Final Exam Practice 12-4

What type of business provides legal rights to market an existing company's business model and brand name?

• Franchise

• Private

• Monopoly

• Nonprofit

What is the term for a method of funding new business ideas and products that relies on receiving small contributions from many sources via the internet?

• Bank loan

• Trade credit

• Venture capital

• Crowdfunding

What distinguishes a product/service from the competition?

• Crowdsourcing

• Customer segment

• Unique value proposition

• Technopreneurship

How can an entrepreneur transfer risk to protect a business from liability?

• Decrease prices

• Eliminate competition

• Purchase insurance

• Increase supply

Identify the FOUR elements of the marketing mix (4 P’s). (Choose 4)

• Place

• Product

• Price

• Partnering

• Promotion

What are costs that fluctuate in proportion to the good or service that a business produces?

• Variable costs

• Total costs

• Marginal costs

• Fixed costs

Identify the elements of a promotional mix (select 3)

• Advertising

• Personal selling

• Sales promotions

• Lifetime value

• Customer acquisition cost

What is the largest risk of owning your own business?

• Losing your investment

• Increase your taxes

• Managing your time

• Being your own boss

What is a product with just enough features to satisfy early customers and provide feedback for future product development?

• Unique Value Proposition (UVP)

• Minimum Viable Product (MVP)

• Lean Product Manufacturing (LPM)

• Product Viability Resource (PVR)

Which of the following are taxes that businesses pay? (Choose 3)

• Recycling

• Property

• Income

• Payroll

• Estate