EntrepreneurshipFinalSem1

Management profiles do NOT include which of the following?

A description of family

Who should external communication flow through?

A public relations person or manager

Which of the following accurately defines tariff?

A tax on imports

A system used to record, classify, summarize and report the financial position of a business is known as which of the following?

Accounting

Which of the following is NOT a government regulation created to protect employees from unethical business practices?

Amendment XIV to the U.S. Constitution in 1868

____ are items of value your company owns.

Assets

Which of the following is NOT suggested to prevent groupthink?

Avoid members with dominant personalities

Sources of capital include which of the following?

Banks and credit unions, Suppliers, Previous owners of the business

Which of the following is one way business can be categorized?

By product

Which of the following is NOT one of the modes of transportation distribution typically uses for transportation?

Cable

Which is NOT a criterion banks use for evaluating loan applicants?

Control

Businesses can handle risks through which of the following?

Controlling risks, Transferring risks, Avoiding risks

Which of the following is the most complicated form of business?

Corporation

A _____ forms boards to act as governing bodies. It is the most complicated form of business.

Corportion

Income statements are used to help determine ______.

Credit limits

Which of the following is NOT an example of an economic risk?

Customer dishonesty

Which of the following is not a governmental role in the US economy?

Determines Prices

Which of the following is the goal of the finance department?

Determining the use of company resources and funds

Which of the following is NOT an example of unethical behavior occurring in the workplace?

Employment contingent upon passing a drug screening

Sometimes people in business will encounter a complex situation in which they have difficulty choosing between a moral and an immoral act. Which of the following terms can be used to describe such a situation?

Ethical dilemma

Which of the following is NOT one of the five sections of a business plan?

Executive description

Which of the following is NOT one of the considerations to determine if you "have what it takes" to start a business?

Experience

A market economy usually has one person or a group of persons making product decisions.

False

Accounting is simply the process used to figure out how much money a business made during a certain time period.

False

Amendment XIV to the US Constitution in 1868 resulted in the prohibition of pay discrimination on the basis of sex.

False

Employee productivity measures the total goods and services produced in a country.

False

Group training gives employees hands-on practice with supervision.

False

It is often beneficial for a business owner to use accounts and personal accounts interchangeably.

False

Patents are issued by state governments.

False

Physical location of the business is a factor which should influence the type of ownership chosen.

False

Psychological needs are those for necessities such as safety, security and health.

False

Raising your credit standing is an advantage of equity capital.

False

Selecting the best choice is a final step of the ethical decision-making process.

False

The Financial Accounting Standards Board is the government agency regulating the accounting indsutry.

False

The business philosophy describes the business's education, training, strengths, weaknesses and personal development.

False

The first step of the communication process is the receiver decoding the message.

False

The focus of the maturity stage (stage 3) in the product life cycle is to build customer satisfaction and recognize competitors entering the market.

False

Which of the following is NOT a function of management?

Finance

Which of the following is an example of a natural risk?

Fire

What type of utility refers to using raw materials?

Form Utility

A _____ is the right or license to sell a company's product or service at a designated location; an example would McDonalds.

Franchise

What are the accounting rules used to prepare, present and report financial statements called?

Generally Accepted Accounting Principals (GAAP)

Advantages of entrepreneurship include which of the following?

Getting to set your own work schedule

Which of the following structures adopt the chain of command methodology?

Hierarchical

the employment process is carried out by which department?

Human resources

Which of the following is the first step of the ethical decision-making process?

Identify the ethical problem

Which of the following is NOT a suggested way to measure economic success?

Immigration rate

An ______ is a summary of a company's profit or loss during any one given period of time.

Income Statement

Site locators __________ the ability to promote the business and be successful.

Increase

Which type of leadership style should be used when the group has a strong sense of teamwork and a familiar routine?

Laissez Faire

Which of the following business structures work great for small businesses?

Learning based

Which of the following terms is defined as "conduct based on or authorized by law which is established by society to maintain order and protect people and property from harm"?

Legal behavior

____ are any debts or obligations owed by the company.

Liabilities

Which of the following should a person NOT do during an ethical decision-making process?

Make a choice based on company's profits

How often should a business calculate profitability and review financial statements?

Monthly

A speech is an example of which type of communication?

One-way spoken

A _____ is a legal agreement between two or more people, and is the least common form of business.

Partnership

Which of the following are phases of the business cycle?

Peak, Expansion, Contraction

According to the American Management Association and the Human Resource Institute, what is the number one cause of unethical business conduct?

Pressure of meeting a deadline

What kind of businesses are motivated to earn a profit?

Private

Which type of business produces processed goods by changing raw goods into a more finished form?

Processors

Which part of the business plan identifies plans for pricing policies?

Proposed marketing plan

Ron opened the first McDonald's in his small hometown after reading about the success of others in his state. What way of entering business is this?

Purchased a Franchise

Which of the following NOT a financing option suggested in the presentation?

Sale of assets

Which of . the following is an example of a non-profit organization?

Salvation Army

With what office do owners register the businesses name?

Secretary of State

The factors of a start-up cost estimate include which of the following?

Size of the business, Type and amount of inventory needed, Operating expenses which must be paid before any revenue is received

A _____ is owned and operated by one individual; an example would be a plumber.

Sole Propietorship

Steve lives in a neighborhood close to a waste water company. The company's water solution will directly affect the water quality in Steve's home. What is Steve's relationship to the waste water company?

Stakeholder

Conditions of supply and demand interaction include which of the following?

Surpluses, Shortages, Equilibriums

Which of the following best describes a business which takes effort to the environment and promotes using renewable resources?

Sustainable business

When conducting a market analysis, you should forecast the next ______.

Three to five years

Which of the following is NOT a management characteristic associated with delegating management?

To be a micromanager

_______ are words, symbols, names or devices used to specify the source of the goods, and are used to differentiate them from others.

Trademarks

Angel investors are wealthy individuals who seek high returns through private investments.

True

Capital is wealth in the form of money or property.

True

Economic resources are also called factors of production.

True

Intrinsic motivation occurs internally and includes enjoyment and accomplishment.

True

Telling management works best when employees are not willing and/or able to do the job.

True

Which of the following describes small businesses?

Usually have less than 100 employees

Which of the following is the traditional management structure?

Vertical

Which of the following is NOT an example of a situation in which an employee can apply the Family and Medical Leave Act of 1993?

When caring for a great-aunt or great-uncle with a serious medical condition

What of the following is NOT one of the basic economic questions listed in the presentation?

When will we produce those goods and services?

Where does marketing exist?

Wherever a product is sold to the customer