and run by 2 or more people is called...
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
29.
Deciding how much to charge for goods and services.
a)
Marketing
b)
Goods
c)
Pricing
d)
Selling
30.

The 1st step in the selling process is:

a)

Preparing to sell

b)

Establishing relationships

c)

Discovering customer needs

d)

Prescribing solutions

31.

The 2nd step in the selling process is:

a)

Preparing to sell

b)

Establishing Relationships

c)

Discovering customer needs

d)

Prescribing solutions

32.

What is the 3rd step in the selling process?

a)

Preparing to sell

b)

Establishing relationships

c)

Discovering customer needs

d)

Prescribing solutions

33.

The 4th step in the selling process is:

a)

Preparing to sell

b)

Prescribing solutions

c)

Reaching closure

d)

Reaffirming buyer-seller relationships

34.

The 5th step in the selling process is:

a)

Prescribing solutions

b)

Reaching closure

c)

Reaffirming seller-customer relationships

d)

Discovering customer needs

35.

What is the 6th step in the selling process?

a)

Discovering customer needs

b)

Prescribing Soluti

c)

Reaching closure

d)

Reaffirming buyer-seller relationships

36.

Jeremy researches a company, and compares their needs to his product features and benefits. He decides they are a potential customer and sets up a meeting with them. Jeremy is in which stage of the selling process?

a)

Preparing to sell

b)

Establishing relationships

c)

Prescribing solutions

d)

Reaching closure

37.

It is Brian's first meeting with a new customer. He introduces himself, tries to make a favorable impression and put the potential customer at ease. Brian is in which step of the selling process?

a)

Preparing to sell

b)

Establishing relationships

c)

Discovering customer needs

d)

Reaching closure

38.

Brea asks her customer questions about their needs, she listens and evaluates their responses and tailors her presentation based on the information she gets. Brea is in which step of the selling process?

a)

Preparing to sell

b)

Establishing Relationships

c)

Discovering customer needs

d)

Reaching closure

39.

Mia translates the features of her product into benefits she believes will fit her customer's needs and demonstrates how her product works. Mia is in which phase of the selling process

a)

Reaching closure

b)

Prescribing solutions

c)

Discovering customer needs

d)

Establishing customer relationships

40.

Brysen finishes his sales demonstration, responding to objections to his suggested solution by reviewing his product benefits, and asks the customer to buy.

a)

Reaching closure

b)

Reaffirming buyer-seller relationships

c)

Discovering customer needs

d)

Establishing relationships

41.

Following up to make sure the product is delivered, providing training, calling to ask for feedback from the customer and offer complementary products, are all things you do in which step of the sales process?

a)

Establishing relationships

b)

Prescribing solutions

c)

Reaffirming buyer-seller relationship

d)

Reaching closure

42.
This is any form of paid, non-personal communication that uses mass media to deliver the entrepreneur’s message to an audience.
a)
Broadcasting
b)
Targeting
c)
Advertising
d)
Directing
43.

Money that you earn.

a)

Asset

b)

Expense

c)

Income

44.

What is a variable expense?

a)

An expense that changes every month.

b)

An expense that is unexpected.

c)

An expense that is the same month to month.

45.

A financial plan is called a

a)

budget

b)

tax

c)

allowance

d)

income

46.

amount of money a business receives over a period of time

a)

revenue

b)

income

c)

cost of goods

47.

tabulation of all expenses incurred in running a business

a)

total expenses

b)

net income

c)

fixed expenses

48.
Total Costs / Quantity = _____
a)
Marginal Cost
b)
Average Total Cost
c)
Implicit Cost
d)
Explicit Cost
49.
Variable Cost/Quantity = _______
a)
Marginal Variable Cost
b)
Average Fixed Cost
c)
Average Variable Cost
d)
Marginal Total Cost
50.
Change in Total Revenue/Change in Quantity
ΔTR/ΔQ = _____
a)
Marginal cost
b)
Marginal Revenue
c)
Profit
d)
Marginal Profit
51.
 Total Revenue - Total Cost = _____
a)
Profit
b)
Revenue
c)
Marginal Revenue
d)
Variable Revenue
52.
Costs that do not change when the quanity of output produced changes?
a)
Fixed Costs
b)
Variable Costs
c)
Explicit Costs
d)
Implicit Costs
53.
The amount a firm receives for the sale of its output.
P x Q = _____
a)
Profit
b)
Total Revenue
c)
Marginal Revenue
d)
Average Profit
54.
Fixed Cost divided by the quantity of output.
a)
Average Fixed Cost
b)
Average Variable Cost
c)
Marginal Cost
d)
Marginal Fixed Cost
55.
Occurs when each addition of an input results in declining quantity of the output
a)
Diminishing Marginal Utility
b)
Diminishing Marginal Costs
c)
Diminishing Marginal Returns
d)
Diminishing Marginal Profits
56.

Which is the MOST critical component of a business plan?

a)

Financial Plan

b)

Market Analysis

c)

Executive Summary

d)

Company Description

57.

The component of your business plan provides readers with an overview of the full document, helping them understand what they can expect to learn.

a)

Market Plan

b)

Organizational Plan

c)

Business Plan

d)

Executive Summary

58.

An analysis is intended to assist a realistic, fact-based, data-driven examination of an organization's, initiative's, or industry's strengths and weaknesses

a)

Diagnostic Analysis

b)

Market analysis

c)

SWOT Analysis

d)

Descriptive Analysis

59.

What is a business plan?

a)

Written document that only outlines the business practices of the new business.

b)

Written document that describes the financial aspects of the business.

c)

Written document that only describes the ownership of the business.

d)

Written document that describes all the steps necessary for opening and operating a successful business.

60.

Why do you need a business plan?

a)

To explain your idea

b)

the ability to get financing.

c)

it's a road map that sets objectives and goals for the business.

d)

To help reduce the risk of business failure.

e)

All of the above.

61.
How a company will make customers aware of its products/services
a)
Marketing Plan
b)
Industry Overview
c)
Product and Service Plan
d)
Growth Plan
62.
Looks at how the business will expand in the future
a)
Growth Plan
b)
Product and Service Plan
c)
Contingency Plan
d)
Company Description
63.
A brief account of the key points contained in a business plan
a)
Executive Summary
b)
Company Description
c)
Mission Statement
d)
Vision Statement
64.
The specific aspirations of a company, the major goals it will try to reach.
a)
Vision Statement
b)
Company Description
c)
Mission Statement
d)
Executive Summary
65.

A (a)   is a business organization with two or more owners who share the risks and rewards.

66.

A business owned by one person is called a (a)   .

67.

A (a)   is a business owned by many people but treated by law as one person.

68.

The __________________________ states, "The development of a comprehensive business plan shows whether or not a business has the potential to make a profit."

a)

Service Corps of Retired Executives (SCORE)

b)

Small Business Administration

c)

US Bureau of Labor

d)

Trade Association

69.

Which are the building blocks of entrepreneurial innovation?

a)

Having an idea

b)

Solving a problem

c)

Creating a solution

d)

Believing in yourself

e)

All of the above

70.

The Market is:

a)

A place where people can sell their own products without a license. (Market stalls)

b)

The area which a business has delved into in terms of the product/service they are selling or providing.

c)

The customer which a product will be targeting.

71.

Entrepreneurs OFTEN begin the process of creating a new business by focusing on:

a)

a problem that needs to be solved.

b)

an older product or service.

72.

The is any difficult or challenging occurrence or condition that causes stress and/or inconvenience for individuals or large groups of people.

a)

Solution

b)

Problem

73.

This refers to the typical customer’s age, gender, income level, and/or educational attainment level.

a)

Demographics

b)

Psychographics

74.

Where potential customers are physically located within the country or the world.

a)

Demographics

b)

Geographics

75.

The customer’s interests, social values, and lifestyle characteristics.

a)

Psychographics

b)

Geographics

76.

Our perception is our:

a)

Idea

b)

Reality

77.

This is the answer to the problem.

a)

Scheme

b)

Solution

78.

This is what the customer will pay for the new product or service.

a)

Gross Margin Price

b)

Retail Price

79.

This is the business’s total revenue minus ALL expenses associated with producing and delivering the product.

a)

Net Profit

b)

Gross Profit

80.

If an item that costs $1.20 to produce and sells to the customer for $2.50, what is the Gross Margin?

a)

$1.30

b)

$3.70

81.

What are fixed expenses?

a)

Irregular expenses that change from week to week or month to month

b)

The amount of money in your bank account

c)

The amount of cash in your purse or wallet

d)

Expenses that stay the same from week to week or month to month

82.

Is a cell phone bill a fixed or variable expense?

a)

Fixed

b)

Variable

c)

Both fixed and variable

d)

Neither fixed nor variable

83.

A loan payment is a fixed expense.

a)

True

b)

False

84.

Every month, Jack’s mother pays the following expenses: the house payment, the club membership, the car payment, and the cost of food. Which is a variable expense?

a)

the house payment

b)

the cost of food

c)

the club membership

d)

the car payment

85.

Dara makes bracelets and sells them in her shop. Which is a fixed expense for Dara’s business?

a)

the cost of the beads

b)

the cost of the string

c)

the cost of advertising

d)

rent for her shop

86.
 Total Revenue - Total Cost = _____
a)
Profit
b)
Revenue
c)
Marginal Revenue
d)
Variable Revenue
87.
Costs that do not change when the quanity of output produced changes?
a)
Fixed Costs
b)
Variable Costs
c)
Explicit Costs
d)
Implicit Costs
88.
Additional cost associated by producing one additional unit of product.
a)
Fixed Costs
b)
Average Costs
c)
Marginal Costs
d)
Emplicit Costs
89.
Costs that change as the quantity of outputs changes.
a)
Fixed Costs
b)
Variable Costs
90.
Revenue generated by producing one additional unit of product.
a)
Marginal Revenue
b)
Marginal Profit
c)
Total Revenue
d)
Average Revenue
91.
Occurs when each addition of an input results in declining quantity of the output
a)
Diminishing Marginal Utility
b)
Diminishing Marginal Costs
c)
Diminishing Marginal Returns
d)
Diminishing Marginal Profits
92.
Level of production where marginal cost is equal to marginal revenue.
a)
Equalization
b)
Equilibrium
c)
profit margin
d)
profit-maximizing quantity of output
93.

What are the 4 P's of Marketing?

a)

Promotion, planning, puzzles, prizes.

b)

Product, price, promotion, place.

c)

Place, plays, pricing, proof.

d)

Product, place, promotion, proof.

94.
Which P represents what consumers are able and willing to pay for a good or service?
a)
Product
b)
Place
c)
Price
d)
Promotion
95.
Which P represents where consumers can buy a product or service?
a)
Product
b)
Place
c)
Price
d)
Promotion
96.
Which P represents features such as sizes and colors?
a)
Product
b)
Place
c)
Price
d)
Promotion
97.
Which P represents how you reach the audience by advertising online or on billboards?
a)
Product
b)
Place
c)
Price
d)
Promotion
98.
what to make, how to package it, what brand name to use and what image to project
a)
price
b)
product
c)
target market
d)
Marketing mix
99.

What are the four P's?

a)

Product, Price, Possibility, Promotion

b)

Place, Promotion, Price, Payment

c)

Price, Promotion, Probability, Place

d)

Product, Price, Promotion, Place

100.

What is the correct order of the parts of an executive summary (indirect)?

a)

Topic / Origins / Purpose / Kind of research / Key findings / Recommendation

b)

Key findings / Origins / Purpose / Kind of research / Topic/ Recommendation

c)

Kind of research / Key findings / Origins / Purpose / Topic / Recommendation

d)

Topic / Kind of research / Key findings / Recommendation / Origins / Purpose

101.

The component of your business plan provides readers with an overview of the full document, helping them understand what they can expect to learn.

a)

Market Plan

b)

Organizational Plan

c)

Business Plan

d)

Executive Summary

102.

The first key point in writing the executive summary was the

a)

Business description

b)

Business Logo

c)

Swot Analysis

d)

History of the business

103.

An analysis is intended to assist a realistic, fact-based, data-driven examination of an organization's, initiative's, or industry's strengths and weaknesses

a)

Diagnostic Analysis

b)

Market analysis

c)

SWOT Analysis

d)

Descriptive Analysis

104.

The statements describe the current purpose a company serves. The company's function, target audience, and key offerings are elements that are often mentioned?

a)

Mission

b)

Goals

c)

Objectives

d)

Vision

105.

Positive and controllable factors that contribute to the business’ success.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

106.

Negative factors that are beyond the control of the business.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

107.

Areas where you or your organization may be weaker than others.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

108.

Positive factors that are not within the control of the business.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

109.

The business has staff who are experienced and well – trained.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

110.

There are new technologies that are better and more advanced than what the business uses.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

111.

New and popular products are being introduced in the market from other competitors.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

112.

The business is located in an area that has many customers.

a)

Strength

b)

Weaknesses

c)

Opportunities

d)

Threats

113.

What does S stand for in SWOT?

a)

small

b)

strong

c)

strengths

d)

slow

114.

What does W in SWOT stand for?

a)

weather

b)

weaknesses

c)

wrong

d)

wide

115.

What does O in SWOT stand for?

a)

open

b)

only

c)

opportunities

d)

open-minded

116.

What does T in SWOT stand for?

a)

true

b)

threats

c)

trade

d)

troubles

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