ENTREP WEEK 11-20

This step reviews the sales, costs and profit projections of the new product to decide if the organizational goals are
met.

Select one:

a. Business Analysis

b. Commercialize

c. Product Development

d. Test Market

Create a promotional strategy that features the product qualities as effectively as possible.

 Define the promotional techniques that you will use for the product

People form their first impression within the first

Select one:

a. 10 seconds

b. 20 seconds

c. 30 seconds

d. 40 seconds

A name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes
of the customer

Select one:

a. Reputation

b. intrusion

c. logo

d. memorable

e. impression

f. criteria

g. Branding

h. Image

i. disruptiveness

j. Brand
 A principle or standard by which something may be judged or decide

Select one:

a. criteria

b. memorable

c. intrusion
includes all interest payable for debts, both short-term and long-term

Select one:

a. Revenue

b. Supplier

c. Depreciation

d. markup

e. Interest

Refers to the way your product or service appears from the outside

Select one:

a. Product

b. Packaging

c. People

Take the time to describe the specific value and qualities of the product.

Select one:

a. Define the promotional techniques that you will use for the product

b. Describe the targeted audience for the product

c. Define the product in detail

d. Create a pricing strategy for the product

Packaging refers to

Select one:

a. All of the answers correct

b. the way your product or service appears from the outside

Include all overhead and labor expenses associated with the operations of the business.
Operating expenses

Recognize that place goes beyond geographic location.

 Identify the place where the product will be marketed

Responsible for every element of your sales, marketing strategies, and activities
People

includes all interest payable for debts, both short-term and long-term
interest

Relating to or noting a new product, service, or idea that radically changes an industry or business strategy
Disruptiveness

Not the same as a prototype, but some manufacturers try to sell them as such.
Virtual prototype

A marketing strategy that aims to make a brand occupy a distinct position, relative to competing brands, in the
mind of the customer
Positioning

The beliefs or opinions that are generally held about someone or something.
reputation

This is the third M in the sequence

Select one:

h. machine

The last portions of the M's of Production 

Select one:

d. materials

A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a
want.

Select one:

a. Product

his entails generating ideas for new products.

Select one:

a. Screen Ideas
 b. Developing Market Strategy

The two primary levers of a company's business model are pricing

Select one:

a. Profit and sales

b. Income and revenue

c. Pricing and costs

d. No correct answer

Reflects the decrease in value of capital assets used to generate income

Depreciation

The technical equipment or machinery needed for a particular activity or purpose

Apparatus

The action or process of investing money for profit or material result

Select one:

a. loan

b. structure

c. competitive

d. lender

e. investment

A bookkeeper's central role.

Select one:

a. To maintain financial records for a company or organization.

Your company's sales and/or other sources of income

Select one:

a. investment

b. creative

c. Liabilities

d. structure

e. Revenue
Include items such as the cost of goods sold payroll for employees, payroll, sales and income taxes, business
insurance and loan interest

Select one:

a. Liabilities

b. structure

c. Revenues

d. loan

e. insurance

f. investment

g. lender

h. Expenses

Your company's sales and/or other sources of income

Select one:

a. investment

b. creative

c. Liabilities

d. structure

e. Revenues

Your projections should be

Select one:

a. Overly cautious worst-case scenarios

b. Overly optimistic best-case scenarios

c. All of the answers correct

Which of these is an example of a record?

Select one:

a. Both of the given choices are correct

 A financial journal that contains all cash receipts and payments, including bank deposits and withdrawals.

Select one:

a. Sales

b. Debtors

c. Records

d. Cashbook

This is the biggest cost of all for many businesses.

Select one:

a. Loans Payable

b. Payroll Expenses

c. Accounts Payable

Recording this in a timely and accurate manner is critical to knowing where your business stands.

Select one:

a. Inventory

b. Records

c. Debtors

This account is where you track any raw materials or finished goods that you buy for your business.

Select one:

h. Purchases

A written description of your business' future.

Select one:

c. Business plan

As the business becomes more, it will be necessary to hire a knowledgeable bookkeeper or accountant

-Process of keeping of records

This is when a company purchases a fixed asset and expenses it over the entire period of its planned use, not just in
the year purchased

Select one:

c. Depreciation

A bookkeeper's central role is to maintain financial records for a company or organization.

Select one:

True

Products you have in stock to sell are like money sitting on a shelf and must be carefully accounted for and tracked.

Select one:

d. Inventory

Entity that advances cash to a borrower for a stated period and for a fixed or variable rate of interest

d. Lender

It must be retrievable later so that the business dealings can be accurately reviewed as required.

Select one:

a. Business record

An idea is just an idea until you have a paying customer attached to it. Anyone can discredit a simple idea,
but no one can discredit paying customers according to

Select one:

c. Jean-Baptist Say

Your financial statements should include an income statement, a balance sheet and a _____ statement

Select one:

d. cash-flow

A stock or any other security representing an ownership interest.

Select one:

c. Equity

These selling, general and administrative expenses are necessary to run the business.

Select one:
 d. Operating expenses

Include cash, accounts receivable, inventory and equipment.

Select one:

b. Assets

Cost of goods, commissions or discounts, variable and fixed expenses.

Select one:

c. Gross profit

Author of Bookkeeping Kit for Dummies

Select one:

d. Lita Epstein

The arrangement of and relations between the parts or elements of something complex

h. structure

The activity or occupation of keeping records of the financial affairs of a business.

Select one:

a. Bookkeeping

Relating to or involving the imagination or original ideas, especially in the production of an artistic work

Select one:

d. creative

They are based on your assumptions about how your business will perform.

Select one:

d. Pro forma statements

Shows your company's assets and liabilities.

Select one:

d. Balance sheet
A written report of the financial condition of a firm.

-Financial Statement

Many business owners think of bookkeeping as

Select one:

d. Unwelcome chore

Includes all the ways you tell your customers about your products or services and how you then market and sell to
them

Select one:

c. Promotion

The most successful companies pick this from which they know their brands can win.

-Competitive Position

A document that records a business dealing.

-Business Records

Hear the conversation first, and then participate.

Select one:
a story

d. Listen, do not just talk

Recognize that place goes beyond geographic location.

Select one:

d. Identify the place where the product will be marketed

Responsible for every element of your sales, marketing strategies, and activities

Select one:

d. People
 A set of activities that a firm operating in a specific industry performs in order to deliver a
valuable product or service for the market. 
-value chain

The arena of competitive or commercial dealings: the world of trade

Select one:

b. Market Place

Those things that change based on the amount of product being made and are incurred as a direct result of
producing the product
VARIABLE COST

These must be entered in the accounting software program on a daily basis so account balances accurately reflect
income and outgo.

Select one:

c. Financial transactions

The goal is developing an exchange. Force your opinion and you will end conversations before they begin.

Select one:

b. Ask, do not tell

A physical product is developed.

Select one:

a. Product Development

The total amount of resources that a firm puts into the marketing mix in order to stimulate demand for its goods and
services.

-Marketing Mix

The best suppliers will want to talk with you regularly to find out what needs you have and how they can serve you
better.

b. True

Unique from their competition and often become among the most memorable.
Obscure brand names

Your brand must be powerful enough to force them out of their routines.
Craft your image
 Image is everything for everyone.

Select one:

a. True

Where your product or service is actually sold

Select one:

c. Place

The balance sheet provides a snapshot of the business's assets, liabilities and owner's equity for a given time.

b. True

Designed to convert the accrual basis of accounting used to prepare the income statement
and balance sheet back to a cash basis. 
-Cash-flow Statement

The marketing mix can be divided into four groups of variables commonly known as the four P's.

Select one:

b. True

A stock or any other security representing an ownership interest. 

-Equity

Fundamental in establishing the proper policies, leadership, clear guidelines, work

discipline, effective solution methods plus the proper work culture. 
-Management

One of the most powerful financial tools available to any small-business owner.

Select one:

b. Business Budgeting

A low-cost vendor is your best bet.

Select one:
 b. True

If you need to choose a great brand name for your product, service or business, start by considering the importance
of the name in this.

-Branding efforts

Packaging refers to

Select one:

b. All of the answers correct

After you choose your great brand name, you can create your logo and this.

-Corporate Identity

Figured as a percentage of the seller's cost

Markup

The last portions of the M's of Production 

materials

A first, typical or preliminary model of something, especially a machine, from which other forms are developed
or copied.
Prototype

Records are a legal requirement.

Select one:

b. True

This step reviews the sales, costs and profit projections of the new product to decide if the organizational goals are
met.

Select one:

a. Business Analysis

Things that change based on the amount of product being made and are incurred as a direct
result of producing the product. 
-Variable Cost
 Designed to meet the company’s marketing objectives by providing its customers with
value. 
-Marketing Strategy

A name, term, design, symbol, or other feature that distinguishes an organization or

product from its rivals in the eyes of the customer. 
-Brand

Include cash, accounts receivable, inventory and equipment.

Select one:

d. Assets