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Study Resources (Business Management)

    31) Entrepreneurs build the foundation for ethical decision making by understanding how their personal values come to life in business situations. 32) The triple bottom line covers "profits, products, and planet." 33) Every business influences and is influenced by a multitude of stakeholders. 34) In general, stakeholders have consistent demands. 35) Who are an.
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    41) The left brain handles language, logic, and symbols. 42) The right brain takes care of the body's emotional, intuitive, and spatial functions. 43) The right brain processes information intuitively - all at once, relying heavily on images. 44) Right-brain thinking draws on the power of divergent reasoning, which is the ability to.
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    61) Generally, an industry is more attractive when buyers' cost of switching to substitute products is low. 62) Many small businesses prosper by sticking to niches in a market that are too small to attract the attention of large competitors. 63) One of the cautions with a niche strategy is that niches.
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    101) The premise behind ________ is that transforming an idea into an actual model will lead to improvements in its design. A) rapid prototyping B) mind-mapping C) brainstorming D) inventions 102) The three principles (three Rs) of rapid prototyping are ________. A) develop a rough model, rapidly, and for the right price B) develop a complete model,.
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    61) The television test says you should treat other people the way you would like them to treat you. 62) A company credo offers general guidance in ethical issues. 63) Workers believe the actions of those in charge more than their words. 64) A company's strategic plan defines the values underlying the entire.
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    101) A venture must produce an attractive rate of return relative to the level of risk it requires. 102) What are the four major elements to be included in a financial feasibility analysis? 103) Many new businesses require that an entrepreneur have a certain set of knowledge, experiences, and skills to have.
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  1) A business plan is a written summary of ________. A) an entrepreneur's proposed business venture B) a business venture's operational, financial, and marketing details C) the skills and abilities of a business venture's managers D) All of the above 2) A business plan ________. A) is a valuable managerial tool that helps an entrepreneur focus.
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    21) Creativity is not only an important source for building a competitive advantage, but it also is necessary for survival. 22) History is always a reliable predictor of the future of business. 23) Entrepreneurs must embrace traditional assumptions and perspectives about how things ought to be because they support creativity. 24) Research into.
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    11) Successful entrepreneurs come up with ideas and then find ways to make them work to solve a problem or fill a need. 12) Creativity and innovation are the signature of large, entrepreneurial businesses. 13) Creativity and innovation are the signature of small, entrepreneurial businesses. 14) Innovation must be a constant process because.
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    41) The executive summary serves as the thesis statement for the entire business plan. 42) The executive summary of a business plan should summarize all of the relevant points of the proposed venture and should be concise — no more than one page. 43) The executive summary of a business plan should.
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    61) Failure is an important part of the creative process, as it provides a chance to learn how to succeed. 62) Employees tend to rise or fall to the level of expectations entrepreneurs have of them. 63) List five of the barriers that limit creativity. 64) Entrepreneurs can stimulate their own creativity and.
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    51) The driving force behind immoral management is ________. A) the law B) culture C) greed D) education 52) Ethical decisions are individual decisions. 53) Studies show that companies with strong ethical cultures experience fewer ethical violations than those with weak ethical cultures. 54) Practices that are illegal in one country may be perfectly acceptable, even expected,.
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    81) Which of the following is not a recommended method of collecting competitive intelligence? A) Attend trade shows and collect competitors' sales literature. B) Buy competitors' products or services and assess their quality and features, benchmarking their products and services against yours. C) Pay competitors' employees to become informants about their companies' strategies,.
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    101) After a company's strengths and weaknesses are assessed, the strategic planning process should identify opportunities and threats facing the company and should isolate the key factors for success in business. 102) Threats are negative external forces that inhibit a company's ability to achieve its mission, goals, and objectives. 103) "Big box.
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    111) Steps in the patent process include ________. A) establishing whether it is a novelty B) documenting and verifying the date the idea was first conceived C) searching existing patents D) All of the above 112) To which governmental office must applications for patents be submitted? A) The U.S. Patent and Trademark Office B) The individual State.
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    1) The key to choosing the right form of ownership is ________. A) envisioning where your business will be in 10 years B) understanding the characteristics of each form and knowing how they affect your business and personal circumstances C) forming either an S corporation or a limited liability company since they are.
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    61) The most effective way for a small business to establish a competitive advantage is by offering lower prices. 62) Small companies' core competencies are often the result of benefits such as agility, speed, closeness to customers, superior service, and innovative ability — all of which are size advantages that allow.
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    71) There is no connection between social responsibility and profitability. 72) The three "R's" of socially responsible business are "reuse," "recycle," and "________". A) reenergize B) reinvent C) reduce D) retrofit 73) Socially responsible business owners focus on the three Rs: reduce, reengineer, and recycle. 74) In 2020, members of ________ different generations will be working side.
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    81) Would a limited liability corporation be any better for Duke? Why or why not? 82) C corporations, S corporations, and LLCs can be ________ to establish. A) costly B) easy C) quick D) cheap 83) The average cost to create a legal business entity is ________. A) $2,000 B) $1,000 C) $500 D) $5,000 84) The due diligence process of.
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    1) The ability to develop new ideas and to discover new ways of looking at problems and opportunities is called ________. A) entrepreneurship B) innovation C) creativity D) creative thinking 2) An entrepreneurial "secret" for creating value in the marketplace is ________. A) applying creativity and innovation to solve problems B) creating new products and services C) learning.
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    31) Low capital requirements, cost advantages that are not related to company size, and the lack of brand loyalty are considerations regarding the ________. A) threat of new entrants to the industry B) threat of substitute products C) bargaining power of buyers D) rivalry among companies competing in the industry 32) Products or services that.
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    1) A(n) ________ is the process of examining a need in the market, developing a solution for that need, and determining the entrepreneur's ability to successfully turn the idea into a business. A) business plan B) strategic analysis C) idea assessment D) feasibility analysis 2) The business plan helps an entrepreneur assess ideas in a.
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    31) Which of the following is true about the preparation of a business plan? A) The format should follow a "cookie-cutter" approach to ensure uniformity and consistency with others and to promote ease of understanding. B) The elements of the plan may be standard, but the content should reflect the unique aspects.
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    81) The ability to see the similarities and the connections among various data and events is called ________. A) convergent thinking B) divergent thinking C) transformational thinking D) illumination 82) The ability to see the connections among various data and events is called ________. A) convergent thinking B) divergent thinking C) transformational thinking D) illumination 83) ________ thinking is the.
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    71) Conducting ________ research involves collecting data firsthand and analyzing it while ________ research involves gathering data that has already been complied and is available. A) primary; secondary B) secondary; primary C) primary; industry D) product; secondary 72) One form of primary research is ________. A) to review published articles B) internet research C) library research D) a.
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    21) Actions that are legal, however, may not be ethical. 22) Organizational policies and procedures include a broader definition of ethical standards that go beyond what is defined by the law. 23) Employees' moral stance is the broadest and most fundamental definition of ethical standards. 24) A strong determinant of moral behavior is.
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    51) Right-brained individuals tend to challenge tradition, custom, and routine. 52) Left-brained individuals realize that there may be more than one right answer. 53) Successful entrepreneurs push technological and economic boundaries forward in creative ways and sometimes make unconventional decisions. 54) The rapidly accelerating rate of change has created an environment in which.
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    31) ________ vertical thinking is narrowly focused and systematic, proceeding in a highly logical fashion from one point to the next. A) Left-brained B) Right-brained C) Unconventional D) Intuitive 32) ________ lateral thinking is somewhat unconventional and unstructured. A) Left-brained B) Right-brained C) Systematic D) Logical 33) Creative thinking involves research into the operation of the human brain and the.
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    91) The ideal strategic planning process for a small company should start with setting objectives. 92) The ideal strategic planning procedure for a small company should be formal and highly structured. 93) The most effective way to communicate the values of a company to everyone it touches is to formulate an effective.
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    41) Which of the following is not a barrier to entry? A) Capital requirements B) Large number of buyers C) Specialized knowledge D) Access to distribution channels 42) Economies of scale relate to which of Porter's 5-forces? A) Bargaining power of buyers B) Threat of new entrants C) Bargaining power of suppliers D) Threat of substitutes 43) According to Porter's.
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    11) Entrepreneurs typically identify just one business idea for any given market need. 12) The purpose of a feasibility study is to determine whether a business idea is worth pursuing. 13) An idea assessment answers the question, "Should we proceed with this business idea?" 14) An effective tool used to help assess ideas.
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    81) Collecting demographic data from The Statistical Abstract of the United States is an example of ________ research. A) secondary B) primary C) windshield D) tertiary 82) Primary research is information that has already been complied and is available for use, often at very reasonable costs or sometimes at no cost to the entrepreneur. 83) Conducting.
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    11) To convince lenders and investors to put their money into the venture, a business plan must prove to them that it offers a high probability of repayment or an attractive rate of return. This is the ________ test. A) attractiveness B) competitive C) reality D) value 12) A business plan is a written summary.
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    91) How does primary research differ from secondary research? Mini-Case 4-1: The Need For A Plan Andrew Sycamore has spent more than ten years in the human resources department of a large management consulting company. During his tenure, he was often put in charge of training new recruits, where he arranged for.
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    51) The weakest of the five forces in most industries is the rivalry that exists among the businesses competing in a particular market. 52) Generally, an industry is more attractive when competitors are not similar in size or capability. 53) Generally, an industry is more attractive when the opportunity to sell a.
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    21) In a survey of members of Generation Z, ________ percent said they would rather save money than spend it. A) 57 B) 25 C) 31 D) 44 22) The enactment of the Affordable Health Care Act in 2010 is an example of a ________ change. A) economic B) demographic C) technological D) political and legal 23) Which of the.
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    101) The first step an entrepreneur should take when buying an existing business is to ________. A) explore financing options B) prepare a list of potential candidates C) analyze his or her skills, abilities, and interests in an honest self-audit D) contact existing business owners in the area and ask if their companies are.
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    71) Which of the following sets of experiences may enhance individual creativity? A) Travel and recognize the creative power of mistakes and accidents. B) Notice what is missing. C) Journal and listen to people and customers. D) All the above 72) Research shows that not everyone can be creative. 73) Hiring a diverse workforce makes it.
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    111) During the acquisition process, the potential buyer usually must sign a ________, which is an agreement to keep all conversations and information secret and legally binds the buyer from telling anyone any information the seller shares with her/him. A) covenant not to compete B) nondisclosure document C) letter of intent D) purchase agreement 112).
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    71) Strengths and weaknesses are ________ to the organization. A) internal factors B) external factors C) internal and/or external factors D) factors not belonging 72) ________ are positive internal factors that contribute toward accomplishing the company's mission, goals, and objectives, while ________ are negative internal factors that inhibit the accomplishment of a firm's mission, goals,.
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  112) What is strategy? Describe the three basic strategies small companies can choose from: cost-leadership, differentiation, and focus. Explain the conditions under which each works, its benefits, and its pitfalls. 113) Assume you own a small camera shop that sells and repairs cameras and equipment. Discuss some of the methods you.
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  Mini-Case 5-1: Finding a Competitive Advantage Copreneurs Ed and Yolanda recently opened a vintage used car lot called Cherry Lane. They sell antique and collectible cars on consignment for the owners at a fee of 30 percent of the selling price. The price is further reduced by 10 percent if a.
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  125) The U.S. Copyright Office does not require registering the creative work because registering it does not give creators greater protection over their work. 126) List the steps an entrepreneur should follow to enhance his/her chances of receiving a patent. Devo, Anthony, and Spencer were childhood friends who had always talked about.
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