Entrepreneurship Chapter 2 Review
A creative group problem-solving technique that involves generating a large number of fresh ideas
Brainstorming
To help them make decisions and solve problems, entrepreneurs often use: - A formal problem solving model - consensus building - brainstorming - all of the above
all of the above
The percent that is the basis for interest earned or paid
Rate of Interest
An amount deducted from the retail price to determine the sales price
Markdown
An amount charged for borrowing money
Interest
An agreement among a group of people
Consensus
Which of the following is not a step in the decision-making process? - Identify the action - Evaluate alternatives and select the best option - Define the problem - Evaluate the action
Identify the action
A short written form of business communication that has a set format
Memorandum
A memo from one person in a company to another
Interoffice Memo
An amount added to the cost price to determine the sales price
Markup
Amount of money borrowed in a loan
Principal
Number of years for which a loan is extended
Term
Which of the following is not an important tip to keep in mind when conducting a business conversation on the telephone?
Thank the person at the end of the conversation
To help them make decisions and solve problems, entrepreneurs often use
a formal-problem solving model
A problem-solving method of generating fresh ideas is called
brainstorming
A problem-solving method that builds trust among employees is called
consensus building
Which of the following is not a step in the decision-making process? - define the solution - define the problem - take action - identify various solutions
define the solution
To determine a monthly growth rate
divide the dollar increase in one month by the sales the previous month
To determine the average monthly growth rate
divide the total monthly growth by the number of months of data
Problems in business often occur because people
fail to listen to each other
Business letters are written to
negotiate purchases
Business letters are written to
respond to customer queries
Which of the following is not an important tip to keep in mind when conducting a face-to-face business meeting? - take notes - show that you are listening carefully - speak clearly - thank the person at the end of the meeting
take notes