question

No, Tray will not make a profit at this price.

answer

Trey has a T-shirt business that buys shirts from a wholesaler for four dollars each and sells them to retailers for eight dollars each. He imprints each shirt with a picture of a musical artist that costs him two dollars. He also pays his cousin to do the printing at five dollars an hour. LaShawn prints five shirts per hour. A retailer offers to buy 1000 shirts at seven dollars each. Should Tray agree to the deal?

question

All of these

answer

A business plan can help a company ________

question

Total revenue - Total cost of goods sold

answer

Total gross profit = ________.

question

The owners and the shareholders

answer

In a corporation, all profits go to ________.

question

Opportunity

answer

A competitive advantage can be based on any of six factors. Which of the following is not one of the six?

question

Mission statement

answer

Your ________ is a concise communication of your strategy including your business definition and your competitive advantage.

question

________ is/are the core values of an organization in action.

answer

Which of the following is not necessary for a contract to be binding?

question

$16.25

answer

________ is/are the core values of an organization in action.

question

Correct Liability insurance

answer

To protect against lawsuits brought by anyone injured by your product, you will need to buy ________.

question

Correct Economics of one unit

answer

To help determine whether your business will be profitable, calculate your ________.

question

Correct Business plan

answer

A(n) ________ is a document that thoroughly explains a business idea and how it will be carried out.

question

Correct An entity, much like a person, that has expenses and earnings

answer

Every corporation is recognized and treated under the law as ________.

question

100

answer

The number of stockholders in a Subchapter S Corporation is limited to ________.

question

The entire team

answer

It is best for ________ to write a new venture's business plan.

question

Can, cannot

answer

Cash flow ________ be negative before debt and equity infusions and ________ be negative after them.

question

Contracts

answer

________ are the building blocks of business.

question

Correct Worker's compensation

answer

________ insurance compensates employees for loss of income and for medical expenses due to job-related injuries.

question

One dozen

answer

A typical unit of sale for a wholesaler would be ________.

question

Correct Executive Summary

answer

The ________ section of the business plan should be written last.

question

A person has a talent for making something and decides that they should go into business.

answer

Which of the following is not a strong method of identifying business opportunities?

question

Market

answer

A(n) ________ is a group of people or organizations that may be interested in buying a given product or service, has the resources to purchase it, and is permitted by law and regulation to do so.

question

Are set up with a specific mission to improve society

answer

Tax-exempt, nonprofit corporations ________.

question

Permit

answer

A ________ is an official document that gives you the right to carry out a specific activity, such as an outdoor Festival.

question

Liability insurance

answer

To protect against lawsuits brought by anyone injured by your product, you will need to buy ________.

question

Complete business plan

answer

Bankers and other potential investors will often refuse to see an entrepreneur who does not have a ________.

question

Copyright

answer

The form of protection offered under U.S. law to the authors of "original works of authorship" is a(n) ________.

question

Use technical language and jargon.

answer

Which of the following is not a best practice?

question

IPO

answer

A(n) ________ is a buyout plan for investors' equity.

question

The relative value between one currency and another

answer

The foreign exchange rate is ________.

question

Signing parties must have their signatures notarized.

answer

Which of the following is not necessary for a contract to be binding?

question

At a price that provides the business with a profit

answer

To succeed, a business must satisfy a consumer need ________.

question

Regulations

answer

Federal, state and local ________ may apply to a business and may affect what it can do, how it can do it, and when and where it can operate.

question

All of these

answer

Ratio analysis can help business owners ________.

question

Paid

answer

Advertising is ________ promotion through media outlets.

question

Book stores

answer

Which of the following are not usually not-for-profit organizations?

question

$16.25

answer

What is the average unit of sale for a restaurant that serves $3,250 per day in meals to 200 customers per day?

question

Materials cost per unit plus labor cost per unit

answer

Total cost of goods sold per unit consists of ________.

question

240,000

answer

If you purchase $250,000 worth of insurance to protect your restaurant, with a $10,000 deductible, how much money are you entitled to receive as a payout if a fire destroys your store, which is valued at $250,000?

question

Lawsuit

answer

An injured party whose rights in a contract have been breached can bring a ________ against the other party.

question

Signing parties must have their signatures notarized.

answer

Which of the following is not necessary for a contract to be binding?

question

Direct marketing

answer

Telemarketing is a form of ________.

question

Show losses

answer

Income statement projections realistically ________ in the first few months of operations.

question

All of these

answer

The Executive Summary contains the

question

A crime

answer

Infringement of intellectual property is ________.

question

Product, price, promotion, and place

answer

The four factors that form competitive advantage are ________

question

Environmental analysis

answer

The ________ addresses the roles of the community, region, nation, and world in a business.

question

Higher premium

answer

A low deductible will yield a ________

question

Worker's compensatio

answer

________ insurance compensates employees for loss of income and for medical expenses due to job-related injuries.

question

Contracts

answer

________ are the building blocks of business.

question

All of these

answer

A business plan can help a company ________.

question

Correct Income is taxed only once, as the personal earnings of members

answer

In limited liability companies ________.

question

Protect your logo

answer

Obtain a trademark in order to ________.

question

All of these

answer

Indicating that you are assuming personal risk involves showing that ________.

question

Manufacturing

answer

Giovanni's entrepreneurial venture produces a tangible product. This is an example of a ________ venture.

question

Offering free samples during a two-week promotion

answer

Which of the following items is not a competitive advantage?

question

All of these

answer

A business plan can help a company ________.

question

You may lose a share of the ownership of your business to the other party who signed the contract.

answer

Which is not a potential penalty for breaking a contract?

question

Business model

answer

A ________ is a company's plan to generate revenue and make a profit from operations.

question

All of these

answer

Price should reflect the organization's ________.

question

Mission statement

answer

Your ________ is a concise communication of your strategy including your business definition and your competitive advantage.

question

Market

answer

A ________ is a group of people who would be interested in buying a given product or service.

question

Both Avoid misunderstanding and assure work and Assure payment and avoid liability

answer

The four "A's" of a successful contract include: ________.

question

Culture

answer

Making the beliefs, values, and behavioral norms explicit and intentional builds the ________ of an organization.

question

Errors and omissions

answer

________ insurance is designed to cover in the event that a business's (its employees') failure to do something that causes harm to a customer.

question

Regulations

answer

Federal, state and local ________ may apply to a business and may affect what it can do, how it can do it, and when and where it can operate.

question

Key managers

answer

Resumes and position descriptions should be included in business plans for ________.

question

Business model

answer

A ________ is a company's plan to generate revenue and make a profit from operations.

question

Arbitration

answer

Some contracts specify that conflicts may be settled through ________ instead of court.

question

All of these

answer

A factor to consider when selecting a physical location is ________.

question

The relative value between one currency and another

answer

The foreign exchange rate is ________.

question

Hiring employees in order to sell more units and generate more profit

answer

Business leaders create wealth by ________.

question

Opportunity Analysis and Research

answer

One section of the business plan that is often neglected is the ________.

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