Bus402 week 2 quiz 1 2017 april
Subject: Business / General Business
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.
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.
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
Customer service, convenience, speed and quality are all examples of:
learning to manage people effectively.
generating more revenue.
setting your business apart from others.
Launching and running a business can be an extremely rewarding experience, but it also can:
be highly fun.
bring steady paycheck.
not be rewarding at all.
One key to success with a business startup is to begin with enough ________:
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.
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
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
“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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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
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.
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.
Primary cause of business failure is:
improper managerial attitude.
poor financial controls.
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.
A small company following a ________ strategy seeks to build customer loyalty by positioning its goods and services in a unique fashion.
________ are specific measurable targets to be accomplished in a defined time period.
Key success factors
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.
A small business’s “aggregation of factors that sets it apart from its competitors” is its:
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.
Small firms pursuing a cost leadership strategy have an advantage in reaching customers whose primary purchase criterion is:
When the small business owner assesses her company’s strengths and weaknesses, she is dealing with the ________ business environment.
________ 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
These are products of the interaction of various forces, trends, and events that are outside the control of the small business.
key success factors
opportunities and threats
strengths and weaknesses
The strategic planning process for small businesses is:
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.
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.
________ are negative internal factors that inhibit the accomplishment of a firm’s objectives.
________ are the broad, long-range attributes the small business seeks to accomplish; ________ are the specific, measurable milestones the company wants to achieve.
The small firm’s “master plan” is its:
________ are positive internal factors that contribute towards accomplishing the company’s objectives.