Midterm

Question 1

1. A legal relationship of two or more individuals to run a company

Answer 1

Partnership

Question 2

2. The funds necessary to establish or operate a business

Answer 2

capital

Question 3

3. The % of the total available customer base captured by a company

Answer 3

Market shares

Question 4

4. What 4 questions should you ask yourself when building a relationship with your customers?

Answer 4

who are your customers
what do they want to buy
what do they value
how do they want to interact

Question 5

5. List 4 of the 6 vision styles (what your vision would be for your company )

Answer 5

1. innovator
2. steady provider
3. world wide markey leader
4. exploiter
5. niche leader
6. market leader

Question 6

6. List and define all the different business entities

Answer 6

1. non profit- np taxes
2. s corp- pass through taxes
3. c-corp- double taxes
4. LLC- limited liability up to a certain paoint you are protected
5. sole proprietor- you responsible for all things
6. partnership- you share the risk with another person

Question 7

7. The amount of $ earned after the cost of goods sold for all operating expenses are deducted usually expressed as a %

Answer 7

profit margin

Question 8

8. The best mission statements aren’t empty words but _____ and _____ that guide all other aspects and activities of the business

Answer 8

principals and objectives

Question 9

4 P’s of marketing

Answer 9

price
product
promotion
place

Question 10

5 F’s of customer wants

Answer 10

freedom 
feelings 
function 
finance 
future

Question 11

11. Provide three sales methods you would use for your equine business

Answer 11

on sight
cold calling/ telephoning
mail order
off site 
on site

Question 12

12. cost to keep a horse for a month

Answer 12

450

Question 13

13. When IDing your target market you must embody 4 things what are the 4

Answer 13

sizable
definable
reachable
meaningful

Question 14

cost of living for a human for a year

Answer 14

36K

Question 15

15. A ___ is an individual or firm that that invests $ in new enterprises

Answer 15

venture capitalist

Question 16

16. The ability to turn assets into cash quickly and easily

Answer 16

liquidity

Question 17

define marketing

Answer 17

a. The process of planning and executing the conception,pricing, promotion,and distribution of ideas,goods and services to create exchanges to satisfy individual and organizational goals

Question 18

19. Before you can start marketing your business you first need to identify your

Answer 18

target market

Question 19

18. The cash available to the company for the ongoing operations of the business

Answer 19

working capital

Question 20

20. Shares of stock in a company. Ownership’s interest in a company.

Answer 20

equity

Question 21

MATCHING

• ability to turn assets to cash
• A legal relationship of two or more individuals to run a company
• The % of the total available customer base captured by a company
• the funds necessary to establish or operate a business
• single person liable
• The cash available to the company for the ongoing operations of the business
• The amount of $ earned after the cost of goods sold for all operating expenses are deducted usually expressed as a %

Answer 21

• liquidity
• partnership
• market shares
• capital
• sole proprietor
• working capital
• profit margin

Question 22

leadership styles

Answer 22

charismatic 
situational 
transitional 
Participative 
quiet 
transformational 
servant

Question 23

29. The moral principals, and values that generally govern the conduct of an individual

Answer 23

ethics

Question 24

30. Rules people develop as a result of cultural values and norms

Answer 24

morals

Question 25

four marketing pplans you will use with your equine business

Answer 25

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