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A method to know what is expected of employees and how work is to be done is:

Performance review

Milestones are helpful in what sort of plan for employees?

Personal development

In a sole proprietorship, income and expenses are included on what for the owner?

Personal tax return

What is a strategy that it is wise NOT to use when pitching an idea to your boss?

Talk about problems that need fixing

The difference between net profit and gross profit is that net profit takes what into account?

Taxes

Which is not a common differentiator for businesses?

Taxes

What has happened to union membership numbers in the past 50 years?

Declined

Lenders generally prefer a debt to equity ratio that is:

Low

If a concession stand business sells a hot dog for $2 and it makes $.50 gross profit off just the sale of the hot dog, how much is the Cost of Goods Sold?

$1.50

About how long is a true elevator pitch?

30 seconds

A business plan is best described as:

A blueprint for the business

An accurate assessment of total start-up costs will allow the business owner to create:

A budget

The income statement is designed to measure:

A company's performance over a certain period of time

An example of a tangible asset is:

A corporation's building

An example of a tangible asset is: a) b) (CORRECT) c)

A corporation's building

According to the reading, the main body of a business plan does NOT normally include which of the following:

A full roster, with names, of all planned hires for at least six months

Crowdfunding is characterized by:

A large number of investors contributing small amounts of money

A share of stock represents:

A portion of ownership in the company

What is a focus group?

A small group of people asked questions in person

What is a focus group?

A small group of people asked questions in person only

What is the term used to describe a statement that highlights what a business owes and what a business owns?

Balance Sheet

What is the term used for a table of statistical data that shows the likelihood of a risk, such as death, occurring to an individual in a certain profile?

Actuarial table

One of the largest unions in the United States is:

AFL-CIO

Market research concerns what aspects of your target market:

All of the listed options - Characteristics;Spending habits; and Location and needs.

Which is an example of a trend?

All of the listed options - Growing availability of WIFI; Shift to electric vehicles; and Shift to organic foods.

A business plan is helpful to:

All of the options listed

A business plan is useful to:

All of the options listed

Which is an example of a trend?

All of the options listed

Market research concerns what aspects of your target market:

All of the options listed.

An approved prequalification questionnaire:

Allows approved manufacturing companies to bid on a job whenever needed without reapplying each time

A corporation's resources that have value or can be used to produce something of value are:

Assets

The balance sheet shows:

Assets, liabilities, and equity

As never before, job seekers use websites like Glassdoor to learn what about a prospective company?

Culture

A secured loan is:

Backed by collateral

The CEO is hired and fired by whom?

Board of Directors

Employee recognition systems are designed to do which of the following?

Boost morale, Highlight achievement and Lower turnover

When buying an existing business, it is important to:

Both of the options listed

The quantity of a product that has to be sold before you break even is:

Breakeven volume

Making the manufacturing process more efficient can:

Bring the product to market faster

What is a term used for the listing of your monthly expenses?

Budget

What is the name given to a policy that combines all of a business's insurance policies?

Business owner's policy

What was created with the idea that there's strength in numbers?

Unions

What is the term used for the amount that an employee must pay for medical or dental care before insurance begins paying?

Deductible

Checking references refers to:

Calling or contacting previous employers

Which is one place you're likely to find job candidates?

Career Fair, Colleges and Online

Which is one place you're likely to find job candidates?

Career fair, Colleges, and Online

When naming a business, you should:

Consider what Internet domain you can get

What is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?

Copay

Which form of business gives you, the business owner, the most protection from lawsuits targeting your business?

Corporation

Which form of business is generally most costly to set up?

Corporation

What is the term used to describe the cost to produce, package, and deliver one item?

Cost of Goods

Pricing your new product based on what you pay for the parts inside it is called:

Cost-based pricing

A cap on the amount of claims that a policyholder can file, in total and for specific health needs, over a given period of time is known as what?

Coverage limit

According to the reading, this is the first step in market research:

Define the question

The most convincing elevator pitches do NOT:

Describe how you will copy existing successful competitors

A bank loan is what form of financing?

Debt

Which of the following is NOT included in an elevator pitch:

Detailed financials

Something that sets your business apart from competitors is called a:

Differentiator

The balance sheet is at the heart of which type of bookkeeping?

Double-entry

How replaceable strikers are; how fast the company needs to resume normal operations; public sympathy; politicians role and how reasonable are worker demands are all:

Factors impacting length of a strike

What is the economic concept that states that the more of something a company buys or produces, the cheaper each unit becomes?

Economies of scale

What is the most powerful profit driver according to Nielson Co., a prominent marketing research company?

Effective pricing strategy

When a business looks to file a claim to recoup the loss of property for a business, they typically choose which option?

Either Replacement cost option or Cash value option

According to the reading, what can make an honest competitive assessment difficult?

Emotional attachment to your idea

What is the term used to describe how to make employees feel like they're an important part of an organization?

Employee engagement

Neglecting _______ can breed a workplace culture with poor productivity, low morale and high turnover.

Employee supervision

Management typically has more schooling and training than the employees that report to them. Why would the employee's opinions matter?

Employees when "heard" are more engaged and productive and Employees' ideas may be of more value sometime because they are "closer to the action"

What law protects employee from sex-based wage discrimination?

Equal Pay Act

Selling shares of stock in your company is what form of financing?

Equity

When a venture capitalist offers an entrepreneur $100,000 for shares representing 20% of a company, it is a form of:

Equity financing

True or False. Your "doing business as" name has to match your legal business name.

False

True or False: A Limited Liability Corporation is a form of business that is NOT available in each state.

False

True or False: A business plan should avoid talking about the founders and focus on hard facts about the market and execution plans.

False

True or False: It's called an "elevator pitch" because it is meant to elevate your chances of getting funding.

False

True or False: Net profit is greater than gross profit.

False

True or False: Open tenders is a component of a bid.

False

True or False: Secondary data is usually more expensive than collecting primary data.

False

True or False: The recent healthcare law congress passed requires all businesses to offer insurance plans to their employees.

False

True or False: There is a government mandated outline that you must use for a business plan.

False

What is the term used for a 3-5 year forecast of your income and expenses?

Financial model

The purpose of a strike is:

Force management to come to or return to the bargaining table

What are the different types of personnel needs assessments?

Formal and Informal

Pro forma statements are:

Forward-looking predictions

Why is the section on key personnel so important?

Investors invest in people even more than ideas

What starts the bidding process?

Invitation to Bid

According to the reading, what might support a premium pricing strategy?

Fresh ingredients

The Limited Liability Partnership is structured pretty much the same as.

General Partnership only

What is not a goal of most employees within an organization?

Getting fired

An ice cream cone is a:

Good

The rate at which a business increases revenue from sales is:

Growth percentage

What is the rate at which the business grows or increases revenue from sales?

Growth percentage

According to the reading, an entrepreneur should examine _____ when exploring opportunities.

Her hobbies & interests

If a company does not have enough capacity to consistently meet an order by a certain timeline it can:

Hire more workers, Sub contract with a similar company and Expand operations

What does Rebecca Greenbaum identify as a problem within the workplace?

Hypocrisy

What is the life cycle of an idea, from the original idea through, in some cases, its actual implementation?

Ideation

A business plan should:

Include and discuss risks

What document is a summary of the money a company brought in (revenue) and what it paid out (expenses)?

Income Statement

What is another name for a strike?

Industrial dispute

A charge that is a percentage of the loan amount, usually payable monthly, is called:

Interest

What can a manager do that would create a negative work environment?

Keep employee achievements between the employer and employee only

The more companies an insurance company insures, the more likely they can predict the percentage of losses over a given period of time. This is known as:

Law of Large Numbers

Which type of company only spends money when absolutely necessary?

Lean Startup

An additional source of revenue for a corporation beyond product or service sales is:

Licensing, Stocks and Real estate

An insurance type that is NOT carried to protect from financial loss for the company is:

Life Insurance

The purpose of market research by entrepreneurs is to:

Make better decisions

Which of the following is not used to calculate the cost of goods sold in a manufacturing business?

Manufactured cost, Packaged cost and Delivered cost are all used

What was a large reason for the decline of unions at the end of the 20th century?

Manufacturing jobs moving to China and India

In addition to the owner, how many employees can a sole proprietorship have?

Many

What is the term for the process of planning production by ensuring that raw materials get to the factory floor on time, and finished products get to customers in a timely manner?

Materials requirements planning

Knowing how important hiring the right recruit is, why should employers NOT wait to find the perfect candidate?

May not exist, better to hire promising candidates that can be trained

A response to an employee's idea:

May require testing the idea before being accepted

Compared with buying a new business, starting a business from scratch is usually:

More risky

A job description includes which of the following?

Name of position, Scope of the role and the main tasks of the position

When companies ponder which positions they need to fill, what is this called?

Needs assessment

Which of these constitutes a valid reason not to hire someone?

Neither Age, Gender nor Race

What is not a reason workers will go on strike?

Neither Pay, Benefits nor Ill treatment

To create a sense of self-respect and self-fulfillment a manager can:

Offer monthly free lunches, Create a company sports team and Allow personal effects in the office

What type of management involves capacity management, supply chain management and quality management?

Operations management

An operations manager can be likened to which other occupation?

Orchestra conductor only

Abusinesswithtwoownerswheretheprofitsaretaxedasincometotheownersismostlikelya:

Partnership

What may managers rely on to decide if they'd like to interview a candidate in person?

Phone screen and Personality test

When delivering your pitch, you should sound:

Practiced but natural

The appendices should:

Present detailed data supporting claims in the plan

Conducting a survey of your friends to see how many might go to a trampoline park is an example of:

Primary research

What is the term used to describe the art and science of creating processes within an organization?

Process design

What is the description of each axis on a breakeven chart?

Profit and volume

What is a call to action?

Proposed next step that requires the listener to respond

What is the term used by recruiters to describe their ideal candidate?

Purple squirrel

What is the process of finding and hiring the best candidates for any given open position?

Recruiting

That a company may need security clearance is a possible reason for offering which type of tender?

Restricted tender

In a percentage lease, the landlord receives a percentage of the business's:

Revenue

What do we call the amount of money (or income) that a company gets from its customers?

Revenue

The income statement shows:

Revenue, expenses, and profit

What kind of corporation can be taxed in the same way as a partnership?

S corporation

Reviewing census data to see how many seniors over 55 are near your proposed location is an example of:

Secondary research

In the later 20th century, the United States became what sort of an economy?

Service

Offering a better warranty is an example of competing on:

Service

What is a new tool used to collect employee feedback?

Social media

Which form of business has the lowest tax rate discussed in this chapter?

Sole Proprietorship

Which form of business has unlimited liability where if sued could lose both personal and corporation's assets?

Sole Proprietorship

What is the most common form of business ownership?

Sole proprietorship

A target consumer is:

Someone likely to purchase your product or service

A tool to help make a budget quicker and more accurate is:

Spreadsheet software

What does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats

What feedback mechanism is most likely to appear in the employee break room?

Suggestion box only

What is defined as the people, parts, and processes involved in getting products or services from suppliers, on through to manufacturing and production, and then on to customers?

Supply chain

Good market research can help you determine your break-even point, which is:

The number of units you need to sell, taking into account variable costs, in order to cover fixed costs

An advantage to joining a family business is:

The other employees are often well known

What is NOT an objective of operations management?

The succession plan of upper management

Which of the following would be indirect competition for a candy store?

Walmart, which sells candy

Reducing _______ can reduce costs and lead to higher profit margins.

Waste

A self-insured individual means:

They pay for medical expenses out of their pocket without insurance.

Professional development includes which of the following?

Training and Mentoring

True or False: A business can compete on both product and service

True

True or False: According to the reading, investors care about your love for your business.

True

True or False: An entrepreneur should rehearse her elevator pitch.

True

True or False: Employee engagement can positively impact absenteeism.

True

True or False: Employee engagement can positively impact safety incidents.

True

True or False: In a sole proprietorship, the owner's personal assets are at risk if the business is not successful.

True

True or False: In the formation of a corporation, you can hire yourself as an employee.

True

True or False: Letting employees fail actually contributes to the success of the business.

True

True or False: Operations management is concerned with managing business processes that improve the products and services consumers use every day, and with bringing new ones to life.

True

True or False: Timetable for choosing a supplier is one of the components that make up a bid.

True

What is the name of the person who helps set up a union in a workplace?

Union organizer

What is the term used to describe the science of determining how much time an employee needs in order to complete a given task?

Work measurement

Which of the following is helpful in assessing a new business opportunity?

Working...