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DECA-Entrepreneurship > Entrepreneurship Cluster > Flashcards

Entrepreneurship Cluster Flashcards

(111 cards)

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1
Q

What is an example of communicating with customers?

A

Sponsoring a charity event.

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2
Q

What is an example of a company using a direct marketing channel?

A

Responding to customer ideas and requests via email.

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3
Q

What does the scenario of an employee attending training sessions but not retaining much knowledge demonstrate?

A

Learning doesn’t always lead to knowledge.

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4
Q

What is the last step in handling employee grievances?

A

Follow up.

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5
Q

A verbal agreement between a boutique owner and a designer to sell hats on commission is an example of what type of contract?

A

Express contract.

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6
Q

What is a requirement for good decision-making?

A

Data.

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7
Q

A business had a net profit of $76,000 last year and $84,000 this year. What is the percent increase in net profit?

A

1%.

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8
Q

Stimulating demand for goods is one of the responsibilities of which marketing function?

A

Selling.

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9
Q

What is the most appropriate guideline for a supervisor to follow when administering remedial action?

A

Resume a normal attitude toward the employee as quickly as possible.

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10
Q

Reviewing inventory lists to determine which products are popular helps businesses with what?

A

Monitoring internal records.

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11
Q

What accounting method records transactions when income and expenditures occur, even if no money changes hands?

A

Accrual accounting.

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12
Q

What trait helps entrepreneurs work long hours and overcome obstacles?

A

Passion for their work.

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13
Q

What business function focuses on fostering efficiency in the production process?

A

Supply chain management.

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14
Q

What is the process of changing the shape or appearance of raw materials?

A

Transformation.

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15
Q

Which market is characterized by a large number of buyers and sellers with no significant price influence?

A

Pure competition.

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16
Q

What is an example of equity financing for a business?

A

Selling stock to investors.

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17
Q

A person who is a high achiever is often viewed by others as a what?

A

Leader.

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18
Q

Every ________ is the result of a process.

A

Outcome.

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19
Q

What is the relationship between shareholders and the board of directors?

A

The board of directors represents the shareholders.

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20
Q

What type of sales promotion provides customers with immediate rewards?

A

Price-off deals.

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21
Q

What step of problem-solving is illustrated when an employee confirms that a customer’s order will arrive on time?

A

Evaluate the solution.

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22
Q

What should companies do to effectively manage their supply chain?

A

Monitor the performance of all supply chain partners.

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23
Q

What is likely to happen if a business’s supply chain is poorly managed?

A

Customer satisfaction is likely to suffer.

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24
Q

What type of business cost increases when a company holds too much inventory for an extended period?

A

Holding cost.

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25
What is a benefit to businesses of positive word-of-mouth communication?
Decreased advertising costs.
26
When should a business consider eliminating a customer service?
When it becomes too expensive or no longer serves the intended purpose.
27
If a business wants to recover the cost of purchasing new, efficient equipment, what must they increase?
Output.
28
What is the first step toward becoming a leader?
Believing you can do it.
29
What financial analysis method shows the relationship of each component within a financial statement?
Vertical analysis.
30
Why is it challenging for companies to assess external business risks?
They are generally unpredictable and out of the company’s control.
31
Under what condition is direct email response rate likely to be highest?
When recipients have given the advertiser permission to send the ad.
32
What differentiates the governance structure of a small business from a large business?
The number of owners.
33
Who is responsible for determining how much money a CEO should make?
The board of directors.
34
What set of characteristics best describes careers in entrepreneurship?
Innovative, risky, time-intensive.
35
Key performance indicators used to assess business performance should align with what?
Goals and objectives.
36
What business opportunity requires purchasing the right to sell an established good or service under the parent company’s name?
Franchise.
37
What is a possible downside of obtaining investment from venture capitalists?
Sharing company ownership.
38
What helps a reader find specific elements of a formal report?
Table of contents.
39
What part of the business plan describes a company’s pricing policies?
Marketing plan.
40
What concept is Rob developing when he reviews other job offers before making a decision?
BATNA (Best Alternative to a Negotiated Agreement).
41
What prevents individuals other than the holder from making, selling, or using an invention?
Patent.
42
If a business placed 160 orders within six months and 144 were delivered on time, what is the percentage of on-time deliveries?
90%.
43
What do businesses usually consider when determining the initial feasibility of a new product idea?
Need for the product.
44
What is the correct channel of distribution for wood products from a producer to an industrial distributor to an industrial user?
Producer to industrial distributor to industrial user.
45
If a company’s sales decrease steadily over time, what might it do to control spending?
Reduce payroll.
46
What is true about stakeholder expectations?
Each group of stakeholders has different needs and expectations.
47
What is an example of a promotion-related question a business might ask to adjust its marketing mix?
What laws affect our advertising?
48
What is Claire doing when she reviews a report comparing the purchase transactions of the company’s four largest customers?
Conducting a sales analysis.
49
What is a likely result of promoting handcrafted jewelry in multiple countries?
Exposure to new markets.
50
What is an example of an uninsurable risk?
Customer buying habits.
51
Which statement about corporate governance is true?
Corporate governance can benefit organizations of any size.
52
What is the first step in entrepreneurial discovery?
Identifying an unmet want or need.
53
Why do change management strategies often fail?
They don’t include everyone in the change process.
54
What type of company benefits most from marketing research?
Any business wanting to improve its decision-making abilities.
55
How should risk be managed in business?
As part of business strategy.
56
What is an example of an employee-assistance program?
Career and education planning.
57
What is a key goal for marketers?
Achieve satisfying connections.
58
If a business gains market share, what benefit is it experiencing?
Increased market share.
59
What might a small-business owner register for trademark protection?
Invention.
60
What is an example of a variable expense?
Packaging/shipping costs.
61
Why might a business market a lower-priced version of an item under a different brand name?
To avoid damage to brand reputation and image.
62
What is an example of a government regulation affecting working conditions?
Minimum wage.
63
What is a primary factor small-business owners should consider when hiring additional staff?
Payroll expenses.
64
What is the primary goal of entrepreneurship?
To create and grow a business that provides value and generates profit.
65
What is a business model?
A plan that outlines how a company will create, deliver, and capture value.
66
What is a mission statement?
A brief description of a company’s purpose and core values.
67
What is the difference between an entrepreneur and an intrapreneur?
An entrepreneur starts a new business, while an intrapreneur innovates within an existing company.
68
What are the four main types of business ownership?
Sole proprietorship, partnership, corporation, and limited liability company (LLC).
69
What is bootstrapping in entrepreneurship?
Starting and growing a business with minimal external funding.
70
What is a value proposition?
The unique benefit a product or service provides to customers.
71
What is the difference between a startup and a small business?
A startup is focused on rapid growth and scalability, while a small business prioritizes steady income.
72
What is the break-even point in a business?
The level of sales at which total revenue equals total costs, resulting in no profit or loss.
73
What is a revenue stream?
The way a company earns money from its customers.
74
What is liquidity in financial management?
The ability of a business to meet short-term obligations with its current assets.
75
What is a balance sheet?
A financial statement showing a company's assets, liabilities, and equity at a specific point in time.
76
What is an income statement?
A financial report that shows a business’s revenue, expenses, and profit over a period of time.
77
What is working capital?
The difference between current assets and current liabilities, indicating short-term financial health.
78
What is an intellectual property (IP) right?
Legal protection for inventions, brands, and creative works through patents, trademarks, and copyrights.
79
What is a business contract?
A legally binding agreement between two or more parties outlining terms and obligations.
80
What are the 4Ps of marketing?
Product, Price, Place, and Promotion.
81
What is a target market?
A specific group of consumers that a business aims to serve.
82
What is a SWOT analysis?
A tool for evaluating a business’s Strengths, Weaknesses, Opportunities, and Threats.
83
What is brand positioning?
The process of creating a distinct image for a product in the minds of consumers.
84
What is customer lifetime value (CLV)?
The total revenue a business expects to earn from a customer throughout their relationship.
85
What is guerrilla marketing?
An unconventional marketing strategy designed to generate buzz with minimal budget.
86
What is the purpose of market segmentation?
To divide a broad consumer market into smaller, more manageable groups.
87
What is the difference between B2B and B2C marketing?
B2B (business-to-business) targets other companies, while B2C (business-to-consumer) targets individual customers.
88
What is supply chain management?
The process of managing the flow of goods and services from raw materials to final products.
89
What is a competitive advantage?
A unique trait or strategy that sets a company apart from its competitors.
90
What is the purpose of standard operating procedures (SOPs)?
To provide clear instructions for routine tasks to ensure consistency and efficiency.
91
What is economies of scale?
The cost advantages that businesses gain as production increases.
92
What is lean management?
A strategy focused on reducing waste and improving efficiency.
93
What is a franchise agreement?
A legal contract between a franchisor and a franchisee allowing business operations under a brand.
94
What is outsourcing?
Hiring third-party companies to handle specific business functions.
95
What is business ethics?
The principles that guide a company's behavior in the marketplace.
96
What is corporate social responsibility (CSR)?
A company’s commitment to ethical behavior and community involvement.
97
What is a non-compete agreement?
A legal contract that prevents an employee from working for a competitor after leaving a company.
98
What is a contingency plan?
A strategy developed to prepare for potential business risks or crises.
99
What is a risk assessment?
The process of identifying and evaluating potential business risks.
100
What is fraud in business?
Intentional deception to secure unfair or unlawful financial gain.
101
What is the difference between compliance and ethics in business?
Compliance is following laws and regulations, while ethics is about doing what is right beyond legal obligations.
102
What is transformational leadership?
A leadership style that inspires employees to innovate and create change.
103
What is delegation?
The process of assigning tasks to employees to improve efficiency.
104
What is emotional intelligence (EQ) in business?
The ability to recognize and manage emotions in oneself and others.
105
What is conflict resolution?
A strategy for resolving disputes.
106
What is compliance?
Compliance is following laws and regulations.
107
What is ethics?
Ethics is about doing what is right beyond legal obligations.
108
What is conflict resolution?
A strategy for resolving disputes and improving team dynamics.
109
What is servant leadership?
A leadership philosophy focused on serving employees to help them grow and succeed.
110
What is team synergy?
The enhanced performance achieved when a team collaborates effectively.
111
What is time management?
The ability to use time efficiently to maximize productivity.

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