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1. A variable cost is eventually paid off over time.
2. A fixed cost has the same value each time it is incurred
3. Fixed costs are expenses that have to be paid by a company, regardless of changes in revenue.
4. Variable costs depend on the increase or decrease in the amount of goods or services produced or sold
5. Patent licensing is used for a new product or invention.
6. Trade secret licensing must be registered with the government.
7. Trademark licensing is used for brand names, logos, or slogans.
8. Copyright licensing is required for material in the public domain.
9. Business longevity increases potential funding opportunities.
10. Lenders require business owners to identify the purpose of the loan.
11. The business owner's personal credit score does not affect their ability to qualify for a loan.
12. Distributors use their sales force to sell another company's product.
13. Most online marketplaces charge fees to vendors for listing or selling products.
14. Affiliate sales programs offer commissions to companies who sell their products.
15. The design thinking process aims to develop solutions to problems.
16. The design thinking process places a high emphasis on developing customer empathy.
17. The design thinking process aims to develop a product based on the designer's needs.
18. The design thinking process is highly focused on using secondary research to develop solutions to problems.
19. When you perform a SWOT, the internal factors that impact your business are opportunities and threats.
20. The design thinking process is highly focused on using primary research to develop solutions to problems.
21. A non-profit organization is taxed.
22. A sole proprietorship protects the owner from personal liability.
23. An S corporation is suitable for international companies with at least 200 shareholders.
24. An S corporation is suitable for international companies with at least 100 shareholders.
25. One objective of entrepreneurship is to make a profit.
26. Taking on business debt is a requirement for entrepreneurship.
27. An entrepreneur is a person who assumes the responsibilities and risks of starting a business.
28. Value engineering changes the purpose of the product.
29. Value engineering adds features and functions to a product.
30. Value engineering encourages use of materials that save money.
31. Fulfillment Centers commonly service retail stores.
32. SEO stand for Special Executive Officer.
33. When you perform a SWOT, the internal factors that impact your business are strengths and weaknesses.