For each statement about Roles in a Company, select TRUE or FALSE

An employee is a stakeholder in their company ​ (a)  

A CFO (Financial Officer) is the highest ranking executive in a company ​ (b)  

A COO (Operations Officer) handles daily operations among different departments ​ (c)  

For each statement about pursuing a personal business opportunity versus a franchise opportunity, select TRUE or FALSE

For a franchise opportunity you will receive ongoing support from the franchisor ​ (a)  

For a personal business opportunity you will generally have lower start-up costs than opening a franchise ​ (b)  

For a personal business opportunity you will be required to go through more intensive training than for a franchise opportunity ​ ​ (c)  

For a franchise opportunity, you will be able to purchase the items you believe will sustain your business WITHOUT having to ask for permission ​ (d)  

For each statement about the Product Market Fit Hypothesis, select TRUE or FALSE

Product Market fit results in low volume sales ​ (a)  

Repeated use of a product is an indicator of product market fit ​ (b)  

A value hypothesis explains why a customer would use a product ​ (c)  

Product Market fit occurs when you build something that people want​ (d)  

You need to classify each business as Product-Based or Service-Based

Hair Salon ​ ​ (a)  

Fruit Stand ​ (b)  

Grocery Store ​ (c)  

Group Fitness classes ​ (d)  

For each statement about business plans and pitch decks, select TRUE or FALSE

Start-up companies use business plans to inform potential investors ​ (a)  

Business plans are written documents outlining a company's objectives and goals ​ (b)  

A pitch deck is a short presentation for clients or investors that provides an overview of your business plan ​ (c)  

You need to determine what is necessary for securing funds from an investor

For each item, select TRUE if necessary for securing investor funds or FALSE if it is not

A demonstration of product market fit ​ (a)  

Financial data about profits, expenses, and financial projections ​ (b)  

A good explanation of your team's knowledge, skills and abilities ​ (c)  

A plan detailing how you will use funds to grow or improve your operations ​ (d)  

For each statement about the requirements for obtaining funding, select True or False

Business longevity increases potential funding opportunities ​ (a)  

Lenders require business owners to identify the purpose of the loan ​ (b)  

The business owner's personal credit score does not affect their ability to qualify for a loan ​ (c)  

You own an ice cream and donut shop. You have a short list of competitors

Classify each business as DIRECT or INDIRECT COMPETITION

Bakery ​ (a)  

Coffee Shop ​ (b)  

Grocery Store ​ (c)  

Fast Food restaurant ​ (d)  

This segment describes statistical information about customers ​ (a)  

This segment describes where customers are located and how they can be reached ​ (b)  

This segment describes what customers think about and value and how they live their lives ​ (c)  

This segment describes the benefits to customers based on their wants or needs ​ (d)  

Improving economy​ (a)  

Lack of expertise in some areas ​ (b)  

Low overhead cost ​ (c)  

Rising cost of product parts ​ (d)  

A sales presentation aims to obtain a sale ​ (a)  

Prospecting is following up with customers ​ (b)  

Overcoming customers objections occurs before the sales presentation ​ (c)  

An employee who receives payment after completing a sale​ (a)  

An employee who receives a set amount for each unit created​ (b)  

An employee who receives overtime pay for working extra time ​ (c)  

An employee who receives a set wage each week without overtime pay for extra time ​ (d)