Entrepreneurship 1 Exam Review

Which of the following phrases is most likely to be listed in an official job description?

"Edit company newsletter"

Gianna is attempting to build a strategic relationship with Nico, who is an influential member of the local business community. What is one technique Gianna could use to build this relationship?

Finding a shared vision

When employees demonstrate adaptability, they are able to be:

Flexible

Channels of distribution benefit businesses by:

Getting their products to consumers more efficiently

The best way to evaluate the channel members in an international supply chain is often by using a(n):

Global industry benchmarking system

Which of the following must occur for supply chain management to be successful?

Goods and communication should flow both ways

The ultimate purpose of preparing a long, complex, business report is usually to:

Help with major decisions

Which of the following is an example of a brand promise?

Henderson Photography...uniquely capturing your special moments is our priority

Stress and fatigue are which type of factors that can affect business process design?

Human

Company B's management has determined that it must downsize. Three persons in the customer service department will lose their jobs. Which of the following records can management use to help them determine which employees to keep?

Human resource records

For the strategy of conducting customer suveys, with tactics including contacting customers and tablulating survey results, which of the following is the goal?

Improving this year's customer satisfaction by 7% over last year's ratings.

Trent was reviewing a business record that did not reflect updated information. The quality of the business record was compromised because it was:

Inaccurate

One-time, start-up costs often include which fees?

Incorporation

Patents, trademarks, and copyrights are all methods used to protect:

Intellectual property

Which of the following statements regarding international trade is true?

Internet based companies can easily become involved in international trade.

Which of the following is a true statement about information?

It is data putinto a useful form

One factor that an entrepreneur should consider when assessing a venture opportunity is whether it will:

Lead to more opportunities

When analyzing market potential, businesses often look at consumer psychographic factors, such as personality characteristics and:

Lifestyle

Running out of inventory can result in:

Lost sales

Who is usually responsible for developing and promoting an ethical atmosphere in a business?

Managers

The marketing function that includes creating strategies to attract the target customer to a business is:

Market planning

Businesses need a great deal of information to make effective decisions and solve specific problems. This information is usually obtained through:

Marketing research

Your target market is college students without a lot of income, so you base your unique selling proposition (USP) on value pricing. This is an example of a USP that is:

Meaningful to the customer

Performance standards should be:

Measurable

When a supervisor must take disciplinary action, what type of attitude should the supervisor adopt?

Non judgemental

Which of the following would be most useful to a business that is evaluating customer experiences?

Online customer reviews

What types of businesses can be owned by thousands of stockholders?

Open corporations

What type of information about employees do most businesses maintain in their personnel records?

Past work experience

What is a factor that a growing business might consider when determining hiring needs?

Employee to customer ratio

One reason that an excellent business vision is general rather than specific is that:

Everyone in the organization must be able to relate

Although hiring a highly skilled employee is an added expense, a business owner benefits because the employee's activities increase the firm's overall productivity based on his/her:

Expertise

Planning the quantities to produce is an important part of production planning because it helps to

Prevent losses to the business

The determination of an exchange price acceptable to both the buyer and the seller of a product is called:

Pricing

Evan does not want the legal obligation of repaying a loan and is willing to share profits with others. Which of the following options is Evan most likely to select to fund a new venture:

Private equity

A farmer with a produce stand in the yard is an example of a __________ distribution channel.

Producer to consumer

Which of the following is a factor that new businesses consider when conducting an analysis of competitors in a specific market?

Product quality and price

Which of the following is an example of a safety procedure that a business might require its employees to follow?

Wear protective headgear when working in hazardous conditions

Which of the following situations is an example of a social risk that is associated with starting a new business?

Adam is working 14 hours a day at his new company and is not spending time with friends.

Pete is preparing a cash flow statement for his new business. If the startup costs are $27, 645 and he has $36, 200 coash, how much cash is available for Pete to operate the business?

$8,555

One tool a business can use to control expenses is a(n)

Budget

Which of the following is a situation indicating a problem with product durability?

A customer complains that his/her new cell phone battery quit working after one week.

Which of the following businesses is the best example of an entrepreneurial venture?

A veterinarian invents and sells a device to prevent horse water troughs from freezing.

One of the benefits to the business of an effective employee selection procedure is a(n):

Appropriate match of employees to job

Which of the following business activities is most likely to impact an organization's governance structures?

Borrowing money from a bank

A risk management program makes it easier to organize and handle risk. This is also called:

Categorizing risk

Bernard's business is more successful than his competitors' because he is innovative, which gives him which type of advantage?

Competitive

Which of the following is an example of a tangible item that can be sold?

Computer

Customer services that all retailers should provide include:

Convenient store hours and receipts for purchases

Which of the following questions would Allison ask herself when deciding if she should hire an assistant for her growing business?

Does the workload require a full-time or part-time employee?

Which of the following is an example of an operating expense for a business?

Utilities

A top-level executive is removed from his position on the Golden Ray Corporation's board of directors due to a personal scandal. The board then releases a detailed, professional statement to its stakeholders so they are aware of the situation. By doing this, Golden Ray Corporation is:

Demonstrating transparency

Which of the following is not a factor that affects selling price?

Profit control

Ben recently purchased a cellular telephone. The manufacturer provided a form and a special code with the telephone's packaging. Ben completed the form, copied his sales receipt, and mailed these items back to the manufacturer along with the part of the packaging that contained the special code. Within six weeks, Ben received a $50 check from the telephone manufacturer. Which type of sales-promotion technique was used?

Rebate

Pat's Pizza Place has introduced a new, low-fat pizza crust. In its advertising, management not only describes how tasty the crust is, but it also tells readers that the crust is low-fat and healthy. Pat's Pizza Place is using which of the following promotional communication characteristics:

Rebate

How does supply chain management increase customer satisfaction?

Reduces the time it takes for goods to reach consumers

Which of the following techniques is the best example of leveraging existing business relationships?

Sending holiday cards to clients

A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n):

Sole proprietorship

Small business owners often obain ideas for new venture opportunities when they:

Talk with their customers and vendors

A purpose of market identification is to focus the marketer's selling efforts on which type of market?

Target

Because the MBC Company has one location that services the eastern part of the country and another location that services the western part of the country, the company's work flow is organized by:

Territory

Which of the following statements about feasibility studies is true?

The feasibilit study is completed before the business plan is developed.

Which of the following attitudes should an entrepreneur have about new technological developments?

The impact of new technologies should always be evaluated.

Which of the following is a true statement regarding operating costs?

They are not directly related to production

Why is it important for businesses to obtain marketing information about economic conditions, political systems, and technological changes throughout the world?

To remain competitive