Entrepreneurship Final

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

• Product, Price, Place, Promotion
• Production, Price, Placement, Publicity
• Packaging, Price, Place, Promotion
• Product, Place, Promotion, People

What is a common method used to generate new profit ideas?

• Doing nothing
• Copying competitors
• Brainstorming
• Market research

What permission from the government is required to acquire a number used to identify what firm is making employee tax contributions?

• Employer Identification Number (EIN)
• Business Registration Number
• Social Security Number (SSN)
• Tax Identification Number (TIN)

Which of the following are components of the Lean Canvas Model? (Choose 5)

• Brand, Advertising, Promotion, Public Relations, Sales
• Problem, Solution, Unique Value Proposition, Key Metrics, Customer Segments
• Product, Sales, Marketing, Distribution, Profit
• Market Analysis, Customer Relationships, Revenue Streams, Key Activities, Cost Structure

Which term refers to dividing a market into smaller groups based on similar characteristics and needs?

• market classification
• market division
• market separation
• market segmentation

Sam is paying his employees for the first time, but he doesn't have his unique tax identifier as a business. Which of the following is the number he needs

• Individual Taxpayer Identification Number (ITIN)
• Employer Identification Number (EIN)
• Social Security Number (SSN)
• Business Identification Number (BIN)

What formal declaration contains the values and goals of a company?

• Mission statement
• Vision statement
• Company profile
• Business plan

Research shows that 90% of consumers use the web to search for local businesses. What marketing strategy would best increase the success of their business?

• Distributing flyers in the local area
• Cold calling potential customers
• Placing ads in the newspaper
• Developing a strong online presence through SEO, social media marketing, and online advertising.

Drew has an idea for a new company and needs money to start his business. Drew finds a friend willing to give him money in exchange for a portion of Drew's new company. What term describes the type of financing the investor is willing to give Drew?

• angel investing
• equity financing
• venture capital
• debt financing

Jon is using recycled plastic from the oceans to create new products. What trend of entrepreneurship is this an example of?

• Sustainable entrepreneurship
• Green entrepreneurship
• Social entrepreneurship