Bus402 week 2 quiz 1 2017 april

Subject: Business / General Business
Question
QUESTION 1

Surveys show that owners of small businesses believe that:

they work harder on their own than if they worked for someone else.

they earn less than if they worked for someone else.

they are less satisfied than if they worked for someone else.

venture capital is relatively easy to raise.

QUESTION 2

Companies started by women differ from companies started by men in that:

men’s start-ups tend to be smaller and less well-financed than women’s.

women’s companies tend to be labor-intense businesses and therefore employ more people, even though they have smaller revenues.

women’s companies start smaller.

men tend to start their businesses with their own capital, women with others’ capital.

QUESTION 3

Which of the following corporate trends have contributed to the growth of entrepreneurship?

The acquisition and merging of mega corporations

The idea that “small is beautiful” in large companies, resulting in less hierarchy and layers of management

The flood of venture capital being made available to small businesses

The downturn in international markets forcing a focus on the domestic market

QUESTION 4

Customer service, convenience, speed and quality are all examples of:

learning to manage people effectively.

generating more revenue.

small businesses.

setting your business apart from others.

QUESTION 5

Launching and running a business can be an extremely rewarding experience, but it also can:

be highly fun.

bring steady paycheck.

be stressful.

not be rewarding at all.

QUESTION 6

One key to success with a business startup is to begin with enough ________:

capital

sales

accounts payable

suppliers

QUESTION 7

When running a home-based business:

you generally don’t need a separate business line, especially during the day.

you still need to dress for work and for client meetings.

zoning laws do not apply.

you can have up to six employees in your home without informing the local zoning commission.

QUESTION 8

Kyoto has started an interior decoration business. Everything about the business, from its name to the color schemes used in the corporate letterhead, is an expression of her personality. She sees this business as her greatest personal achievement. Kyoto is experiencing the opportunity ________ of small business ownership.

to reap unlimited profits

to contribute to society

to make a difference

to reach her full potential

QUESTION 9

Which of the following trends is feeding the growth of entrepreneurial activity?

A greater focus on professional advancement combined with the “flattening” of large corporations’ management hierarchies

The rapid growth of the need for low-technology products

A favorable attitude toward entrepreneurs in American society

Diminished wage increases in corporations and the desire for a better standard of ling

QUESTION 10

“Copreneurs” are marked by:

a division of labor by expertise.

their similarity to the traditional mom and pop operation.

a decline in the number of businesses.

a greater success at raising venture capital than sole proprietorship-type businesses.

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QUESTION 11

Juan is able to work well in a constantly changing atmosphere and has little concern for what tomorrow will bring. Juan demonstrates which of the following characteristics of a typical entrepreneur?

The willingness to take extreme risks

A desire for immediate feedback

A tolerance for ambiguity

A future orientation

QUESTION 12

The key ingredient-the crucial element-to avoiding the failure of a new business is:

the business plan.

knowing the business.

technical expertise regarding the product.

differentiating the business and product from the competition.

QUESTION 13

When building a home-based business, it is important that the entrepreneur:

keep friends and neighbors from disturbing him/her while working at home.

not discuss it with the family to avoid raising expectations and creating undue pressure.

have all business mail sent to the home address.

not take the home office deduction to avoid IRS scrutiny of his/her tax return.

QUESTION 14

Primary cause of business failure is:

improper managerial attitude.

poor financial controls.

incompetent management.

location.

QUESTION 15

Researchers who study entrepreneurs have discovered that:

successful entrepreneurs start with an idea, resources, and a small management team.

there is one key set of traits that mark a successful entrepreneur.

entrepreneurs desire responsibility and are willing to take moderate risks.

the most successful entrepreneurs are willing to take extreme risks and bet the farm in order to succeed.

QUESTION 16

A small company following a ________ strategy seeks to build customer loyalty by positioning its goods and services in a unique fashion.

differentiation

cost leadership

focus

niche

QUESTION 17

________ are specific measurable targets to be accomplished in a defined time period.

Core competencies

Objectives

Goals

Key success factors

QUESTION 18

Which of the following best expresses the relationship of a company vision to its mission?

The company vision comes from the company mission.

The mission statement is the written expression of the company vision.

The company mission statement is the verbal expression of the written vision.

There is no relationship between the two.

QUESTION 19

A small business’s “aggregation of factors that sets it apart from its competitors” is its:

strategic plan.

competitive advantage.

vision.

competitive strategy.

QUESTION 20

The final step of the strategic planning process is:

establishing accurate controls.

translating the strategic plan into operational plans.

evaluating the competitive environment.

choosing a marketing strategy to pursue.

QUESTION 21

Small firms pursuing a cost leadership strategy have an advantage in reaching customers whose primary purchase criterion is:

quality.

constant innovation.

price.

customer service.

QUESTION 22

When the small business owner assesses her company’s strengths and weaknesses, she is dealing with the ________ business environment.

macro

external

competitive

internal

QUESTION 23

________ focuses everyone’s attention and efforts on the same target market. It is an expression of what the owner believes in.

The mission statement

The company vision

The strategic plan

The operational plan

QUESTION 24

These are products of the interaction of various forces, trends, and events that are outside the control of the small business.

distinctive competencies

key success factors

opportunities and threats

strengths and weaknesses

QUESTION 25

The strategic planning process for small businesses is:

market-focused.

the same as it is for a large company.

generally done by top management with little or no participation by employees.

product-focused and similar to that for large companies.

QUESTION 26

How is the strategic planning process for small companies different from that for large companies?

The planning horizon should cover at least five years into the future.

The process should begin with setting objectives and conclude with competitive analysis.

The process should be informal and not overly structured–”a shirtsleeve approach.”

It should be conducted by top management and provided to lower management.

QUESTION 27

________ are negative internal factors that inhibit the accomplishment of a firm’s objectives.

Strengths

Weaknesses

Opportunities

Threats

QUESTION 28

________ are the broad, long-range attributes the small business seeks to accomplish; ________ are the specific, measurable milestones the company wants to achieve.

Goals; objectives

Goals; strategies

Objectives; goals

Strategies; goals

QUESTION 29

The small firm’s “master plan” is its:

objectives.

goals.

competitive edge.

strategy.

QUESTION 30

________ are positive internal factors that contribute towards accomplishing the company’s objectives.

Strengths

Weaknesses

Opportunities

Threats

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