The Fourth Step in the Initial (Pre-Planning) Phase of the Entrepreneurial

question 17

Multiple Choice

The fourth step in the initial (pre-planning) phase of the entrepreneurial process is ________.

• A) exploring finance options
• B) researching the venture's feasibility
• C) pinpointing potential competitive advantages
• D) identifying potential opportunities

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Definitions:

Product Cost

The total expenditure incurred to produce, acquire, and sell products, including direct materials, direct labor, and overhead.

Period Cost

Overheads not directly linked to production, charged as expenses in the timeframe they happen.

Direct Materials

The raw materials directly used in the manufacturing of a product, easily traceable to the finished good.

Product

An item or service created through a process and offered in the market to satisfy consumer needs or wants.