1. Entrepreneurship Objective 12.00 Part 3 Mrs. Mercs

2. 1 2 345 100 200 300 400 500

3. 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

4. 100 Topic 1 C. Sold on location where produced Main Page

5. 100 Topic 2 52. What should be considered when choosing vendors? A. Industry averages B. Reliability C. Storage costs D. Visual inventory Answer

6. 100 Topic 2 B. Reliability Main Page

7. 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

8. 100 Topic 3 A. Break-even point Main Page

9. 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

10. 100 Topic 4 A. Amount of profit or loss Main Page

11. 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

12. 100 Topic 5 B. Maintain inventory levels Main Page

13. 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

14. 200 Topic 1 C. $15.98 Main Page

15. 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

16. 200 Topic 2 C. Cost of goods sold from revenue Main Page

17. 200 Topic 3 58. What is net income to a business? A. Costs B. Inventory C. Loss D. Profit Answer

18. 200 Topic 3 D. Profit Main Page

19. 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

20. 200 Topic 4 A. Adds to production costs Main Page

21. 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

22. 200 Topic 5 A. Business Main Page

23. 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

24. 300 Topic 1 B. Business plan Main Page

25. 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

26. 300 Topic 2 A. Business description Main Page

27. 300 Topic 3 63. Which agency regulates safe and healthy working conditions? A. CPSC B. FDA C. OSHA D. UCC Answer

28. 300 Topic 3 C. OSHA Main Page

29. 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

30. 300 Topic 4 D. Quality control. Main Page

31. 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

32. 300 Topic 5 D. Prototype Main Page

33. 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

34. 400 Topic 1 B. Marketing Main Page

35. 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

36. 400 Topic 2 B. Marketing Main Page

37. 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

38. 400 Topic 3 A. Financials Main Page

39. 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

40. 400 Topic 4 D. Standards Main Page

41. 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

42. 400 Topic 5 C. Operations Main Page

43. 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

44. 500 Topic 1 C. Sell more items Main Page

45. 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

46. 500 Topic 2 D. Provide projected financial statements. Main Page

47. 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

48. 500 Topic 3 A. Cost Main Page

49. 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

50. 500 Topic 4 A. Business permit Main Page

51. 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

52. 500 Topic 5 B. Increasing Main Page