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Study Resources (Business Management)

  50. The Small Business Administration (SBA) provides all of the following EXCEPT _____. a. loan guarantees b. information and advice through toll-free telephone numbers c. loans for natural disaster recovery d. business incubators 51. All of the following organizations are regularly and directly involved in sponsoring business incubators EXCEPT _____. a. the federal government b. colleges and.
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  70. Although _____ are the most common type of business ownership, the greatest revenues come from _____. a. sole proprietorships; partnerships b. sole proprietorships; corporations c. corporations; partnerships d. partnerships; corporations 71. Corporations have all of the following advantages EXCEPT _____. a. favorable tax treatment b. limited liability c. expanded financial capacity d. limited legal risk 72. Jose is a.
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  137. A successful franchisor can usually negotiate better pricing for ingredients, supplies, even real estate, because of its financial strength and large volume purchases. 138. Franchising combines the freedom of business ownership with the support of a large company. 139. Franchisors generally find it more challenging to build a large customer base. 140..
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  TRUE/FALSE 97. The vast majority of firms have fewer than 500 employees. 98. 40 percent of all privately held companies are owned by women. 99. Small businesses generate over 50 percent of new jobs. 100. Any firm with fewer than 1,000 employees is considered a small business. 101. Businesses with fewer than 500 employees generate.
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  26. Describe the steps required when incorporating a business. Regarding incorporation, what might make a state “business-friendly”? 27. Define the categories of corporations. 28. Compare mergers and acquisitions. 29. Discuss two alternatives to private ownership and give an example of each.     .
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  MULTIPLE CHOICE   35. Computers that are manufactured in the United States and sold in Norway are categorized as U.S. _____. a. exports b. countertrades c. imports d. outsourcing 36. During the past decade, the value of U.S. imports and exports has _____. a. decreased b. remained about the same c. more than doubled d. risen slightly 37. AusterTech, a U.S. company,.
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  40. Owners of small businesses can increase their chances of success if they: a. become an expert in legal, financial, marketing, and other related business areas. b. incorporate their business. c. hire only family members or friends. d. understand their customers. 41. If you are considering starting your own business, a key priority for you.
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  90. Star Airlines’ purchase of Hispania Airlines combines the resources and capabilities of both firms to create the world’s largest airline. The newly formed company is an example of a _____. a. vertical merger b. joint venture c. horizontal merger d. conglomerate company 91. If JNK steel buys Ramirez Iron Ore to assure itself of.
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  155. Indirect exporting involves producing a component that becomes part of another product sold in foreign markets. 156. Countries with heavy debt burdens often avoid making countertrades. 157. Countertrade is another term for international bartering. 158. When McDonald’s franchises into foreign countries, they are engaging in direct international investment. 159. China is the least-preferred.
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  95. Speedy Lube enters into a contract with a foreign company to produce and distribute its products in a specific geographic area. Speedy Lube is involved in _____. a. foreign licensing b. countertrade c. international production d. direct exporting 96. An American company that makes plastic garden furniture wants to market its products in a.
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  TRUE/FALSE   71. Entrepreneurs take necessary risks to set up and operate a business. 72. Owning a business, by definition, means that you are an entrepreneur. 73. Entrepreneurs may also perform a managerial role, but their overriding responsibility is to use the resources of their organizations to accomplish their goals. 74. Studies confirm that the.
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MATCHING Complete the following using the terms listed. a. Seed capital b. angel investor c. venture capitalist d. debt financing e. Information technology f. social entrepreneur g. classic entrepreneur h. lifestyle entrepreneur i. targeted employment area j. skunkworks k. Intrapreneurship l. Internal locus of control 1. A person who identifies a business opportunity and allocates available resources to tap that market is a(n) _____. 2..
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  107. A reason small businesses are so successful is also the reason they might fail—their founders are willing to take a risk. 108. Direct Small Business Administration (SBA) loans are available in only a few special situations, such as natural disaster recovery and energy conservation. 109. Larger firms prove more successful than.
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  46. Which of the following persons is LEAST likely to become an entrepreneur? a. A person with tolerance for ambiguity b. A person with internal locus of control c. A person with a competitive drive d. A person with low energy level 47. Studies indicate that most entrepreneurs spend _____ on their new business. a. less.
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  36. Michelle works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Michelle is most likely to become an entrepreneur in order to _____. a. avoid taking risks b. obtain job security c. have employment as a cushion for failures d. guarantee financial success 37. Vaida is.
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  TRUE/FALSE 105. The value of imports and exports within the United States has remained steady over the last ten years. 106. Importing refers to selling domestically produced goods and services in foreign countries. 107. Trading with other countries may increase a company’s risk. 108. The majority of the world’s population lives in less-developed countries. 109..
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    MULTIPLE CHOICE 26. An entrepreneur: a. is a risk taker in the private enterprise system. b. is a gambler in the private enterprise system. c. does not tolerate ambiguity. d. does not tolerate failures. 27. Zainab is opening her own bakery. Zainab is most likely to be categorized as a(n) ________. a. manager b. entrepreneur c. angel broker d. venture.
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  60. Franchising offers all of the following advantages EXCEPT _____. a. a recognizable company name b. prior performance record c. training d. guaranteed level of profitability 61. Which of the following statements regarding franchising is FALSE? a. Franchises are riskier than other forms of business ownership. b. Franchisees have the benefit of name recognition. c. Franchisors provide a.
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  27. Explain the differences between the World Bank and the International Monetary Fund. 28. Describe the role of the European Union (EU). 29. Identify three important decisions a business must make before deciding to go global. 30. Define offset agreement and describe how it might be beneficial to a small firm.     .
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  165. A global marketing approach is ideal for marketing luxury items due to their universal appeal. 166. Under a multidomestic strategy, each national market is treated equally. 167. Argonia imposes a total ban on importing sugar from Paldia. What type of trade restrictions has Argonia used? a. quota b. embargo c. protective tariff d. revenue tariff 167..
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  22. What is a business incubator? 23. Provide an example of how innovation drives small business. 24. Describe the complexity of franchise agreements. 25. Compare and contrast the three forms of business ownership. 70 percent of all firms in the United States.. A sole proprietorship offers the advantage of being able to make changes.
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  145. The WTO makes decisions that are binding on member nations involved in disputes. 146. The government of a less-developed country wants to build several new healthcare facilities in rural areas and improve port facilities to promote exports. The World Bank would likely deny a loan for related construction projects. 147. The.
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MATCHING Complete the following using the terms listed. a. sole proprietorship b. small business c. corporation d. merger e. acquisition f. horizontal merger g. conglomerate merger h. cooperative i. vertical merger j. business incubators k. business plan l. alien corporation m. preferred stock n. franchising 1. A(n) _____ joins firms in the same industry that wish to diversify, increase their customer base, cut costs, or offer.
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  157. The CEO of a corporation is automatically the chair of the board of directors. 158. A vertical merger joins firms in the same industry in order to cut costs and promote diversification. 159. CVS Caremark, a healthcare company, recently purchased another firm’s Medicaid prescription business. It is an example of a.
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  18. List the four factors that have contributed to the expansion in entrepreneurship. 19. Describe how social networking has transformed the business environment for entrepreneurs. 20. Explain recent demographic and economic trends that create opportunities for entrepreneurs to market new goods and services.     .
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  135. Economically speaking, unlike countries included in the EU, the United States is a national market with a single economy. 136. A nation’s infrastructure includes all facilities aside from Internet access. 137. The Foreign Corrupt Practices Act regulates the payment of bribes by U.S. firms to officials in foreign countries where such.
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  127. Small Business Investment Company (SBIC) loans are actually government loans funneled through a private organization. 128. The average amount rewarded to owners of small businesses through Small Business Administration (SBA) microloans is $13,000. 129. The set-aside program designates that a percentage of government contracts must be awarded to qualifying small businesses. 130..
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  115. Due to its highly educated workforce and low labor costs, India has a comparative advantage in software development. 116. A superior education system has proven to have no effect on comparative advantages in human resources. 117. A country’s comparative advantage is measured only in manufactured goods. 118. The U.S. imports more services.
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  75. _____limit the amounts of particular products that countries can import during specified time periods. a. Exchange controls devaluation b. Embargo c. Quotas d. Foreign trade zone 76. The objective of quotas is to _____. a. prevent dumping b. raise revenue for the government c. ban the importation of certain goods d. protect domestic industries 77. A foreign-made household appliance.
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  45. An absolute advantage occurs when a country can maintain _____. a. a monopoly by outlawing foreign imports b. a monopoly by levying high taxes on imports c. a monopoly by being the lowest-cost producer of a good or service d. its advantage by producing a good or service more efficiently 46. Even though the.
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  56. Which of the following is one of the most important considerations in selecting a business idea? a. Making sure no company is currently offering the product/service b. Ensuring that the idea solely appeals to a niche market c. Finding something one loves to do and is good at doing d. Choosing a product/service.
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  117. Most owners of small businesses rely on loans from financial institutions for their start-up funds. 118. Taxes and government regulations are more significant issues for small businesses than for large businesses. 119. With less money to spend on employees, marketing, inventory, and other business costs, successful small companies need to be.
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  147. Large businesses must be organized as corporations. 148. Sole proprietorships are concentrated mainly in corporations. 149. Owners of corporations may owe personal income taxes on dividends, which are paid from after-tax corporate profits. This is an example of double taxation. 150. Proctor & Gamble is an example of a company that has.
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  ESSAY 18. Why have U.S. firms become increasingly focused on international business? 19. Explain how population size or a country’s status of developed versus developing do not always indicate economic prosperity. 20. Distinguish between absolute advantage and comparative advantage. Provide an example of each.     .
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  ESSAY   14. Describe the differences between entrepreneurs and small-business owners and managers. 15. Explain the differences among classic entrepreneurs, serial entrepreneurs, and social entrepreneurs. 16. Discuss the four motives frequently cited as major reasons why people become entrepreneurs. 17. Discuss lifestyle entrepreneurs.     .
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  MULTIPLE CHOICE 30. The majority of all U.S. firms employ: a. more than 5,000 employees. b. 1,000 to 3,000 employees. c. 3,000 to 5,000 employees. d. 500 or fewer employees. 31. Small-business owners want to determine whether their companies meet the standards for small-business designation because: a. they do not have to pay taxes on their profits. b..
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  125. Exchange rates are set by the various national governments. 126. If the value of the Canadian dollar falls relative to the U.S. dollar, Canadian exports to the United States should increase. 127. A weak euro is a disadvantage to European exporters. 128. National governments sometimes take deliberate action to devalue their currencies.
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MATCHING Complete the following using the terms listed. a. offshoring b. balance of trade c. joint venture d. Dumping e. Imports f. tariff g. International Monetary Fund h. World Trade Organization i. free trade area j. Devaluation k. exchange rate l. absolute advantage m. global business strategy n. quota o. multidomestic strategy p. balance of payments q. comparative advantage 1. _____ are foreign-made products purchased by domestic consumers. 2. Countries.
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  85. The _____ promotes trade by providing financial assistance and waiving debt payments. a. United Nations b. European Union c. World Bank d. International Monetary Fund 86. A major concern of labor unions regarding trade agreements is: a. loss of U.S. jobs b. higher prices on imported goods c. a decrease in U.S. exports d. a decrease in U.S..
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  21. Explain the concept of floating exchange rates. Identify factors that influence foreign exchange rates. 22. Define balance of trade and its relation to trade surplus and trade deficit. 23. Identify and describe the major types of obstacles confronting international trade.     .
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  55. Allison, a U.S. citizen, travels to Europe and spends $2,000 on souvenirs. She is contributing to the _____. a. U.S. trade surplus b. growing exchange rate c. U.S. balance of payments surplus d. U.S. balance of payments deficit 56. A Japanese insurance company purchases U.S. government securities. From the perspective of the United States,.
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  21. List the eight major characteristics of an entrepreneur. 22. Explain the difference between debt financing and equity financing. 23. Distinguish between venture capitalists and angel investors. 24. What is intrapreneurship, and why is it important today? 25. Explain how CEOs like George Buckley believe that intrapreneurship pays off despite the extra effort required. 3M.
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