ENT 396 Final

The average number of days it takes to collect payment?

Days sales outstanding

_______ is secured financing of a new venture that involves a payback of the funds plus interest.

Debt financing

Marketing segmentation focuses on which of the following variables?

Demographics

_______ takes an initial concept idea and develops a proof of concept that elitist feedback from relevant stakeholders.

Design methodology

All of the following are internal constraints for managing growth except

Developing an outside board of advisors.

If cash flow is the most important consideration in buying a business?

Discounted future earnings

Conducting through analysis of every facet of an existing business?

Due diligence

Which of the following is not a common myth about entrepreneurs?

Entrepreneurs today are considered heroes.

_______ is the sale of accounts receivable at discounted values.

Factoring

_______ may be constructed as the analysis of the company's actual results from different perspectives.

Financial control

_______ is a forecast of future revenue and expenses that will account for internal or historic data.

Financial projection

Which of the following pricing models is not indicative of pricing in the social media age?

Growth stage model

_______ uses evaluations of something based on the actions or in-actions of other people.

Social Proof

A person or small group of individuals who founds or leads and organization or initiative engaged in social entrepreneurship best refers to which of the following?

Social entrepreneurs

Which of the following is not one of Drucker's seven sources for innovative opportunities?

Society

Which of the following is not a pitfall when planning a new venture?

Specific profit goals

Creating a formal business plan, searching for capital, and carrying out marketing activities?

Start-up activities

_______ involves engaging in simultaneous opportunity seeking and competitive advantage.

Strategic entrepreneurship

Expanding the product line by acquiring firm whose products complement your product line?

Strategic mix

Which of the following is not an advantage to buying a franchise business?

Structured fees

All of the following are demographic variables except:

Style

The business description of the business plan includes all of the following except?

Target market customers identified

_______ outlines the material terms and conditions of a venture agreement.

Term sheet

_______ is a federal law that provides for specific procedures for handling insolvent debtors - those who are unable to pay debts as they become due.

The bankruptcy test

_______ provides an approach to creating early venture concepts and delivers a desired product to customers faster, cheaper, and with less risk.

The lean start-up methodology

In an _______, the seller retains possession of the legal entity and the buyer purchases individual assets of the company, such as equipment, fixtures, leaseholds, trade secrets, and inventory.

asset sale

The _______ provides a specific and detailed explanation of the ventures, objectives, resources, markets, and operations

business plan

Areas of risk to the entrepreneur include

career, family, psychological

The _______ is an analysis of the cash availability.

cash flow statement

A _______ provides exclusive rights to creative individuals for the production of their literary or artistic productions.

copyright

To an entrepreneur one of the benefits of a business plan is that it identifies

critical risks

According to the five critical factors for starting new ventures, _______ is a critical consideration for how long it will take to determine who the customers are, as well as their buying habits.

customer availability

The _______ a structured tool for entrepreneurs to use to discover and validate a business model.

lean canvas

A _______ approach indicated the importance of people's awareness of their daily lives for developing new business ideas.

new-new

When projecting financial statements, the _______ method projects selected cost and balance items at the same growth rate as sales.

percent of sales

When a business venture sells low volume at high margins it is said to sell at a

premium

The _______ measures liquidity.

quick ratio

The basic challenge for social enterprise is addressing the obligations of business to

society

Products or services that consumers make a special effort to find and purchase are _______ goods.

specialty

The _______ phase commences with the initiation of sales activity and the delivery of products and services, and ends when the business is firmly established and beyond short-term threats to survival.

start-up

Formation of long range plans for effective management in light of strengths and weaknesses is

strategic planning.

A _______ is the method of idea creation that uses different elements of a combination of ideas to make a whole.

symbiotic idea

The difference between cognitive adaptability and the metacognitive model is that cognitive adaptability is...

the ability to be dynamic, flexible, and self-regulating in one's cognitions given dynamic and uncertain task environments

All of the following are characteristics of strategic positions except?

A "swing" stage that precedes the period when the firm swings toward greater profitability

_______ is the short-term financing that involves either the pledge of receivables as collateral for a loan or the sale of receivables at a discounted value.

Account receivable financing

_______ revenue is recognized when sale is done and expense when it is incurred.

Accrual basis accounting

All of the following are questions you should ask when purchasing an existing venture except:

All of the above -Why is this business being sold? -What is the state of the company's other assets? -How many employees will remain? -What is the condition of the inventory?

An issue in evaluating an acquisition is?

All of the above are correct.

All of the following are elements of the marketing plan except:

All of the above are elements of the marketing plan.

Which of the following is not a factor contributing to new venture failure?

All of the above are factors that contribute to new-venture failure -Failure to pivot -No financing or investor interest -Product mistimed -Pricing issues

Which of the following could invalidate a trademark?

All of the above. -Cancellation proceedings -Cleaning out procedure -Abandonment -Generic meaning

Which of the following is a characteristic of social entrepreneurship?

All of the above. -Entrepreneurship in a form that exhibits characteristics of non-profits, governments, and businesses -Develop, fund and implements solutions to social, cultural, or environmental issues -Combination of focus on innovation, risk-taking, and scale transformation with social problem solving and benefits

All of the following are benefits of the business plan for investors except

All of the following are benefits.

__________ best refers to the relationship arena of creativity.

An innovative approach to achieving collaboration

Which of the following does not describe equity financing?

Asset-based lenders that lend money against assets such as receivables, inventory, and equipment.

_______ is the plan for the expenditures lasting beyond 1 year.

Capital budget

In _______ bankruptcy a debtor attempts to formulate a plan to pay a portion of their debts, have the remaining discharged, and continue to stay in operation.

Chapter 11

_______ bankruptcy requires the debtor to surrender all property to a trustee appointed by the court.

Chapter 7

Which of the following is not considered in the new framework of frameworks approach?

Collaborative

All of the following are reasons that ratios are useful except?

Compares important financial relationships to other firms in the industry.

Part of marketing segment of business plan?

Competitive analysis

_______ involves calculating how much it would cost to build another company just like the current one.

Cost to duplicate

_______ seeks funding for a venture by raising monetary contributions from a large number of people, usually by the internet.

Crowd funding

New ventures are important to the industry in terms of?

Innovation and employment

A semi-autonomous self-directing, self-managing, high-preforming group of two or more people who formally create and share the ownership of a new organization refers to which of the following?

Innovative (I) Team

Which of the following is not considered collateral?

Investment contract

Closely held ventures usually suffer from?

Lack of management depth

Which of the following is a critical consideration when assessing customer availability?

Length of time needed to determine who the customers are, as well as their buying habits

All of the following are advantages of sole proprietorship except:

Less available capital

_______ is a hybrid form of business enterprise that offers the limited liability of a corporation but the tax advantages of partnership.

Limited liability company

_______ allows professionals the tax benefits of a partnership while avoiding personal liability for the malpractice of other partners.

Limited liability partnership

All may influence the valuation of venture except?

Liquidation preferences

_______ provide the investors with the right to buy stock at a fixed price at some future date.

Loans with warrants

_______ is the process of identifying a specific set of characteristics that differentiate one group of consumers from the rest.

Market segmentation

The _______ approach to creating a new venture involves an adaptation to someone else's idea by either improving a product or offering a service in an area in which it is not currently available.

New-old approach

A _______ provides the owner with exclusive rights to hold, transfer, and license the production and sale of the product or process as an intellect property right.

Patent

It is important for the entrepreneur to have a harvest strategy segment in a business plan in order to?

Plan for a liquidity event exit strategy.

Which of the following is not one of the phases in the creative process?

Preliminary investigation

The difference between lean canvas and business canvas is that lean canvas has?

Problem and solution

Business plan should illustrate?

Projected results of new business.

Which of the following is not an advantage of working with a commercial bank?

Regular (monthly) interest payments are normally required.

_______ raises allow startups to provide an item of value in exchange for a capital commitment.

Rewards-based

_______ is the process of projecting future sales through historical sales figures and the application of statistical techniques.

Sales forecasting

What helps an entrepreneur avoid the pitfalls of not having realistic goals?

Setting up a timetable and specific steps

_______ is credit given by suppliers who sell goods on account (typically "Net 30" terms).

Trade credit

_______ are business processes and information that make an individual company unique and has value to a competitor.

Trade secrets

A franchise is any arrangement where the owner has licensed others to sell goods or services by which of the following?

Trademark

As part of the key distinctions of social media marketing, firms cannot fully control the content users create, which best relates to which of the following?

Trust building

_______ is a form of private equity and a true of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.

Venture capital

_______ refers to the acquisition of a supply or distributor.

Vertical integration

All of the following are questions commercial lenders will ask when attempting to secure a loan except?

What experience does the partner doing your deal have and what clout do they have within the firm?

All of the following are questions you would ask to determine the competitive advantage of a new venture except:

Who are the customers likely to be?

The individual who buys the franchise is the

franchisee

A market is a

group of consumers who have purchasing power and unsatisfied needs.

Sometimes customers associate a higher price with

higher product quality

The purpose of marketing research is to

identify customers.

All of the following are reasons that new ventures fail due to product or market problems except:

initial undercapitalization

Stage where firm either continues success or goes into decline is

innovation/decline.

The micro view of entrepreneurship presents factors exhibiting a strong ________ locus of control.

internal

The difference between risk and risk management is that risk...

is the probability or threat of damage, liability, loss, or any other negative occurrence