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Study Resources (Business Management)

    41) Which of the following statements concerning small businesses and international markets is false? A) Although terrorism and global recession have slowed the growth of international trade somewhat, global opportunities for small businesses have a long-term positive outlook. B) Although the U.S. is an attractive market, approximately 95 percent of the world's.
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  65) Too many business plans describe in great detail what an entrepreneur intends to accomplish and pay little, if any, attention to the strategies to achieve those targets. 66) A business plan is a written statement of what an entrepreneur plans to accomplish in both quantitative and qualitative terms and how.
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    111) To boost sales, small businesses, especially start-ups, should grant credit to anyone who wants to buy their products or services. 112) As an entrepreneur, you are always working for someone else - your customers. 113) Establishing prices that will generate the necessary profits means that business owners must understand how much.
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  21) There is plenty of room for improvement in customer service on the Web.  Research by Harris Interactive reports that more than ________ of online shippers said that they expect higher levels of customer service than they do in offline, traditional stores. . A) 2 percent B) 12 percent C) 22 percent D) 52.
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  51) Management consulting firm McKinsey and Company claims that ________ percent of the pricing problems on new products are the result of companies setting prices that are too low. A) 10 to 20 B) 40 to 50 C) 60 to 70 D) 80 to 90 52) For most products, there is an acceptable price range,.
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  106) It has been reported that the use of credit cards increases the ________ of customer spending. A) probability B) speed C) magnitude D) All of the above 107) Small companies have the following three options for selling to customers on credit ________. A) credit cards, manufacturer credit, and trade credit B) credit cards, installment credit, and.
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    51) Which of the following statements is not true regarding the diversity of entrepreneurs? A) Minority-owned businesses have come a long way in the past decade, and their success rate is climbing. B) Minority-owned businesses now account for approximately 22 percent of all businesses in the U.S. C) Immigrants with more education and.
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  92) Although e-tailers avoid the major problems that managing inventory presents, they lose control over delivery times and service quality. 93) The greatest opportunities for e-commerce lie in the retail sector. 94) An important factor of e-commerce is speed. 95) It is better to avoid delays in going online by simply getting your.
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  102) Before launching into the design of their Web sites, entrepreneurs must develop a clear picture of their target customers. 103) A method of increasing customer loyalty and establishing better relationships is to develop a community of customers with similar interests who can use chat rooms, message boards, guest books, etc. 104).
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  128) Identify the 10 myths of e-commerce and capture one aspect that negates that myth. 129) Identify the guidelines for building a successful Web strategy for a small e-company. 130) Identify and briefly explain five of the design characteristics that contribute to a successful Web site. 131) What does it mean to create.
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    11) Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs. A) opportunistic B) persistent C) serial D) classic 12) Entrepreneurs typically possess ________. A) the ability to easily access capital B) a set of unique skills that is usually accompanied by advanced degrees in several areas C).
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    101) The primary cause of small business failures is ________. A) the lack of capital B) management mistakes C) poor location D) improper inventory control 102) Entrepreneurs tend to be overly ________ and commonly misjudge the ________ requirements of going into business. A) optimistic; personal B) optimistic; financial C) pessimistic; financial D) optimistic; professional 103) The only people who ________.
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  61) Life cycle pricing is a short-term pricing strategy that assumes that competition will eventually emerge and the price will be lowered. 62) James decides to price his products in his small hardware store with ".95," thinking that customers will perceive a price of $9.95 is much lower than a price.
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    1) To reach profit objectives, entrepreneurs must be aware of their firms' ________. A) current ratio and liabilities B) fixed assets and owner's equity C) assets and liabilities D) overall financial position and any changes in the financial status 2) The ________ shows what assets the business owns and what claims creditors and owners have.
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  1) One of the most significant economic developments in recent business history relates to the ________. A) growth of blue-chip corporations B) development of Pacific Rim countries C) entrepreneurial spirit D) additional employment opportunities offered by government institutions 2) The recent number of job losses in large corporations compared to the jobs created by small.
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    21) ________ entrepreneurs are business builders who seek innovative solutions to some of society's most vexing problems. A) Social B) Opportunistic C) Serial D) Necessity 22) Which of the following is a benefit of entrepreneurship? A) The opportunity to gain control over your own destiny. B) The opportunity to reach your full potential. C) The opportunity to do.
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  11) ________ value is the price customers would be willing to pay if they perfectly understood the benefits offered, while ________ value is what determines the price they are willing to pay. A) Objective; perceived B) Perceived; objective C) Objective; quantitative D) Perceived; real 12) Ultimately, the "right" price for a product or service depends.
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  41) Search engine listings that are the result of "spiders," powerful programs that crawl around the Web and analyze sites for keywords links, and other data are : A) wikis, or Web 2.0 listings. B) widgets, or organic listings. C) mashups, or natural listings. D) natural, or organic listings. 42) An effective search engine optimization.
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  11) To be successful online, small companies must create Web sites with features that appeal to experienced Web shoppers, such as: A) simple navigation and customer reviews. B) solid security and quick access to product information. C) videos and blogs. D) The successful Web site will include all the above. 12) The intentional and targeted.
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  31) Strategies for successful e-commerce efforts should include all of the following except: A) focusing on a niche market. B) developing a community of customers. C) attracting visitors by giving away "freebies." D) adding value to recipients by sending spam e-mail. 32) For entrepreneurial companies that lack brand and name recognition, and if building name.
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  62) E-commerce is replacing traditional retailing. 63) A study by the Pew Internet and American Life Project reports that 60 percent of Americans research products and services online before buying them, an increase of 35 percent from the year 2000. 64) The Internet has reached a 50 percent penetration level within the.
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  75) There are at least eight different pricing strategies for established goods and services. Explain four of those strategies and under what conditions a business owner should use them. 76) ________ is the difference between the cost of a product or service and its selling price. A) Markup B) Break-even price C) Contribution margin D).
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    81) Small companies ________. A) created fewer jobs than big companies in the last decade B) are concentrated in the manufacturing and retail sectors C) are the leaders in offering training and advancement opportunities to workers D) account for approximately 10 percent of the nation's GDP and 25 percent of business sales 82) The majority.
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  101) Explain the difference between absorption costing and variable (or direct) costing. Which one is more useful when establishing prices? Why? Mini-Case 10-1: Pricing for Profit Miller Manufacturing, Inc., produces electronic components for television circuitry. Variable costs comprise 67 percent of the product's selling price. The variable costs of producing a component.
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  91) Direct (variable) costing includes in the unit cost of a product only those costs that vary with the quantity of units produced. 92) Break-even pricing will determine the price that will cover total fixed and variable costs and generate a reasonable profit. 93) Because the manufacturer's capacity in the short run.
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  61) The ________ stage of the product life cycle describes a point where sales rise and profits peak. A) introductory B) growth and acceptance C) maturity and competition D) market saturation 62) The most common channel of distribution for consumer goods is: A) manufacturer to consumer. B) manufacturer to retailer to consumer. C) manufacturer to wholesaler to retailer.
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  82) Building a successful e-business does not necessarily require a well-thought-out strategy, it is simply involves securing a good URL and getting online. 83) A key aspect of an online strategy is to create it with the target audience in mind. 84) Before your Web site can become the foundation of a.
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    61) Women play a minor role in the entrepreneurial arena. 62) Starting a part-time business is a popular gateway to entrepreneurship. 63) Increasing numbers of women are discovering that the best way to break the "glass ceiling" that prevents them from rising to the top of many organizations is to start.
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  31) Research shows that repeat customers spend ________ percent more than new customers. A) 5 B) 52 C) 67 D) 97 32) In your training program, you stress to all new employees the importance of customer satisfaction, citing the fact that ________ of the average company's sales come from present customers. A) a small amount B) about.
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  70) A business should provide the owner with a reasonable rate of return based upon ________. A) the time and money invested in the business B) industry averages C) the capital borrowed from the bank D) an acceptable annual salary 71) Ideally, a company reaches a point where increases in operating efficiency mean that expenses.
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  31) In general, entrepreneurs should ________ head-to-head price competition with firms that can more easily achieve lower prices through lower cost structures. A) avoid B) take on C) meet D) exit the market when faced with 32) A business with a 25 percent gross profit margin that reduces its price by 10 percent would.
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    71) Family-owned and managed businesses account for 78 percent of all new jobs. 72) Most family businesses survive to the fourth generation. 73) Successful "copreneurs" create a division of labor based on expertise. 74) About 20 percent of downsized corporate managers have become entrepreneurs. 75) Corporate downsizing has spawned a generation of entrepreneurs.
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  81) A reliable cost accounting system is necessary for accurate pricing. The traditional method of product costing, where the costs of direct materials, direct labor, and factory overhead are included in a finished product's total cost is called ________. A) absorption costing B) break-even pricing C) direct costing D) absorption pricing 82) Pandecker, Inc., estimates.
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    1) Setting prices for products and services requires entrepreneurs to balance a multitude of complex forces as entrepreneurs determine prices for their goods and services that will draw customers and ________. A) position prices lower than all competitors B) produce a profit C) effectively compete with online alternatives D) have high volume/high margin sales 2).
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  100) The net profit on sales ratio measures the owner's rate of return on the investment in the business. 101) The net profit to equity ratio reports the percentage of the owners' investment in the business that is being returned through profits annually. 102) Explain what ratio analysis is. Name the four.
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  51) The key ingredient in the superior customer service equation is: A) state-of-the-art equipment. B) standards and measurements of customer service. C) the support of managers. D) friendly, courteous, well-trained people delivering customer service. 52) A study by McKinsey and Company found that high-tech products that come to market on budget but are six months.
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  41) Which of the following is a way to improve customer service? A) Encourage customers to complain. B) Ask employees for feedback on improving customer service. C) Develop a service theme that communicates the importance of customer service in the company. D) All of the above 42) The total quality management (TQM) concept: A) strives to.
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  51) A successful Web site should include all of the following characteristics except: A) a FAQ section. B) continuous automated music that cannot be cut off. C) updated and timely information. D) readable font sizes. 52) Popular social media tools for small businesses include: A) social networking. B) blogs. C) Webcasts. D) all the above 53) Tools that measure a.
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  Mini-Case 9-1: Marketing a Nonprofit - Virtual Opportunities   New Wave Chance Youth Club is a local youth organization supported solely by the donations of individuals and the local church community. Its co-founders, Valerie and Kristen, are considering launching a Web site to promote upcoming events and raise money for a new.
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