Final

Question 1

What are communication barriers?

Answer 1

Obstacles to effective communication

Question 2

What is the best way to communicate thoughts and ideas in an email or letter?

Answer 2

Email

Question 3

What is the difference between active and passive voice?

Answer 3

Active is effective business communication while passive tends to be less effective

Question 4

What are the tips/methods to giving an effective oral presentation?

Answer 4

Visual aids, maintain eye contact, and practice dynamic delivery

Question 5

What are the 4 basic forms of business ownership?

Answer 5

Sole proprietorship, partnership, corporation, and limited liability company

Question 6

Reasons to launch a small business?

Answer 6

Financial success, independence, flexibility, challenge, and survival

Question 7

What is a market niche?

Answer 7

A small segment of a market with fewer competitors than the market as a whole

Question 8

What is a business plan?

Answer 8

A formal document that describes a business concept

Question 9

What is Accounting?

Answer 9

System for reorganizing, analyzing, and reporting information about the financial transactions from an organization

Question 10

What are the four financial statements?

Answer 10

Relevant, reliable, consistent, and comparable

Question 11

What is on the balance sheet and income statement?

Answer 11

Reports financial position on assets, liabilities, owners equality, and reflects accounting equations

Question 12

What is the accounting equation?

Answer 12

assets= liabilities + owner’s equity

Question 13

Define Marketing

Answer 13

business of promoting and selling products or services,

Question 14

What is the marketing mix?

Answer 14

a combination of factors that can be controlled by a company to influence consumers to purchase its products.

Question 15

What is Consumer Behavior?

Answer 15

how people make purchase decisions to satisfy their needs and behavioral responses influence the buying decision.

Question 16

What is a budget?

Answer 16

a spending plan based on income and expenses.

Question 17

What is a credit card?

Answer 17

small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

Question 18

Define Value

Answer 18

The relationship between the price of a good or a service and the benefits that it offers its customers.

Question 19

Define Utility

Answer 19

The ability of goods and services to satisfy consumer “wants.”

Question 20

What are angel investors?

Answer 20

Individuals who invest in start-up companies with high growth potential in exchange for a share of ownership

Question 21

Drawbacks

Answer 21

difficulty maintaining financial discipline,

Question 22

What is the disadvantage of using a credit card?

Answer 22

Having to pay back the money and it not come straight out of your bank account
out of your bank account

Question 23

What is a credit score and name a range that would be considered “fair to excellent”?

Answer 23

A score to see how well you handle the debt with your credit card and how you manage yourself 700- >800

Question 24

What is the Small Business Development Center and what does it do?

Answer 24

assist entrepreneurs and business owners in establishing and growing sustainable, successful small businesses

Question 25

What is the SBA and what does it do?

Answer 25

Small business association, provides support to entrepreneurs and small businesses

Question 26

What is crowdfunding?

Answer 26

funding a project or venture by raising money from a large number of people

Question 28

What is a sole proprietorship?

Answer 28

A form of business ownership with a single owner who
usually actively manages the
company.

Question 29

What is a partnership?

Answer 29

A voluntary agreement
under which two or more
people act as co-owners of a
business for profit.

Question 30

What is a franchise?

Answer 30

A licensing arrangement
under which a franchisor
allows franchisees to use its
name, trademark, products,
business methods, and other
property in exchange for
monetary payments and
other considerations.

Question 31

What is a corporation?

Answer 31

A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners.

Question 32

What Is a non-profit?

Answer 32

A corporation that does not
seek to earn a profit