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Study Resources (Business Management)

Chapter 3 – Multiple Choice Choose the most appropriate answer to the following questions:   1. To succeed, a business must satisfy a consumer need ________. a. at a price that covers the business’s costs b. at a price that provides the business with a profit c. at a price consumers can afford d. at a price.
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  Chapter 2 – True-False 35. A feasibility analysis is a study to assist in making a go/no go decision based upon a close examination of product/service, market, industry, and financial data in a sufficient degree of detail to ensure confidence in the results. a. True b. False 36. It is best to wait to.
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  34. Explain the three types of insurance most states require business owners to carry. 35. Compare the legal structure implications of a sole proprietorship and a Subchapter S Corporation for the seven parameters of 1) ownership, 2) liability, 3) taxation issues, 4) profit distribution, 5) voting on policy, 6) life of.
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  35. How does Philip Kotler distinguish needs, wants and demands? Chapter 4 – True-False 36. A business that markets is the same as a market-driven business. a. True b. False 37. Your best option in market research is generally primary rather than secondary research. a. True b. False 38. The product life cycle compares gross profit to sales.
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  Chapter 3 – Essay Provide detailed and comprehensive information to support your answer. Where applicable use examples to support your answer.   31. Before you can start your business, you must define it. Describe the questions the business definition answers and its three elements. 32. Describe the six factors of competitive advantage.     .
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  21. ________, or spreading out the brand among many products and product lines can increase market share, but it can also ________ the company. a. Product line extension / unfocus b. Alliances / focus c. Diversification / focus d. Diversification / unfocus 22. A ________ is a business that markets a product or service.
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  11. ________ are forms of gifts or grants to businesses. a. Tax abatements b. Tax credits c. Unpaid labor by friends and family d. All of the above 12. You could borrow money from friends and family who would like to invest in your business, or you could offer them ________. a. equity b. stock c. debt d. a.
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  21. What type of business buys in bulk from a manufacturer and sells smaller quantities to a retailer? a. consumer driven b. broker c. wholesaler d. service firm 22. A ________ is a group of people who would be interested in buying a given product or service. a. market b. consumer c. customer d. target 23. The business definition has.
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  21. A key factor in deciding upon a location for a business is __________. a. access for suppliers b. located near utilities c. proximity to your accountant d. access to adequate labor pool 22. The set of actions that produce goods and services is called ________. a. shipping b. operations c. manufacturing d. processing 23. Manufacturing, warehousing, and _________ firms.
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  Chapter 2 – Essay Provide detailed and comprehensive information to support our answer. Where applicable use examples to support your answers. 30. Explain 3 reasons why a start-up organization would have a written business plan. 31. What is the importance of having a professional, polished business plan? 32. Discuss the significance of the management.
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  11. The ________ addresses the roles of the community, region, nation, and world in a business. a. business analysis b. environmental analysis c. industry analysis d. proof of market 12. Target market segments are defined by common factors such as ________. a. psychographics b. geography c. demographics d. All of the above. 13. A(n) ________ competitor provides a substitute product.
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  Chapter 4 – Essay Write your answer in the space provided or on a separate sheet of paper.   31. Explain why marketing is considered the business function that should drive all a business's decisions. 32. Explain the difference between features and benefits and how it applies to sales. 33. Explain what market segmentation is.
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  55. When Foot Locker, a retailer of athletic shoes, wanted to study the various elements and requirements of the positions needed to staff a store in a large mall, it most likely began by a. instituting a job analysis procedure. b. recruiting with ads in a local newspaper. c. having prospective employees complete.
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  Chapter 12 – Essay Provide detailed and comprehensive information to support your answer. Where applicable, use examples to support your answers. 31. Explain the traditional production-distribution chain. 32. Tell how to calculate Reorder Point (ROP) and Economic Order Quantity (EOQ). 33. Explain why "profits follow quality." 34. Compare and contrast 2 organization-wide quality initiatives such.
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  Chapter 11 – Essay Provide detailed and comprehensive information to support your answer. Where applicable, use examples to support your answers. 31. Why are contracts useful to business owners? 32. How is a legal entity, such as a corporation, similar to a person? If you owned a business, why might you want it.
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  Chapter 10 – Essay Provide detailed and comprehensive information to support your answer. Where applicable,use examples to support your answers. 31. What would be some of the risks involved in loaning a friend money to help start a business? 32. Why might a bank be more willing to loan money to a large.
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    11. The reward for satisfying a customer need is earning a ________. a. business b. discount c. profit d. referral         12. Profit is a sign that an entrepreneur has added value to the "scarce" ________ that he or she is using. a. goods b. employees c. resources d. customer service   13. Most of the world's businesses are ________ businesses. a. small b..
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  21. Raising money for a business is an aspect of ________, which is the use of money for a purpose. a. comparative advantage b. equity analysis c. surety sequencing d. financing 22. If an investment is not risky, the reward or the potential return will probably be ________. a. around 20% b. high c. low d. around 15% 23. Bonds.
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  Chapter 1 – True-False   36. An entrepreneur is a person who assumes the risks of organizing and managing a business for the sake of reducing stress from the “rat race.” a. True b. False   37. Benefits of becoming an entrepreneur include independence, satisfaction, financial reward, self-esteem, and contributions to society. a. True b. False   38. Where others.
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  45. The reduction in the workforce that normally occurs when employees leave a company is called a. attrition. b. retirement. c. layoff. d. termination. e. reduction. 46. The most humane form of workforce reduction is a. attrition. b. layoff. c. early retirement. d. termination. e. employee strikes. 47. Workplace diversity refers to the differences among people in.
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Chapter 13 – Multiple Choice Choose the most appropriate answer to the following questions:   1. Madam C.J. Walker was an entrepreneur who became ________. a. the first female pharmacist in America b. the first African-American businessperson to become a millionaire c. the first entrepreneur to franchise a business d. the first self-made female millionaire 2. Research indicates.
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  35. What are the four basic exit strategy possibilities? Describe them. Chapter 14 – True-False 36. One way to grow your business is to use diversification which is the addition of offerings beyond your core product or service. 37. The benefits of franchising include growth with medium capital investment, lower marketing but higher.
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  35. What steps can an organization take to incorporate technology and why might they be beneficial (name at least 3)? Chapter 12 - True-False 36. The most comprehensive approach to managing inventory is through visual control, safety stock, reorder points, and economic order quantity. a. True b. False 37. The factor-rating for location decisions uses.
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  11. The three factors included in the calculation of the Reorder Point are ________. a. demand, lead time, and safety stock b. supply, price, and safety stock c. demand, inventory, and price d. supply, demand, and holding costs 12. The family of standards for quality management systems established by the International Organization for Standardization is ________. a..
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  Chapter 14– Essay Provide detailed and comprehensive information to support your answer. Where applicable, use examples to support your answers. 31. Describe three simple methods that can be used to estimate a selling price for a business: 32. Explain replication strategies and harvesting and how they differ. 33. Why is it not a.
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  Chapter 1 – Essay Provide detailed and comprehensive information to support your answer. Where applicable, use examples to support your answers.       31. Explain how entrepreneurs can add value to scarce resources, and what signal they use to determine whether or not they are succeeding in doing so.     32. Describe three potential rewards.
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  36. A solid business definition has three elements: 1) the offer 2) target market 3) production and delivery capability. a. True b. False 37. Your company’s vision defines the work environment. a. True b. False 38. The six factors of competitive advantage are quality, price, location, selection, service, and speed/turnaround. a. True b. False 39. The COGS and COSS.
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Chapter 4 – Multiple Choice Choose the most appropriate answer to the following questions: 1. Psychographic analysis and behavioral analyses are examples of methods of ________. a. market research b. market segmentation c. marketing d. positioning 2. Nike sells sneakers, but it also markets sneakers, using ________ to get its message out to customers. a. publicity b. advertising and.
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  Chapter 13 – Essay Provide detailed and comprehensive information to support your answer. Where applicable, use examples to support your answers. 31. Why is it important for an entrepreneur to pay him/herself regularly in a consistent manner out of the business's earnings? 32. You may not be able to afford full-time employees for.
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Chapter 12 - Multiple Choice Choose the most appropriate answer to the following questions:   1. The amount of inventory to order that will total the minimum total ordering and holding costs is called the ________. a. Economic Order Quantity (EOQ) b. Economic Reorder Point (ERP) c. Reorder Point (ROP) d. Cost Accounting Point 2., The statistical methods,.
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  21. Cash flow ________ be negative before debt and equity infusions and ________ be negative after them. a. can, cannot b. cannot, cannot c. cannot, can d. can, can 22. Income statement projections realistically ________ in the first few months of operations. a. show losses b. show profits c. breakeven d. marginal profits 23. Ratio analysis can help.
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  Chapter 1 – Multiple Choice Choose the most appropriate answer to the following questions:   1. Products are tangible, meaning ________. a. you can't actually touch them b. you can sell them c. you can touch them d. you can see them   2. In the United States half of the private workforce is represented by ________. a. small business.
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  11. A(n) ________ is the amount of loss or damage that you agree to cover before any insurance coverage takes over. a. deductible b. carrying cost c. premium d. co-insurance 12. The form of protection offered under U.S. law to the authors of "original works of authorship" is a(n) ________. a. patent b. electronic right c. trademark d. copyright 13. What.
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  Chapter 13 – True-False 36. A pacesetting style of leadership consists of a leader who sets very high personal performance standards and challenges employees to meet them too. a. True b. False 37. When checking a job applicant’s references, you should create a few questions that are pertinent to the job being filled and.
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  11. The standards and rules in businesses that help someone decide right from wrong are called ________. a. corporate governance b. laws c. ethics d. morals 12. A business behavior might be legal but still not be ________. a. invalid b. ethical c. wrong d. profitable 13. Corporate scandals at Enron, WorldCom-MCI, and other firms are examples of failure of.
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Chapter 11 – Multiple Choice Chose the most appropriate answer to the following questions:   1. Obtain a trademark in order to ________. a. protect your logo b. register your business name c. protect all your intellectual property d. protect your business name 2. Infringement of intellectual property is ________. a. a business tactic b. a crime c. profitable d. legal in.
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  Chapter 14 - Multiple Choice Choose the most appropriate answer to the following questions:   1. Once you have established your brand, you can develop new products and use the brand to promote it. This marketing strategy is called ________. a. line extension b. branding c. line promotion d. brand extension 2. If you buy a franchise, you.
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Chapter 2 – Multiple Choice Choose the most appropriate answer to the following questions:   1. A(n) ________ is a document that thoroughly explains a business idea and how it will be carried out. a. resume b. marketing plan c. analysis d. business plan 2. Bankers and other potential investors will often refuse to see an entrepreneur who.
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  21. ________ insurance compensates employees for loss of income and for medical expenses due to job-related injuries. a. Short-term disability b. Disability c. Injury d. Worker’s compensation 22. ________ insurance is designed to cover in the event that a business (its employees) fails to do something that causes harm to a customer. a. Negligence b. Errors and.
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  21. There is a subtle difference between the ________ and the ________ of a product.  One is a fact while the other is a perception. a. revenue / costs b. sales / marketing c. features / benefits d. None of the above. 22. Research carried out indirectly through other existing resources is called ________. a. secondary.
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Chapter 10 – Multiple Choice Choose the most appropriate answer to the following questions: 1. Statistics indicate that more than half of all small businesses ________. a. survive ten plus years b. fail after three years c. survive eight or more years d. fail after the first year 2. A share of stock represents _________ in a.
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  11. Marketing is the satisfying of customer needs ________. a. regardless of profit b. with no attention to profit c. at no profit d. at a profit 12. An entrepreneur's market is ________. a. people who like your product b. the same as competitors’ markets c. a three square-block area surrounding his or her location d. the group of.
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  35. What are the Five "C's" of borrowing? Chapter 10 – True-False   Circle the most appropriate answer to the following questions.   36. The three common ways for a business to raise the capital it needs to grow are with earnings, equity, and debt. a. True b. False 37. The debt lender assumes greater risk than the.
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