Entrepreneurship 5-7

A written document describing all relevant internal and external elements and strategies for starting a new venture, best describes:

A business plan

Licensing is best described as

A method that involves giving a foreign manufacturer the right to use a patent, technology, production process, or product in return for the payment of a royalty

Exporting:

Can be direct or indirect

All of the following are reasons to enact a contingency plan, except:

Changes in fashion

Which us census publication provides information about production and shipments on a wide range of products?

Current Industrial Report

All of the following are government sources of information except:

Hoovers

By controlling ___, the firm can ensure maximum service to the customer

Inventory

When evaluating business plans ___ are primarily concerned with the four C's of credit

Leaders

___ are both government sources of information that might be helpful in gathering the information needed to start a business

NAICS and SIC codes

Which of the following is not true about the operations plan portion of the business plan?

Only service businesses need an operations plan.

Which among the following political risks is considered the biggest risk of all?

Ownership risk

The ___ is filed to establish a date of conception of an invention and replaces what used to be known as a disclosure agreement

Provisional patent

Which of the following statements concerning the sarbanes-oxley act is not true?

The act applies to both private and public companies

Which of the following is not a common reason why business plans fail?

The promotional strategy was not taken seriously

Which of the following statements on contingency planning is not true?

To protect the reputation of the company, media should not be contacted during a crisis

North American Free Trade Agreement (NAFTA) is between which of the following countries?

United States, Canada, and Mexico

___ identifies potential hazards and alternative strategies to meet business plan goals and objectives

assessment of risk

Trade secrets are protected:

by state law

Motivations for going global, discussed in the text, include all of the following except:

cheap shipping costs

The section of the patent application which provides the criteria by which any infringement will be determined is the:

claims section

Licensing can be used by the entrepreneur to:

copy a competitor's patent.

Authors or publishers of software are protected under:

copyrights

Which among the following influences whether customers are able to use the good or service properly and whether they are able to understand the firms advertising or other promotional messages?

education

The section of the business plan in which the entrepreneur identifies changes occurring on the national and international level is the:

environmental and industry analysis

___ has the main disadvantages of high transportation costs, trade barriers, and problems with local marketing agents

exporting

An opportunity assessment plan:

focuses on the opportunity, not the venture.

Which of the following is not a part of intellectual property?

insurance

A ___ is a contract between the government and an inventor

patent

What type of agreement must always be in writing in order to be a legally binding contract?

real estate

What type of insurance is mandatory in some states?

workers compensation