WorksheetsPractice 01
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
You decide to create new type of energy bar. You take some samples to a focus group to get their reactions to your product. Which stage of the development process are you in?
a)
a. Market Strategy Creation
b)
b. Concept Development
c)
c. Product Development
d)
d. Idea Generation
2.
For a personal business opportunity, you will be required to go through more intensive training than for a franchise opportunity.
a)
True
b)
False
3.
You need to create an operating budget for your business. Your financial information for the month is as follows: Labor: $1,000 Materials: $4,000, Utilities: $400, Computer: $1,400, Rent $700, Website Design $1,200, Insurance: $150. What is your monthly operating budget?
a)
a. $8,850
b)
b. $7,650
c)
c. $6,250
d)
d. $7,450
4.
Which of the following expenses are a “Customer Retention Cost”?
a)
a. Search Engine Optimization (SEO) Marketing
b)
b. Affiliate Programs
c)
c. Training Programs
d)
d. Engagement Programs
5.
The design thinking process is highly focused on using secondary research to develop solutions to problems.
a)
True
b)
False
6.
Which two marketing platforms are examples of owned media?
a)
a. Social Media Ads
b)
b. Blogs
c)
c. Websites
d)
d. Reviews
7.
Which of the following expenses are a “Customer Acquisition Cost”?
a)
a. SEO Marketing (Search Engine Optimization)
b)
b. Affiliate Programs
c)
c. Training Programs
d)
d. Engagement Programs
8.
For third-party sellers, what are two marketing benefits of selling products on a marketplace?
a)
a. Access to the marketplace’s market knowledge
b)
b. Access to the marketplace’s technology
c)
c. Access to the marketplace’s employees
d)
d. Access to the marketplace’s customer base
9.
Trade Secret licensing must be registered with the government.
a)
True
b)
False
10.
Distributors use their sales force to sell another company’s product.
a)
True
b)
False
11.
Which two actions help start-up companies achieve product/market fit?
a)
a. Determining the primary competition
b)
b. Hiring additional staff to handle exponential growth.
c)
c. Identifying underserved customer needs
d)
d. Testing the Minimum Viable Product (MVP) prototype with customers
12.
What is the first step in forming a product/market fit hypothesis?
a)
a. Determine who the competition is
b)
b. Determine who the target customer is
c)
c. Establish a distribution system.
d)
d. Create a product prototype.
13.
Value engineering adds features and functions to a product.
a)
True
b)
False
14.
You want to buy a gift shop in a popular location within a large town. Which three factors will help you determine if the business opportunity is viable?
a)
a. Shop floor plan
b)
b. Market Size
c)
c. Revenues and Costs
d)
d. Current inventory
e)
e. Financing Requirements
15.
Which two services does direct distribution provide that fulfillment centers do not?
a)
a. Product Shipping
b)
b. Product Storage
c)
c. Product Marketing
d)
d. Product Manufacturing
16.
You currently opened a food truck business. Identify what are your “start-up” costs.
a)
a. Gasoline
b)
b. Cooking Utensils
c)
c. Business License
d)
d. Truck Lease Payments
17.
Which two actions should you complete when conducting “competitive analysis”?
a)
a. Identify the competitors’ market share
b)
b. Assess the competitors’ management style
c)
c. Research the competitors’ strengths and weaknesses
d)
d. Evaluate the competitors’ branding
18.
A variable cost is eventually paid off over time.
a)
True
b)
False
19.
You own a business that manufactures sandals. For each sandal, you determine the following: Labor: $20, Materials: $30, Desired Markup: 25%. What should your selling price be?
a)
a. $50.00
b)
b. $62.50
c)
c. $65.50
d)
d. $75.00
20.
Patent licensing is used for a new product or invention.
a)
True
b)
False
100 %
