WorksheetsUnit 2: Business Ideas and Opportunities Study Guide
Total questions: 65
Worksheet time: 53mins
Any business on the internet that sells products, services, or advertising online is known as ___________.
Online Business
Brick & Mortar Business
Business 2 Business
Domestic Business
The top E-Commerce market is _____________.
USA
CHINA
JAPAN
UK
A company that conducts business within its national borders is known as a ______________.
Online Business
Brick & Mortar Business
Business 2 Business
Domestic Business
A business that has a physical location for consumers to purchase goods.
Online Business
Brick & Mortar Business
Business 2 Business
Domestic Business
Business that is conducted between businesses is known as ____________.
Online Business
Brick & Mortar Business
Business 2 Business
Domestic Business
A seller of goods to consumers is a _____________.
Retailer
Manufacturer
Wholesaler
Distributor
The manufacturer’s direct point of contact to supply goods to wholesalers.
Retailer
Manufacturer
Wholesaler
Distributor
A person or company that makes goods for sale.
Retailer
Manufacturer
Wholesaler
Distributor
A company that sells goods in large quantities at low prices to retailers.
Retailer
Manufacturer
Wholesaler
Distributor
The seller of a franchise is called _____________.
Franchise
Franchisee
Franchisor
Royalty
The right to make or market a good or service under a trademark name.
Franchise
Franchisee
Franchisor
Royalty
An ongoing fee that a franchisee pays the franchisor. The fee is usually a percentage of gross sales.
Franchise
Franchisee
Franchisor
Royalty
The buyer of a franchise.
Franchise
Franchisee
Franchisor
Royalty
A company that conducts business outside national borders.
International Business
Domestic Business
Business 2 Business
A company that conducts business within its national borders.
International Business
Domestic Business
Business 2 Business
Wholesaler
A person who purchases goods for commercial use is known as a consumer.
True
False
Retailers sell goods to distributors.
True
False
Joe’s Landscaping would be an example of a domestic business.
True
False
McDonald's corporate would be the franchisee in a franchise relationship.
True
False
E-Commerce sales will increase over the next 5 years according to statistics.
An idea that can generate income, requiring a commitment of resources and involves exposure to risk, is known as _______________.
Opportunity
Hobby
Pastime
Leisure
An advantage that is gained from the use or consumption of a good or service.
A concept developed by the mind.
Concept
Opportunity
Idea
Benefit
A good idea may not be an opportunity due to bad timing.
True
False
Specific attributes that make something one of a kind are referred to as ____________.
Unique
Common
Generic
Ordinary
A business activity that yields a profit or financial gain is known as being ____________.
Profitable
Unprofitable
Neutral
Loss-making
The act of exploring, investigating, and examining unknown markets for opportunities is known as __________.
Exploration
Analysis
Marketing
Research
The fulfillment of one’s expectations or needs is known as satisfaction.
True
False
An intangible product can be touched.
True
False
Appropriate to the current time, period, or circumstances.
Relevant
Irrelevant
Outdated
Inappropriate
You are planning to start an online store that sells products directly to customers. In E-Commerce terminology, what is this business model referred to as?
Business-to-Business
Business-to-Consumer
Consumer-to-Consumer
Consumer-to-Business
What is an E-business?
A company that uses electronic networks to conduct any business process.
A business that is environmentally friendly.
A company that exclusively sells electronic devices.
A business that only operates during electronic trade shows.
Sofia went to Old Navy® to find a pair of jeans, but the store did not have her size. The manager told her to go to the Old Navy® website and to purchase the jeans. In this situation, Old Navy® is an example of which of the following?
Data miner
Online marketplace
Pure-play e-tailer
Brick-and-click e-tailer
Which of these is not an Internal Source?
Skills and Hobbies
Experiences
Media
R&D
This method can be applied in the Brainstorming technique..
Discussions
SWOT Analysis
Mind Maps
All of the above
Irish government agencies provide ideas for new products and markets, e.g. Enterprise Ireland. What externals source is this?
Media
State Agencies
Customer Feedback
None of the above
How many stages are there in the development process of a new prodcut?
5
6
19
7
a business must generate as many business ideas as possible in order to find a few good ones..
Product Screening
Concept Development
Idea Generation
None of the above
Which of these is not a stage in the development process of a new product?
Idea Generation
Concept Development
Target Market
Feasibility Study
This is an investigation into the new idea that seeks to establish two things: Is it possible to make the product? Is the idea commercially viable?
Feasibility Study
Concept Development
Prototype development
Product Launch
a prototype is the first working model that the business makes of the new product
Feasibility Study
Prototype Development
Test Marketing
Product Launch
once satisfied the business will begin full-scale production of the product
Feasibility Study
Prototype Development
Test Marketing
Product Launch
What is a business opportunity?
A need for water, food, clothing, or shelter
A consumer need or want that can potentially be met by a new business
An idea for a neighborhood restaurant
A product or service that people desire
What is the difference between an idea and an opportunity?
An idea is a concept, while an opportunity is a feasible business plan
An idea is a good business opportunity, while an opportunity is a neighborhood restaurant
An idea is a potential business opportunity, while an opportunity is a calculated risk
An idea is a consumer need or want, while an opportunity is a product or service that people desire
What are some sources of business opportunities?
Problems, changes, trade resources, existing products and services, unique knowledge
Problems, creative thinking, new discoveries, existing products and services, unique knowledge
Problems, trade resources, critical thinking, existing products and services, unique knowledge
Problems, changes, new discoveries, existing products and services, unique knowledge
What is creative thinking?
A thought process that involves looking at a situation or object in new ways
A process of thinking outside the box and using imagination
A process of generating ideas and recognizing opportunities
A logical thought process that involves analyzing and evaluating a situation or object
What is critical thinking?
A process of thinking outside the box and using imagination
A process of generating ideas and recognizing opportunities
A thought process that involves looking at a situation or object in new ways
A logical thought process that involves analyzing and evaluating a situation or object
What can entrepreneurs turn into a product or service that benefits others?
One-of-a-kind experiences or uncommon knowledge
Existing products and services
Problems and changes
Creative and critical thinking
How can existing products and services be a source of business opportunities?
By providing better customer service for the product or service
By copying the product or service and giving it a different name
By significantly improving the product or service
By lowering the price of the product or service
Which of the following is a key factor in determining the success of a new business?
Location
Product uniqueness
Market demand
All of the above
What is the primary goal of a business plan?
To secure funding
To outline business goals and strategies
To attract customers
To hire employees
Which of the following is an example of a tangible product?
Consulting service
Software application
Smartphone
Online course
