Entrepreneurship Certification Study Guide with all
Correct & 100% Verified Answers |Latest Version |
Already Graded A+
Entrepreneurship ✔Correct Answer-Starting a new business.
Entrepreneur ✔Correct Answer-A person who starts a business, creating a new product.
Key qualities of a successful entrepreneur/ business leader are ✔Correct Answer-Creative,
have common Sense, leader, persistent, have self-confidence, self-reliant, skilled, driven,
strength, and specialized in a specific area/knowledge.
Where do the 6 places of business ideas come from: ✔Correct Answer-Spotting an
opportunity in an industry
Pursuing a passion
Capitalizing on a skill to talent
Researching markets trends
Improving an existing product/service
Identifying and solving a problem
What is a Business Plan? ✔Correct Answer-A detailed plan explaining how to start a business
and run a business.
Executive Summary ✔Correct Answer-Gives a brief overview of the products or services to be
provided and how they will be produced, distributed, and marketed. Executive summaries are
no more than one or two paragraphs.
Marketing Overview ✔Correct Answer-a major section of the report. It describes the
following: Your target market(s), Competitors, your competitive advantage, Advertising and
promotion plans, talking points that you emphasize throughout your marketing materials
Marketing Mix Strategy ✔Correct Answer-Product, price, place and promotion. The marketing
mix is the set of controllable, tactical marketing tools that a company uses to produce a desired
response from its target market. It consists of everything that a company can do to influence
demand for its product.
Patent ✔Correct Answer-a government authority or license conferring a right or title for a set
period, especially the sole right to exclude others from making, using, or selling an invention:
, copyright ✔Correct Answer-the exclusive legal right, given to an originator or an assignee to
print, publish, perform, film, or record literary, artistic, or musical material, and to authorize
others to do the same:
Fixed expenses ✔Correct Answer-an expense that will be the same total amount regardless of
changes in the amount of sales, production, or some other activity. Same amount every month.
Example: a house payment
Variable Expenses ✔Correct Answer-are costs that vary depending on a company's production
volume; they rise as production increases and fall as production decreases. It can vary/change.
Example: Materials, shipping costs
SBA ✔Correct Answer-The U.S. Small Business Administration has delivers millions of loans,
loan guarantees, contracts, counseling sessions and other forms of assistance to small
businesses.
Variable Costs ✔Correct Answer-Increase or decrease depending on a company's production
volume; they rise as production increases and fall as production decreases. Examples: Direct
Materials, labor, production supplies, commissions, shipping charges. It can change/vary.
brick-and-mortar store ✔Correct Answer-traditional street-side business that deals with its
customers face-to-face in an office or store that the business owns or rents. The local grocery
store and the corner bank are examples.
venture capitalist ✔Correct Answer-an investor that provides capital to firms exhibiting high
growth potential in exchange for an equity stake. This could be funding startup ventures or
supporting small companies that wish to expand but do not have access to equities markets.
Crowdfunding ✔Correct Answer-persuading individuals to each give you a small donation --
$10, $50, $100, maybe more. Once you get thousands of donors, you have some serious cash
on hand.
pitch deck ✔Correct Answer-a brief presentation, often created using PowerPoint, Keynote or
Prezi, used to provide your audience with a quick overview of your business plan.
Sole Proprietorship ✔Correct Answer-A business that legally has no separate existence from
its owner. Income and losses are taxed on the individual's personal income tax return.
Limited Liability Company (LLC) ✔Correct Answer-A limited liability company (LLC) is a
corporate structure whereby the members of the company cannot be held personally liable for
the company's debts or liabilities.
Correct & 100% Verified Answers |Latest Version |
Already Graded A+
Entrepreneurship ✔Correct Answer-Starting a new business.
Entrepreneur ✔Correct Answer-A person who starts a business, creating a new product.
Key qualities of a successful entrepreneur/ business leader are ✔Correct Answer-Creative,
have common Sense, leader, persistent, have self-confidence, self-reliant, skilled, driven,
strength, and specialized in a specific area/knowledge.
Where do the 6 places of business ideas come from: ✔Correct Answer-Spotting an
opportunity in an industry
Pursuing a passion
Capitalizing on a skill to talent
Researching markets trends
Improving an existing product/service
Identifying and solving a problem
What is a Business Plan? ✔Correct Answer-A detailed plan explaining how to start a business
and run a business.
Executive Summary ✔Correct Answer-Gives a brief overview of the products or services to be
provided and how they will be produced, distributed, and marketed. Executive summaries are
no more than one or two paragraphs.
Marketing Overview ✔Correct Answer-a major section of the report. It describes the
following: Your target market(s), Competitors, your competitive advantage, Advertising and
promotion plans, talking points that you emphasize throughout your marketing materials
Marketing Mix Strategy ✔Correct Answer-Product, price, place and promotion. The marketing
mix is the set of controllable, tactical marketing tools that a company uses to produce a desired
response from its target market. It consists of everything that a company can do to influence
demand for its product.
Patent ✔Correct Answer-a government authority or license conferring a right or title for a set
period, especially the sole right to exclude others from making, using, or selling an invention:
, copyright ✔Correct Answer-the exclusive legal right, given to an originator or an assignee to
print, publish, perform, film, or record literary, artistic, or musical material, and to authorize
others to do the same:
Fixed expenses ✔Correct Answer-an expense that will be the same total amount regardless of
changes in the amount of sales, production, or some other activity. Same amount every month.
Example: a house payment
Variable Expenses ✔Correct Answer-are costs that vary depending on a company's production
volume; they rise as production increases and fall as production decreases. It can vary/change.
Example: Materials, shipping costs
SBA ✔Correct Answer-The U.S. Small Business Administration has delivers millions of loans,
loan guarantees, contracts, counseling sessions and other forms of assistance to small
businesses.
Variable Costs ✔Correct Answer-Increase or decrease depending on a company's production
volume; they rise as production increases and fall as production decreases. Examples: Direct
Materials, labor, production supplies, commissions, shipping charges. It can change/vary.
brick-and-mortar store ✔Correct Answer-traditional street-side business that deals with its
customers face-to-face in an office or store that the business owns or rents. The local grocery
store and the corner bank are examples.
venture capitalist ✔Correct Answer-an investor that provides capital to firms exhibiting high
growth potential in exchange for an equity stake. This could be funding startup ventures or
supporting small companies that wish to expand but do not have access to equities markets.
Crowdfunding ✔Correct Answer-persuading individuals to each give you a small donation --
$10, $50, $100, maybe more. Once you get thousands of donors, you have some serious cash
on hand.
pitch deck ✔Correct Answer-a brief presentation, often created using PowerPoint, Keynote or
Prezi, used to provide your audience with a quick overview of your business plan.
Sole Proprietorship ✔Correct Answer-A business that legally has no separate existence from
its owner. Income and losses are taxed on the individual's personal income tax return.
Limited Liability Company (LLC) ✔Correct Answer-A limited liability company (LLC) is a
corporate structure whereby the members of the company cannot be held personally liable for
the company's debts or liabilities.
