ETR401 - Part 1
C
A prepackaged business bought, rented, or leased from a company is called a(n) A. incubator. B. imitative firm. C. franchise. D. novelty.
B
A(n) _____ is one who profits from a business but is not involved in its day-to-day operations. A. incubator B. absentee owner C. owner-manager D. franchisor
A
A(n) _____ is the business term for the population of customers for your products or services. A. market B. industry C. strategy D. SIC
C
According to Sageworks, in 2008, amid a recession, which of the following represented the most profitable industries for small businesses? A. Manufacturing industries B. Financial services C. Service industries D. Software industries
D
According to the BRIE model, in order to start a business, you need all of these elements to come together EXCEPT A. boundary. B. resources. C. intention. D. experience.
B
For entrepreneurs, perhaps the most rapidly growing type of reward is _____ rewards. A. recognition B. flexibility C. income D. growth
C
Identify the characteristic of a high-tech venture. A. Owner's own money is the preferred funding source B. Focus is on efficiency C. Delegation is essential D. Sales are more important than marketing
D
Identify the characteristic of a small business. A. When the firm is in trouble, it focuses on selling more products/services B. Approach to human resources is to professionalize C. Focus is on effectiveness D. Metastrategy is imitation
B
Which of the following is an attribute of a high-growth venture? A. When the firm is in trouble, it cuts costs B. Metastrategy is novelty C. High-growth ventures grow when necessary D. Delegation is difficult
B
Which of the following is an example of the glamorous sector? A. Inventors B. Fortune 500s C. Small businesses D. Franchises and multisite firms
C
Which of the following is an organization-based legitimacy indicator? A. Testimonials B. Intellectual property C. Legal form D. Attire
C
Which of the following refers to the eventual size of the market, which can range from a small, local, or niche market to something used by millions or even billions? A. Innovativeness B. Mindshare C. Potential for growth D. Occupational structure
D
A business owned by an individual or small group is referred to as a(n) A. franchise. B. incubator. C. team-dependent business. D. independent small business.
D
A facility which offers subsidized space and business advice to companies in their earliest stages of operation is called a(n) A. small business administration center. B. franchise. C. small business development center. D. incubator.
C
A person who becomes an owner through inheriting or being given a stake in a family business is called a(n) A. founder. B. manager. C. heir. D. buyer.
B
All of the following are the popular reward types for small business owners EXCEPT A. flexibility. B. power. C. income. D. growth.
C
All of the following relate to firms in the ambitious firm sector EXCEPT A. they are mostly franchises and multisite firms. B. they are characterized by low to moderate innovation. C. they are made up of inventors and research and development firms. D. they are designed for high levels of growth.
A
Among SMEs, medium enterprises have _____ people. A. 51-500 B. 251-500 C. 1-50 D. 1-20
C
People starting high-growth ventures A. require key market knowledge that focuses on their immediate marketplace and communities. B. focus on how to start small, with resources from the owner, family, and friends. C. need to know how to seek and obtain external financing. D. require a key type of knowledge of how to grow on the schedule set by and for the purposes of the owner.
D
Process of personal selling includes all of the following EXCEPT A. presenting. B. closing. C. prospecting and evaluating. D. deciding.
A
Rating firms high or low on innovativeness and potential for growth helps identify the different types of businesses in what is called A. Dynamic Capitalism Typology. B. General Equilibrium Economics. C. Creative destruction. D. PICS Model of Entrepreneurship.
A
Small businesses are A. imitative in nature. B. characterized by novelty. C. described as being unique and distinctive. D. prepackaged businesses you buy or lease from a franchisor.
B
The Small Business Administration categorizes a business in the U.S. as small, if it has fewer than _____ employees. A. 50 B. 500 C. 300 D. 1,000
A
The U.S. government agency that helps people start business is the A. Small Business Administration. B. U.S. Department of Business Development. C. Department of Business Development. D. U.S. Entrepreneurial Administration.
A
The ability of business owners to structure life in the way that suits their needs best refers to A. flexibility rewards. B. family rewards. C. growth rewards. D. wealth rewards
B
The key market knowledge for a small business A. is to know how to seek and obtain external financing. B. focuses on its immediate marketplace and communities. C. is to know how to cash out through the sale of an initial public offering of stock or through the sale of the company to a larger company. D. focuses on the need to know how to dominate the market and grow dramatically and quickly.
C
The resource constrained sector A. are firms that have low to moderate levels of innovation and growth. B. are high growth and high innovation firms. C. are firms that have lots of innovative ideas but lack the funds to bring them to market. D. are generally not very innovative, but are designed for high levels of growth.
A
Truly entrepreneurial businesses are characterized by _____, in their products, services, or business models. A. novelty B. imitation C. experience D. government subsidy
D
What percent of firms getting help in incubators were still going at four years? A. 50 B. 81 C. 66 D. 87
D
Which of the following is NOT a myth about small businesses? A. There is not enough financing to start businesses. B. You need to make something if you are going to make money. C. You can never try again if you fail once. D. There is no flexibility when you own your own business.
B
Which of the following is NOT a path to full-time business ownership? A. Franchising B. Stand retailing C. Starting a new business D. Buying an existing business
B
Which of the following is a characteristic of a small business? A. Preferred funding source is other people's money B. Focus is on efficiency C. Approach to human resource is to professionalize D. Delegation is essential
D
Which of these is a suggested guideline for training? A. It should be provided only at the initial stage of employment. B. Employees should practice what they have learned on their own time. C. Have employees sign long-term contracts so they do not leave after receiving training. D. Think of it as an investment.
C
Which of these refers to the concept that a business is expected to continue in existence for the foreseeable future? A. Business entity B. Costs and expenses C. Going concern D. Buy and sell
D
Why are small businesses considered the economic core of society? A. They are high growth and high innovation firms. B. They are made up of franchises and multisite firms, who are generally not very innovative, but are designed for high levels of growth. C. They have lots of innovative ideas but lack the funds to bring them to market. D. They are the most numerous and most widely available type of firms.
A
_____ are the offices co-sponsored by states and the federal government, that offer free or low-cost help to existing and potential small businesses. A. Small Business Development Centers B. Small Business Administration Offices C. Research and Outreach Services D. Occupational structures
C
_____ is the process of dividing the market into smaller portions of people who have certain common characteristics A. Value proposition B. Market penetration C. Segmentation D. CRM
D
_____ refers to constant or at least daily management of a business by its owner. A. Franchise. B. Licensing C. Franchising D. Owner-management
C
_____ refers to the size of the market whereas _____ refers to its geographic range. A. Scope; scale B. Mass; niche C. Scale; scope D. Niche; mass
