Principles of Business Post-Assessment

First and Last Name:

Select your period.

• Period 2
• Period 4

1. All are reasons why it is important to set goals EXCEPT...

• they motivate us
• they give your life direction
• they keep you from being focused
• they help you see progress

2. Internal factors that may limit a company's ability to achieve its goals would be known as a _______________.

• Strength
• Opportunity
• Weakness
• Threat

3. You are conducting a SWOT analysis and find out that a new competitor is opening within 5 miles of your store. A new competitor would be considered a __________.

• Strength
• Opportunity
• Weakness
• Threat

4. Entrepreneurs try to _______________.

• identify the needs of the marketplace
• make a profit
• meet the needs of the marketplace
• all of these

5. This type of business sells products usually at a discounted price to other businesses and is often called an intermediary or the middleman.

• service business
• manufacturing business
• wholesaling business
• retailing business

6. This type of business sells products directly to those who use or consume them.

• service business
• manufacturing business
• wholesaling business
• retailing business

7. A business that is owned by one person is called a _______________.

• Limited Liability Company
• sole proprietorship
• corporation
• partnership

8. The marketing section of your business plan explains ______________________.

• the products and services you will offer,
• your advantages over the competition,
• who your prospective customers are,
• all of these