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Study Resources (Business Management)

  61.Trade secrets are protected: A. by the General Agreement on Tariffs and Trade.B. by federal law.C. by state law.D. by the Library of Congress.   62.Trade secrets can be protected for: A. an unlimited period of time.B. 20 years according to federal law.C. 14 years according to state law.D. 50 years if renewed to the maximum allowed, five 10 year renewable terms.   63.Licensing.
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  62.According to the BRIE model, which of the following is an element that is necessary to start a business?    A.Boundary B.Recognition C.Efficiency D.Income 63.According to the BRIE model, _____ sets up a business as a firm.    A.intention B.exchange C.franchise D.boundary 64.According to the BRIE model, which of the following sets a firm off from the buying or selling or bartering.
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  87. Identify and explain, give examples when appropriate, of key areas that should be investigated when conducting an environmental analysis. 88.Business plan progress can and should be measured throughout the year. Discuss three controls that help track progress. (Students can discuss any 3 of the following six)  89.Identify the most common reasons.
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  51.Which of the following statements is (are) not true? A. A trademark may be a word, slogan, symbol, design or particular sound.B. Unlike a patent, trademark does not last indefinitely.C. It is possible to file for a trademark if you intend to use this mark in the future.D. There are four categories of trademarks.   52.To apply.
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    53.Which survey method is the fastest method for obtaining data? A. TelephoneB. MailC. PersonalD. Internet   54.Which survey method results in the most in-depth information and the best response rate? A. TelephoneB. MailC. PersonalD. Internet   55.Which survey method results in the worst response rate? A. TelephoneB. MailC. PersonalD. Internet   56.Which survey method is the most expensive? A. TelephoneB. MailC. PersonalD. Internet   57.A focus group should consist of: A. 6-8 potential customersB. 10-12 potential customersC. 14-16 potential customersD. 18-20 potential customers   58.Focus.
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  Multiple Choice Questions  22.The _____ is a U.S. government agency that helps people start a business and also provides them support and advocacy.    A.Small Business Administration B.U.S. Department of Business Development C.U.S. Department of Commerce D.U.S. Entrepreneurial Administration 23.Truly entrepreneurial businesses are characterized by:    A.the franchise they are associated with. B.the degree to which their products are imitative. C.the.
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  Multiple Choice Questions  43. SaleSpider.com was started by: A. Russell Rothstein B. Sergy Bryn C. Mark Zuckerberg D. Google   44.Which of the following statements is (are) not true? A. Primary focus of an industry analysis is to provide sufficient knowledge of the environment that can affect marketing strategy decision-making.B. Industry analysis needs to be conducted using only primary research.
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    31. A marketing strategy and action plan is defined as specific activities outlined to meet the venture's business plan goals and objectives.       32.All marketing goals and objectives should be quantifiable in physical units, time units, or price units.       33.When making decisions about pricing strategy, the entrepreneur should consider only costs directly associated with.
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True / False Questions  1. Method Products, Inc. is expected to surpass $110 million in sales in 2011. 2.Investors usually insist that the management team not operate the business as a part-time venture.   3.Investors accept that the management team draws a large salary for their contributions in early operations.   4. The decision regarding the.
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  Short Answer/Essay Questions  86. Identify the nine areas an entrepreneur should consider in choosing a legal form of organization.  ownership liability start-up costs continuity transferability of interest capital requirements management control distribution of profits attractiveness for raising capital   80.Discuss the advantages and disadvantages of an S-Corporation.87. Some of the advantages of the S corporation are as follows:A. Capital gains or.
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  82.Which of the following aspects of entrepreneurship refers to being in-tune with one's market?    A.Efficiency B.Creation C.Customer-focus D.Growth 83.The form of entrepreneurship in which a person or group own their own for-profit business is referred to as:    A.independent entrepreneurship. B.social entrepreneurship. C.public entrepreneurship. D.corporate entrepreneurship. 84._____ is an aspect of entrepreneurship that refers to doing the most work with the.
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    62.The usefulness of the title or introductory page is: A. that it provides information about the company.B. such that it requires several pages.C. questionable, especially to investors.D. that it contains backup data.   63.Which of the following is not a part of the introductory page? A. the name and address of the companyB. statement of confidentialityC. amount of financing neededD. the names.
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  Multiple Choice Questions  42. Which of the following is not true about Belinda Guadarrama, featured in the opening profile of chapter 7? A. She was Hispanic Businesswoman of the year in 2002. B. She dropped out of high school. C. She is president and CEO of GC Micro Corporation. D. Her company has 30 employees.
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  Multiple Choice Questions    41.A patent attorney hired as a specialist to help the entrepreneur obtain a patent would most likely be hire on a: A. retainer feeB. success feeC. out-of-pocket reimbursementD. one-time fee   42.A _________ is a contract between the government and an inventor. A. patentB. franchiseC. trademarkD. trade secret 43. Which of the following is a contract that grants the owner protection, based.
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    31.The introductory page of the business plan should contain the amount of financing needed.   32.An evaluation of cultural changes is irrelevant to the venture and should not be included in the business plan.   33.The executive summary section is only meant to highlight key factors and motivate the person holding the plan to.
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    73.Which of the following is (are) not a key element in the pricing strategy? A. CostB. Margin or markupC. CompetitionD. Distribution   74.When products cannot be easily differentiated: A. there is little room for price variations from the competition.B. a skimming price strategy is appropriate.C. a higher price can be charged.D. the lowest possible price must be charged.   75.The _________ element of the.
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    11.The best way to address the concerns of all potential audiences when writing the business plan is to rely exclusively on a computer software package.   12.The business plan does not help an entrepreneur to obtain financing.   13.The four Cs of credit are computers, capital, compromise, and collateral.   14.Investors often spend a lot of.
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    11.The simplest approach to gathering primary information is by developing a questionnaire.   12. Interviewing or surveying is the most common approach used to gather primary market data. 13. Interviewing is less expensive than observation.         14. Personal, face-to-face, surveys are the most effective and most expensive. 15. Telephone surveys have the poorest response rate. 16.Focus groups.
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  52._____ is a reward universally mentioned by entrepreneurs.    A.Industry recognition B.Peer admiration C.Political power D.Work flexibility 53.Which of the following is a reward that is rarely mentioned by entrepreneurs?    A.To have a chance to build great wealth B.To have greater flexibility for personal and family life C.To continue a family tradition D.To develop an idea for a product 54._____ rewards.
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    52.Before beginning the business plan, the entrepreneur should define the venture's goals and objectives. These goals should be: A. general and broad.B. feasible.C. guaranteed.D. unique.   53._______ and ______ are good sources of information for financial and industry operating ratios. A. RMA eStatement Studies and BizMinerB. Market Share Reporter and the SBA reportC. U.S. Census Statistical Abstracts and MarketLineD. Encyclopedia for American.
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  11.Flexibility rewards refer to the money made from owning a business.    12.Flexibility rewards are the most rapidly growing type of reward.    13.Using low-cost or free techniques to minimize cost of doing business is referred to as bootstrapping.    14.Ninety percent of all new businesses fail within two years.    15.The most frequently occurring element of the.
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  86. List the 4 major factors of the external environment identified by the marketing system.   87. Give examples of what types of goals should be set in the goals and objectives section.   88.Discuss the major factors that should be considered in setting a product/service price.  89. Identify the 4 major considerations in distribution.
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    66.In a ________ capital losses can be carried forward indefinitely. A. sole proprietorshipB. partnershipC. corporationD. LLP     67. Which for form of organization has time limits on writing off capital losses? A. partnership B. corporation C. sole proprietorship D. LLP       68. In what form of business is it most difficult to change your taxable year? A. sole proprietorshipB. partnershipC. corporationD. LLP     69.Which of the following statements is (are).
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    21.To file for trademark protection only intent to use is necessary.   22. Once accepted, the trademark is published in the Trademark Official Gazette to allow any party 90 days to oppose or request an extension to oppose.   23. Getting a trademark typically takes 2 years. 24. One benefit of having a registered trademark is.
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    31.The limited liability company is automatically taxed as a corporation.   32.An S Corporation combines the tax advantages of the partnership and the corporation.   33.Shareholders in an S corporation have the same liability protection as shareholders in a C corporation.   34.The S corporation can deduct most fringe benefits for shareholders.   35.The S corporation cannot have.
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  32.Which of the following is a characteristic of a small business?    A.Source of funding is primarily other people's money B.Focus is on efficiency C.Professionalized approach to human resource D.Delegation is essential 33.Which of the following is true of a high-growth venture?    A.It considers sales as more important than marketing. B.Its metastrategy is novelty. C.It focuses more on efficiency.
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  True / False Questions  1.The U.S. government agency that helps people start small businesses is the U.S. Department of Commerce.    2.Entrepreneurs are exclusively found in farming-related occupations.    3.Small-scale entrepreneurs are only allowed to trade in sale of goods and not in trades of service.    4.Truly entrepreneurial businesses are characterized by imitativeness in their products,.
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    76. In designing the organization: A. the initial design is usually complicated. B. poor design is a significant cause for business failure since the entrepreneur often performs all organization functions themselves. C. the entrepreneur easily transitions from a growing start-up to a growing, well managed business. D. as the workload increases the organizational structure.
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    63.Which of the following is an internal environmental variable? A. The economyB. TechnologyC. Industry demandD. Financial resources     64. Financial resources and the management team are both examples of the: A. external environment.B. marketing mix decision variables.C. internal environment.D. feedback system.   65.The four variables that affect short-term marketing decisions are referred to as the: A. marketing mix.B. market segment.C. marketing plan.D. marketing system. 66.The marketing mix consists of: A. product, price, research,.
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    31.Licensing requires the licensee to pay a royalty to the licensor. 32.Licensing a trademark generally involves a franchising agreement.  33.Licensing agreements generate revenue while minimizing risk and start-up investment costs.   34.Licensing can be a way to start a new venture when the idea may infringe on someone else's patent, trademark, or copyright.   35.Life insurance.
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  91.The design of the organization will be the entrepreneur's formal and explicit indication to the members of the organization as to what is expected of them. Typically these expectations can be grouped into five areas, identify and describe them.  92. Identify the four important considerations/strategies in recruiting and assembling an effective.
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    72.If the new venture is not a manufacturing operation, but a retail store or service, a new section of the business plan is required which is called the: A. organizational plan.B. operational plan.C. production plan.D. executive summary. 73. Distribution, pricing, and promotion of the product are discussed in which section of the plan? A. MarketingB. ProductionC. MerchandisingD. Organization   74.The organization plan describes the.
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  Short Answer/Essay Questions  82. Identify 5 of the 9 skill areas an entrepreneur should review in order to determine whether or not they need help writing parts of the business plan. 83. Draw the Upside-Down Pyramid Approach to Gathering Market Information. 84. List three sources of Financial and Industry Operating Ratios from the.
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    21.The limited partners in a venture share control of day-to-day operations with the general partners.   22.Stockholders in a corporation share day-to-day control of the entrepreneur.     23.In the partnership, profit and loss distribution is determined by the partnership agreement.     24.Corporations are not able to distribute profits to shareholders.   25.Corporations distribute profits primarily through dividends.   26.The partnership.
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    11.The corporation can be created only by statute.     12.In a partnership, the death of a general partner generally does not result in termination of the partnership.     13.The corporation has the most continuity of the forms of business.   14.In a limited liability partnership (LLP), the death or withdrawal of a partner dissolves the partnership.   15.In.
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    56.In which of the legal forms of ownership is transferability of interest the easiest? A. Sole proprietorshipB. Limited partnershipC. General partnershipD. Corporation   57.In an S corporation, the transfer of interest can occur: A. only with the consent of the other shareholders.B. only if there is a charter provision for doing so.C. only as long as the buyer is an individual.D. depending.
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True / False Questions  1. Belinda Guadarrama was Hispanic Businesswoman of the year in 2002. 2.Planning the new venture is a process that never ends.   3.The business plan addresses only short term decision making.   4.To maintain objectivity, the business plan should not be written by the entrepreneur.   5.Before writing the business plan an entrepreneur should.
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  72.The way that newly created goods, services, or firms hurt existing goods, services, or firms is referred to as:    A.benchmarking. B.creative destruction. C.service distortion. D.crowdsourcing. 73.Mandarin In Town, a Chinese restaurant, opened recently in Burnsville, Minnesota. People from all over the town flocked to Mandarin to find out how good it was. This gave a.
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  42._____ are the smallest full-time business.    A.High-performing small businesses B.Traditional small businesses C.High-growth ventures D.Lifestyle businesses 43.Which of the following is true of a traditional small business?    A.It is usually a multi-site business. B.It generally has sales between $100,000 and $1,000,000 depending on the industry. C.It defines its schedules based on customer needs. D.It follows a continuous growth curve. 44.Which.
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  Multiple Choice Questions  46. Eric Ryan and Adam Lowry started Method Products because: A. they were both unhappy in their jobs. B. a friend tipped them off to market trend of green products. C. Ryan's background as a scientist gave him the idea for a clean dish washing liquid. D. Lowry heard, in his previous.
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    21.Standard & Poor's and RDS Tablebase are good sources of industry and market data.   22.When gathering financial information, the entrepreneur should develop a budget that includes expected sales and expense figures for the first year.   23.To determine the figures in the budget, the entrepreneur should identify benchmarks or norms in the industry.   24.Pro.
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    21.A marketing plan need not provide for the use of existing resources, allocation of all equipment, financial resources, and human resources, since this is part of a production plan.   22.An updated marketing plan should be prepared by the entrepreneur every two years.   23.The marketing system identifies the major interacting components, both internal.
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True / False Questions  1. Russell Rothstein is the founder of SaleSpider.com which is a free social networking site designed to assist small businesses.     2.When preparing the industry analysis section of the business plan, using secondary sources is not appropriate.     3.The first step in conducting a competitive analysis is to document the pricing.
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