STS 2500 Final Exam

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financing for start-up

"Profits are secondary to cash flow" is a financial management need in which phase of business?

periodic discounting

A back-to-school sale is an example of

habitual

Bart appears to express an interest in which of the following careers?

is the point at which total costs equal gross revenue

Breakeven point

how the business is taxed

In general, all the forms of business organizations can be categorized along two dimensions: (1) how much responsibility owners have for the organization's liabilities, and (2)

is by increasing sales to existing steady customers

The most straightforward way to achieve sales growth

products, people, and organization

The three general forms of legitimacy that you can develop are based on

some words or groups of words can be both trademarks and service marks

Which of the following statements is true regarding trademarks?

undifferentiated

Which of the following strategy is ideal while selling bottled water on a beach, on a hot summer day?

cash flow and cash cycle

Which of the following would represent Mr. Johnson's interest in Connie's business plan?

work facilitation

Which of these factors was least important to employees, according to Jill Kickul's research?

balance sheet

Which of these is a statement of what a business owns, what it owes to others, and how much value the owners have invested in it?

market

A(n) _____ is the business term for the population of customers for your products or services.

sole proprietorships

All business forms are types of separate, legal entities EXCEPT

high cost of getting started

All of the following are disadvantages of home retailing EXCEPT

conversion rate

The measure of the number of visitors to your Web site who have actually made a purchase from you is known as:

legitimacy and social networking

The two ways to build social capital are through:

it is a sub-discipline of direct marketing

Which of the following statements about buzz marketing is false?

Certification is for every women- or minority owned small business.

Which of the following statements about certification for women- and minority-owned small businesses is false?

owners

Which of these represent the number one source for small business financing?

the service provider records the gross amount of each credit card sale

Accepting payments by credit card causes significant differences between the bank and book balances due to all of the following reasons EXCEPT:

the person must be employed for a distinct term

According to the IRS, to be an independent contractor

desegregate crisis management with the everyday management of the firm

According to the gold standard for crisis leadership, all of the following are steps to follow in a crisis EXCEPT:

work experience

According to the nationwide Panel Study of Entrepreneurial Dynamics (PSED), which of the following factors was the most frequently mentioned source that led to their business idea?

how many others are already working with you?

All of the following are key things an influential person looks for in your business plan presentation EXCEPT

bootstrapping

All of the following are major concerns of moonlighting EXCEPT

getting the "bandits on the train"

All of the following are major pitfalls that business owners can become victims of when trying to become more innovative EXCEPT:

by renting capital equipment you incur ongoing costs if business conditions change

All of the following are the disadvantages to rental EXCEPT:

it is not associated with the concept of "goodwill."

All of the following are true of social capital EXCEPT:

it increases the cost of selling

All of these are negative effects of extending credit to customers EXCEPT:

business interruption insurance

Identify the insurance that provides funds to pay the ordinary operating expenses of your business should it be forced to close temporarily because of an insured event.

amounts and schedules for returns

If Connie gets her family and friends involved as investors, which of the following would be their concern or interest?

direct response advertising

If Jessica places an advertisement in "Chronicle of Higher Education," a leading publication for University professors about her product with her e-mail and contact information, it can be described as

90 days

When you hire employees, typically, a probationary period lasts

Small Business Development Center

Where can Jamie go to get some help with his business idea?

shipping

Which among the following is a variable cost?

in the small business, virtual employees are not hired as full-time employees

Which among the following statements is true regarding virtual employees in small businesses?

corporation

Which form of business faces double taxation?

tip

Which is the number one method for fraud detection?

harvest entrepreneurs

Which of the following are owners with an exit plan?

same as your product name or your name

Which of the following is NOT the best option when naming your company?

testimonials

Which of the following is a product-based legitimacy indicator?

differential advantage

Which of the following is also known as competitive advantage?

Purchasing a business often requires less cash outlay than for creating a start-up

Which of the following is an advantage of buying an existing business?

errors and omissions insurance

Which of the following is an example of a special type of liability insurance that covers losses from harm caused during the performance of your profession?

leased assets have less number of restrictions on how they may be used, maintained, and disposed of

Which of the following is not a benefit of leasing?

gross profit

Which of the following refers to funds left over after deducting the cost of goods sold?

opportunity competencies

Which of the following relates to the skills necessary to identify and exploit elements of the business environment that can lead to profitable and sustainable business?

adapting

Which popular innovation strategy can be just as effective and much more likely in the real world, than business opportunities that result from radical innovations?

income statement

Which statement lists revenues and expenses, and shows the amount of profit a business makes for a specified period of time?

open-ended

___ questions can help you find new niches and perfect your product or service before you introduce it.

accounts receivable

____ is money that is owed to your business by your customers.

executive summary

A one- to two-page overview of the business, its business model, market, expectations, and immediate goals represents a(n)

being willing to reciprocate if asked

According to the text, what is the most important part of social networking that would make a difference in how you would conduct business every day?

the regulatory limitations

Connie needs to know that all of the following are key components of a business plan she should include EXCEPT

10

Connie shops are established businesses and so Connie's business plans could/should be _____ pages of text.

foundations

During the start-up phase of a small business the "3-F investors" are all of these EXCEPT

offer punishments for providing inadequate termination notice

Employee contracts should include all of the following provisions EXCEPT

primary

Ethan is a marketing research executive for Coca Cola. Recent sales figures suggest that the sales for Coke have fallen drastically in Cincinnati, Iowa. The regional manager wants Ethan to conduct a market research in Cincinnati. Which of the following research should Ethan use?

should design interview questions such that "yes" or "no" answers are not applicable

Evaluating potential employees, a small business owner

mission statement analysis

Financial statements, in performing due diligence, should include all of the following EXCEPT a(n)

as a measure of how much debt a business can support

Lenders use operating income specifically

creative destruction

Mandarin is a restaurant which has opened recently. People from all over town flock to Mandarin to find out how good it is. This gives a big boost to the restaurants initial business. But it causes the other restaurants in the area to lose business temporarily. The way in which Mandarin hurts existing restaurants is an example of

total population of people or firms to whom you plan to sell

The market refers to the

growth

Once Tammy has introduced her toys in the market, during which stage of the product life cycle would the acceptance of her products increase and sales and profits grow faster than at any other time?

knowing what your sales will be

One of the most important pieces of the marketing plan that determines your profitability and ultimately whether you will stay in business or not is

start at the end and work your way up by asking each link from whom they buy

One suggestion for finding out which distribution channel is correct for your product is to

need to know how to seek and obtain external financing

People starting high growth ventures

replacement

Potential buyers and investors are most interested in _____ value of your assets.

earn-outs

Purchases of existing businesses may occur through _____ in which the business is bought over a period of time with money earned from the business.

cash-to-cash cycle

Tammy needs to know that the time that is required for her to acquire resources, convert them into craft products, sell the products, and receive cash from the sale is called:

being inactive

The BRIE model can help an individual deal with one of the biggest hurdles in starting a business, which is

company book balance

The _____ is the name given to the sum of cash inflows and cash outflows recorded in the firm's accounting records.

resource competencies

The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise is called:

payables

The amount owed to vendors from whom Tammy purchased the craft merchandise on credit is called:

guerrilla marketing

The use of creative and relatively inexpensive ways to reach your customers with techniques such as door-knob hangers and flyers under windshield wipers is called

opportunity identification process

This model has the entrepreneur assess whether the situation faced is one that is the same as it has been traditionally or if it is changing.

if you link sales and purchase basis to the type of customer

You might figure how to better target ads or promotions to particular types of customers

industry analysis

A research process that provides the entrepreneur with key information about the industry, such as its current situation and trends is called

should not be an objective for a small business

Increasing market share

substitute

"S" in the creativity tool SCAMPER stands for:

higher; lower

As a general rule, the _____ the deductible, the _____ the policy premium payments will be.

great wealth

Being an idea person, Bart would not be driven by:

cost potential

For high customer contact businesses, which of the following is NOT a critical site selection consideration?

Where are my customers? Where should I be?

For small business location issues, there are two basic "where" questions to be considered

expertise

For those businesses that do get started, the amount of _____ is what distinguishes the more successful from the less successful firms.

open-ended

Fred decides to conduct a survey to collect data, compare groups, and statistically analyze data, which of these questions should he avoid?

informal capital

Funding invested for a share of a firm or given as loans or credit from family, friends, and other businesses used to help start or grow a firm is known as:

profits being secondary to cash flow

Given that the Joyride Graphics is in a start-up phase, which of these would represent its financial management need?

business stationary

Harry just received in mail several boxes of _____ which puts his name and message in front of potential clients, existing clients, suppliers, and others.

B2B e-commerce is larger than B2C e-commerce

Identify the correct statement about B2B.

conflict of interests

If Elizabeth starts to take days off from work to staff the kiosk at the flea market, she may be facing

cash receipts budget

The basis to being able to control a business's money is to understand and be able to predict the patterns of cash flows. This is possible by preparing a:

the competition

The industry and market component of the feasibility study should include which of the following components?

the to-do list

The key device for managing time for part-time business individuals is

customer complacency

The main challenge of the resource maturity stage is to avoid

incremental innovation

Using the degree of similarity, Amy's concept of laundromat with a workout space can be described as

to provide supporting information that helps detail the key selling points of your plan

What is the goal of appendixes?

the business is critically examined by outsiders

When a small business start-up secures outside investment, one thing it accomplishes is that

Introduction, growth, maturity, decline, and death

Which of the following represent the five stages of industry life cycle?

It is a method where it is easy to discern feedback.

Which of the following statements about advertising is false?


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