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42 Cards in this Set
- Front
- Back
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The inability to interpret financial records
demonstrates a lack of: |
Competence of the entrepreneur.
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A Rolex is considered an expensive watch
for the wealthy. A Timex is considered an inexpensive watch for the thrifty. These images illustrate successful: |
Product positioning.
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|
Dillard's is projecting a 52% increase in
sales during the month of December. This is a: |
Sales forecast.
|
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What is the total of expenses if salaries are
$70,000, advertising is $12,000, rent is $14,000, utilities are $3,600, maintenance is $1,200, insurance is $1,500, and miscellaneous expenses are $1,000? |
$103,300
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If beginning inventory is $27,000,
merchandise purchased to replenish the stock is $18,000, and the recorded ending inventory is $16,000, what is the cost of goods sold? |
$29,000
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On an income statement, net sales revenue
minus cost of goods sold is: |
Gross profit.
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The three components included on a
balance sheet are: |
Assets, liabilities, and net worth.
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The process of investigating facts about a
specific market that could influence the potential success of the business is known as: |
Market research.
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A federal agency that provides grants to
cities for loans to private developers to help improve impoverished areas is: |
HUD
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What is trade credit?
|
A form of short-term financing from
within the industry |
|
|
The inability to interpret financial records
demonstrates a lack of: |
Competence of the entrepreneur.
|
|
|
A Rolex is considered an expensive watch
for the wealthy. A Timex is considered an inexpensive watch for the thrifty. These images illustrate successful: |
Product positioning.
|
|
|
Dillard's is projecting a 52% increase in
sales during the month of December. This is a: |
Sales forecast.
|
|
|
What is the total of expenses if salaries are
$70,000, advertising is $12,000, rent is $14,000, utilities are $3,600, maintenance is $1,200, insurance is $1,500, and miscellaneous expenses are $1,000? |
$103,300
|
|
|
If beginning inventory is $27,000,
merchandise purchased to replenish the stock is $18,000, and the recorded ending inventory is $16,000, what is the cost of goods sold? |
$29,000
|
|
|
On an income statement, net sales revenue
minus cost of goods sold is: |
Gross profit.
|
|
|
The three components included on a
balance sheet are: |
Assets, liabilities, and net worth.
|
|
|
The process of investigating facts about a
specific market that could influence the potential success of the business is known as: |
Market research.
|
|
|
A federal agency that provides grants to
cities for loans to private developers to help improve impoverished areas is: |
HUD
|
|
|
What is trade credit?
|
A form of short-term financing from
within the industry |
|
|
A source of funding that requires money
borrowed to be paid back with interest is referred to as: |
Debt.
|
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Clarence Birdseye pioneered the
development of packaged frozen foods in the 1920s. He is considered a/n: |
Entrepreneur
|
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32. Of the major factors contributing to the
success of a small business, which one is affected by the lack of working capital? |
Financing
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Product development and channels of
distribution are included in which section of the business plan? |
Operational plan
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The proposed business organization,
including the form of business ownership, is included in which section of the business plan? |
Organizational plan
|
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Law firms and medical firms generally
choose which form of incorporation? |
Limited Liability Company
|
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Which federal agency provides social and
economic statistics to small businesses? |
Department of Commerce
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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.
|
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Ability and willingness to invest personally
in a business venture satisfies the credit requirement for: |
Capital
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The value of a life insurance policy on the
life of the business owner is which type of asset? |
Other
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If the gross profit is $200,000 and the total
expenses are $103,300, what is the net income/profit (before taxes)? |
$96,700
|
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Which is NOT a financial tool that utilizes
sales projections? |
Balance sheet
|
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XYZ DECA chapter sold $5,800 worth of
candy last year. A 9% increase in sales is projected for this year based on increased chapter membership and new candy varieties. XYZ DECA is projecting sales for this year to be: |
$6,322
|
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Information about a business or its
products that is distributed through various media at no cost to the business and is not controlled by the business is: |
Publicity.
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Creating distribution centers to facilitate
handling and controlling inventory is a: |
Place decision.
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Market position is:
|
The perceived standing of a business in
the minds of customers. |
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Which is a basis for psychographic
segmentation? |
Life style
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Updating products to "new and improved"
or stocking products according to market demand represent which product/service selection consideration? |
Monitoring existing products
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93. 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.
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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.
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The specific model, brand, or size of
product within a product line is called the product: |
Item.
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Tom bought a gallon of milk to use for
breakfast this week. The brand he usually buys was not available, so he simply accepted another brand. The milk is an example of a/n: |
Convenience good.
|
