Question: Which characteristic would be beneficial to an entrepreneur?

Answer: Doesnt give up easily

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Question: What are three characteristics of entrepreneurs?

Answer: Disciplined, honest, responsible

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Question: How would a perspective entrepreneur benefit from a personality self-assessment?

Answer: It can identify strengths and weaknesses in the entrepreneurs leadership style

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Question: Which variable should be used by the automotive mechanic to attract these customers?

Answer: Speed of service

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Question: Which choice should the entrepreneur make based on this failure?

Answer: The entrepreneur should evaluate why the business failed and identify the strengths and weaknesses of the business.

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Question: Which are the two greatest entrepreneurial risks being taken to start this business?

Answer: Financial uncertainty, loss of free time

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Question: Which are three rewards of entrepreneurship?

Answer: Doing work your way, potential for greater wealth, helping the community

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Question: Match each business opportunity to its associated benefit and drawback

Answer: Buy a franchise - benefit:branding success
Start a new business - benefit:build your own way
Buy and existing business - benefit: has customers

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Question: Which are three reasons to buy a franchise instead of starting a business from scratch?

Answer: Exclusive geographic area, proven system, easier financing

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Question: Which two questions should the painter research?

Answer: How many competitors are in the area?
What are the spending patterns of potential customers in the area?

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Question: Which cruise add on should be promoted from a revenue perspective?

Answer: Shore excursions

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Question: Which method of segmentation is the owner using?

Answer: Behavioral

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Question: Match each method of segmentation to its potential customers

Answer: Psychographic-home owners with but lifestyles that don't have time to clean
Behavioral- home owners who are looking for promotions and discounts
Demographic- home owners with higher incomes
Geographic- home owners who live in neighborhoods

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Question: Match each primary target audience with its type of business plan

Answer: Investors- executive summary
Investors- oral presentation
Investors- investors business plan
Business owner- operational business plan

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Question: What is the primary drawback of a sole proprietorship?

Answer: Unlimited liability

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Question: Based on he estimates provided by the entrepreneur, will the bank approve her loan?

Answer: No, because her debt ratio is too high

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Question: What will she need to obtain before adding the kennel?

Answer: Permit

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Question: What is the most practical source of funding for the materials needed to complete his customers job?

Answer: Asking for an advance payment from the customer whose large order is the reason the materials are needed

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Question: Which are two benefits of using angel investors to help start a business?

Answer: Angels often accept a lower return in investment

Angel investors typically do not except to be paid until the business begins making money

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Question: Where should she go for help?

Answer: SCORE

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Question: What is legal reason to practice ethics in your business?

Answer: To avoid lawsuits

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Question: This is an example of which exit strategy?

Answer: Harvesting

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Question: Which factor will help the HVAC repairman choose the best candidate that meets his human capital need?

Answer: Whether the performance of the candidate can be assessed

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Question: Which responsibility would be included in this outsourcing?

Answer: Benefits administration

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Question: What are the tax implications for his structure?

Answer: The corporation pays taxes and each of the share holders pays taxes

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Question: Which type of intellectual property protection will safeguard a song?

Answer: Copyright

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Question: Match each type of intellectual property protection with the products the photographer might create

Answer: Patent-unique type of potable tripod
Copyright- website gallery of stock photos
Copyright- photographs of a wedding
Trademark- a logo representing the photographers company brand

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Question: Which operating policy should the owner establish to possibly keep these customers and acquire their business?

Answer: Payment terms on approved credit

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Question: Which part of the supply chain needs to be addressed?

Answer: Negotiated costs

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Question: Which action would be most likely to increase he sustainability of the business?

Answer: Offer a punch card hat awards one free grooming

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Question: What should he partners measure to help track he growth of the business during he first year?

Answer: Sales

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Question: How many prospects should he landscaper have in the pipeline at all times at a minimum?

Answer: 16

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Question: Which strategy will best identify those customers when they arrive at the diner?

Answer: Accept coupons used by competitors when customers pay their bill

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Question: What is a strategy he restaurant owner could use to achieve this goal?

Answer: Offer customers to signup for a free meal on their birthday

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Question: Drag each marketing outlet to match it with the associated benefit and drawback

Answer: Email-cost effective, but easily ignored
Newspaper - targets local community but has shrinking subscriber base
Social media- inexpensive to produce, but requires ongoing maintenance
Television- strong impact but its expensive
Web banners- highly flexiblr

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Question: Match each asset or liability with the proper category on the balance sheet

Answer: Bank loans- current liabilities
Equipment- long term assets
Inventory- current asserts
Mortgage payment- long term liability

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Question: Match each figure to the correct location in the income statement worksheet

Answer: $107,245- A
$73,725- B
$16,355- C
$30,371- D

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Question: What is the major reason the lender denied the loan?

Answer: The applicants credit report

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Question: Match each classification with the corresponding cost

Answer: Variable cost- credit card processing
Variable cost- products sold for customers to take
Fixed cost- monthly lease of credit card machine
Fixed cost- weekly advertising in a local newspaper

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Question: Which factor is the owner concerned about?

Answer: Variable costs

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Question: What is the ending cash balance?

Answer: $26,125

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Question: What will be the company's beginning cash flow in July?

Answer: $85,000

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Question: How many haircuts will it take to break even each month?

Answer: 200

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Question: Match the correct figure to the appropriate location in the break-even formula

Answer: Fixed costs= $147,400- A
Average price= $30- B
Variable cost= $6- C
Break even point in units= 6,142- D

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Question: What is considered a value proposition that would address the concerns of the target market?

Answer: Staff undergoes extensive background checks and driving records

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