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26 Cards in this Set

  • Front
  • Back
Advertising and promotion expenses for an
ongoing business are:
Variable costs.
The process of investigating facts about a
specific market that could influence the
potential success of the business is known
as:
Market research.
Capital contributed by the owner(s) of a
business is:
Equity.
Under which form of business ownership
do owners have limited liability?
Corporation
Law firms and medical firms generally
choose which form of incorporation?
Limited Liability Company
The type of brand that is easily recognized
as a result of national advertising is:
Manufacturer
Clarence Birdseye pioneered the
development of packaged frozen foods in
the 1920s. He is considered a/n:
Entrepreneur.
Which federal agency provides social and
economic statistics to small businesses?
Department of Commerce
The many stages that a product goes
through during its existence on the market
are its:
Product life cycle.
Latoya’s total sales for this week were
$1,239. Latoya’s manager set her quota for
this week 5% higher. How much more will
Latoya have to sell to meet her sales
quota?
$61.95
In North Carolina, day care centers are
required to obtain licenses. This illustrates
the government’s role as a:
Regulator.
A local agency which is a good resource for
agricultural businesses is the:
County Extension Service
Which is NOT a factor that affects start-up
costs?
Number of customers who purchase
goods/services on opening day
Which is NOT a factor on an income
statement?
Liabilities
Each year the government spends millions
of dollars on medical research. This is an
example of the government’s role as a:
Provider of social programs.
When many different product lines are
offered and the consumer has the
convenience of "one- stop" shopping, this is
referred to as a:
Broad mix
Product development and channels of
distribution are included in which section
of the business plan?
Operational plan
The federal agency which provides
assistance and advice on how small
businesses can increase revenues and
profits is the:
SBA.
Which type of business can own assets and
borrow money without directly involving
the people who own it, and, therefore, is
more closely regulated by the government
than other business organizations?
Corporation
Beth has been looking at many different
stores trying to find exactly the right sofa
for her new apartment. The sofa is an
example of a/n:
Shopping good.
The inability to interpret financial records
demonstrates a lack of:
Competence of the entrepreneur
The value of a life insurance policy on the
life of the business owner is which type of
asset?
Other
Updating products to "new and improved"
or stocking products according to market
demand represent which product/service
selection consideration?
Monitoring existing products
Plans for future expansion of the business
are included in which section of the
business plan?
Growth plan
Professional fees paid to an accountant or
attorney for occasional work would be
which type of expense?
Variable
The proposed business organization,
including the form of business ownership, is
included in which section of the business
plan?
Organizational plan