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Study Resources (Business Management)

  21.Firms focus on strategic alliances to form long-term relationships for the benefit of both companies.  22.In the Flow Right Brewery & Bar case study, Chris sought out his personal and family friends to help him build relationships with his key suppliers.  23.A competitor's actions may change the opening date of a new.
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  71.The basic contract a franchisor provides to a franchisee is called a _________.  72.An Uniform Franchise _________ is a government-required document that clearly discloses aspects of the relationship between the franchisor and the franchisee.  73.A very important commitment the franchisee demands from the franchisor is to limit the number of _________ within.
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  61.Which of the following have well-established methods of operation?  A. franchises B. new start-up firms C. bankrupt firms D. all of these 62.What kind of chart provides a detailed understanding of a firm's production process?  A. critical path chart B. path analysis chart C. production chart D. consumption chart 63.Which of the following is typical when purchasing new equipment instead of used equipment?  A. usually the most expensive option B. delivered directly.
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  41.When you buy a franchise, you are buying:  A. an established name B. the opportunity to operate under that name for a period of time C. a single store or the right to have multiple units D. all of these 42.A document called the _________ has been the accepted format for satisfying franchise requirements.  A. Uniform Franchise Offering Circular B. United Franchising Offering.
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  61.A business that is declining due to operations problems struggles with:  A. not selling enough products or services B. not being efficient in producing the product C. both of these D. none of these 62.The authors of our book advise the owners of a declining business to:  A. pick the one key reason the business is declining and focus on fixing.
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  41.Which of the following is a method to maximize the selling price?  A. discounted future net cash flow B. asset-based valuation C. market estimation valuation D. all of these 42.Which of the following valuation methods requires that the net cash flow be projected for some period of time in the future?  A. asset-based valuation B. price/earnings valuation C. discounted future net cash flow D. market estimation valuation 43.Which.
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  Essay Questions 80.Why should a small business owner want to exit a business?  81.A valuation of a firm helps the owner to understand the true value of the company. List the five elements for true valuation.  82.What are the three steps an owner follows when deciding to sell or harvest the business?  83.List the.
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  71.In the Friend's Home Health case study, the founders:  A. knew how much their company was worth B. had to figure out how much their company was worth C. did not have a need to know how much their company was worth D. none of these 72.In the Friend's Home Health case study, the buyout offer was:  A. $400,000 B. $500,000 C. $600,000 D. none of these 73.In.
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  MULTIPLE CHOICE 30.All of the following are businesses EXCEPT ________. a.U.S. Postal Service b.UPS c.FedEx d.AOL 31.Which of the following are organized for profit and provide goods and services? a.businesses b.public schools c.government d.churches 32.________ is essential because it serves as a primary incentive for people to start companies, expand them, and provide consistently high-quality competitive goods and services. a.Vision b.Profit c.Market research d.Philanthropy 33.In the.
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  76.List and define the three basic types of promotion.  77.What issues need to be considered in sales management?  78.What are the four methods of distribution that do not require as extensive an understanding of geographic location since they may be selling an industrial product that has the potential for a nationwide distribution?    .
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  31.A production management system helps employees to focus their energy on the expected routine aspects of the job because it takes care of the unusual aspects.  32.Choosing when to start a business is an important operational element. The book strongly suggests that starting business operations as quickly as possible is an.
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ESSAY   13.Describe technology as a capital source. 14.Define profit. Explain why you agree or disagree with the following statement: “The success of a business is measured only by the profit it earns.” 15.List and describe the four basic rights in the private enterprise system.     .
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  41.A critical path chart should be updated _________.  A. every other month B. end of every quarter C. yearly D. constantly 42.Critical path analysis is a _________ document that should be modified during the process of actually accomplishing tasks.  A. stagnant B. dynamic C. living D. both dynamic and living 43.A small retail center located along a major road is called a(n) _________.  A. industry center B. shopping mall C. anchor stores D. strip shopping center 44.Locations.
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  51.Which of the following is the initial listing of a firm as a public entity on the public equities market?  A. internal price offering (IPO) B. initial public offering (IPO) C. internal public offering (IPO) D. interactive price offering (IPO) 52.Which of the following is the effort to reverse the decline of a business?  A. turnaround B. quick time C. fast around D. bridge 53.When a company starts.
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  40.Timber Trails, a Northwest lumber company, utilizes ________ as its primary production factor. a.human resources b.entrepreneurship c.capital d.natural resources 41.A company that values employees as sources of ideas and innovation is utilizing its _________________. a.entrepreneurship b.natural resources c.capital d.human resources 42.The human resources of a firm refer to ________. a.everyone over 18 years of age b.everyone who works for the business c.full-time employees d.top.
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  True / False Questions 1.Franchising is viewed as the creation of a new business from a well-established formula.  2.A franchisor is a firm that originates the idea for a business.  3.A franchisor pays the fee to obtain a franchise.  4.An entrepreneur is a franchisee.  5.A franchise agreement is a basic contract that usually contains clauses.
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  Essay Questions 72.Why is a marketing plan needed for a small business owner?  73.When the target population is identified, what questions should a small business owner try to answer?  74.Define cost-plus pricing and give an example.  75.Define pure promotions and list five examples.      .
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  Essay Questions 78.What does an individual receive when purchasing a franchise?  79.What are the differences between the franchisor and the franchisee?  80.List the four ways that a franchisor makes money.  81.Whey buying a franchise, what issues should the potential franchisee examine?  82.When buying a franchise, what are the specific areas that should be evaluated?      .
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  True / False Questions 1.A root cause of many of the problems in a new business can be traced to the lack of development or implementation of its operational plan.  2.Efficient use of time is imperative for a new business owner.  3.When developing a critical path chart, assigning responsibilities and estimated time of.
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  31.In bankruptcy proceedings, a "haircut" refers to creditors receiving more than the full amount of money that is due to them.  32.In bankruptcy proceedings, creditors who do not have collateral pledged behind their debt will be paid only if there are funds remaining after other creditors have been paid.  33.If a small.
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  Multiple Choice Questions 31.John needs to know who his customers are and how to attract them. He needs a(n):  A. operation plan B. business plan C. marketing plan D. advertising plan 32.A marketing plan should include:  A. identifying your market B. pricing policy C. developing promotions D. all of these 33.Marketing efforts need to be based on the:  A. aligned marking strategies B. focused strategies C. core values D. mission statement 34.As more competitors enter the geographic radius.
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  True / False Questions 1.John needs to know who his customers are and how they will be attracted to his business. He will create a marketing plan to accomplish this.  2.A marketing plan should identify a company's market and determine a pricing policy.  3.The use of a mission statement ensures that a firm.
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  61.All of the following are functions of human resource managers EXCEPT:  A. hiring of personnel B. terminating personnel C. preparing pay slips of personnel D. retaining personnel 62._________ is the quantity and quality of human effort directed toward producing goods and services.  A. Human power B. Human skills C. Human knowledge D. Human resource management 63.According to the book, which of the following is a good characteristic of.
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  51.A production chart is similar to a:  A. analysis chart B. critical path chart C. deficit gap chart D. pro forma chart 52.What percentage of businesses have a production process?  A. 25 B. 50 C. 75 D. 100 53._________ is the father of the quality movement in the United States.  A. Peter Drucker B. W. Edward Deming C. George Isoo D. Frederick Taylor 54.According to W. Edward Deming's quality movement, quality efforts need to be _________ and.
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  61.Promotion is the means by which businesses make their product or service known to potential customers. Which of the following is the most commonly used form of promotion?  A. viewed on the Internet B. heard on a radio station C. seen in television D. all of these 62.All of the following represent issues that need to be considered in.
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  Fill in the Blank Questions 71._________ theory states that all individuals judge how we are treated relative to how we see others being treated.  72.A(n) _________ is a set amount of money for a given time period.  73.Mike sells $10,000.00 worth of product; the owner gives him $2,000.00. This is called a(n) _________.  74.A.
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  11.Legitimacy is a term used by financial institutions interacting with new businesses, which indicates there are questionable areas of concern.  12.The perception of looking like and acting like a successful company can help a new small business build legitimacy.  13.No matter where a business is located, its owner needs to establish legitimacy.
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  51.The critical part of using a mail order catalogue is identifying the:  A. zip code B. customers C. industry D. demographics 52.A major difficulty of operating a mail order catalogue is the handling of:  A. credit cards B. primary data C. search for call center employees D. wrong addresses 53._________ has(have) been trouble to the mail order business; owners need to include the cost of this in the.
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  61.In the Friend's Home Health Care case study, Cheryl Williams's research on franchises concluded that:  A. the cost of a variety of franchised sandwich shops was dramatically more than that of franchised storage B. the cost of a variety of franchised sandwich shops was dramatically less than that of franchised storage C. the cost of a.
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  Essay Questions 80.List and explain the actions that must occur in order for a new business to begin operations.  81.Why is a critical path chart necessary for a new business owner? What are the benefits of creating one?  82.List and explain what expenses a new business will need to cover in order to.
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  Essay Questions 77.List the elements that should be on a job description.  78.List the elements on a job application.  79.What are the topics an interviewer CANNOT ask in an interview?  80.List and describe the four types of basic compensation.  81.List five benefits and explain the problems associated with them.  82.What are some problems a human resource.
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  11.Price/earnings ratio is a value derived by public companies that divides the current earnings per share of stock into the price per share of stock.  12.If a business is performing poorly, there is virtually no goodwill value.  13.Business valuation is part science and part art; there is no precise formula for determining.
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  True / False Questions 1.Every small business owner will eventually need or want to exit his or her business.  2.The early start-up time is the best time to develop an exit strategy.  3.Developing an exit plan makes the family and investors uneasy about the new business.  4.When a small business owner is no longer.
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  21.Once negotiations for the sale and purchase of an existing business are complete and all contracts are signed, there will be a transition period.  22.One advantage of buying an existing business instead of a franchise is that an existing business already has an established cash flow.  23.A disadvantage of buying an existing.
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  MATCHING       Complete the following using the terms listed. a.outsourcing b.diversity c.entrepreneur d.competitive differentiation e.private property f.capital g.vision h.factors of production i.brand j.relationship era k.not-for-profit organizations l.business ethics   1._____ refers to technology, tools, information, and physical facilities. 2._____ involves blending different genders, ethnic backgrounds, cultures, religions, ages, and physical and mental abilities in order to enhance a firm’s chances of success. 3.A(n) _____ is a name, terms,.
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  41._________ are strictly financial agreements in which a business pays for some outputs, such as TV advertisements.  A. Pure promotions B. Mixed promotions C. Hybrid promotions D. Free promotions 42._________ promotions cost something but also have an element of community support.  A. Pure model B. Mixed model C. Hybrid model D. Virtually free 43._________ promotions have very limited financial costs, but have time commitment requirements from individuals in.
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  21.Virtually free promotions are also known as bootstrap marketing.  22.A sales relationship is the definition of the individuals who build and maintain relationships with customers.  23.Sales management refers to how the whole sales process is managed.  24.A sales management system starts with the hiring of a sales force.  25.Forecasting sales is not guesswork if.
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  31.In franchising, an entity or individual that grants another party the right to conduct business according to specified methods and terms is known as a:  A. franchisor B. franchisee C. franchise D. licensor 32.Which of the following is the basic contract generated by a franchisor for all franchises?  A. franchise consent contract B. master license C. franchisor agreement D. franchise agreement 33.The International Franchise Association in 2007 reported.
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  71.In the "Study Café" example, the critical chart process helped the students realize:  A. they need to open their doors for business as they originally planned B. they need to open their doors for business in April C. they need to open their doors for business in August D. both they need to open their doors for business.
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  11.Each franchisor will have a different package to sell a franchisee.  12.Every sale between a franchisor and a franchisee must be governed by the United Franchise Act of 1987.  13.There is an universal standard regarding what is provided by a franchisor. Each franchisor can offer an unique and different package than other.
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  21.In a Chapter 7 bankruptcy filing, selling a business consists of selling the assets of the company.  22.Chapter 12 bankruptcy is used for protection of family-owned business assets.  23.Chapter 13 bankruptcy is used for sole proprietorships.  24.When a business's performance has declined, the owner may decide to either close it or reverse the.
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  51.Which of the following statements about the purchase of a franchise is NOT correct?  A. A franchisee has the right to change the operating procedures to improve the business's profitability in his or her territory. B. A franchisee has the right to use the franchisor's brand name. C. A franchisor provides operational advice to the franchisee. D. A.
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