Entrepreneurship Objective Part 3 Mrs. Mercs

100 Topic 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 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 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 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 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 A bakery sells a birthday cake for $ 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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