Question 1

How can you become successful in the entertainment and music business?

Accepted Answer

A)   Find a problem consumers are experiencing
B)   Explain how can you make your customers aware of your products and services and get them to them
C)   Build your own venture to sell the solution or product to consumers
D)   Find investors who want to invest in your ideas
E)   Upload your songs to YouTube A,B,C

Question 2

The traditional business side (business system) consists of entrepreneurs and business-minded individuals who

Accepted Answer

A)   Create the songs, manuscripts, screenplays and stage plays
B)   Publish songs
C)   Fund the development of films or computer games
D)   Finance recording artists, their recordings, shows, and concerts
E)   Distribute, promote, and market products through retail, streaming, and other outlets B,C,D,E

Question 3

If you and your friends form a jam band in your garage (for fun), what type of legal business are you?

Accepted Answer

A)   A non-profit corporation
B)   A partnership, joint venture, or limited partnership
C)   An LLC or Limited Liability Corporation
D)   You're not a business yet, as nobody is paying you anything and it's just a hobby
E)   A Sole Proprietorship D

Question 4

If you are a songwriter or scriptwriter, starting a business will help you

Accepted Answer

A)   Give away your products by uploading them to YouTube
B)   Sell yourself
C)   Write better
D)   None of the above

Question 5

The business of the entertainment business is to use creativity for profit.

Accepted Answer

A) True 
 B)False

Question 6

If you want a creative career in the entertainment business, one of the biggest mistakes we can make is to try it without understanding how business works.

Accepted Answer

A) True 
 B)False

Question 7

There are nine steps (according to Osterwalder and Pigneur) to consider when starting your own company, including

Accepted Answer

A)   Customers who will buy or use your creative work or product
B)   How are you going to make money?
C)   What are the administrative steps and activities required to make a profit?
D)   Filing the legal paperwork with the state you reside in
E)   The channels of distribution you'll need to deliver your product or services

Question 8

Technicians are considered creative artists themselves by the producers and directors.

Accepted Answer

A) True 
 B)False

Question 9

The current problems facing the entertainment industry have been caused by

Accepted Answer

A)   The development of the Internet
B)   A change in consumers' behavior as they now acquire products free
C)   Personal devices such as computers and iPhones
D)   A shift in the quality of the programming of entertainment products

Question 10

If you're trying to sell a song, script, recording, or yourself as the talent, there is no need to start your own entrepreneurial business.

Accepted Answer

A) True 
 B)False

Question 11

Revenue streams

Accepted Answer

A)   Help you find and retain customers to upsell your products and service
B)   Explain how can you make your customers aware of your products and services and get them to them
C)   Are the key things your company does to make it more profitable in the marketing, production, distribution, and so forth, of a product or for an individual
D)   Represents the gross income from sales minus expenses, which is the net profit or loss
E)   Are how much it will cost you to gain the knowledge, experience, products, and services that will make your company successful

Question 12

To be a successful creative person, as a writer, actor, etc., you are usually required to also be

Accepted Answer

A)   The owner of your own business
B)   An insider who knows everyone in the industry
C)   A producer of the recorded products
D)   A producer of the filmed products
E)   A cultural icon or public personality

Exam 4: The Entertainment Business

How can you become successful in the entertainment and music business?

The traditional business side (business system) consists of entrepreneurs and business-minded individuals who

If you and your friends form a jam band in your garage (for fun) , what type of legal business are you?

If you are a songwriter or scriptwriter, starting a business will help you

The business of the entertainment business is to use creativity for profit.

If you want a creative career in the entertainment business, one of the biggest mistakes we can make is to try it without understanding how business works.

There are nine steps (according to Osterwalder and Pigneur) to consider when starting your own company, including

Technicians are considered creative artists themselves by the producers and directors.

The current problems facing the entertainment industry have been caused by

If you're trying to sell a song, script, recording, or yourself as the talent, there is no need to start your own entrepreneurial business.

Revenue streams

To be a successful creative person, as a writer, actor, etc., you are usually required to also be