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Study Resources (Business Management)

  81.When analyzing which aspect of the home health business to focus on, Betty and Joan decided to focus on:  A. The routine domestic element B. The medically necessary element C. Both of these D. None of these 82.Betty and Joan's perfect customer would be:  A. Very Wealthy B. Very Poor C. Upper Middle Income D. Lower Middle Income 83.In the case study, Flow Right Brewery & Bar: A.
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  71.All of these are criteria to be an unusual or unique service/product EXCEPT:  A. valuable B. consistent C. durable D. rare 72.According to the book, which of the following sequences is correct when you want to start a new business?  A. Identify the exact competitors within that industry, determine who your potential customers might be, define the industry that interests you B. Define.
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  41.A small business owner plays a _________ critical role than the senior leadership of a large company.  A. more B. less C. same D. proportionate 42.All of these are advantages for a small business EXCEPT:  A. respond quickly to changes B. owned and run by the same person C. economies of scale D. greater flexibility 43._________ states that individuals make decisions that maximize their own individual benefits.  A. Individual benefit.
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  78. Managing assets for an international company creates several new challenges for a financial manager. 79. A balance sheet hedge provides a method for global companies to reduce risks associated with exchange rate fluctuations. 80. The balance sheet hedge is often one of the most difficult activities for minimizing the challenges that.
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  Essay Questions 92.Describe the critical steps in examining the external environment of a new business.  93.Dennis wants to open up a bowling alley in his community. What types of questions would be used in the research of the industry?  94.What are fragmented markets and how do they affect a small business owner?  95.What are.
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  61.Some communities offer facilities that house new businesses and provide resources for them. These are called _________.  A. small business resource centers B. temporary business agencies C. holding facilities D. incubators 62.Incubators for small businesses include all of the following EXCEPT:  A. space B. financial loans C. legal expertise D. common receptionist 63.Business incubators work best with which of the following type of firms?  A. manufacturing B. retail C. service D. accounting 64.The Small Business Administration has.
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  93.What are stakeholders? What impact do stakeholders have on a small business?  94.Describe the characteristics of a high-growth venture.  95.Describe the characteristics of a small business start-up.  96.Compare the business plans of a high-growth venture with those of a small business start-up. What are the differences?    .
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  True / False Questions 1.A mission statement is a long narrative used to summarize a business.  2.A strategy is a broad approach used by a small business to accomplish its mission.  3.The mission statement and strategies can be developed after identifying potential customers.  4.As a business grows, it gets progressively more difficult to change.
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  21.After drawing a geographical radius around the business, the owner should define the customer base that resides within that radius.  22.James drew a 10 mile geographical radius around his location to identify potential customers; his next step is to define the customer base.  23.Fragmented markets are markets where no one competitor has.
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  71.According to the book, which of the following personality tests is most widely used in universities?  A. Enneagram B. Myers-Briggs C. Big Five D. Both Myers-Briggs and Big Five 72.Which of the following is NOT a personality dimension of the Big Five test?  A. individualist B. extroversion C. agreeableness D. conscientiousness 73.According to the book, there are three elements of entrepreneurial orientation. Which of the following is NOT.
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  True / False Questions 1.Many new businesses are formed as a result of an entrepreneur's previous work experience.  2.Talking with retired business executives can generate new business ideas for start-ups.  3.New businesses are more likely to be successful when an entrepreneur creates a product or service before there is a need in the.
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  31.Some small business owners find a patent, and then get permission from the owner of the patent to develop marketable products based on the patent.  Multiple Choice Questions 32.According to the book, new product ideas for small business start-ups originate from all of the following EXCEPT:  A. prior work experience B. personal interests and hobbies C. educational background D. existing.
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  51.Threat to _________ is a threat to the success of a business regarding its opportunity to sell to too many customers and to obtain repeat business.  A. profit margin B. sales generation scheme C. operational financing D. deficit gap 52.Threat to _________ is a threat to the new business in financing its growth, including high development cost.  A. profit margin B. sales generation.
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  TRUE/FALSE   68. Financial managers are responsible for increasing profits to shareholders. 69. The treasurer is the chief financial officer of most firms. 70. In most firms, the controller is the chief accounting manager. 71. In many companies, the CEO is promoted to the position of CFO. 72. Virtually, all financial decisions involve a trade-off between.
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  11.A mission statement should be specific and establish measurable goals for the business to accomplish.  12.A mission statement of a firm that states "to make money" would be very effective.  13.A mission statement needs to be known to all the employees, not just the top management.  14.The mission of a business needs to.
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  21.A sustainable competitive advantage is an advantage that other firms cannot immediately copy.  22.The cornerstone of building a competitive advantage is a deep understanding of your customer's needs.  23.The greatest source of a sustainable advantage is to know the potential customers.  24.The computers in a company are an example of tangible assets.  25.Intangible assets.
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  21.The third column in a gap analysis is where the potential owner should provide a realistic estimation of his or her present resources.  22.The fourth column in a gap analysis is used to list the resources required for the successful operation of the business.  23.The last column in a gap analysis records.
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  41.What term is used to describe Walmart's ability to purchase more advertising space at a lower cost per ad?  A. advertising bonus B. buying bonus C. volume excess D. economies of scale 42.Small companies have flourished for all the following reasons EXCEPT:  A. they respond more quickly B. they operate more effectively C. they employ more skilled people D. they often expand easily in mature industries 43.Development and.
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  11.A gap analysis identifies any differences between the demand by customers and the supply provided by firms currently in the market.  12.Assume that an opportunity exists in northern Minnesota. A customer needs a "hand warmer" packet. Mary, a new business owner, decides she has the ability to address this gap because.
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  51.What percentage of U.S. millionaires are self-employed?  A. 25 B. 33 1/3 C. 50 D. 66.7 52.What is the percentage of self-employed people in the workforce?  A. 10 B. 20 C. 30 D. 40 53.Which one of these large companies started out as a small business?  A. Apple B. Hewlett-Packard C. Facebook D. All of these 54.Small businesses act as a catalyst for social change because:  A. they have the ability to generate profits in markets ignored by large.
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  True / False Questions 1.Entrepreneurial business is not important to the U.S. economy.  2.Approximately 66 percent of all net new jobs are added by small businesses.  3.The small business sector in the United States occupies 25 percent of all commercial space.  4.Small businesses added 8 million new jobs to the economy.  5.Corporate United States employs.
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  78.All small businesses have an inherent amount of risk associated with starting a business. List and explain two types of specific risks.  79.List and describe the three threats to business success.  80.Explain how a deficit analysis benefits a potential business owner.  81.Assume you have a hobby that you are really passionate about. List.
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  61.In the case study Friend's Home Health, Betty and Joan were advised by a successful entrepreneur to conduct a(n):  A. gap analysis B. audit C. inventory D. investigation 62.In the case study Friend's Home Health, Betty and Joan discovered that in their thoughts about a potential business:  A. they had more differences than similarities B. they had the same similarities and no differences C. they.
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  71.Small companies have flourished for all of the following reasons EXCEPT:  A. adapting more quickly B. growing more rapidly C. innovating and becoming more efficient D. expanding in mature industries 72.Which one of the following is a huge advantage for small business owners to start a business?  A. desire to be one's own boss B. benefit the stakeholders C. desire to work for others D. desire to.
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  21.The Myers-Briggs test is used for personality evaluations.  22.A Myers-Briggs test indicates the correct way that individuals should deal with other people and their environments.  23.The philosophy of the Enneagram test is that a person is the result of all the experiences in his or her life.  24.The Big Five test is composed.
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  81._________ are individuals or other organizations that impact the success of a business.  82.In their book TheMillionaireNextDoor, Dr. Thomas Stanley and William Danko state that _________ percent of self-employed millionaires are entrepreneurs.  75 83._________ are the largest single group of new business founders.  84._________ are often worth only a few dollars and they are.
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  61.A harvest plan for a small business means the owner is:  A. reaping the benefits B. borrowing money to keep operating C. planning to exit a small business D. returning the profits into a company 62.All of these are harvest plan strategies EXCEPT:  A. selling the business to another firm B. selling it to a group of investors C. participating in an IPO (public offering.
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  11.The agency theory implies that a small business owner is more likely to go on the Internet to find the cheapest travel ticket available in order to save money for the business.  12.One of the greatest assets of a small business is the owner.  13.Potential entrepreneurs must determine the level of risk.
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  True / False Questions 1.There is one crucial person in a large organization: the chief executive officer.  2.Large companies have excess resources to assist them. This excess is called boundaries unlimited.  3.Organizational slack allows large organizations flexibility that is not available to smaller companies.  4.A new entrepreneurial business has many formal procedures to follow.  5.The.
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  41.The mission of any business needs to be _________.  A. measurable B. actionable C. dynamic D. stagnant 42.What are the two measures used to evaluate whether a person or firm is meeting its goals?  A. orthodox and unorthodox B. quantitative and qualitative C. actionable and nonactionable D. tangible and intangible 43._________ provides you with the opportunity to make money when other businesses cannot easily copy your advantages.  A. Orthodox practices B. Unorthodox.
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  21.There are widespread efforts worldwide to encourage the development of small and medium entrepreneurs.  22.The largest percent of recipients of microloans are Hispanics.  23.Microloans are available to different sizes of businesses in the United States, but are not yet available in other countries.  24.According to the U.S. government, a small business is classified.
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  31.Facebook and LinkedIn were founded as entrepreneurial businesses, but they are more accurately described as venture capital-backed businesses.  32.An entrepreneurial business's resources are less constrained than those of venture capital-backed business.  33.A business plan allows the owner to put information down in writing allowing for evaluation and honest analysis.  34.Each business plan, like.
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  71.The ability to attract customers to your business instead of your competitors is an example of a threat to _________.  72.The ability of a competitor to meet or exceed the quality of your product or service is an example of a threat to _________.  73.The process of determining if you have the.
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  51.Which personality test indicates the different ways individuals deal with other people and their environments?  A. Insights B. Enneagram C. Big Five D. Myers-Briggs 52.Which personality test believes that a person is the result of all experiences in his or her life?  A. Insights B. Enneagram C. Big Five D. Myers-Briggs 53.Which popular personality test assumes there are five components or types of an individual's personality?  A. Insights B. Enneagram C. Big Five D. Myers-Briggs 54.All of.
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  41.To have a competitive advantage, the unusual products or services of a business need to meet these four criteria: rare, durable, valuable, and nonsubstitutable.  Multiple Choice Questions 42.The first section of an external analysis is to:  A. research potential substitutes B. develop a competitive edge C. identify potential customers D. determine in which industry the new business will compete 43.The information.
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  31.Economic rents refers to the financial gains made from an asset that is in excess of the ordinary returns in a particular industry.  32.A small business owner must understand what the customer values, and how much money the customer is willing to pay to obtain the firm's product or service.  33.Michael Porter.
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  51.Fragmented markets have:  A. few potential competitors B. many potential customers C. no clear dominant competitors D. clear dominant competitors 52.When small businesses compete with large firms, a main disadvantage is:  A. analyzing unusual or unique competitive factors B. operating at a cost level C. lacking flexibility D. reaching break-even point quicker 53.A(n) _________ is an analytical tool to organize information about direct competitors on all points of.
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  True / False Questions 1.In an external environment analysis, the first step is to research your customers.  2.A small business owner must understand when an opportunity for a new business is truly an opportunity.  3.The key to recognizing an opportunity is completing a detailed analysis of the internal environment.  4.In an external analysis, the.
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  96.When an owner visits a competitor to gather information, what information should be reviewed?  97.Describe and give examples of economic issues that founders of a new business will want to consider in their external analysis.  98.Why does a new business need to develop a competitive advantage?  99.Describe the four criteria that unorthodox products.
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  41.A type of analysis that examines opportunities in the marketplace compared to the individual's ability to address those gaps is called:  A. opportunity analysis B. difference analysis C. market analysis D. customer analysis 42.All of the following are ways to identify gaps or business opportunities EXCEPT:  A. discuss opportunities with family members B. interview successful entrepreneurs C. read government documents D. examine trends 43.Mark brings his friends together.
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  88. Interest rates on short-term funds move up and down frequently. 89. Trade credit is a major source of short-term financing. 90. Bond sales tend to be higher when interest rates are lower. 91. Trade credit is relatively easy to obtain and costs nothing unless a supplier offers a cash discount. 92. Public sales.
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  81._________ is a decision that is constrained by the background and history of the person.  82.A(n) _________ is a facility that houses new businesses and provides many critical services for them.  83._________ is a supposition that assumes individuals act to maximize their own benefit.  Essay Questions 84.Identify and list three significant advantages that a.
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  88.Why does a small business act as a catalyst for social change?  89.Describe how a small business is critical globally.  90.Define what a small business is.  91.What are the three goals for a business plan?  92.What is "economies of scale"? Compare the impact of economies of scale on both large and small businesses.      .
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  61._________ demonstrates how easy it is for a customer to switch to substitutes.  A. Elasticity of demand B. Competitive map C. Trade-in D. Benchmarking 62.An entrepreneur cannot leave his or her business due to the amount of money that was invested. This is called a(n) _________.  A. harvest plan B. exit strategy C. benchmarking D. exit barrier 63._________ keeps an entrepreneur from leaving the business.  A. Exit barrier B. Exit strategy C. Exit restrictions D. None.
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