ENTRP ~

Your brand must be powerful enough to force them out of their routines.

Select one:
a. Craft your image
b. No correct answer
c. Get known
d. Know What the Customer Wants

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Give the character depth and be genuine.

Select one:
a. Ask, do not tell
b. Be real, and have a story
c. Be interesting, and give
d. Listen, do not just talk

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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. criteria
b. Reputation
c. Image
d. Branding
e. Brand
f. disruptiveness
g. impression
h. intrusion
i. logo
j. memorable

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

Select one:
a. Promotion
b. Packaging
c. advertisement
d. Positioning
e. Place
f. Price
g. copywriter
h. People
i. Product
j. marketplace

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A disruptive technology with the ability to revolutionize certain industries

Select one:
a. Shortlist
b. Revenue
c. internet
d. Budgets
e. markup
f. Supplier
g. Exhibitions
h. Interest
i. Depreciation
j. Income

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A party that supplies goods or services

Select one:
a. Supplier
b. Revenue
c. Shortlist
d. Depreciation
e. Exhibitions
f. Budgets
g. markup
h. Interest
i. Income
j. internet

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A principle or standard by which something may be judged or decide

Select one:
a. Reputation
b. disruptiveness
c. intrusion
d. criteria
e. logo
f. Branding
g. impression
h. Image
i. memorable
j. Brand

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Includes all the ways you tell your customers about your products or services and how you then
market and sell to them
Select one:
a. People
b. Product
c. Promotion
d. Positioning
e. copywriter
f. marketplace
g. Place
h. Packaging
i. advertisement
j. Price

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This entails generating ideas for new products.

Select one:
a. Ideas
b. Screen Ideas
c. Developing Market Strategy
d. Development and Testing

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Packaging refers to
Select one:
a. to your offices, your waiting rooms, your brochures, your correspondence and every single visual
element about your company
b. to your people and how they dress and groom
c. the way your product or service appears from the outside
d. All of the answers correct

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

Select one:
a. Packaging
b. Reputation
c. Disruptiveness
d. Positioning

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

Select one:
a. Supplier
b. Budgets
c. Exhibitions
d. Revenue
e. markup
f. Depreciation
g. Interest
h. Income
i. internet
j. Shortlist

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The drive train that gets us where we are going

Select one:
a. Brand
b. Production
c. Apparatus
d. Materials

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

Select one:
a. Virtual prototype
b. Simplicity
c. Apparatus
d. Invention

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Includes all revenue streams generated by the business

Select one:
a. Interest
b. Budgets
c. Depreciation
d. markup
e. Supplier
f. internet
g. Shortlist
h. Income
i. Exhibitions
j. Revenue

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

Select one:
a. Create a pricing strategy for the product
b. Define the product in detail
c. Define the promotional techniques that you will use for the product
d. Describe the targeted audience for the product

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The first visceral connection the consumer makes with the brand

Select one:
a. disruptiveness
b. Image
c. Brand
d. Branding
e. intrusion
f. impression
g. criteria
h. memorable
i. logo
j. Reputation

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

Select one:
a. Be real, and have a story
b. Be interesting, and give
c. Ask, do not tell
d. Listen, do not just talk

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Hear the conversation first, and then participate.

Select one:
a. Ask, do not tell
b. Listen, do not just talk
c. Be interesting, and give
d. Be real, and have a story

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

Select one:
a. Shortlist
b. internet
c. Exhibitions
d. Income
e. Depreciation
f. Budgets
g. markup
h. Interest
i. Supplier
j. Revenue

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Determines the most efficient way for each portion of the process to be done to eliminate damage to
the product and to eliminate areas where time and manpower are being wasted

Select one:
a. sales
b. manpower
c. production
d. management
e. materials
f. apparatus
g. machine
h. manager
i. simultaneously
j. controlling

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The first visceral connection the consumer makes with the brand

Select one:
a. Manager
b. Disruptiveness
c. Positioning
d. Logo

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Figured as a percentage of the seller's cost

Select one:
a. Markup
b. Promotion
c. Price
d. Brand

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Shows the company's real bottom line.

Select one:
a. Cost of goods
b. Income
c. Net profit after taxes
d. Operating expenses

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This step provides the organization the ability to not only test the marketing, but also the product.
Select one:
a. Business Analysis
b. Test Market
c. Commercialize
d. Product Development

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Translate goals into detailed actions and interim targets

Select one:
a. Brand
b. Budgets
c. Reputation
d. Promotion

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Reward your followers with something special and exclusive

Select one:
a. Have a payoff, and say thank you
b. Ask, do not tell
c. Be interested, and respond
d. Be interesting, and give

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Recognize that place goes beyond geographic location.

Select one:
a. Describe the targeted audience for the product
b. Define the Unique Selling Proposition (USP) for the company.
c. Define the promotional techniques that you will use for the product
d. Identify the place where the product will be marketed

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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.

Select one:
a. Variable costs
b. Financial projections
c. Income Statement
d. Value chain

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

Select one:
a. Profit and sales
b. Pricing and costs
c. Income and revenue
d. No correct answer

A thing that is borrowed, especially a sum of money that is expected to be paid back with interest

Select one:
a. investment
b. structure
c. Revenues
d. insurance
e. Liabilities
f. competitive
g. lender
h. creative
i. Expenses
j. loan

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Many business owners think of bookkeeping as

Select one:
a. No correct answer
b. Essential to business
c. Unwelcome chore
d. Both of the given choices are correct
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Which of these is a key financial statement?

Select one:
a. Balance sheet
b. Cash flow statement
c. Income statement
d. All of the answers correct

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Which of these is a part of a business plan?

Select one:
a. All of the answers correct
b. Market Analysis
c. Financial projections
d. Marketing Plan
e. Sales Strategy

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A bookkeeper's central role.

Select one:
a. No correct answer
b. To deposit funds from clients or patients
c. To maintain financial records for a company or organization.
d. Both of the given choices are correct

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Provide helpful information about a company's liquidity, profitability, debt, operating performance,
cash flow and investment valuation.

Select one:
a. Sales forecast
b. Loan of investment capital
c. Financial ratios
d. Business plan

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Why it is important to keep records?

Select one:
a. Keeping track of business transactions
b. Filing taxes
c. All of the answers correct
d. Future reference
e. Compiling final accounts

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

Select one:
a. Transaction
b. Inventory
c. Sales
d. Cashbook
e. Purchases
f. Debtors
g. Bookkeeping
h. Equity
i. Records
j. Cash

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Which of these are included in a business record?

Select one:
a. Employment contracts
b. All of the answers correct
c. Accounting source documents
d. Meeting minutes

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A bookkeeper must meet with department supervisors and other managers to discuss budget needs
and inventory demands.

Select one:
a. Administration
b. All of the answers correct
c. Accounting
d. Office Communication

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:
a. Records
b. Depreciation
c. Intangible
d. Inventory-reporting
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The arrangement of and relations between the parts or elements of something complex

Select one:
a. Liabilities
b. lender
c. competitive
d. loan
e. Expenses
f. Revenues
g. investment
h. structure
i. creative
j. insurance

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Record keeping is important in a business for it is one the many ways to inform the entrepreneur
how the business is doing.

Select one:
True
False

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

Select one:
a. Expenses
b. Lender
c. Investment
d. Liabilities

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Shows what types of employees you have along with what they will cost in terms of salary and
wages, health insurance, retirement plan contributions, workers compensation insurance,
unemployment insurance, and Social Security and Medicare taxes.

Select one:
a. Business record
b. Personnel Plan
c. Cash flow statement
d. Sales Forecast

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

Select one:
a. variable
b. inventory-reporting
c. income
d. intangible
e. sales
f. cash-flow
g. long-term
h. fixed
i. current
j. depreciation

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This kind of business owner will know his business inside and out and be aware of when it is prudent
to cut corners and when it is not.

Select one:
a. Both Perceptive and Savvy
b. Either Perceptive and Savvy
c. Savvy
d. Perceptive

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

Select one:
a. Business records
b. Production records
c. Purchases
d. Financial transactions

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

Select one:
a. Pro forma statements
b. Income statement
c. Both of the given choices are correct
d. No correct answer

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

Purchases
Answer: 

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Managing this account does not take a lot of time and is important to investors and lenders who want
to track how well the company has done over time.

Select one:
a. Payroll Expenses
b. Current liabilities
c. Loans Payable
d. Retained earnings

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Which of these are included in a business record?

Select one:
a. Meeting minutes
b. Accounting source documents
c. All of the answers correct
d. Employment contracts

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This is the gross revenue generated from the sale of clothing less returns and allowances

Select one:
a. inventory-reporting
b. intangible
c. variable
d. sales
e. income
f. depreciation
g. cash-flow
h. current
i. long-term
j. fixed

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These primarily consist of the purchase or sale of equipment.

Select one:
a. Net cash flow from investing activities
b. Net change in cash and marketable activities
c. Net cash flow from operating activities
d. Net cash flow from financing activities

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A bookkeeper's central role.

Select one:
a. Both of the given choices are correct
b. No correct answer
c. To maintain financial records for a company or organization.
d. To deposit funds from clients or patients

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These are the assets in a business that can be converted to cash in one year or less

Select one:
a. inventory-reporting
b. current
c. depreciation
d. income
e. fixed
f. intangible
g. sales
h. long-term
i. variable
j. cash-flow

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

Select one:
a. Bookkeeping
b. Debtors
c. Sales
d. Inventory
e. Purchases
f. Cash
g. Records
h. Transaction
i. Cashbook
j. Equity

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

Select one:
a. loan
b. Revenues
c. investment
d. competitive
e. structure
f. Liabilities
g. creative
h. Expenses
i. lender
j. insurance

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

Select one:
True
False

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A bookkeeper must meet with department supervisors and other managers to discuss budget needs
and inventory demands.

Select one:
a. Accounting
b. All of the answers correct
c. Office Communication
d. Administration

The marketing mix can be divided into four groups of variables commonly known as the four P's.
Select one:
a. True
b. False

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A document that records a business dealing.

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Provides a snapshot of the business's assets, liabilities and owner's equity for a given time. 
balance sheet
Answer: 

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

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The 4P's of marketing has no weaknesses.

Select one:
a. True
b. False

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The most successful companies pick a competitive position from which they know their brands can
survive.

Select one:
a. False
b. True

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The income statement is designed to convert the accrual basis of accounting used to prepare the
income statement and balance sheet back to a cash basis.

Select one:
a. True
b. False

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Budgeting only the income statement also allows a full analysis of the effect of potential capital
expenditures on your financial picture.

Select one:
a. True
b. False

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The set of controllable, tactical marketing tools that a company uses to produce a desired
response from its target market. 
Marketing Mix
Answer: 

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Records are a legal requirement.
Select one:
a. False
b. True

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A bookkeeper must meet with department supervisors and other managers to discuss budget needs
and inventory demands.

Select one:
a. Accounting
b. Administration
c. All of the answers correct
d. Office Communication

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Every business needs a reason for their customers to buy from them and not their competitors.

Unique Sales Proposition

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

Select one:
a. Current liabilities
b. Gross profit
c. Business expenses
d. Fixed assets

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

competitive
Answer: 

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Implies the person behind the brand name has a credibility to be in this business, a pride of
workmanship and a moral standard.

family name
Answer: 

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A series of steps that includes the conceptualization, design, development and marketing of
brand new or nearly branded products or services.
Product Development
Answer: 

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Your inability to select, recruit, hire and retain the proper people, with the skills and abilities to do the
job you need to have done, is more important than everything else put together.

Select one:
a. True
b. False

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Hear a person's need, and then share expertise in a personal way that is motivated other than to
help.

Select one:
a. Have a payoff, and say thank you
b. Be interested, and respond
c. Be interesting, and give
d. Ask, do not tell

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Measures all your revenue sources vs. business expenses for a given time period. 
Income Statement
Answer: 

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

Select one:
a. Income
b. Cost of goods
c. Gross profit margin
d. Operating expenses

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The most effective financial budget includes both a short-range, month-to-month plan for at least a
calendar year and a long-range, quarter-to-quarter plan of at least three years that you use for
financial statement reporting. It should be prepared during the two months preceding the fiscal year-
end to allow ample time for sufficient information gathering.

Select one:
a. False
b. True

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This is the biggest cost of all for many businesses.

Select one:
a. Accounts Receivable
b. Loans Payable
c. Accounts Payable
d. Payroll Expenses

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Packaging refers to

Select one:
a. All of the answers correct
b. the way your product or service appears from the outside
c. to your offices, your waiting rooms, your brochures, your correspondence and every single visual
element about your company
d. to your people and how they dress and groom

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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
Answer: 

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Indicate how similar products are selling in the marketplace, using the market research that you
have collected.

Select one:
a. Define the product in detail
b. Define the promotional techniques that you will use for the product
c. Create a pricing strategy for the product
d. Describe the targeted audience for the product

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

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The set of controllable, tactical marketing tools that a company uses to produce a desired response
from its target market.

Marketing Mix
Answer: 

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Promotion refers to the way your product or service appears from the outside.

Select one:
a. True
b. False

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Estimates of the future financial performance of a business.

Financial projections
Answer: 

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This figure represents the amount of income earned by the business before paying taxes.

Select one:
a. Costs of goods sold
b. Net profit before taxes
c. Net profit after taxes
d. Operating expenses

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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
Answer: 

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Manpower is fundamental in establishing the proper policies, leadership, clear guidelines, work
discipline, effective solution methods plus the proper work culture.

Select one:
a. True
b. False

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An entrepreneur should maintain records to meet his or her business requirements.

Select one:
a. True
b. False

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Your projections should be

Select one:
a. Overly cautious worst-case scenarios
b. All of the answers correct
c. Realistic in-between
d. Overly optimistic best-case scenarios

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Where your product or service is actually sold

Select one:
a. Market Place
b. Both of the given choices are correct
c. Place
d. No correct answer

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Hear the conversation first, and then participate.

Select one:
a. Be interesting, and give
b. Be real, and have a story
c. Ask, do not tell
d. Listen, do not just talk

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It is important to develop this before you start the naming process.

brand strategy
Answer: 

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

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Combining the elements of these provides you with a clear focus for marketing a product and for
satisfying the objectives a company has for the product.

Select one:
a. Product, price, place promotion
b. Pricing strategy and promotional techniques
c. 7P's of Marketing
d. Marketing Mix and Marketing Strategy

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

Select one:
a. All of the answers correct
b. Positioning
c. Promotion
d. Interest

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All material needed to clean and package are always available and are placed to minimize effort.

Select one:
a. False
b. True

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The way in which a company generates revenue and makes a profit from company
operations. 
Business Model
Answer: 

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A strong relationship will only benefit the supplier.

Select one:
a. True
b. False

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Give the character depth and be genuine.

Select one:
a. Ask, do not tell
b. Be real, and have a story
c. Listen, do not just talk
d. Be interesting, and give

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The process of assessing the viability of a new good or service through research conducted directly
with the consumer that allows a company to discover the target market and record opinions and
other input from consumers regarding interest in the product.

Answer: 

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

Select one:
a. False
b. True

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Which of these is characteristic of a Cash-Flow Statement?

Select one:
a. Tracks the effects of changes in balance sheet accounts
b. Most useful financial management tools
c. All of the answers correct
d. Measures financial activity over a period

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A credit check will help reassure you that they will not go out of business when you need them most.

Select one:
a. True
b. False

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

Select one:
a. Test Market
b. Product Development
c. Business Analysis
d. Commercialize

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An increase in prices can cause sales to drop.

Select one:
a. True
b. False