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A method to know what is expected of employees and how work is to be done is:
Performance review
Milestones are helpful in what sort of plan for employees?
Personal development
In a sole proprietorship, income and expenses are included on what for the owner?
Personal tax return
What is a strategy that it is wise NOT to use when pitching an idea to your boss?
Talk about problems that need fixing
The difference between net profit and gross profit is that net profit takes what into account?
Taxes
Which is not a common differentiator for businesses?
Taxes
What has happened to union membership numbers in the past 50 years?
Declined
Lenders generally prefer a debt to equity ratio that is:
Low
If a concession stand business sells a hot dog for $2 and it makes $.50 gross profit off just the sale of the hot dog, how much is the Cost of Goods Sold?
$1.50
About how long is a true elevator pitch?
30 seconds
A business plan is best described as:
A blueprint for the business
An accurate assessment of total start-up costs will allow the business owner to create:
A budget
The income statement is designed to measure:
A company's performance over a certain period of time
An example of a tangible asset is:
A corporation's building
An example of a tangible asset is: a) b) (CORRECT) c)
A corporation's building
According to the reading, the main body of a business plan does NOT normally include which of the following:
A full roster, with names, of all planned hires for at least six months
Crowdfunding is characterized by:
A large number of investors contributing small amounts of money
A share of stock represents:
A portion of ownership in the company
What is a focus group?
A small group of people asked questions in person
What is a focus group?
A small group of people asked questions in person only
What is the term used to describe a statement that highlights what a business owes and what a business owns?
Balance Sheet
What is the term used for a table of statistical data that shows the likelihood of a risk, such as death, occurring to an individual in a certain profile?
Actuarial table
One of the largest unions in the United States is:
AFL-CIO
Market research concerns what aspects of your target market:
All of the listed options - Characteristics;Spending habits; and Location and needs.
Which is an example of a trend?
All of the listed options - Growing availability of WIFI; Shift to electric vehicles; and Shift to organic foods.
A business plan is helpful to:
All of the options listed
A business plan is useful to:
All of the options listed
Which is an example of a trend?
All of the options listed
Market research concerns what aspects of your target market:
All of the options listed.
An approved prequalification questionnaire:
Allows approved manufacturing companies to bid on a job whenever needed without reapplying each time
A corporation's resources that have value or can be used to produce something of value are:
Assets
The balance sheet shows:
Assets, liabilities, and equity
As never before, job seekers use websites like Glassdoor to learn what about a prospective company?
Culture
A secured loan is:
Backed by collateral
The CEO is hired and fired by whom?
Board of Directors
Employee recognition systems are designed to do which of the following?
Boost morale, Highlight achievement and Lower turnover
When buying an existing business, it is important to:
Both of the options listed
The quantity of a product that has to be sold before you break even is:
Breakeven volume
Making the manufacturing process more efficient can:
Bring the product to market faster
What is a term used for the listing of your monthly expenses?
Budget
What is the name given to a policy that combines all of a business's insurance policies?
Business owner's policy
What was created with the idea that there's strength in numbers?
Unions
What is the term used for the amount that an employee must pay for medical or dental care before insurance begins paying?
Deductible
Checking references refers to:
Calling or contacting previous employers
Which is one place you're likely to find job candidates?
Career Fair, Colleges and Online
Which is one place you're likely to find job candidates?
Career fair, Colleges, and Online
When naming a business, you should:
Consider what Internet domain you can get
What is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?
Copay
Which form of business gives you, the business owner, the most protection from lawsuits targeting your business?
Corporation
Which form of business is generally most costly to set up?
Corporation
What is the term used to describe the cost to produce, package, and deliver one item?
Cost of Goods
Pricing your new product based on what you pay for the parts inside it is called:
Cost-based pricing
A cap on the amount of claims that a policyholder can file, in total and for specific health needs, over a given period of time is known as what?
Coverage limit
According to the reading, this is the first step in market research:
Define the question
The most convincing elevator pitches do NOT:
Describe how you will copy existing successful competitors
A bank loan is what form of financing?
Debt
Which of the following is NOT included in an elevator pitch:
Detailed financials
Something that sets your business apart from competitors is called a:
Differentiator
The balance sheet is at the heart of which type of bookkeeping?
Double-entry
How replaceable strikers are; how fast the company needs to resume normal operations; public sympathy; politicians role and how reasonable are worker demands are all:
Factors impacting length of a strike
What is the economic concept that states that the more of something a company buys or produces, the cheaper each unit becomes?
Economies of scale
What is the most powerful profit driver according to Nielson Co., a prominent marketing research company?
Effective pricing strategy
When a business looks to file a claim to recoup the loss of property for a business, they typically choose which option?
Either Replacement cost option or Cash value option
According to the reading, what can make an honest competitive assessment difficult?
Emotional attachment to your idea
What is the term used to describe how to make employees feel like they're an important part of an organization?
Employee engagement
Neglecting _______ can breed a workplace culture with poor productivity, low morale and high turnover.
Employee supervision
Management typically has more schooling and training than the employees that report to them. Why would the employee's opinions matter?
Employees when "heard" are more engaged and productive and Employees' ideas may be of more value sometime because they are "closer to the action"
What law protects employee from sex-based wage discrimination?
Equal Pay Act
Selling shares of stock in your company is what form of financing?
Equity
When a venture capitalist offers an entrepreneur $100,000 for shares representing 20% of a company, it is a form of:
Equity financing
True or False. Your "doing business as" name has to match your legal business name.
False
True or False: A Limited Liability Corporation is a form of business that is NOT available in each state.
False
True or False: A business plan should avoid talking about the founders and focus on hard facts about the market and execution plans.
False
True or False: It's called an "elevator pitch" because it is meant to elevate your chances of getting funding.
False
True or False: Net profit is greater than gross profit.
False
True or False: Open tenders is a component of a bid.
False
True or False: Secondary data is usually more expensive than collecting primary data.
False
True or False: The recent healthcare law congress passed requires all businesses to offer insurance plans to their employees.
False
True or False: There is a government mandated outline that you must use for a business plan.
False
What is the term used for a 3-5 year forecast of your income and expenses?
Financial model
The purpose of a strike is:
Force management to come to or return to the bargaining table
What are the different types of personnel needs assessments?
Formal and Informal
Pro forma statements are:
Forward-looking predictions
Why is the section on key personnel so important?
Investors invest in people even more than ideas
What starts the bidding process?
Invitation to Bid
According to the reading, what might support a premium pricing strategy?
Fresh ingredients
The Limited Liability Partnership is structured pretty much the same as.
General Partnership only
What is not a goal of most employees within an organization?
Getting fired
An ice cream cone is a:
Good
The rate at which a business increases revenue from sales is:
Growth percentage
What is the rate at which the business grows or increases revenue from sales?
Growth percentage
According to the reading, an entrepreneur should examine _____ when exploring opportunities.
Her hobbies & interests
If a company does not have enough capacity to consistently meet an order by a certain timeline it can:
Hire more workers, Sub contract with a similar company and Expand operations
What does Rebecca Greenbaum identify as a problem within the workplace?
Hypocrisy
What is the life cycle of an idea, from the original idea through, in some cases, its actual implementation?
Ideation
A business plan should:
Include and discuss risks
What document is a summary of the money a company brought in (revenue) and what it paid out (expenses)?
Income Statement
What is another name for a strike?
Industrial dispute
A charge that is a percentage of the loan amount, usually payable monthly, is called:
Interest
What can a manager do that would create a negative work environment?
Keep employee achievements between the employer and employee only
The more companies an insurance company insures, the more likely they can predict the percentage of losses over a given period of time. This is known as:
Law of Large Numbers
Which type of company only spends money when absolutely necessary?
Lean Startup
An additional source of revenue for a corporation beyond product or service sales is:
Licensing, Stocks and Real estate
An insurance type that is NOT carried to protect from financial loss for the company is:
Life Insurance
The purpose of market research by entrepreneurs is to:
Make better decisions
Which of the following is not used to calculate the cost of goods sold in a manufacturing business?
Manufactured cost, Packaged cost and Delivered cost are all used
What was a large reason for the decline of unions at the end of the 20th century?
Manufacturing jobs moving to China and India
In addition to the owner, how many employees can a sole proprietorship have?
Many
What is the term for the process of planning production by ensuring that raw materials get to the factory floor on time, and finished products get to customers in a timely manner?
Materials requirements planning
Knowing how important hiring the right recruit is, why should employers NOT wait to find the perfect candidate?
May not exist, better to hire promising candidates that can be trained
A response to an employee's idea:
May require testing the idea before being accepted
Compared with buying a new business, starting a business from scratch is usually:
More risky
A job description includes which of the following?
Name of position, Scope of the role and the main tasks of the position
When companies ponder which positions they need to fill, what is this called?
Needs assessment
Which of these constitutes a valid reason not to hire someone?
Neither Age, Gender nor Race
What is not a reason workers will go on strike?
Neither Pay, Benefits nor Ill treatment
To create a sense of self-respect and self-fulfillment a manager can:
Offer monthly free lunches, Create a company sports team and Allow personal effects in the office
What type of management involves capacity management, supply chain management and quality management?
Operations management
An operations manager can be likened to which other occupation?
Orchestra conductor only
Abusinesswithtwoownerswheretheprofitsaretaxedasincometotheownersismostlikelya:
Partnership
What may managers rely on to decide if they'd like to interview a candidate in person?
Phone screen and Personality test
When delivering your pitch, you should sound:
Practiced but natural
The appendices should:
Present detailed data supporting claims in the plan
Conducting a survey of your friends to see how many might go to a trampoline park is an example of:
Primary research
What is the term used to describe the art and science of creating processes within an organization?
Process design
What is the description of each axis on a breakeven chart?
Profit and volume
What is a call to action?
Proposed next step that requires the listener to respond
What is the term used by recruiters to describe their ideal candidate?
Purple squirrel
What is the process of finding and hiring the best candidates for any given open position?
Recruiting
That a company may need security clearance is a possible reason for offering which type of tender?
Restricted tender
In a percentage lease, the landlord receives a percentage of the business's:
Revenue
What do we call the amount of money (or income) that a company gets from its customers?
Revenue
The income statement shows:
Revenue, expenses, and profit
What kind of corporation can be taxed in the same way as a partnership?
S corporation
Reviewing census data to see how many seniors over 55 are near your proposed location is an example of:
Secondary research
In the later 20th century, the United States became what sort of an economy?
Service
Offering a better warranty is an example of competing on:
Service
What is a new tool used to collect employee feedback?
Social media
Which form of business has the lowest tax rate discussed in this chapter?
Sole Proprietorship
Which form of business has unlimited liability where if sued could lose both personal and corporation's assets?
Sole Proprietorship
What is the most common form of business ownership?
Sole proprietorship
A target consumer is:
Someone likely to purchase your product or service
A tool to help make a budget quicker and more accurate is:
Spreadsheet software
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
What feedback mechanism is most likely to appear in the employee break room?
Suggestion box only
What is defined as the people, parts, and processes involved in getting products or services from suppliers, on through to manufacturing and production, and then on to customers?
Supply chain
Good market research can help you determine your break-even point, which is:
The number of units you need to sell, taking into account variable costs, in order to cover fixed costs
An advantage to joining a family business is:
The other employees are often well known
What is NOT an objective of operations management?
The succession plan of upper management
Which of the following would be indirect competition for a candy store?
Walmart, which sells candy
Reducing _______ can reduce costs and lead to higher profit margins.
Waste
A self-insured individual means:
They pay for medical expenses out of their pocket without insurance.
Professional development includes which of the following?
Training and Mentoring
True or False: A business can compete on both product and service
True
True or False: According to the reading, investors care about your love for your business.
True
True or False: An entrepreneur should rehearse her elevator pitch.
True
True or False: Employee engagement can positively impact absenteeism.
True
True or False: Employee engagement can positively impact safety incidents.
True
True or False: In a sole proprietorship, the owner's personal assets are at risk if the business is not successful.
True
True or False: In the formation of a corporation, you can hire yourself as an employee.
True
True or False: Letting employees fail actually contributes to the success of the business.
True
True or False: Operations management is concerned with managing business processes that improve the products and services consumers use every day, and with bringing new ones to life.
True
True or False: Timetable for choosing a supplier is one of the components that make up a bid.
True
What is the name of the person who helps set up a union in a workplace?
Union organizer
What is the term used to describe the science of determining how much time an employee needs in order to complete a given task?
Work measurement
Which of the following is helpful in assessing a new business opportunity?
Working...
