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| 1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people? (Points : 5) [removed] 10 percent [removed] 25 percent [removed] 75 percent [removed] 99 percent[removed][removed][removed][removed]2. (TCO 1) You have a small business that offers printing services. One of the services you offer is a high-speed color copier. You are currently the only printing service in a tri-state area that offers such a service. You currently have _______. (Points : 5) [removed] Creative destruction [removed] A competitive advantage [removed] A qualitative advantage [removed] A capital advantage[removed][removed][removed][removed]3. (TCO 1) Your employees are your most valued assets due to their _______. (Points : 5) [removed] Skill, knowledge, and information [removed] Earnings [removed] Knowledge of finance and accounting [removed] College degree and high IQ[removed][removed][removed][removed]4. (TCO 1) Entrepreneurship primarily involves which phase of business? (Points : 5) [removed] The startup process [removed] Hiring of key employees [removed] Maintaining a positive cash flow [removed] Building and maintaining a sufficient customer base[removed][removed][removed][removed]5. (TCO 1) Which of the following is the most common form of business ownership? (Points : 5) [removed] Sole proprietorships [removed] Partnerships [removed] Corporations [removed] Joint ventures[removed][removed][removed][removed]6. (TCO 4) Which of the following acts was written to prevent large businesses from forming trusts? (Points : 5) [removed] Clayton Act [removed] Federal Trade Commission Act [removed] Fair Debt Collection Practices Act [removed] Civil Rights Act of 1964[removed][removed][removed][removed]7. (TCO 4) Bankruptcy remains on a credit report for how many years? (Points : 5) [removed] 3 years [removed] 5 years [removed] 7 years [removed] 9 years[removed][removed][removed][removed]8. (TCO 4) Peter Drucker stated that businesses have _______ basic functions. (Points : 5) [removed] Two [removed] Three [removed] Four [removed] Five[removed][removed][removed][removed]9. (TCO 4) Managing inventory can be compared to which of the following? (Points : 5) [removed] A balancing act [removed] Preparing for a test [removed] Driving a bus [removed] Lion taming[removed][removed][removed][removed]10. (TCO 4) What is the key word in evaluating a channel of distribution? (Points : 5) [removed] Location [removed] Plastics [removed] Competition [removed] Efficiency[removed][removed][removed][removed]11. (TCO 4) A long-term agreement to rent a building, equipment, or other assets is known as a: (Points : 5) [removed] Lease [removed] Rental contract [removed] Legally liable contract [removed] Business contract[removed][removed][removed][removed]12. (TCO 4) Consumers typically do not want the cheapest product available; they want the: (Points : 5) [removed] Best product for the highest price [removed] Most reasonable product at the highest price [removed] Most reasonable product at the lowest price [removed] Best product for the most reasonable price[removed][removed][removed][removed]13. (TCO 4) The point at which total cost equals total revenue and the business is neither making or losing money is known as the _______. (Points : 5) [removed] Profit area [removed] Loss area [removed] Breakeven point [removed] Profit point[removed][removed][removed][removed]14. (TCO 2) Through the franchise agreement, the ________ gains the benefit of the parent company’s expertise, experience, management systems, marketing, and financial help. (Points : 5) [removed] Franchisor [removed] Franchisee [removed] Leaser [removed] Lessee[removed][removed][removed][removed]15. (TCO 2) The financial document that is used by startup businesses to show where capital comes from and for what it will be used is called: (Points : 5) [removed] Cash-flow statement [removed] Projected earnings statement [removed] Sources and uses of funds [removed] Income statement[removed][removed][removed][removed]16. (TCO 2) Which of the following is not included in the marketing plan section of the business plan? (Points : 5) [removed] How sales forecasts will be reached [removed] Marketing objectives [removed] Identification of potential markets [removed] Cash-flow statements[removed][removed][removed][removed]17. (TCO 3) When analyzing financial statements, remember that profits can be increased and expenses can be decreased to make the records look better __________. (Points : 5) [removed] In the short run [removed] In the long run [removed] For tax purposes [removed] For bank audits[removed][removed][removed][removed]18. (TCO 3) In the chapter opener, what was the limitation that kept Philip Rosedale from creating Second Life when he first had the idea for it? (Points : 5) [removed] He didn’t have enough money. [removed] He didn’t know how to promote it. [removed] Computers were not powerful enough at the time. [removed] Some technical gadget like a flux capacitor needed to be invented first.[removed][removed][removed][removed]19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from: (Points : 5) [removed] Their local area [removed] Their regional area [removed] Outside their home regions and internationally [removed] A 100-mile proximity of their business[removed][removed][removed][removed]20. (TCO 3) Computers, office equipment, and furniture are all examples of ________ that have a life of more than one year. (Points : 5) [removed] Current assets [removed] Current liabilities [removed] Capital equipment assets [removed] Investments[removed][removed][removed][removed]21. (TCO 5) Mintzberg suggested several important skills a manager needed in order to perform the four functions of management. The most important of these was listed as (Points : 5) [removed] Carrying out negotiations [removed] Motivating subordinates [removed] Making decisions in conditions of extreme ambiguity in allocating resources [removed] Being willing to continually learn on the job[removed][removed][removed][removed]22. (TCO 5) Maslow’s hierarchy of needs theory ranks the highest level of needs as what? (Points : 5) [removed] Physiological [removed] Safety and security [removed] Esteem [removed] Self-actualization[removed][removed][removed][removed]23. (TCO 5) The Equal Employment Opportunity Commission _______ that the information from a job analysis be used to ensure equal employment opportunity. (Points : 5) [removed] Strongly urges and sometimes requires [removed] Always requires [removed] Urges [removed] Does not care[removed][removed][removed][removed]24. (TCO 6) A production process that operates for long periods of time without interruption is known as? (Points : 5) [removed] Analytic system [removed] Synthetic system [removed] Continuous process [removed] Intermittent process[removed][removed][removed][removed]25. (TCO 6) Scheduling is necessary to maximize levels of: (Points : 5) [removed] Efficiency and customer service [removed] Customer service and expense [removed] Sales and expense [removed] Efficiency and effectiveness[removed][removed][removed][removed]26. (TCO 7) An account number of 13 would represent which of the following accounts? (Points : 5) [removed] Accounts payable [removed] Accrued taxes [removed] Insurance expense [removed] Accounts receivable[removed][removed][removed][removed]27. (TCO 7) Equity funds never need to: (Points : 5) [removed] Be repaid [removed] Be accounted for [removed] Be stated on the income statement [removed] Be stated on the balance sheet[removed][removed][removed][removed]28. (TCO 8) About what percent of small businesses export goods and services? (Points : 5) [removed] 10% [removed] 15% [removed] 30% [removed] 50%[removed][removed][removed][removed]29. (TCO 9) The obligation of business to maximize the positive impact it has on society while minimizing the negative impact is called: (Points : 5) [removed] Moral obligation [removed] Business responsibility [removed] Business ethics [removed] Social responsibility[removed][removed][removed][removed]30. (TCO 9) Threats and opportunities to a business can be found in which of the following environments? (Points : 5) [removed] Economic and legal only [removed] Legal and sociocultural only [removed] Technological and competitive only [removed] Economic, legal, sociocultural, competitive, and technological[removed][removed][removed][removed] |
| 1. (TCO 1) Compare and contrast a sole proprietorship, a partnership and a corporation. Provide examples of where you would use each structure. (Points : 14) [removed][removed][removed][removed]2. (TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under what circumstances would one be more advantageous? (Points : 14) [removed][removed][removed][removed]3. (TCO 4) Compare and contrast Economic Order Quantity and Just-In-Time as inventory control methods. Evaluate how these control methods can improve the financial position of a small business. (Points : 14) [removed][removed][removed][removed]4. (TCO 6) Compare and contrast analytic manufacturing systems and synthetic manufacturing systems, giving an example of each. (Points : 14) [removed][removed][removed][removed]5. (TCO 9) Analyze the four levels depicted in the pyramid of social responsibility. (Points : 14) |
