A CFO is the highest-ranking executive in a company.

A COO handles daily operations among different departments.

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?

Which two steps are part of the sales process? (Choose 2.) Note: You will receive partial credit for each correct answer.

You and a friend plan to open a local ice cream store. You want to be able to sell shares of stock to a very small group of friends and family. You need a legal structure that avoids double taxation. Which business legal structure meets your needs?

Which two types of information does an income statement provide?

You need to create a legal structure for your small business. You do not plan on issuing stock and need to protect your personal property. Which legal structure should you set up for your business?

Which two items are examples of fixed costs for a business?

Which situation would lead a business to update safety procedures?

Which three resources represent secondary data? (Choose 3)

Which of the following is a source of secondary data?

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.) Note: You will receive partial credit for each correct answer.

You need to start a customer loyalty program to reward and retain your current customers. Which two types of programs should you select? (Choose 2.) Note: You will receive partial credit for each correct answer.

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.) Note: You will receive partial credit for each correct answer.

You are interviewing a customer using the design thinking process. Which two actions should you do?

Direct distribution is a sale between the manufacturer and the consumer.

Indirect distribution is when a manufacturer utilizes a wholesaler to sell their products.

Distribution channels include retailers, wholesalers, and e-commerce.

An individual with an entrepreneurial mindset values the opportunity to collaborate with and learn from others.

Entrepreneurs are likely to have a lower risk tolerance than other individuals.

An individual with an entrepreneurial mindset will try to develop solutions for problems that they see or experience, rather than see them as permanent obstacles.

In your business plan, you describe that in five years you plan to sell your company to another organization. In what section of the business plan should you include this information?

Sole proprietorships have limited liability.

Corporations can raise capital by selling stock.

LLC profits and losses are passed through to the personal income of the LLC owners.

You need to perform a SWOT analysis. What identifies the internal factors that impact your business?

For a franchise opportunity, you will receive ongoing support from the franchisor.

For a franchise opportunity, you will need to ask permission from the franchisor to introduce a new product line.

For a personal business opportunity, you will be required to go through more intensive training than for a franchise opportunity.

What does 'Ideate' mean in the context of problem-solving?

Fill in the blank: 'Empathize' means to ________.

Which three answer options are supply chain members?

You own an ecommerce website where customers can purchase the jewelry that you make. Which type of sales channel are you using?

You own an ecommerce website where customers can purchase the jewelry that you make. Which type of sales channel are you using?

Which lean canvas component describes how a business idea solves customers' problems in a better way than existing solutions?

Which lean canvas component describes how a business idea solves customers' problems in a better way than existing solutions?

Which of the following is a value proposition?

Which three items are found on a balance sheet? (Choose 3.) Note: You will receive partial credit for each correct answer.

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?

What is the role of customer support in a sales strategy?

You need to create an operating budget for your business. Your financial information for the month is as follows: • Labor: $1,000 • Loan payments: $4,000 • Utilities: $400 • Laptop: $1,400 • Rent: $700 • Initial website design: $1,200 • Insurance: $150 What is your monthly operating budget, excluding start-up costs?

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? (Choose 3.) Note: You will receive partial credit for each correct answer.

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?

Bootstrapping: ________ funds to start or expand a business.

Small Business Loans: Receiving funds from ________ to finance business activities.

Venture Capital: Using funds from professional investment firms in exchange for ________ in a business.

Crowdfunding: Receiving small amounts of funds from a large number of individuals to start or expand a ________.

Your company has a direct competitor. It is important to research competitive information. Which two data sets should you research?

Your company decides to license a product from another company. For each statement about product licensing, select True or False: Using licensed materials involves paying fees according to the licensing agreement.

Your company decides to license a product from another company. For each statement about product licensing, select True or False: The company that sells the license will provide all warranties and support for the products you create using the licensed material.

Your company decides to license a product from another company. For each statement about product licensing, select True or False: Obtaining a licensing agreement gives your company the permission to use the licensed materials.

Which two options are functions of marketing?

Which three services do incubators offer to a start-up company?

What is the first step in forming a product/market fit hypothesis?

What is a benefit of being an entrepreneur?