_______________ employees are paid a fixed amount each pay period. [Business Compensation Structures]

Business Life Cycle Stages

Stage 2 - Income and customers begin to grow

Business Life Cycle Stages

Stage 4 - When an owner decides whether to continue growing the business and how to finance growth.

A one page document covering problems, solutions, and key details of a business plan, costs and revenue.

A brief overview of the business plan which outlines the business, what funding is needed, and financial projections

Confidentiality or __________________ agreements are signed by employees, agreeing not to share trade secrets. [Using Licensed Materials]

Which viability factor involves building relationships with experienced professionals?

Which viability factor can help an entrepreneur make up for a lack of skills?

Mary works for a tech company and is designing a new style of headphones. Which intellectual property law would best protect Mary’s design?

__________ data is more accurate and reliable compared to secondary data. [Primary and Secondary Data]

Financial limitations would be an example of a ___________ in a SWOT analysis. [SWOT Analysis]

Tom runs a car repair shop with dependable employees. Recently he has seen an increase in customers needing work done. He knows that he needs to replace one of the lift machines but is struggling to finance it. There are other repair shops in the neighborhood. Identify the SWOT analysis element below:

Dependable employees

The formula used to determine customer acquisition costs is ______________ expenses plus sales expenses divided by the number of new customers for the period. [Customer Acquisition and Retention Costs]

The four P’s of the marketing mix are product, price, place, and ___________. [Elements of a Marketing Plan]

Jon’s company acquired 2,000 new customers last year. He spent $10,000 in marketing costs and $6,000 in sales costs. What was Jon’s CAC?

Erin owns an ice cream shop. She spent $5,000 in marketing expenses and $2,000 in sales costs last year. She obtained 700 new customers. What was Erin’s CAC?

Becky owns a coffee shop. She wants to figure out her customer retention rate for the first quarter (Q1). What is Becky’s customer retention rate? Round to the nearest whole number.

Customers at the end of Q1: 250

b. Customers at the beginning Q1: 225

c. New customers in Q1: 35

d. Customer retention rate: ___%

Which element outlines marketing costs?

The last step in a sales process is ____________. [Elements of a Sales Process]

Selling goods from one business to another is known as ____________ sales. [Key Characteristics of Sales Channels]

In which step of the sales process would you address customer concerns?

In which step of the sales process would potential customers be identified?

George came up with a secret banana bread recipe that he sells in his bakery. Which intellectual property law would best protect his recipe?

Jessica is composing a song and wants to protect it from being copied. Which intellectual property law would best protect Jessica’s song?

During which stage of the design thinking process will the design team create multiple inexpensive product versions?

In which stage do sales gain momentum?

A key example of a __________ service many companies use is a software as a service (SaaS) platform. [Production Options]

When setting one’s own quality standards, one must ensure that the standards are ______________. [Quality Control Testing]

What should one research before creating a product?

A business can use ____________ engineering to cut down on costs or to improve its product’s function. [Production Options]

Distribution and fulfillment centers are both _____________ distribution channels. [Direct Distribution and Fulfillment Services]

Ben owns a shoe store. He has a new line of limited-edition running shoes that he will be selling in his store soon. The cost of manufacturing the shoes was $18 per pair, and he wants to make a 20% profit on each pair he sells. What is Ben’s selling price?

Ashley sells cars. She has $26,000 in cash, $34,000 in inventory, a $4,600 credit card balance, and $7,900 in long-term debt. What is Ashley’s

equity?

Mallory sells hats. Last month, Mallory had an income of $3,800, her cost of goods was $875, and her total expenses were $1,400. What was Mallory’s gross income?

Jane owns a dress-making business. Her income last quarter was $8,000, her cost of goods was $1,500, and her total expenses were $3,000. What were Jane’s net income?

Zach owns a car detailing shop. Last year, he had a beginning cash balance of $5,600, total cash sales of $21,800, $4,700 in utilities, $3,400 in loan payments, and $1,200 in marketing costs. What was Zach’s ending cash balance for last year?

Andrea owns a food truck. Last month, her starting balance was $3,400, her ending balance was $5,300, and her revenue was $4,700. What is Andrea’s current run rate?

Andrea owns a food truck. Last month, her starting balance was $3,400, her ending balance was $5,300, and her revenue was $4,700. What is Andrea’s burn rate for last month?

Sherry sells purses. What is Sherry’s ROI?

a. Production cost: $17.20/purse

b. Selling price: $30/purse

When must real estate loans through the small business Administration (SBA) be paid back?

When must equipment and inventory loans through the small business Administration (SBA) be paid back?