BUSI 439 Final
Which of the following should you use to guide your power point presentation design? 5-5-5 Rule 10-20-30 Rule 1-2-3 Rule Grandmother Rule SWOT Method
10-20-30 Rule
If you are talking to angel investors, what percentage of return do they expect to see on average every year? 10% 20% 25% 30% 50%
30%
COBRA requires companies to extend their group coverage to an employee for how many months after the employee leaves that company? 6 months 12 months 18 months 24 months 36 months
36 months
The American Society for Training and Development found which percent of employees with poor training planned to leave within a year? 12% 18% 22% 33% 41%
41%
Approximately, how long is a typical elevator pitch? 10 seconds 30 seconds 45 seconds 60 seconds 100 seconds
60 seconds
According to the Small Business Administration, what percentage of small business fail within the first two years? 50% 9% 90% 45% 75%
90%
The "Grandmother Test" is which of the following: Having proprietary information that your grandmother would understand. Having a business plan that your grandmother would invest in. Having a product/service that your grandmother would approve of. Hiring an employee/manager that your grandmother would approve of. A method for ensuring that your business plan can be understood by anyone.
A method for ensuring that your business plan can be understood by anyone.
Before disciplinary intervention can be applied, which of the following must occur? A workplace accident A single incident A persistent pattern of behavior A mandated issue A performance issue
A persistent pattern of behavior
While of the following best defines a formal business plan? A written document that details the goals of a business and how they will be achieved. A written document that defines how to develop staff to take on leadership roles. A document that states what will happen among partners for financial distributions. A written document that details what employees may not disclose about the business. A document used to examine a business idea before choosing to start a business.
A written document that details the goals of a business and how they will be achieved.
Which of the following is not one of the skill sets to assess before starting a business? Accounting Skills Business Planning Communication Managing People Financial Management
Accounting Skills
Jamison wants to use effective communication skills, which of these should he not do? Listen for understanding Give others his full attention Actively think of his own response when listening to others speak Listen with an open mind Create a mental image of the words he is listening to
Actively think of his own response when listening to others speak
A Board of ___________ may be helpful but is not required for a business; however, in some cases, a Board of ___________ may be legally required.
Advisors; Directors
Which of these factors does not typically need to be defined in a job description? Age and Gender Necessary Skills Educational Requirements Company Culture Typical Working Environment
Age and Gender
Which of the following would you want to describe in an informal business plan? Industry and Competition Customers Marketing and Sales Financial Plan All of the Above
All of the above
Which of the following is not a standard method for hiring or finding employees? Contracting with Staffing Agencies Applying Third Party Logistics Contacting a Local Chamber of Commerce Asking Other Businesses Owners Advertise for Employees
Applying Third Party Logistics
To obtain a loan, Ms. Studebaker put her home up as __________. Fixed Asset Principal Collateral Tax Lien Equity
Collateral
Hire a consultant to review your business plan to avoid which of the following: Confirmation Bias Silo Mentality Proprietary Disclosures Contingency Plans Management Agreements
Confirmation Bias
Which of the following causes people to prefer information and opinions that match what they already believe? Management Bias Confirmation Bias Second-Hand Bias Silo Mentality Self-Management Errors
Confirmation Bias
Which of the following is unlikely to be included in the Marketing and Sales section of your business plan? A description of how you will retain customers Copies of contracts for third party advertisers How you intend to sell to your target market Your intended advertising methods A description of where you will advertise
Copies of contracts for third party advertisers
Which of the following would not be considered proprietary information? Financial Information Current Sales and Discounts Information Regarding Operations Information Regarding Manufacturing Processes Product Availability Information
Current Sales and Discounts
Which of the following is not a component of the political factor in a PESTLE Analysis? Leadership Changes Tax Policy Changes Demographic Changes Trade Policy Changes Changes to Laws/Restrictions
Demographic Changes
Which of the following is not one of Kathy Burns-Millyard's reasons to write and use a formal business plan? Clarifying the Future of the Business Attracting Financing Managing the Business Determining a Business Location Defining the Direction of the Business
Determining Business Location
Ms. Studebaker's bakery was affected by a hurricane, which significantly damaged her equipment. Which of the following could she apply for? Small Business Loan Disaster Loans and Relief Microloan Debt Forgiveness All of the Above
Disaster Loans and Relief
Which organizational structure organizes by geography? Flat Divisional Self-Managed Matrix Functional
Divisional
Which of the following is not a factor for choosing an organizational structure? Communication Efficiency Documentation Company Culture Collaboration
Documentation
For which of the following tasks would you most likely need to hire a law firm? Assessing Customer Demographics Customer Background Checks Drawing Up Hiring Documents Business Location Selection Personal Skill Assessment
Drawing Up Hiring Documents
XYZ Widget Inc. frequently exports their widgets to East Nowhere; recently, the foreign exchange rates have drastically changed. Which factor of the PESTLE Analysis is this? Political Economic Social Technological Ethical/Environment
Economic
Ms. Studebaker wants to welcome her new employees into the business and help them adjust to the organization. Which of the following will she use to accomplish that? Personality Assessment In-House Training Employee Orientation Mentoring External Training
Employee Orientation
Which of the following should not be included in your formal business plan? Title Page Table of Contents Tables/Charts/Graphs Employee Records Necessary Images or Media
Employee Records
Which of the following would a lender be unlikely to consider in a business plan? Employee benefits and wages How you plan to differentiate yourself from your competitors Marketing strategy Examined potential customers Analyzed the marketplace competition
Employee benefits and wages
Which of the following best describes a key stakeholder? Lenders who have loaned you money to start your business Stakeholders with a key to the business Entities with the most impact and influence on your business Venture capitalists who have invested in your company Vendors who supply products and services to your company
Entities with the most impact and influence on your business
The ____________________________ federal agency is tasked with enforcing federal employment discrimination laws. Department of Commerce Department of Labor Small Business Administration Equal Employment Opportunity Commission Office of Civil Rights within the Department of Justice
Equal Employment Opportunity Commission
Ms. Studebaker changed some product suppliers to select fair trade options whenever possible. Which factor of the PESTLE Analysis model does this choice refer to? Political Economic Social Technological Ethical/Environmental
Ethical/Environmental
Your business mission statement would likely be contained within which of the following sections of a formal business plan? Company Description Title Page Executive Summary Table of Contents Market Analysis
Executive Summary
A strategic plan should include all the following except: Financial Projections Core Values Mission, Vision, Purpose Plans for Achieving Goals Top Priorities for Completion
Financial Projections
Criteria development is which step of the selection process? First Second Third Fourth Fifth
First
Which organizational structure attempts to remove layers of reporting relationships? Flat Divisional Self-Managed Matrix Functional
Flat
Given a limited quantity of staff, small businesses often require employees that are more: Trained in Niche Skills Flexible and Willing to Learn Hourly and not Salaried Salaried and not Hourly Part-Time and not Full-Time
Flexible and Willing to Learn
A/An ______________ business plan is a lengthy and detailed document, while a/an ____________ business plan may not be written at all. Informal; Formal Formal; Informal Standard; Nonstandard Nonstandard; Standard Funding; Defining
Formal; Informal
Test administration is which step of the selection process? First Second Third Fourth Fifth
Fourth
Ms. Studebaker wants her employees to be grouped based on the tasks that they perform. She would select which type of organizational structure? Flat Divisional Self-Managed Matric Functional
Functional
Which organizational structure organizes groups of staff based on their function? Flat Divisional Self-Managed Matrix Functional
Functional
A/An ____________ is money given without requiring repayment, while a/an ____________ is money given with the expectation of repayment.
Grant/Loan
Ms. Studebaker is a veteran and she knows that there are special funding programs to help her build her business. Which type of funding is she most likely looking for? Microloans Grants Small Business Loans Tax Incentives Interest-Only Loans
Grants
Creating a happy workplace starts with which of the following? Maintaining quality stakeholders Contracting third party suppliers Hiring the right employees Finding the best tax incentives Drawing in the right customers
Hiring the right employees
Which of the following is the first step in stakeholder management? Identify your key stakeholders Identify all stakeholders and their interests Identify stakeholder relationships Think of how your stakeholders evaluate you Identify which stakeholders can most benefit you
Identify all stakeholders and their interests
Ms. Studebaker needs to show her new employees the baking procedures for her various products. Which of the following processes would include those learning opportunities? In-House Training External Training Mentoring Employee Orientation Test/Retest Training
In-House Training
Change can come from ___________________ within your business; and from ___________________ outside your business. Internal Influences/External Influences External Influences/Internal Influences Minimum Influences/Maximum Influences Maximum Influences/Minimum Influences Proactive/Reactive
Internal Influences/External Influences
Which of the following is the best definition for an indemnification agreement? It says if part contract is unenforceable, the rest of the contract is still enforceable. It defines the rights and responsibilities of the members, owners, or partners. It defines the terms for purchasing stock in the business. It defines the options for purchase if the business is put up for sale. It defines the responsibilities of each party in a contract should there be loss or injury.
It defines the responsibilities of each party in a contract should there be loss or injury.
A ____________ is someone who has influence over others, while a _____________ is responsible for administrative tasks. Stakeholder/Investor Owner/Proprietor Proprietor/Owner Manager/Leader Leader/Manager
Leader/Manager
Ms. Studebaker's customers sometimes request certain media images to be put on their cakes. This requires Ms. Studebaker to then check certain copyright laws and see if it is allowed. Which factor of the PESTLE Analysis model does this apply to? Political Economic Social Technological Legal
Legal
Once every season, Ms. Studebaker hosts an open-house. This allows her to: Visualize Overlapping Interests Identify Stakeholders with the Most Power Identify Stakeholders with the Most Interest Identify Key Stakeholders Manage Stakeholder Relationships
Manage Stakeholder Relationships
Ms. Studebaker finds herself lacking _______________ skills, therefore she will hire a manger to oversee the employees at her store.
Managerial
Ms. Studebaker wants to convince lenders that she will stand out from the competition. She does stand out from the competition by offering organic and gluten-free baked goods. Information about this would be contained in which section of her business plan? Financial Projections Market Analysis Operations Plan Executive Summary Third Party Contracts
Market Analysis
Which of the following documents might help you write your company description? Customer Analysis Operations Plan Proprietary Agreement Marketing Plan Partnership Agreement
Marketing Plan
Which organizational structure combines functional and divisional structures? Flat Divisional Self-Managed Matrix Functional
Matrix
Which of the following could be used to complete a Power-Interest Grid for managing stakeholders? Anderson's Matrix Venn Diagram PESTLE Analysis Mendelow's Matrix Workflow Diagram
Mendelow's Matrix
Ms. Studebaker has been approached by a student at a local culinary institute, who would like firsthand advice on how to start her own baking business. Ms. Studebaker would then be serving as a/an ___________ for this student. External Trainer In-House Trainer Instructor Business Advisor Mentor
Mentor
Which of the following is not one of Anderson's strategies for increasing self-awareness? Listen with empathy and understanding Try to view your actions as neutrally as possible Ask for feedback and listen to their advice Describe your experiences from another person's perspective Monitor conversations so that you can give active feedback to others
Monitor conversations so that you can give active feedback to others
Ms. Studebaker hired additional baking staff, and she does not want them to tell others about her secret recipe. She should have them sign a: Wage/Benefit Statement Non-Disclosure Agreement Proprietary Agreement Non-Compete Clause Third Party Contract
Non-Disclosure Agreement
Which of the following would be a helpful graphic in the Organization and Management section of your business plan? Picture of the Business Organizational Chart Picture of Potential Location Map of Surrounding Area Financial Projections
Organizational Chart
Which of the following entails that you hire a professional, rather than an employee, to complete a specialized task? Sidesource Insource Outsource Hire Additional Staff Contract Third Party Logistics
Outsource
Which of the following is not one of the typical skills you need to assess when defining your management plan? Technical Skills Managerial Skills Entrepreneurial Skills Outsourcing Skills Personal Maturity Skills
Outsourcing Skills
Ms. Studebaker wants to specifically analyze the external threats to her business, which of the following would she choose to do? SWOT Analysis Economic Analysis Business Plan Analysis PESTLE Analysis Threat Analysis
PESTLE Analysis
Which of the following is not a standard component for the pay of employees? Hourly Wage/Salary Medicare Payments Social Security Payments Worker's Compensation Insurance Parking Fees
Parking Fees
Ms. Studebaker wants to define the financial relationship with her business partner, she should have which of following documents drawn up? Management Plan Self-Managed Organizational Structure Non-Disclosure Agreement Proprietary Clause Partnership Agreement
Partnership Agreement
A _________ owner is not typically involved in the day-to-day operations of a business, while a ____________ owner is actively involved in the day-to-day operations.
Passive; Active
Which of the following best describes the Eisenhower Method? Define the strengths, weaknesses, threats, and opportunities around you Put 20% of your effort into producing 80% of your results Rank tasks from most to least important Place tasks into quadrants based on urgency and importance Prioritize, arrange, reduce, economize, total, and organize your tasks
Place tasks into quadrants based on urgency and importance
XYZ Widget Inc. just learned that the Affordable Care Act will require them to provide health care to their employees, what factor of the PESTLE Analysis is this? Political Economic Social Technological Legal
Political
The _____________ is the initial amount of money that was borrowed in a loan, while the _____________ is the fee applied to that loan. Principal/Interest Interest/Principal Loan/Grant Grant/Loan Principal/Grant
Principal/Interest
Ms. Studebaker has completed a SWOT analysis so that she can behave in a _________ manner when problems arise. Managerial Informal Formal Reactive Proactive
Proactive
Prepared business owners act in a _____________ manner, before events occur; rather than in a _____________ manner, after events occur. Reactive/Proactive Proactive/Reactive Formal/Informal Informal/Formal Strong/Weak
Proactive/Reactive
Which of the following best describes a Pareto Analysis? Define the strengths, weaknesses, threats, and opportunities around you Put 20% of your effort into producing 80% of your results Rank tasks from most to least important Place tasks into quadrants based on urgency and importance Prioritize, arrange, reduce, economize, total, and organize your tasks
Put 20% of your effort into producing 80% of your results
The building that Ms. Studebaker has been leasing is up for sale. Which of the following could most likely allow her to remain in that location? Indemnification Agreement Proprietary Agreement Stock Purchase Agreement Right of First Refusal Voting Rights Agreement
Right of First Refusal
Which of the following objects is most like an informal business plan? Snapshot Dining Room Table Spotlight Roadmap Lamp
Roadmap
Which of the following is a method used to examine factors affecting a business? SWOT Analysis Financial Analysis Business Plan Analysis Marketing Analysis Management Analysis
SWOT Analysis
Which of the following is not a method recommended by the SBA for setting priorities? SWOT Analysis Pareto Analysis ABC Method Eisenhower Method POSEC Method
SWOT Analysis
A _____________ employee works for a set amount of pay, in a given period; while a ______________ employee works for a set amount of pay, per given time period. Hourly/Salary Salary/Hourly Contract/Salary Salary/Contract Contract/Hourly
Salary/Hourly
Ms. Studebaker wants her employees to have autonomy and a sense of equality. She should select which type of organizational structure? Flat Divisional Self-Managed Matrix Functional
Self-Managed
Which organizational structure removes all formal reporting structures? Flat Divisional Self-Managed Matric Functional
Self-Managed
Which of the following is not a standard organizational structure? Flat Divisional Sequential Matrix Functional
Sequential
Descriptions of intellectual property, patents, copyrights, and trademarks should be included in which section of the business plan? Service/Product Section Executive Summary Market Analysis Operations Summary Customer Analysis
Service/Product Section
Which of the following involves a breakdown in collaboration and communication? Outsourcing Bad Organizational Structure Non-Disclosure Agreements Silo Mentality Proprietary Disclosures
Silo Mentality
XYZ Widget Company has had a breakdown in communication due to a strict reporting hierarchy; this is the result of: Self-Managed Organization Outsourcing Silo Mentality Undertrained Workers Unskilled Management
Silo Mentality
When Ms. Studebaker opened her bakery, she focused on cupcakes which were very popular at the time. However, donuts have recently become more popular in her area. This change reflects which factor in the PESTLE Analysis model? Political Economic Social Technological Legal
Social
A _________________ is used to define the terms with which one will purchase stock in a company, as well as the rights and responsibilities that result from the purchase. Right of First Refusal Equity-Sharing Agreement Lease Agreement Stock Purchase Agreement Indemnification Clause
Stock Purchase Agreement
Ms. Studebaker has identified that her products are quite good and this is a ____________ of her business; however, her advertising does not reach her intended demographic, which is a ______________ of the business. Weakness/Strength Strength/Weakness Strength/Threat Threat/Weakness Weakness/Threat
Strength/Weakness
Ms. Studebaker plans to retire and move to Florida. Before doing so, she must develop which of the following to pass on her business? Partnership Agreement Non-Disclosure Agreement Succession Plan Proprietary Contract Managerial Plan
Succession Plan
Which of the following is not a component in the legal factor of a PESTLE Analysis? Employment Law Consumer Law Copyright Law Health/Safety Law Sustainability Law
Sustainability Law
Which of these is not a component in the economic factor of a PESTLE Analysis? Changes in General Consumer Income and Spending Changes to Monetary Policy Inflation Tax Policy Changes Changes in Interest Rates
Tax Policy Changes
Which of the following is not a main component of a business plan? Marketing Tax Incentives Product Description Work Strategies Operations
Taxes Incentives
Much more important than the idea, is the ____________________. Team that will execute it. Funding that starts it. Will to see it through. Tax incentives you can receive. Ingenuity behind the idea.
Team that will execute it.
Ms. Studebaker wants to contract a professional to develop a mobile app that will allow customers to purchase goods for delivery. What factor of the PESTLE Analysis model does this change apply to? Political Economic Social Technological Ethical/Environmental
Technological
Ms. Studebaker is wants to expand her bakery. She must demonstrate to lenders that she is fiscally responsible. Which of the following is a potential lender unlikely to ask for? P&L Statements Cash Flow Statements Income Statements Financial Forecasts Third Party Contracts
Third Party Contracts
Ms. Studebaker recently learned that her sugar supplier is raising the cost of their product, a SWOT Analysis would identify this as which component? Strength Weakness Opportunity Threat Temporary
Threat
Which of the following is a reason that you may need to hire additional team members? To Gain Specialized Knowledge To Comply with Local Ordinances To Receive Tax Incentives To Gain More Customers As a Contingency Plan
To Gain Specialized Knowledge
Which of the following is your primary task when assessing your management plan? Assuring Smooth Management Structure Refining Your Contingency Plan Understanding Your Skills and Skill Gaps Identifying Applicable Insurance Needs Assessing Customer Demographics
Understanding Your Skills and Skill Gaps
Which of the following is defined as a person or group that invests money in a business, in exchange for an equity position in the business? Venture Capitalist Government Grant Program Chamber of Commerce Small Business Administration Local Taxing Board
Venture Capitalist
Ms. Studebaker is using a Venn Diagram to group and analyze her various stakeholders. This will allow her to: Visualize overlaps in interest Identify key stakeholders Identify which stakeholders belong to multiple groups Management stakeholder relationships Visualize organizational structure
Visualize overlaps in interest
Which of the following is not an instance in which you would need to hire an attorney? When determining your business's ownership structure When environmental issues impact your business When encountering difficult employee issues When scouting for your business location When negotiating contracts
When scouting for your business location