Entrepreneurship Objective 12.00 Part 3

Mrs. Mercs

1 2 3 4 5

100 100 100 100 100

200 200 200 200 200

300 300 300 300 300

400 400 400 400 400

500 500 500 500 500

100 Topic 1

51. What is TRUE about goods produced by in-house entrepreneurships?

A.  Marketed through nationwide publicity

B.  Marketed through statewide publicity

C.  Sold on location where produced

D.  Sold to the community at large

Answer

100 Topic 1

C.  Sold on location where produced

Main Page

100 Topic 2

52. What should be considered when choosing vendors?

  A.  Industry averages

B.  Reliability

C.  Storage costs

D.  Visual inventory

Answer

100 Topic 2

B.  Reliability

Main Page

100 Topic 3

53. What must the company know in advance to predict when it will begin making a profit?

  A.  Break-even point

B.  Credit card sales

C.  Net profit income

D.  Turnover rate

Answer

100 Topic 3

A.  Break-even point

Main Page

100 Topic 4

54. What does an income statement show the business owner? 

A.  Amount of profit or loss

B.  Break-even point

C.  Stock turnover rate

D.  Total production costs

Answer

100 Topic 4

A.  Amount of profit or loss

Main Page

100 Topic 5

55. What is the purpose of inventory management?

  A.  Buy cheaper products

B.  Maintain inventory levels

C.  Obtain reliable inventory

D.  Uphold product quality

Answer

100 Topic 5

B.  Maintain inventory levels

Main Page

200 – Topic 1

56. A bakery sells a birthday cake for $15.00. The sales tax is 6.5%. What is the total purchase price of the birthday cake?

  A.  $15.06

B.  $15.65

C.  $15.98

D.  $16.98

Answer

200 Topic 1

C.  $15.98

Main Page

200 Topic 2

57. How is gross profit for a business determined?

 A.  Beginning inventory minus ending inventory

B.  Cost of goods sold from net profit

C.  Cost of goods sold from revenue

D.  Cost of goods sold plus expenses minus revenue

Answer

200 Topic 2

C.  Cost of goods sold from revenue

Main Page

200 Topic 3

58. What is net income to a business?

  A.  Costs

B.  Inventory

C.  Loss

D.  Profit

Answer

200 Topic 3

D.  Profit

Main Page

200 Topic 4

59. How do general expenses affect the cost of a product?

 A. Adds to production costs

B.  Does not affect the cost

C.  Is not considered in the cost

D.  Keeps production costs down

Answer

200 Topic 4

A. Adds to production costs

Main Page

200 Topic 5

60. What kind of plan is presented to potential lenders or investors to gain financial support?

  A.  Business

B.  Financial

C.  Management

D.  Marketing

Answer

200 Topic 5

A.  Business

Main Page

300 Topic 1

61. What document predicts the success of a business?

  A.  Mission Statement

B.  Business plan

C.  Marketing plan

D.  Safety policy

Answer

300 Topic 1

B.  Business plan

Main Page

300 Topic 2

 62. What is the first step in creating a business plan?

  A.  Business description

B.  General partners

C.  Limited partners

D.  Trade credit

Answer

300 Topic 2

A.  Business description

Main Page

300 Topic 3

63. Which agency regulates safe and healthy working conditions?

  A.  CPSC

B.  FDA

C.  OSHA

D.  UCC

Answer

300 Topic 3

C.  OSHA

Main Page

300 Topic 4

64. A system for verifying and maintaining the desired standards in a product or service is called:

  A.  Automation.

B.  Inspection.

C.  Quality circle.

D.  Quality control.

Answer

300 Topic 4

D.  Quality control.

Main Page

300 Topic 5

65. FACS students practice making several products before choosing which one to sell. The result of that practice is called a/an:

A.  Carrier.

B.  Mock.

C.  Profile.

D.  Prototype.

Answer

300 Topic 5

D.  Prototype

Main Page

400 Topic 1

66. The Foods II class prepared 25 dozen cookies, but no one came to purchase them. What should be evaluated? 

A.  Financials

B.  Marketing

C.  Operations

D.  Standards

Answer

400 Topic 1

B.  Marketing

Main Page

400 Topic 2

67. The Foods II class made many loaves of bread, but only a few were sold. What should be evaluated? 

A.  Financials

B.  Marketing

C.  Operations

D.  Standards

Answer

400 Topic 2

B.  Marketing

Main Page

400 Topic 3

68. If the Foods II class lost money on their project but all products were sold, what should be evaluated?

  A.  Financials

B.  Marketing

C.  Operations

D.  Standards

Answer

400 Topic 3

A.  Financials

Main Page

400 Topic 4

69. If customers are unhappy with the packaging of the product produced by the Foods II class, what should be evaluated?

  A.  Financials

B.  Marketing

C.  Operations

D.  Standards

Answer

400 Topic 4

D.  Standards

Main Page

400 Topic 5

70. The Foods II class was unable to fill all orders for holiday candy they made. What should be evaluated?

  A.  Financials

B.  Marketing

C.  Operations

D.  Standards

Answer

400 Topic 5

C.  Operations

Main Page

500 Topic 1

71. If a price is reduced, what must happen to continue to break even?

 A. Conduct market feasibility study

B.  Sell fewer items

C.  Sell more items

D.  Sell to new customers

Answer

500 Topic 1

C.  Sell more items

Main Page

500 Topic 2

72. What is the purpose of a financial plan for a business?

 A. Identify management and employee responsibilities.

B.  Identify potential customers.

C.  Identify the name and location of the proposed business.

D.  Provide projected financial statements.

Answer

500 Topic 2

D.  Provide projected financial statements.

Main Page

500 Topic 3

73. Why is it important to use quality products from a reputable dealer? 

A.  Cost

B.  Loss factor

C.  Principal

D.  Stock turnover

Answer

500 Topic 3

A.  Cost

Main Page

500 Topic 4

74. What must a business obtain before it can open?

  A.  Business permit

B.  Lease agreement

C.  Profit margin

D.  Trademark

Answer

500 Topic 4

A.  Business permit

Main Page

500 Topic 5

75. What is TRUE about the career opportunities in the food industry?

  A.  Decreasing

B.  Increasing

C.  Unchanged

D.  Hard to find

Answer

500 Topic 5

B.  Increasing

Main Page