Business 60
According to the small business administration's definition, small businesses are independently owned and operated
True
Successful entrepreneurial teams
Bring a variety of talent to the business venture
Businesses collect blank information on where people live what they buy and how they spend their time yes
Demographic
Nigel came to the US on assuming scholarship. After a few months of frustration with trying to find swim goggles like he used in his native country he started a website that offered specialty goggles for swimming, skiing, and snowboarding. Before launching the website and filling orders, and I just spent a few months going to swim meets and gathering preferences about goggles from other swimmers. Nigel's actions:
Demonstrated his need to better understand the market
Labels plus, LLC, export specialty printing equipment for the labeling, flexible packaging, and carton industry. Due to increased support from blank, this company sales to Brazilian companies and other global opportunities have significantly
Department of commerce his bureau of industry and security
Hi tax rates tend to:
Discourage entrepreneurship
When corporation is present in the business environment:
company leaders can threaten competitors and minimize competition
A good business plan will
describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications.
The goal of an intraprenuer is
develop new products and generate new profits for the corporation.
Jake wants to sell his workout DVDs in the European, Asian, and Latin American markets. Blink will help him reach vendors around the world, without the expense of traveling to meet them face-to-face.
A website and other technological advances
Which of the following will not help your small business succeed?
A. Services you perform are easily replicated by larger companies, such as online banking
A successful web based strategy that helps a business spread the word about its website and product is called
Affiliate marketing
Which of the following statements is not a challenge for a home based businesses?
Affordable technology makes it easier to compete
Which of the following statements is not a challenge for home-based businesses?
Affordable technology such as the Internet
According to the invisible hand concept the best way for society to encourage the creation of jobs and the production of the products most wanted by consumers would be to
Allow entrepreneurs personal freedom to follow their own self interest
Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of blank
And attorney
Blank are private individuals who invest their money and potentially hot new companies before these firms become larger publicly traded companies
Angel investors
Which of the following continents is home to the largest percentage of the worlds population?
Asia
Enterprise zones are specifically geographic areas that
Attract business investment by offering lower taxes and government support for development
After several years of working as a regional manager for a nationally known nonprofit, Janelle landed a management position with an innovative small business. If she accepts the job offer, she is likely to find that:
B/the principles of management are much the same at large and small firms.
A Mexican firm has agreed to trade petroleum to an American importer in return for US made computers. This arrangement is an example of
Barter
Similar to how large businesses proceed, small businesses make marketing decisions blank
Before a product is developed or store is opened
Which of the following employment statistics about small businesses is true?
C. great majority of American workers find their first jobs with a small business.
For prospective entrepreneurs, and rolling in an introduction to business or small business management course offered through their community college
Can be helpful by offering them an opportunity to meet experience small business owners
Andy Blake got a call yesterday from planet to bank, the company that issued his credit card, inquiring about an $85 charge made in Venezuela. Upon learning that and he had not made this purchase, the bank quickly took steps to cancel the card and issue a new one. Given the circumstances that and his credit card had an illegal transaction, and he may also want to:
Check his credit report
Which of the following nations has joined the US, Japan, and the EU has a key driver of the world economy?
China
A nation has a blank in the production of a good or service if it can produce that good or service more effectively or efficiently and it can produce other goods
Comparative advantage
Affective entrepreneurial teams combine
Creativity with marketing and production experience
16. One way to get into business is to buy existing The value of the business used to determine a fair purchase price is based on:
D.the value of what the business owns, what it earns, and what makes it unique.
As a small business owner, Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations. One way to retain her employees and create a high level of motivation would be to:
Empower her employees to develop their own ideas
Which of the following statements best describes how firms mystery there for frontline workers in order to remain competitive? Frontline workers must be
Empowered with the authority to respond quickly to the unmet needs of customers
The US government immigration act of 1990
Encouraged entrepreneurs to come to the US through investor visas
An blank is a Person who assumes the risk of starting a business
Entrepreneur
Entrepreneur is applying for a bank loan should realize that bank as well:
Expect the entrepreneur to provide a business plan
The SBA's ____ Program provides export financing opportunities for small businesses
Export express loan
Blank is the selling of products to another country
Exporting
Luis is a partner in the firm that specializes in producing vitamins and health Food products. Well the business and is considered small by US standards, he is attempting to persuade his partner to expand internationally. Luis word list which of the following is an advantage of going global?
Exporting can help sell excess inventory
Compared to small businesses, large firms have a greater ability to provide personalized customer service.
False
Countries that wish to avoid shortages and surplus of goods should adopt a communist system
False
Katie owns a nail salon. She needs to update her shop with new customer massage chairs and workstations for her technicians. If the SED or to lower interest rates by 1.5 percentage points at the same time that the government increase the tax rate by 1.5% she could immediately determine that updating her shop would not increase or decrease her financial position
False
The small business sector that has the best chance of significant growth is legal services.
False
Wars are costly to all companies
False
After Kate graduated from college, her grandfather created a bookkeeping position for her and his furniture retail business. Her older brother is in charge of purchasing inventory for the store, yet often the store runs out of popular furniture or becomes overstocked with pieces that must be marked down to sell. As a founder of the business, her grandpa:
Find it difficult to remove a family members from positions, even if it is not good for the business
Greening
Finding ways to lessen the harm on our environment
If a Swiss chocolate firm produces an American ice cream manufacture, the American ice cream manufacturer becomes a:
Foreign subsidiary
Employees of small businesses often have a greater job satisfaction then do employees of larger firms. One reason for this difference and job satisfaction is that employees of small businesses often blank
Get more respect from their bosses
A new business that sets up a blank from the start saving itself time in grief later
Good accounting system
Afternoon business the greater the risk, the blank
Greater the potential reward
Globalization
Has greatly improved living standards around the world
To be considered part of a market, and individual must
Have both a willingness to buy and the financial resources needed to buy
In order to finance the shortbreads shack, a mobile bakery business that services several large Silicon Valley companies, mercy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with blank
Her business plan
Ameet's Three employees have been with him since but he started employment recruiters Inc., nearly 10 years ago. As he contemplates the staffing for his new branch office, he senses that none of these three are ready to manage the office. Face with this difficult situation, he should:
Hire a new qualified employee to manage the office since utilizing his unready employees could be detrimental to the business
Ben got a phone call from one of his regular customers asking if he had time to repair a couple of broken sprinkler heads on the customers underground sprinkling system. Although was already 6 PM and Ben had put in a full day of work he turned his car around and head for the customers house. As a small business owner, been demonstrates
His ability to easily adapt and respond to his customers needs
Business incubators are usually government funded facilities intended to
I first start up for him as a low-cost office space and basic business services
Carrie, a US resident, says that her home computer was made in Japan. Carrie purchased a
Imported item
Small businesses often have advantages in international markets. One advantage is:
Individualized customer service as opposed to in personal corporate bureaucracies
A blank is a valuable source of information regarding techniques to reduce affirms exposure to risk
Insurance agent
The small business administration's micro loan program awards a loan to entrepreneurs based primarily on their
Integrity and sound a business idea
A creative person working with a new corporation to launch new products and generate new profit is known as
Intrapreneur
Which of the following best describes the difference between intrapreneur and entrepreneur
Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business.
Which of the following statements explains one of the reasons that people in the US take the entrepreneurial challenge?
It's about independence and the opportunity to share in the American dream
One of the challenges of running a home based business is
Keeping work and family tasks separate
Conversations with people who start their own business often reveal that:
Many any small business owners got their entrepreneurial idea from a previous job.
Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem?
Many jobs and small firms have low pay and few benefits
A blank refers to people with unsatisfied wants and needs were willing and able to buy a product or service
Market
A small business management course at a community college may offer entrepreneurs an opportunity to:
Meet with experienced entrepreneurs and learn from their advice.
Which of the following is not a recommended source of small business advice for persons contemplating a new business?
Other prospective small business owners
One way to lessen the US government budget deficit is to
Out spending
Mark recently graduated with honors from his college. He has bragged to his friends that his academic performance has prepared him so well for his successful career that he can forget school or training in his future. And evaluating the future of the workplace, Mark is blank
Overconfident. Global competition means that continuous learning will be needed in the future to adapt to wrap adapt To future changes
A small business investment company (SBIC) is a
Private investment company that is the lien since to buy the SBA to make loans to small businesses
A blank tariff is designed to raise the price of imported products so that domestic goods are more competitively priced
Protective
After retiring as a telecommunications executive, Chad joined a score. As a score counselor Chad will
Provide consulting services to small businesses for free
When Crystal graduates from culinary school she dreams of opening her own Asian fusion restaurant. Her other passion is skiing Colorado, where she schedules four or five trips each help her make good business the following would be helpful for Crystal year. As her small business advisor, you believe it necessary to provide her with information that will help her make good business decisions. Which of the following would be helpful for Crystal to know?
Restaurants are relativeky easy businesses to start, but are labor intensive and also have ghe greatest failure rate
Affiliate marketing as a web based business strategy that
Rewards individuals who are willing to link a company's website to their blogger social network page
The immigrant population is having a dramatic affect on
Schools, hospitals and other services industries
Which of the following statements about business cycles in the US is the most accurate?
Seasonal business cycles occur within a year
Entrepreneurs learned that there are many legal and financial issues involved in starting their business. The best way for the small business owner to resolve these issues and protect the firms resources is:
Seek and pay for expert guidance and assistance
Which of the following government agencies is responsible for encouraging the development of small business?
Small Business Administration
One of the best places for young entrepreneurs to start shopping for a small business administration (SBA) loan is a
Small business development center
Using the analogy of boulders versus sand for filling a hole, the textbook points out that
Small businesses conserve niche markets that larger firms do not serve well
Due to the credit crunch during the recent recession, many small businesses found that blank or more willing to lend money to smaller operations
Smaller community banks
The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firms:
Stakeholders
As a result of corporate downsizing, Alex lost his job as an IT manager for a large telecommunications company. A bonafide computer geek in his own right, Alex knew that several past company contacts Often outsourced their computer problems. He decided it was a good time to test the waters and see if he could secure enough computer clients to be in business for himself. His success demonstrated that:
Successful big businesses often create profitable opportunities for small businesses
The quantity of a good or service that producers are willing to sell a different prices during a specific time period is known as
Supply of that product or service
Increased participation in small businesses exporting owes credit to ___
Technological advances such as the Internet and PayPal for safety for filling orders
Retired people will be draining the US economy of wealth. This is due to:
The fact that there are not enough workers in subsequent generations to support the ongoing drain of older persons into the Social Security system
Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in:
The manufacturing sector
Dr. :-) white just graduated from dental school. She is hoping to acquire the necessary funding to start her own dental practice. One advantage of this type of business is:
The service is individualized and not easily mass produced
Although it is experience persistent social unrest, multinationals have shown interest in Russia due to:
The size of its natural resources
Christine recently applied for a micro loan from the SBA. Although several crew Tearia are important, the small business administration's decision to grant or deny the loan will largely depend on:
The soundness of her business plan, and her integrity
Intrapreneurs make use of blank to develop an launch new products and generate new profits
Their employers existing human, financial, and physical resources
In countries where businesses are government owned:
There is less incentive to work hard
Antoine is considering marketing has bicycles in Brazil. If he enters the Brazilian market, he is likely to learn that blank
There is strong resistance of Brazilian firms with respect to American products
Small businesses are important to the US economy because
They create about 65% of new jobs each year and generate over 50% of the US GDP
Which of the following statements is characteristic of entrepreneurs
They look at problems and see opportunities
Although successful entrepreneurs are more tolerant of uncertainty,
They strive to take calculated risks
The small business administration sponsors volunteers from industry, trade associations, and education who offer advice to small business owners. The volunteers are called:
This service Corps of retired executives
A business is considered small by comparing its size to others in the same industry.
True
And socialist economies, the government owns some, if not most, basic businesses such as telecommunication systems and utilities
True
Big businesses do not serve all the needs of a market.
True
E-commerce is the buying and selling of goods over the Internet
True
Economist Bruce Kirchhoff contends that business failures are much lower than traditionally reported.
True
Small businesses account for over 50 % of the US . 's gross domestic product ( GDP )
True
Small businesses can often provide more personalized customer service than bigger rivals
True
The most common small business failures occur in businesses that are the easiest to start.
True
When the government attempts to stabilize the economy by changing taxes or government expenditures it is using fiscal policy
True
Xavier, a recent college graduate, is thinking of investing in a home health care business. He believes this will be a profitable venture because of the increasing number of people in the US that will be over 60 in the near future and more likely to need this type of service. This accurately describes the demographic trend that will affect his business choice.
True
of all nonfarm businesses in the United States , almost 97 % are considered small Business Administration (SBA) standards.
True
small businesses create 65 % of the jobs in the United States each year
True
Upwards of 80 % of all U.S. workers find their first job small business
True)
Janice started a small bakery in a resort town. She was certain that she had the ideal location, with plenty of hotels and inns within walking distance of her establishment. She plan to use her grandmother's recipes, using only the finest ingredients for her upscale resort customers. During the first week of business, she was disappointed with lackluster sales. When she drove past the regular breakfast style restaurants and even the Starbucks, she noticed they were rather bustling. Jane most likely:
Underestimated the competition
As a high net worth individual, Allison searches for growth firms in need of additional funding to achieve their goals . In return for this Allison expects to assume ownership in the business.
Venture capital
Do you to the credit crunch during the recent recession, many small businesses found that blank or more willing to lend money to smaller operations
Venture capitalist
Max is in charge of production for a family owned a farm that makes sense I'll sport gloves including baseball gloves, softball gloves, golf gloves and more. He has stated that speed of delivery is the most important factor for success in the competitive environment which of the following would be the best response to max?
Well, Max, speed isn't everything. What would exceed our customers expectations? Some consumers may put more importance on high-quality and or lower prices
Successful entrepreneurs are self nurturing. This means they
believe in themselves and their ideas.
review of small business successes and failures indicates that the
businesses with potential of high profit levels tend to be difficult to start and keep going, and offer high levels of security and growth potential
One of the hurdles small businesses face when deciding to export is
financing is often difficult to find.
After personal savings, the next largest source of capital for entrepreneurs is from:
friends and family
The concept of free trade means
goods and services can be traded freely across borders without political and/or economic barriers
Chris is an angel investor. This means that he:
invests his money in new businesses with potential for growth, hoping for a good return on his investment if they go public
One reason why many US small businesses are not involved in exporting is:
many of these firms do not know how to get started.
According to SBA guidelines, a manufacturing firm with 1,000 employees
may be classified as a small business depending upon the size of other firms in the industry
Business owners who prefer to maintain their businesses at a manageable size are called
micropreneurs
Small business employees:
often find more job satisfaction than their counterparts in big business.
A market consists of potential buyers of a good or service. However, for a market to exist:
people must have unsatisfied wants and needs as well as a willingness and ability to buy
big business? Which of the following statements accurately depicts an advantage that small business has over
quicker than most large businesses can. It can react to market conditions and customer concerns much faster.
Companies that outsource research and development and design jobs:
run the risk of overseas companies using the information to produce competitive products.
Enterprise zones are:
specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas
Historically entrepreneurs in the US
started many small firms that later became major corporations employing thousands of workers.
Which of the following best describes the outlook for small businesses in international markets?
the world is a larger, and potentially a more lucrative market than the U.S. domestic market
Which of the following sources of investment is the least likely type available to entrepreneurs?
venture capitalists
to After graduation, Manny focused his attention on finding full-time employment. He has decided his search to jobs with a major corporation. His job search strategy
will likely limit his job prospects since most new jobs are with small businesses.