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Answers 2025
An executive summary should briefly explain everything in a business plan in how many pages? - CORRECT ANSWER ✅Two pages. Factors that aid in determining whether or not a business opportunity is viable include market size, _____, management of cash flow, management skill sets, and passions. - CORRECT ANSWER ✅Relationships. One value of using _____ material is that they are usually well- recognized, which may help to boost sales. - CORRECT ANSWER ✅Trademarked. Which two sources are considered secondary data? - CORRECT ANSWER ✅"Company newsletters" and "internet articles." What are twos characteristic of fulfillment centers that differ from direct distribution? - CORRECT ANSWER ✅"Fulfillment centers pack and ship for a manufacturer" and "the manufacturer controls all aspects of distribution." Match the sales process steps to their description. - CORRECT ANSWER ✅Prospecting: "Finding potential customers."
Answers 2025
Preparation: "Developing a presentation tailored to a potential client and their specific needs." Approach: "Contacting a client or potential client." Objection: "Alleviating concerns presented by the customer." Closing: "Getting a client's decision to purchase or not to move forward." Follow-up: "Maintaining a relationship with customers to obtain repeat business and potential referrals." When it comes to setting one's own quality standards, one must ensure they are...? - CORRECT ANSWER ✅Measurable. What are two characteristics of direct distribution that differ from fulfillment centers? - CORRECT ANSWER ✅"Direct distribution is also known as a zero level channel" and "the manufacturer controls all aspects of distribution."
Answers 2025
What is the formula for determining a return on investment (ROI)? - CORRECT ANSWER ✅ROI = (Net profit/cost of investment) x 100 When must real estate loans through the Small Business Administration (SBA) be paid back? - CORRECT ANSWER ✅25 years Match the product/market fit stage to its description. - CORRECT ANSWER ✅Traction: "Sales gain momentum and a business starts to grow." Prototype: "Identify how a product or service solves customers' problems." Monetization: "A business starts to earn revenue." Idea: "Develop an idea for a product or service." Growth: "See growth and continue to grow the business." Launch: "The business is legally formed, and sales start to occur."
Answers 2025
Deidre owns a pet store. Last month, her income was $5,500, her cost of goods was $800, and her total expenses were $2,600. What are Deidre's net income and gross income for last month? Net income = $2,100 and Gross income = $4, Net income = $3.100 and Gross income = $4. Net income = $2,100 and Gross income = $4, Net income = $4,700 and Gross income = $2,100 - CORRECT ANSWER ✅Net income = $2,100 and Gross income = $4, What is the main drawback of a sole proprietorship? - CORRECT ANSWER ✅"They have unlimited personal liability." Jeff works for Green Grass Mowing Company. He is paid a fixed amount for each lawn he completes during the day. In addition to mowing lawns, Green Grass Mowing Company offers its customers a fertilization treatment for an additional cost. For every fertilization treatment Jeff secures, he receives an additional $7 in pay. Which two forms of compensation does Jeff receive for his work? - CORRECT ANSWER ✅"Piece work" and "commission." Tommy was hired to help boost a startup company's sales and marketing strategies. The startup company does not have enough cash
Answers 2025
Kelly has decided to purchase a new rug for her home. She visits a local home decor store and purchases a rug there. What type of transaction is this? - CORRECT ANSWER ✅"Business-to-consumer." franchises will generally have higher _________, but they offer ongoing support and training. - CORRECT ANSWER ✅"Start-up costs." When considering the reliability of the management for a business opportunity, what else should one consider at this time? - CORRECT ANSWER ✅"One's own skillset." Match the legal protection to its description. - CORRECT ANSWER ✅A "copyright" is used to protect creative works. A "patent" is used to protect an invention from being copied for a limited time. A "trademark" is used to protect brand names, logos, and business names.
Answers 2025
A "trade secret" is used to protect a company's practice, process, or formulas from being shared with other competitors. All "entrepreneurs" should legally protect their intellectual property.. Arrange the stages of a business life cycle in the correct order. - CORRECT ANSWER ✅First stage is "existence" Second stage is "survival" Third stage is "success" Fourth stage is "take-off" Fifth stage is "resource maturity" Sixth stage is "pivot or persist" Seventh stage is "exit plan"
Answers 2025
Stage 4 - "Prototype" Stage 5 - "Test" Linda's company acquired 6,000 new customers last year. They spent $40,000 in marketing costs and $20,000 in sales costs. What is Linda's customer acquisition cost (CAC)? - CORRECT ANSWER ✅$ $40,000 + $20,000 = $60,000 / $6,000 = $ A company's _________ may play a role in pricing. - CORRECT ANSWER ✅"Target market" _________ marketing lets marketers place ads on websites within search engines. - CORRECT ANSWER ✅"Pay-per-click (PPC)" With _________ it is easy to target a specific geographic location. - CORRECT ANSWER ✅"Newspaper marketing" Which three tips are suggested for dealing with negative customer feedback? - CORRECT ANSWER ✅"Empathize with the customer,"
Answers 2025
"address the customer by name," and "apologize to the customer." Match the data type to its description. - CORRECT ANSWER ✅"Behavioral data" allows companies to anticipate their customer's needs and behaviors and is collected by observing customers' behaviors to understand their buying habits. "Geographical data" provides companies with their customers' locations to see the areas with high or low sales volumes. Match the marketing plan element to its description. - CORRECT ANSWER ✅An "executive summary and business description" is an overview and summary of the marketing plan. It should cover what is going to be discussed in greater detail later in the plan. A "situation analysis" details a company's marketing efforts and the factors that sway marketing strategies. "Define the target market"; Details a company's marketing efforts and the factors that sway marketing strategies.
Answers 2025
What is the formula for determining burn rate? - CORRECT ANSWER ✅Burn rate = Month starting balance - Month ending balance Match the distribution type to its description. - CORRECT ANSWER ✅A "distribution center' has temporary storage. A "fulfillment center" has long-term storage. James owns a sporting goods store. He just manufactured his own bicycle brand and needs to figure out what the selling price should be. The manufacturing cost per bike is $65, and his desired profit margin is 15%. What is James's selling price? - CORRECT ANSWER ✅$74. $65 x .14 = $9.75, and $9.75 + $65 = $74. Devin owns a clothing store. He recently purchased jeans to sell in his store. He paid $23 for each pair of jeans, and his desired profit margin is 18%. What is Devin's selling price? - CORRECT ANSWER ✅$27. $23 x .18 = $4.14, and $4.14 + $23 = $27.14.
Answers 2025
When must equipment and inventory loans through the Small Business Administration (SBA) be paid back> - CORRECT ANSWER ✅Within 10 years. Match the funding option to its description. - CORRECT ANSWER ✅"Bootstrapping" is where an owner uses their own savings to fund the business. "Small Business Administration (SBA) loans" must be paid back with interest. The maturity terms differ depending on the type of loan. "Small Business Administration (SBA) grants" is free money given to small business owners to help with the launching and development of their business. They do not have to be paid back. An "investor" helps fund a business or a specific project, usually for some kind of stake in the company. "Crowdfunding" is sharing a startup business on an online platform where one can pre-sell products. The money from the pre-sale orders can be used as capital to build the products.
Answers 2025
Match the compensation type to its description. - CORRECT ANSWER ✅"Hourly pay" - Payment for the hours an employee has worked. "Salary" - Fixed payment amount for each pay period. "Commission" - A fee paid to an employee for completing a task. "Piece work" - Compensation for the number of units an employee produces. "Equity" - Non-cash compensation, including an investment vehicle, ownership in the company, restricted stocks, or shares. Match the business life cycle stage to its description. - CORRECT ANSWER ✅"Existence" - A business owner gets a business up and running. "Survival" - Having a reliable amount of customers to stay open. "Success" - A business owner is generating a consistent income, and the business is economically healthy.
Answers 2025
"Take-off" - The business owner needs to decide if they want their company to become a big business and, if so, how they will create rapid growth and finance it. "Resource maturity" - The owner has separated financially and operationally. "Pivot or persist" - Exhausting all efforts and avenues with the current strategy before deciding to change strategy. "Exit plan" - The business owner decides to sell their ownership of the company. Match the characteristic with its definition. - CORRECT ANSWER ✅"Critical thinking" - Solving problems in the best way by considering a variety of potential solutions to the problem "Creativity and innovation" - Bringing new and unconventional ideas to the table and finding creative and new solutions to the way things are done.
Answers 2025
What is his customer retention rate for June? - CORRECT ANSWER ✅90% 300 - 20 = 280 280/310 =. .90 x 100 = 90% John's company acquired 5,000 new customers last year. They spent $20,000 in marketing costs and $15,000 in sales costs. What is John's customer acquisition cost (CAC)? - CORRECT ANSWER ✅$ $20,000 + $15,000 = $35, $35,000 / 5,000 = $ What should marketing plans include? - CORRECT ANSWER ✅"Actions that need to occur to reach the desired marketing results." Which channels are examples of digital sales channels? - CORRECT ANSWER ✅"General marketplaces" and "auction marketplaces."
Answers 2025
What are the benefits of physical sales channels? - CORRECT ANSWER ✅"Customers can interact with the product" and "customers can often receive the purchased product at the time of purchase." A key example of a prebuilt _________ service many companies use is a Software as a Service (SaaS) platform. - CORRECT ANSWER ✅Digital. What are two examples of direct distribution channels? - CORRECT ANSWER ✅"Door-to-door sales" and "e-commerce sales." Indirect distribution channels use _________ to sell their products to the end customers. - CORRECT ANSWER ✅Middlemen. What is the formula for determining selling prices? - CORRECT ANSWER ✅Selling price = (Cost x Desired profit margin) + Cost Arrange the phases of product/market fit in the correct order. - CORRECT ANSWER ✅Position 1: "Idea" Position 2: "Prototype" Position 3: "Launch" Position 4: "Traction"
