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Business > Putting A Business Idea Into Practice > Flashcards

Putting A Business Idea Into Practice Flashcards

1
Q

What is a business idea?

A

A concept for a product or service that meets a need or solves a problem.

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2
Q

True or False: Market research is unnecessary when putting a business idea into practice.

A

False

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3
Q

Fill in the blank: A _______ is a detailed plan outlining how a business will achieve its objectives.

A

business plan

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4
Q

What are the four main elements of the marketing mix?

A

Product, Price, Place, Promotion

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5
Q

What is the purpose of a business plan?

A

To outline the strategy, goals, and financial forecasts for a business.

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6
Q

Multiple choice: Which of the following is NOT a source of finance for a startup? A) Bank loans B) Personal savings C) Government grants D) Online surveys

A

D) Online surveys

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7
Q

What does SWOT analysis stand for?

A

Strengths, Weaknesses, Opportunities, Threats

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8
Q

True or False: A target market is the specific group of consumers a business aims to reach.

A

True

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9
Q

What is the importance of cash flow in a business?

A

It ensures that a business can meet its short-term liabilities and operate effectively.

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10
Q

Fill in the blank: _______ is the process of promoting and selling products or services, including market research and advertising.

A

Marketing

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11
Q

Multiple choice: Which financial statement shows a company’s revenues and expenses over a period? A) Balance Sheet B) Income Statement C) Cash Flow Statement D) Statement of Equity

A

B) Income Statement

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12
Q

What is a unique selling proposition (USP)?

A

A feature or benefit that makes a product stand out from competitors.

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13
Q

True or False: All businesses need to register with the government to operate legally.

A

True

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14
Q

What role does competition play in business?

A

It drives innovation, improves quality, and can affect pricing strategies.

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15
Q

Fill in the blank: The _______ is a legal document that outlines the rights and responsibilities of the business owners.

A

partnership agreement

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16
Q

What is the purpose of a feasibility study?

A

To assess the viability of a business idea before investing resources.

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17
Q

Multiple choice: Which of the following is a method of market research? A) Surveys B) Focus groups C) Observation D) All of the above

A

D) All of the above

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18
Q

What is branding?

A

The process of creating a unique name, design, and image for a product in the consumers’ minds.

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19
Q

True or False: Pricing strategies do not affect consumer buying behavior.

A

False

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20
Q

What is the difference between fixed costs and variable costs?

A

Fixed costs remain constant regardless of production levels, while variable costs change with production volume.

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21
Q

Fill in the blank: _______ is the act of selling goods and services through online channels.

A

E-commerce

22
Q

What is customer feedback important for?

A

It helps businesses improve their products and services and better meet customer needs.

23
Q

Multiple choice: Which document outlines the financial plan for a business? A) Business Plan B) Marketing Plan C) Operations Plan D) Strategic Plan

A

A) Business Plan

24
Q

What is a break-even point?

A

The level of sales at which total revenues equal total costs, resulting in no profit or loss.

25
Q

True or False: A business can succeed without a clear marketing strategy.

A

False

26
Q

What is the role of an entrepreneur?

A

To identify opportunities, take risks, and innovate to create and manage a new business.

27
Q

What is a business idea?

A

A concept for a product or service that meets a need or solves a problem.

28
Q

True or False: Market research is unnecessary when putting a business idea into practice.

A

False

29
Q

Fill in the blank: A _______ is a detailed plan outlining how a business will achieve its objectives.

A

business plan

30
Q

What are the four main elements of the marketing mix?

A

Product, Price, Place, Promotion

31
Q

What is the purpose of a business plan?

A

To outline the strategy, goals, and financial forecasts for a business.

32
Q

Multiple choice: Which of the following is NOT a source of finance for a startup? A) Bank loans B) Personal savings C) Government grants D) Online surveys

A

D) Online surveys

33
Q

What does SWOT analysis stand for?

A

Strengths, Weaknesses, Opportunities, Threats

34
Q

True or False: A target market is the specific group of consumers a business aims to reach.

A

True

35
Q

What is the importance of cash flow in a business?

A

It ensures that a business can meet its short-term liabilities and operate effectively.

36
Q

Fill in the blank: _______ is the process of promoting and selling products or services, including market research and advertising.

A

Marketing

37
Q

Multiple choice: Which financial statement shows a company’s revenues and expenses over a period? A) Balance Sheet B) Income Statement C) Cash Flow Statement D) Statement of Equity

A

B) Income Statement

38
Q

What is a unique selling proposition (USP)?

A

A feature or benefit that makes a product stand out from competitors.

39
Q

True or False: All businesses need to register with the government to operate legally.

A

True

40
Q

What role does competition play in business?

A

It drives innovation, improves quality, and can affect pricing strategies.

41
Q

Fill in the blank: The _______ is a legal document that outlines the rights and responsibilities of the business owners.

A

partnership agreement

42
Q

What is the purpose of a feasibility study?

A

To assess the viability of a business idea before investing resources.

43
Q

Multiple choice: Which of the following is a method of market research? A) Surveys B) Focus groups C) Observation D) All of the above

A

D) All of the above

44
Q

What is branding?

A

The process of creating a unique name, design, and image for a product in the consumers’ minds.

45
Q

True or False: Pricing strategies do not affect consumer buying behavior.

A

False

46
Q

What is the difference between fixed costs and variable costs?

A

Fixed costs remain constant regardless of production levels, while variable costs change with production volume.

47
Q

Fill in the blank: _______ is the act of selling goods and services through online channels.

A

E-commerce

48
Q

What is customer feedback important for?

A

It helps businesses improve their products and services and better meet customer needs.

49
Q

Multiple choice: Which document outlines the financial plan for a business? A) Business Plan B) Marketing Plan C) Operations Plan D) Strategic Plan

A

A) Business Plan

50
Q

What is a break-even point?

A

The level of sales at which total revenues equal total costs, resulting in no profit or loss.

51
Q

True or False: A business can succeed without a clear marketing strategy.

A

False

52
Q

What is the role of an entrepreneur?

A

To identify opportunities, take risks, and innovate to create and manage a new business.

Business (7 decks)

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