Are you ready to join the ranks of innovative entrepreneurs? With EVERFI’s Venture: Entrepreneurial Expedition, you’ll have the opportunity to develop your entrepreneurial skills and discover answers to some of the biggest challenges faced by business owners today.
Here we provide answers to all Everfi Venture lessons.
Through engaging videos, lessons, and activities, Venture’s Entrepreneurial Expedition gives you an in-depth overview of critical entrepreneurship topics like business strategy, raising capital, customer service, and more.
Everfi Venture Lesson 1 Building a Balanced Budget Answers
| Question | Answer |
|---|---|
| Which of the following is an example of a tax you must pay? | Social Security |
| Which of the following is an example of a tax? | Medicare |
| What are taxes? | Taxes are mandatory payments you make to state and local governments. |
| When is a budget considered to be balanced? | When the amount you spend is equal or less than the amount you earn. |
| Which of the following budgets would be considered balanced? | A budget where the amount you spend is equal or less than the amount you earn. |
| In a balanced budget, the amount you _ is ______ the amount you earn. | spend; equal to |
| Which of the following is a variable expense? | Groceries |
| Which of the following is NOT a fixed expense? | Movie tickets |
| Which of the following is a fixed expense? | Rental payments |
| What is income? | Income is money you earn, usually from working at a job. |
| Typically, how do people earn income? | Most people earn income by working at a job. |
| Which of the following is true about income? | Income is money you earn, usually from working at a job. |
| Which of the following is an example of a NEED? | A warm winter coat |
| Which of the following would not be considered a want? | A warm winter coat |
| Which of the following would be an example of a want? | movie tickets |
| What are federal taxes? | Federal taxes are payments you make to the US federal government. |
| Which of the following statements about federal taxes is TRUE? | Payments you make to the US federal government. |
| What is medicare? | Federal health insurance for people over age 65. |
| When creating a personal budget, it is important to consider things you ____, ______ things you ____. | need; before; want |
| What happens if you spend money on things you want before things you need? | You limit your ability to save for high-priced items, like higher education. |
| Which of the following items are typically included in a balanced budget? | All of these items are included in a balanced budget. |
| What is a variable expense? | Different from month to month. |
| What is a fixed expense? | Does not change from month to month. |
| What is one way to begin saving startup capital? | Set aside a portion of income each month. |
| Which of the following statements is true about start up capital? | Money you invest in the form of supplies, marketing, legal services, and other investments to get your business up and running. |
| What is take home pay? | The amount left over from your monthly paycheck after deductions. |
| Which of the following questions about take home pay is TRUE? | Amount left over after deductions. |
| Which of the following statements about take home pay is FALSE? | All of the above. |
| Medicare | is an example of a tax |
| Balanced Budget | when the amount you spend is equal or less than the amount you earn |
| Movie Tickets | is not a fixed expense |
| Earned Income | most people earn income by working at a job |
| True about income | income is money you earn, usually from working at a job |
| Example of a Need | A warm winter coat is an example of a need |
| What is Medicare | medicare is federal health insurance for people over the age of 65 |
Everfi Venture Lesson 2 The Entrepreneur in You Answers
Entrepreneur
is someone who creates, owns and potentially runs a business.
What is an entrepreneur
gets to act as his own boss, has ownership in the business and is responsible for the success of their business.
Asset
example of an asset is time, money, and a car.
Business Plan
can help lower the risk of starting a new business, is created before starting a business and should include an overview of your business goals and how you think you are going to achieve them
Characteristics of an entrepreneur
creative and collaborates, is comfortable taking risks, and is initiative and self directed
Advantages of starting a business
you have control over where and when you work.
Best reason to study entrepreneurship
thinking like an entrepreneur can make you a better student and employee, no matter what your job is.
Difference between personal characteristic and skill
skills can be learned and developed while personal characteristics are inherent qualities within.
Examples of skills
people skills, business skills, and communication skills
Role entrepreneurs play in economics
they create the businesses that produce products and services that meet the wants and needs of consumers.
Everfi Venture Lesson 3 Planning and Building a Business Answers
Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Judge Each Idea as Realistic or Not
Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?
Immediately finding a storefront property for her business, putting down a deposit
Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?
Conduct market research to determine whether her business idea is a business opportunity that its a consumer need or want.
What are the four parts of a SWOT Analysis?
Strengths, Weaknesses, Opportunities, Threats
George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
Start promoting their shoe store to ppl in the neighborhood
Business Opportunity
Consumer need or want that can be potentially met by a new business
Internal Entrepreneurs
Entrepreneurs that apply their hobbies, skills, and interests to a business opportunity.
External Entrepreneurs
Create business ideas by identifying sources of opportunity.
A Market
Potential group of customers- ppl or businesses- who are ABLE and WILLING to purchase a particular product or service
Which of the following ensures a good idea for a business is an actual business opportunity?
The idea solves a unique or want in the market that group of customers is WILLING to buy.
Secondary Data
Information that was previously gathered for a purpose other than the study @ hand.
Primary Data
New Info gathered during the Market Research phase that come directly fro potential groups of customers or competitors in the market.
Interviews or Surveys
Asking potential customers their thoughts regarding your business and/or the current businesses they visit.
Focus Groups
Bringing a small group of ppl 2gether to help solve a problem or a set of questions
Observations
Visting competitors in the area and observations how they interact w customers
Which of the following should you NOT do when collecting and evaluating data on your market?
Only look for data that supports your initial idea
Target Market Segment
Specific group of customers in the broader target market who are most likely to buy a product or service.
Consumer Profile
An overview analysis of a group of potential customers that businesses use to improve how they market their goods and services.
Demographics
Objective social and economic facts bat ppl such as age, gender, and family size
Geographics
Where customers live and where businesses are located, including region, city, and neighborhood
Psychographics
Psychological characteristics of consumers such as
Buying Patterns
What customers are WILLING to spend $$$$Money on and how much they are WILLING to spend
Competition
Rival businesses competing for the dollars your target market spends.
Indirect Competitor
Is a business that sells a different product or service
Direct Competitor
A business in the market that sells a product or service similar to yours.
Competitive Advantage
A benefit of your product that differentiated your business from the competition.
Organizational Structures
Systems for dividing work, authority and responsibility. There are different approaches to structures based on what is best for the business.
Line Organization
Is the simplest organizational structure, which contains a direct chain of command through levels of personnel.
Project Organization
puts employees in more than one department together to work towards a specific goal.
Unit of Sale
Defines what the customer is likely going to be buying
Cost of Goods Sold ( COGS )
Calculating every single cost that goes into making a unit. How to Calculate this: Materials- Cost of ingredients and / or parts that go into one unit. Labor- The $$$ Money u pay employees for their time making the unit. Packaging- The cost to pack the unit and get it to the customer.
Which of the following is NOT a way that an entrepreneur could increase the contribution margin or profit of each unit sold?
Increasing the selling price and Decreasing the Variable Expenses per unit will BOTH Increase Profit.
Manufacture
Creates a products
Wholesaler
Sells a products in large volumes to the retailer.
Retailer
Sells directly to the customers.
Service
Provider offers services to customers.
Financial Ratios
Relationships between important financial data expressed as fractions or percentages.
Break Even Point
when a business’s expenses and sales equal zero because the business has sold exactly enough units to cover its fixed expenses.
Financial Ratios
Equations; Break- Even= (Fixed Expenses) / (Contribution Margin)
Sales Forecast
Prediction of amt. of future sales ur company expects to achieve over a certain period of time.
SWOT Analysis
Evaluation of a company’s internal strengths, internal strengths, internal weakness, external opportunities in the market and external threats in the market.
Full Capacity
How many units can you physically sell in a month
Break Even
Fixed costs / contribution per unit
Benefits:
Reasons customers choose to buy a product.
Which of the following is NOT an important step in the marketing cycle?
Show customers your marketing plan so they know you though out these steps
Last Quiz: 1.) Which of the following is NOT a creative thinking exercise entrepreneurs use to generate ideas?
Judge each idea as realistic or Not
2.)Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?
Immediately finding a storefront properly for her business, putting down a deposit and signing a lease
3.) Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she do to effectively evaluate her potential business opportunity?
Conduct market research to determine weather her business idea is a business opportunity that meets a consumer need or want.
4.) What are the four parts of a SWOT analysis?
Ans. 3
5.)George and Miguel are considering opening up a shoe store but first need to do market research. Which one of these is NOT part of the market research process?
Start promoting their shoe to ppl in the neighborhood.
6.) George and Miguel want to know more about their local and online competitors and about the retail industry. What is the best way for them to find all of this information?
{All the above} A.) Go online to find trade associations, listings, of local and national competitors, and any information on finicials. B.) Explore websites of other shoe retail businesses and take notes. C.) Try to think of friends, family members or acquaintances who have experience in retail and ask hem bat it. D.) All the above
7.)Which of these is NOT part of a consumer profile?
Polygraphics
8.) Regina is looking to start a knitting business and completes a target market profile to include in her business plan. Identify which item in her target market profile is in the wrong category and where it should be moved.
“Don’t spend $$money$$ on unnecessary items”
9.)Regina is creating her competitive analysis. She understands why it’s important to know her direct competitors, but she’s not sure why indirect competitors matter. She asks you if indirect competitors are important to know about. What should you say?
Yes. Indirect competition is important to understand, since the different product fulfills the same customer need.
10. ) Which of the following is a fixed expense for Maria’s sandwich food truck?
{ All of the above } A.) Salaries for her employees B.) Truck Insurance C.) Advertising D.) All the Above
11.) Which of the following is a start-up expense for Maria’s food truck?
{ All of the above } A.) Kitchen appliances and other equipment need to conduct her business B.) Cell Phone Bill C.) Gas D.) All of the above
12.) Pete wants to write a business plan for Pete’s PB&J Cupcake Cart. He needs to identify all expenses associated with making a peanut butter and jelly cupcake for a Economics of One Unit. What is the most accurate way of determining his expenses?
Go thru the detailed process of making the cupcake step by step, measuring the ingredients he uses and calculating the cost per ingredient
{ All the above } A.) Increase the prices B.) Increase the # of cupcakes he sells C.) Decrease his fixed expenses D.) All the above
15.) Which of the following is NOT one of the four steps to preparing a sales forecast?
Select an organizational structure for your company
Everfi Venture Lesson 4 Your Business Snapshot Answers
Your friend is developing a market plan for her new business what should she put in this plan
All of the above
Which statement is the best description of a vaule proposition
The features and benefits that make the product or business unique
What is the main purpose of developing a business pitch
To briefly share the most important info about ur business to people in an engaging way
Which of the following is probably NOT an important point to include in a business pitch
A detailed description of the meaning behind the company’s name
Why is it important to conduct market research on your target audience before building your marketing plan
You need to consider who your potentiometer customers are before deciding on marketing strategies
Marketing Plan
Should include the product, the price for product, description of the people in her target market.
Value Proposition
the features and benefits that make the product or business unique.
Business Pitch
the purpose is to briefly share the most important information about your business to people in an engaging way.
What NOT to include in a Business Pitch
a detailed description of the meaning behind the company’s name.
Market Research
it is important to conduct Market Research because you need to consider who your potential customers are before deciding on marketing strategies.
References
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