Final

Question 1

6 Types of businesses

Answer 1

Retail, wholesale, agriculture, service, manufacturing, mining

Question 2

4 advantages of being an entrepreneur

Answer 2

Make large sums of money, choose your own interest, be your own boss, and be creative

Question 3

4 disadvantages of being an entrepreneur

Answer 3

Long hours, irregular income, risk, decimos are independent

Question 4

Where they can find ideas when starting a business

Answer 4

Hobbies
Past work experience
Discovery and invention

Question 5

5 traits of entrepreneurs

Answer 5

Independent 
Self confident 
Goal orientated
Creative 
Tech savvy

Question 6

5 Factors that can help a business be successful

Answer 6

Adequate capital
Providing product that fits needs
Owners education level 
Owners reason for starting a business
Owners business experience

Question 7

5 characteristics of a good team member

Answer 7

Competent 
Communication 
Commitment
Cooperation 
creativity

Question 8

What characteristic means having the right abilities or skills?

Answer 8

Competent

Question 9

Someone that helps others like someone who helps with taxes is what kind of entrepreneur?

Answer 9

Service

Question 10

Someone that makes a certain product is a…

Answer 10

Manufacturer

Question 11

Difference between employees and entrepreneurs

Answer 11

Employees work for someone else and only entrepreneurs are directly affected with consequences

Question 12

3 companies that shaped the world of entrepreneurship

Answer 12

Home Depot, harpO, Starbucks

Question 13

% of businesses that fail in first 4 years

Answer 13

80%

Question 14

3 research places

Answer 14

Internet, small business administration, trade shows

Question 15

What does smart mean?

Answer 15

Specific
Measurable 
Attainable
Realistic
Timely

Question 16

6 steps to problem solve

Answer 16

Define the problem
Gather info
Identify solutions
Evaluate alternatives and pick best option
Take action
Evaluate the action

Question 17

2 important things when setting a selling price

Answer 17

Cost of goods sold and profit

Question 18

3 methods of pricing

Answer 18

Pricing to meet the competition
Pricing below competitors
Pricing above competitors

Question 19

What is market share used for

Answer 19

To show the total sales of a company within a certain timeframe

Question 20

What is MSRP and what law established it?

Answer 20

Manufacturers suggested retail price

Consumer goods pricing act

Question 21

Which law made monopolies illegal?

Answer 21

Sherman anti trust act

Question 22

What law prevents companies from changing prices because of different religious beliefs?

Answer 22

Clayton anti trust act