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Question:An idea for a new business that can be tested is called what? Check Your Answer Business Basics for 1
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BusinesBusiness Basicss Basics
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Business Business PlanPlan
Legal Legal IssuesIssues
Gov. Gov. RegulationRegulation
ssMiscMisc..
Question:An idea for a new business that can be tested is called what?
Check Your Answer
Business Basics for 1
Answer: business concept
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Business Basics for 1
Question: the main concept of a business that can be ACHIEVABLE is called what?
Business Basics for 2
Check Your Answer
Answer: mission
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Business Basics for 2
Question: What kind of analysis should you conduct to determine if your business is practical?
Business Basics for 3
Check Your Answer
Answer: Feasibility analysis
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Business Basics for 3
Question: Name 3 of the 4 areas that a competitive grid chart identifies and analyzes.
Business Basics for 4
Check Your Answer
Answer: 1.Competitors2.Customers3.Strengths and weaknesses4.Business benefits
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Business Basics for 4
Question: What are the 5 C’s of Credit?
Business Basics for 5
Check Your Answer
Answer: 1.Character2.Capacity3.Collateral4.Conditions5.Capital
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Business Basics for 5
Question: The part of the business plan that identifies the legal form of the company is called what?
Business Plan for 1
Check Your Answer
Answer:Organizational Plan
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Business Plan for 1
Question: What part of the business plan describes the logistics of getting the product to the customer?
Business Plan for 2
Check Your Answer
Answer: Operational Plan
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Business Plan for 2
Question: What part of the business plan identifies how the company plans to expand?
Business Plan for 3
Check Your Answer
Answer: Growth Plan
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Business Plan for 3
Question: What part of the business plan describes image, promotion and pricing strategies?
Business Plan for 4
Check Your Answer
Answer: Marketing Plan
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Business Plan for 4
Question: What part of the business plan identifies data related to the market or industry?
Business Plan for 5
Check Your Answer
Answer:Industry/Market Analysis
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Business Plan for 5
Question: What kinds of products does a patent protect?
Legal Issues for 1
Check Your Answer
Answer: Inventions
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Legal Issues for 1
Question: A binding agreement between 2 or more parties is called what?
Legal Issues for 2
Check Your Answer
Answer: contract
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Legal Issues for 2
Question: What is the legally protected word, symbol or design businesses use to identify their products?
Legal Issues for 3
Check Your Answer
Answer: Trademark
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Legal Issues for 3
Question: Which form of protection lasts for 50 years?
Legal Issues for 4
Check Your Answer
Answer:Copyright
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Legal Issues for 4
Question: What is the difference between a lessee and a lessor?
Legal Issues for 5
Check Your Answer
Answer: Lessee: one who pays rentLessor: one who owns the
property and receives the rent
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Legal Issues for 5
Question: Which local laws determine requirements for business signs?
Gov. Reguations for 1
Check Your Answer
Answer:Zoning Laws
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Gov. Regulations for 1
Question: Which federal law established minimum wage?
Gov. Regulations for 2
Check Your Answer
Answer: Fair Labor Standards Act
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Gov. Regulations for 2
Question: Which federal law disallows race discrimination in hiring?
Gov. Regulations for 3
Check Your Answer
Answer: Equal Employment
Opportunity Act
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Gov. Regulations for 3
Question: What did the Clayton Act establish as unlawful?
Gov. Regulations for 4
Check Your Answer
Answer: Price discrimination
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Gov. Regulations for 4
Question: What does OSHA stand for?
Gov. Regulations for 5
Check Your Answer
Answer: Occupational Safety and
Health Administration
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Gov. Regulations for 5
Question: What set of laws cover all forms of business practices?
Miscellaneous for 1
Check Your Answer
Answer:Uniform Commercial Code
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Miscellaneous for 1
Question: All money needed to keep a business going is called what?
Miscellaneous for 2
Check Your Answer
Answer: Operational expenses
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Miscellaneous for 2
Question: On a check stub, what does FICA represent?
Miscellaneous for 3
Check Your Answer
Answer:Social Security Tax
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Miscellaneous for 3
Question: What is the difference between a customer and a consumer?
Miscellaneous for 4
Check Your Answer
Answer: Customer: buys the productConsumer: uses the product
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Miscellaneous for 4
Question: What is the difference between a product feature and a product benefit?
Miscellaneous for 5
Check Your Answer
Answer: Feature: physical traitBenefit: the satisfaction the consumer gets from the trait
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Miscellaneous for 5