Entrepreneurship

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Entrepreneurship

What document should you prepare to include with your business plan that will tell the reader about your qualifications to run the business?

1 point

Executive Summary

Resume

Mission Statement

Cover Letter

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Which one of the following would not be a good characteristic for an entrepreneur?

1 point

follower

leader

self-motivated

visionary

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What is the formula for calculating net worth?

1 point

Assets –Liabilities = Net Worth

Assets + Liabilities = Net Worth

Assets + What You Own = Net Worth

Liabilities–Assets = Net Worth

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Your cousin, Andy, is willing to invest $20,000 in your business for a 15 percent share of ownership in your business. What type of capital investment is this?

1 point

debt capital

venture capital

equity capital

secured capital

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If you were going to start a small retail store selling gift items, which type of market structure would you most likely be entering?

1 point

oligopoly

monopolistic competition

perfect competition

monopoly

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Which one of the following functions of management would apply when grouping tasks into departments?

1 point

organizing

planning

implementing

controlling

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Who determines the amount of sales tax that must be charged on a sale?

1 point

Chamber of Commerce

federal government

business owner

city, county, and/or state governments

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Which one of the following is not a factor to consider when analyzing the economic climate that controls your business?

1 point

new competition

demographic changes

prices your charge

condition of national economy

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In what type of economy does the government determine what, how, and for whom products and services are produced?

1 point

traditional economy

market economy

command economy

mixed economy

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Which law bans unfair or deceptive actions or practices by businesses that may cause an unfair competitive advantage

1 point

Wheeler-Lea Act

Sherman Act

Clayton Act

Robinson-Patman Act

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1) Carla Danielson had a great recipe for sweet bell pepper sauce. Her friend Sharon Hall convinced her that they should go into business together and sell the sauce. They now ship Palouse red sauce to stores in 35 states. Danielson and Hall are examples of:

1 point

Entrepreneurs

intraprenuers

Venture capitalist

franchisees

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The overall purpose of a business plan is to

1 point

determine the most appropriate from of ownership

identify all the actions required up to the point when the firm open its doors

determine potential demand for the firm's product or service.

provide prospective lenders a blueprint for action

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Which activity in developing a business plan is the most important?

1 point

developing an organization chart

researching the market

choosing a business location

developing a production plan

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TP Publishing Company offers several correspondence courses. It recently purchased Sylvan Learning Centers so that it would have a place and people to administer the examinations for the courses. This use of the learning centers to support the correspondence courses reflects the use of which component of the organization's strategy.

1 point

scope

resource deployment

alignment

entropy

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After so many people complimented Robin Hoder's honey mustard, she decided to start a small business called Naples Valley Products to manufacture and market her mustard. At this juncture, Hoder was engaged in

1 point

competitive response

corporate strategy

strategic marketing

strategic formulation

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In their book In Search of Excellence, Peters and Waterman found that successful companies "stuck to their knitting on those things they did well. To which component of organizational strategy does this idea most directly relate?

0 points

distinctive competence

organizational oppurtunity

scope

common strengths

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Fort Howard Paper Company has a cost-saving manufacturing process that its competitors cannot imitate. Fort Howard Paper enjoys a(n)

1 point

product integration

organizational oppurtunity

sustained competive advantage

organizational threat

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Research has shown that manufacturing costs fall as the number of units produced increases. This relationship between cost and production is

1 point

synergy

economy of scale

the scalar principle

the 80/20 principle

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What is the most common source of funds for entrepreneurs?

1 point

personal financial resources

money from venture capitalist

loans from banks

issuing stock in the business

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Which of the following is not a method used by entrepreneurs to finance their new business?

1 point

strategic alliances

sale of stocks

small Business Investment Companies (SBICs)

personal resources

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Four general contribute to the failure rate of small businesses. They include

1 point

cash flow problems

the lack of innovative spirit

managerial incompetence or inexperience

too many customers

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If an entrepreneur is considering buying a new business, which of the following would be a desirable characteristic of the industry being considered?

1 point

Several companies are engaged in highly competive advertising, which indicates that the product ids desirable.

The new company will be able to sell to only selected buyers

Start up costs are high.

The new comapny will sell a newly patented invention that is not yet well known but is expected to dominate the market

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Service businesses are the fastest growing segment of all small-business enterprises primarily because of

1 point

favorable tax treatment

high market demand

size of initial capital investment

low labor requirements

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The first step for the entrepreneur in planning his or her business is to:

1 point

forecast sales revenue

engage in self-analysis

choose a location

develop an organizational chart

Clear selection

What is the most common source of funds for entrepreneurs?

1 point

personal financial resources

loans from banks

money from venture capitalisy

issuing stock in the business

Clear selection

Which of the following is not generally considered to be a role performed by small businesses?

1 point

the creation of new jobs

the provision of capital to the large businesses

the manufacture of materials for large businesses

the development of new products

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Which of the following statements explain why small businesses are generally more effective than large companies in specialty retailing?

1 point

Large companies generally lack the specialties that are needed to make a retail store profitable

The dollar size of the specialty market is too small for large companies

Specialty retailing requires a different organizational structure than is usually found in large companies

None of these statements explain why small businesses are generally more effective than large companies in specialty retailing

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Which of the following is an example of identifying a new niche in an established market?

1 point

expanding the distribution channels for Meadow Gold ice cream

developing a meat product that looks and tastes like ham but has a shelf life of twenty years

introducing a strawberry jam at a price 20% lower than what is currently on market

offering a free package of Hormel wieners if you buy one at full price

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Which of the following is not a source of management advice for an entrepreneur?

1 point

Service Corps of Retired Executives (SCORE)

Federal Trade Commision (FTC)

Small Business Administration (SBA)

Active Corps of Executives (ACE)

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The systematic collection and recording of information about jobs in the organization is known as

1 point

job analysis

the selection process

job specification

job evaluation

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When looking to hire a new employee, once the firm has developed a pool of applicants, the next step is

1 point

making a job offer to a candidate

interviewing job applicants

advertising the position

screening job applicants

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The typical first step in the hiring process is

1 point

participate in an interview

take a skill test

complete a job application

attend an assessment center

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