Entrepreneurship Unit 4 quiz:
<span>1)
</span>….life cycle of a product? It helps set
expectations about
<span>2)
</span>….three to five years? True
<span>3)
</span>….not necessarily new or unique? The product has
a change in production, such as being eco-friendly
<span>4)
</span>….run at a loss in the beginning. True
<span>5)
</span>Efficiently managing the purchasing cycle….
Unused inventory takes away from a business’s profits
<span>6)
</span>….definition of marketing? All methods of
reaching and attracting potential customers
<span>7)
</span>If a business has only one owner… False
<span>8)
</span>Why are luxury brands…? Their brands are built
more on being unique than being a good deal
<span>9)
</span>….well-established customer base…. False
<span>10)
</span>The executive summary is a particularly
important… reasons except: It details where the funding for the business will
come from
<span>11)
</span>….an example of a secondary competitor? A coffee
shop that sells pastries would be a secondary competitor for a bakery that
sells pastries, among other products
<span>12)
</span>….offers the best return on investment….? A coupon
that cost $200 to print that increases
sales during the period it is valid by $500 and a 10 percent increase in
returning customers
<span>13)
</span>A business plan is helpful…? It helps a business
set future goals
<span>14)
</span>Why is price not always the most…? All of the
above
<span>15)
</span>Understanding the target market will…. True
