ESHIP Midterm
Using cost-based pricing, what is the percentage markup on an item costing $1.00 and selling for $5.00? A) 25% B) 45% C) 80% D) 55%
C
Which of the following promotional activities has the highest cost per audience member? A) Public Relations B) Advertising C) Personal Selling D) Sales Promotion
C
A SWOT analysis represents: A) Strengths, weaknesses, opportunities, threats B) Strategy, weaknesses, opportunities, tactics C) Strategy, weakness, obstacles, threats D) Strengths, weaknesses, obstacles, tactics
A
A ________ should be a formal statement of a business's values concerning ethics and social issues. A) Code of ethics B) Code of behaviour C) Vision statement D) Mission statement
A
Agencies such as Equifax Canada Inc. assemble information about how you pay your bills and then enter this information into your credit file. An individual who is always late in paying their bills is given a rating of: A) R4 B) R1 C) R3 D) R2
A
Deal-to-dealers are small business owners which have had more than one venture, often in quite different lines of business. A) True B) False
A
The three types of reaction identified by Robinson et al. are: A) Cognition, Affect, and Behaviour B) Cognition, Intelligence, and Emotion C) Passion, Avoidance, and Ignorance D) Empathy, Confusion, and Clarity
A
There is considerable evidence which suggests that the "right stuff" needed to become a successful entrepreneur can be learned. A) True B) False
A
These entrepreneurs go on to build larger companies through hiring and delegation of authority. A) Team builders B) Deal-to-dealers C) Independent innovators D) Pattern multipliers
A
Which of the following promotional activities offers the greatest ability to focus on the target customer? A) Public Relations B) Advertising C) Sales Promotion D) Personal Selling
D
A budget is generally included in the full business plan. A) True B) False
A
A condo developer has determined that his target market consists of financially independent, unattached singles between the ages of 40-50. He has segmented the market based on ________ factors. A) Demographic B) Sociological C) Psychographic D) Geographic
A
A cost advantage competitive strategy involves a significantly lower cost compared to the competition which permits reasonable profit margins while offering lower prices. A) True B) False
A
A feasibility study will help you determine: A) Whether your prospective business venture will be feasible or not. B) The way to get around government regulations which could impede your business. C) Whether your new business venture will be scrutinized by Revenue Canada. D) If you have to pay taxes on income earned by the business.
A
A socially responsible organization behaves in such a way as to achieve a high level of financial performance, coupled with obvious efforts to act as good citizens and give something back to the societies in which they exist. A) True B) False
A
A typical feasibility study includes all of the following areas, except: A) International trade regulations B) The concept for your venture C) The technical feasibility of your idea D) The supply situation
A
According to Vesper's typology, "Acquirers" are entrepreneurs that will often take over businesses that are in trouble and try to straighten them out or buy businesses that they can add value to in some way, perhaps before selling them off again. A) True B) False
A
All of the following are examples of variable expenses, except: A) Insurance premiums B) Travel costs C) Advertising and promotion D) Salaries and commissions
A
All of the following are examples of variable operating expenses, except: A) Insurance premiums B) Advertising and promotion expenses C) Wages and salaries D) Delivery expenses
A
All of the following are included in the nine elements of the Business Model Canvas, except: A) Conduct Codes B) Key Partnerships C) Value Propositions D) Cost Structure
A
All of the following should be included in the marketing plan section of the business plan, except: A) Proprietary issues B) Service and warranty C) Sales and distribution D) Pricing
A
Examples of psychographic factors include the desire for status, the pursuit of fun, and the desire to be environmentally conscious. A) True B) False
A
High energy, good health, and emotional stability are thought to be some of the "not so learnable" qualities of successful entrepreneurs. A) True B) False
A
If a business's net sales are $20,000 while cost of goods sold totals $6,000, its gross margin is $14,000 or 70 percent of sales. A) True B) False
A
If the business carries an inventory of $10,000 and its overall net revenue is $160,000, inventory turnover is sixteen times per year. A) True B) False
A
If you have used professional advisers, such as lawyers, accountants, insurance brokers, etc., you should provide their names and contact information in your business plan under the heading "Management team". A) True B) False
A
In the Lean Startup, author Eric Ries says that rather than wasting time creating elaborate business plans: A) Businesses should be testing their vision continuously B) Businesses should rely on potential stakeholders to collaborate on a business plan. C) Businesses should create a prototype to market their concept to investors. D) Businesses should test market their concept internationally.
A
In the model for small business growth, product and market research in the survival stage is: A) Little B) Innovative C) Non-existent D) Moderate
A
In the model for small business growth, the key issue in the survival stage is: A) Increasing competition B) Expansion into new products or markets C) Finding growth opportunities D) Obtaining customers
A
It is not uncommon that a new business will have to pay for its inventory and supplies up front on a "cash on delivery" (COD) basis until it establishes a reputation for meeting its financial commitments. A) True B) False
A
Items such as food products and other staple products typically have markups in the range of: A) 15-25% B) 5-10% C) 50-60% D) 35-45%
A
Many new businesses take several months or even years before they operate "in the black." A) True B) False
A
Merchant wholesalers are further classified as full-service, limited-function, drop shippers, truck wholesalers, and rack jobbers. A) True B) False
A
Most entrepreneurs are found to be ________ listeners and ________ learners. A) Good; quick B) Poor; quick C) Good; slow D) Poor; slow
A
Most entrepreneurs are self-confident, and with this confidence comes a strong ego. A) True B) False
A
Non-cash accounting entries that may show up on an income statement such as depreciation, amortization, and asset transfers are ignored in forecasting the cash flow statement. A) True B) False
A
Purchasing supplies and raw materials, controlling inventory, and managing the physical facilities are skills which fall under which of the following broad entrepreneurial skill sets? A) Directing business operations B) Setting up a business C) Directing sales and marketing operations D) Managing people
A
Rather than using page count as a way to measure the length of a business plan, expert Tim Berry recommends that you measure a plan based on: A) Readability and summarization B) Readability and grammar C) Sentence structure and summarization D) Sentence structure and grammar
A
Successful new ventures do not go to market with their first idea; instead, the product/ service usually goes through several iterations before arriving at the final version. A) True B) False
A
Survey research is the most widely used method of primary data collection. A) True B) False
A
The "typical entrepreneur" is most closely associated with the Empire Builder type of entrepreneur. A) True B) False
A
The bottom-up approach involves aggregating information from the customer level to the total market level. A) True B) False
A
The break-even point indicates the level of operation of the business at which: A) Total costs equal total revenue B) Total revenue is greater than total costs C) Current assets equal current liabilities D) Fixed expenses equal variable expenses
A
The break-even point is affected by several factors, including your fixed and variable costs and your selling price. A) True B) False
A
The characteristics of your location in relation to market size, traffic flows, local and regional growth rates, income levels, and similar market-related factors is presented as part of the production/operations plan. A) True B) False
A
The debt-to-equity ratio is an example of a(n): A) Leverage ratio B) Asset ratio C) Liquidity ratio D) Profitability ratio
A
The higher your number of most desirable responses on the Entrepreneurial Quiz is, then: A) The more your responses agree with those of successful entrepreneurs. B) The less likely you are to become a successful entrepreneur. C) The less your responses agree with those of successful entrepreneurs. D) The more likely you are to abort your attempts at an entrepreneurial venture because of anxiety.
A
The three common groups into which financial ratios are typically arranged include all of the following, except: A) Debt ratios B) Liquidity ratios C) Leverage ratios D) Profitability ratios
A
Under which section of the business plan are environmental issues most likely to be described? A) Production/Operations Plan B) Development Plan C) Marketing Plan D) Market Analysis
A
Which category of financial ratios measure the level of debt the business has incurred? A) Leverage ratios B) Liquidity ratios C) Profitability ratios D) Asset ratios
A
Which of the following competitive strategies identifies a position in the market that has been overlooked by your competitors? A) Focus on a Market Niche B) Differentiation advantage C) Cost advantage D) Marketing advantage
A
Which of the following financial statements provides a "snapshot" of your business's health at one point in time? A) Balance sheet B) Pro forma income report C) Cash flow statement D) Income statement
A
Which of the following is considered an operating expense? A) Employees' wages B) Capital expenditures C) The purchase of beginning inventory D) Equipment leasing
A
Which of the following is most likely found under the development plan section of the business plan? A) Costs B) Service and warranty C) Facilities and equipment D) Sales and distribution
A
Which of the following is not among the three questions to address when confronted with an ethical problem? A) What will others think? B) How will it make you feel about yourself? C) Is it balanced? D) Is it legal?
A
Which of the following is not considered a soft cost? A) Lease of furniture B) Pre-opening advertising C) Promotion expenses D) Utility deposits
A
Which of the following promotional activities has the highest level of credibility? A) Public Relations B) Sales Promotion C) Personal Selling D) Advertising
A
Which of the following promotional activities is weakest in terms of the ability to deliver a complicated message? A) Sales Promotion B) Advertising C) Public Relations D) Personal Selling
A
Which of the following promotional activities is weakest in terms of the ability to focus on the target customer? A) Advertising B) Sales Promotion C) Personal Selling D) Public Relations
A
Which part of the business plan will include information about the goals and objectives of the business? A) Body of the plan under "Company and the Industry" B) Body of the plan under "Market Analysis" C) Letter of transmittal D) Executive summary
A
You can usually identify ________ by the fact that their companies grow by more than 30 percent annually. A) Empire Builders B) Venture Capitalists C) Institutional Developers D) Freedom Fighters
A
Your business plan should lay out the details so that everyone can see precisely where you are now, where you are going, and how you plan to get there. A) True B) False
A
Your personal balance sheet includes a summary of all your assets-what you own that has some cash value-and your liabilities or debts. A) True B) False
A
________ gives you a method of moving inventories that you may otherwise have to carry over to the following year. A) Seasonal discounts B) Quantity discounts C) Quality discounts D) Cash discounts
A
A ________ gives the title of the plan or the name of your business, and outlines the major features of your plan that may be of interest. A) Letter of Expression B) Letter of Transmittal C) Letter of Purpose D) Letter of Intent
B
A discount expressed as "2/10 net 30" means the customer can take a 2 percent cash discount for making payment within 10 days. Otherwise, the customer must increase the invoice total by 2 percent and pay that amount in 30 days. A) True B) False
B
A feasibility study can help a potential business owner determine the liquidity of future assets. A) True B) False
B
A personal sales person's primary function is informing customers about the nature of the offering and the value and benefits of using the product or service. A) True B) False
B
A small, one person business can easily use the________, while larger, multiple employee companies are more likely to use the ________. A) Lean Model Canvas; Summary Business Plan B) Lean Model Canvas ; Business Model Canvas C) Summary Business Plan; Operational Business Plan D) Business Model Canvas; Lean Model Canvas
B
All of the following are examples of fixed expenses, except: A) Rent B) Travel costs C) Business taxes and licences D) Insurance premiums
B
All of the following are required to construct a pro forma income statement, except: A) Projected cost of goods sold B) Last period's actual sales C) Variable operating expenses D) Projected net sales
B
All of the following are subscales in Robinson's EAO Model, except: A) Innovation in business B) Desire for retribution C) Desire for personal control D) Achievement in business
B
All of the following websites offer outlines, instructions, and templates for developing a business plan, except: A) Business Development Bank of Canada B) Industry Canada C) Canadian Bank Association D) Canada Business Network
B
Although your operations plan should indicate your planned facilities, it is not necessary to detail the machinery and equipment that is required for your manufacturing process. A) True B) False
B
At the heart of the capital-raising process is: A) Your feasibility study B) Your business plan C) Your statement of cash flows D) Your income statement
B
Contingency plans are not described in a business plan. A) True B) False
B
Craftspeople are a type of entrepreneur that seek financial independence above anything else and the freedom to spend their time as they wish. A) True B) False
B
Craig and Mark Kielburger are well known for the role they played in the Ponzi scheme and eventual collapse of Enron. A) True B) False
B
Entrepreneurs are driven by an immense desire to achieve the goals they initially set for themselves and then to aim for even more challenging standards. This makes them: A) Profit-oriented B) Success-oriented C) Challenge-oriented D) Goal-oriented
B
Equifax Canada Inc. is a venture capital firm headquartered in western Canada. A) True B) False
B
Eric Ries is the author of: A) Canvas Modelling Tool B) The Lean Startup C) The Business Model Canvas D) The Summary Plan
B
Free product samples and contests are activities related to: A) Public relations B) Sales promotion C) Advertising D) Personal selling
B
High intelligence and conceptual ability are two of the most "learnable" attributes of successful entrepreneurs. A) True B) False
B
If a business's net sales are $200,000 while cost of goods sold totals $140,000, its gross margin is 60 percent of sales. A) True B) False
B
If the business carries an inventory of $25,000 and its overall net revenue is $150,000, inventory turnover is three times per year. A) True B) False
B
If your sales level is less than the break-even point, your business will incur a profit. A) True B) False
B
In the model for small business growth, the key issue in the inception stage is: A) Finding growth opportunities B) Obtaining customers C) Expansion into new products or markets D) Increasing competition
B
It is estimated that the principal reason for the failure of small firms is poor cash flow. A) True B) False
B
It is not necessary to mention whether employees of your potential business will be unionized or not. A) True B) False
B
Many retail businesses are: A) Employee intense B) Capital intensive C) Inventory intense D) Labour intensive
B
Many small business owners experience an immediate increase in the level of personal income they can earn. A) True B) False
B
One-time expenditures include all of the following, except: A) Soft costs B) Employees' wages C) Capital expenditures D) Fixtures
B
Patents and trademark information should be described in the Production/Operations Plan. A) True B) False
B
Researchers are unable to identify a set of common attributes, attitudes, and experiences among entrepreneurs that appear to lead to success. A) True B) False
B
Social entrepreneurship refers to the discovery, evaluation, and exploitation of opportunities for financial profit. A) True B) False
B
Social entrepreneurship seeks: A) Welfare management B) Social change C) Financial profit D) Social media business opportunities
B
The Lean Startup has been an international phenomenon however it is only used by small scale companies. A) True B) False
B
The Managerial Sills Inventory questionnaire can be used to develop an inventory of your skills and capabilities in the areas of financial accounting, human resources, and ethics. A) True B) False
B
The ________ approach utilizes published statistics and weights them by an index that may be some factor such as the percentage of the population within your designated geographic area. A) Narrow-focus B) Top-down C) Broad-based D) Statistic-specific
B
The ________ lays out the "super goal" that you would like your business to achieve. A) Financial statement B) Vision statement C) Concept statement D) Mission statement
B
The business planning process focuses on the: A) Customers B) Future C) Present D) Past
B
The cost of goods sold: A) Is the price of the goods sold, including selling and other expenses. B) Is just the price of the goods, not including selling and other expenses. C) Is the price of the goods sold, plus an estimated expense of carrying the inventory in the store or warehouse facility. D) Is a value that is not relevant when it comes to constructing the pro forma income statement.
B
The current ratio is an example of a(n): A) Asset ratio B) Liquidity ratio C) Leverage ratio D) Profitability ratio
B
The first comprehensive plan you need in contemplating any new venture is called: A) A financial projection report B) A feasibility study C) A profit-loss statement D) A business plan
B
The first plan you will write for your new venture is the business plan, once that is complete, you will then conduct a feasibility study. A) True B) False
B
The market research process involves two basic steps: gather information and then interpret it. A) True B) False
B
The operational business plan is typically over 40 pages in length and is the most frequently used form of business plan. A) True B) False
B
The personal net worth required to start a business is generally thought to be in the range of: A) $5,000-$10,000 B) Every business opportunity has its own unique capital requirements. C) $100,000-$500,000 D) $20,000-$50,000
B
The typical business plan is roughly 20 pages in length. A) True B) False
B
Training employees, motivating people, and evaluating workers fall under the "directing business operations" skill set. A) True B) False
B
What is the percentage markup on an item costing $1.50 and selling for $3.00? A) 75% B) 50% C) 25% D) Cannot be determined.
B
When it comes to the "one-store test" to test your product, you are safe to assume that the single location will be representative of the marketplace in general. A) True B) False
B
Which of the following competitive strategies creates a meaningful difference between your products and those of the competition, which creates a higher level of perceived customer benefits? A) Focus on a Market Niche B) Differentiation advantage C) Cost advantage D) Marketing advantage
B
Which of the following components of a business plan will answer the question, "is there a need and demand?"? A) Detailed financials B) Market opportunity and competitive advantage C) Executive summary D) Goals and business strategy
B
Which of the following is considered a fixed asset? A) Mortgages on land B) Machinery and equipment C) Inventory D) Raw materials
B
Which of the following promotional activities offers the greatest capacity to interchange with the audience? A) Advertising B) Personal Selling C) Public Relations D) Sales Promotion
B
Which part of the business plan should capture the attention of the reader, stimulate interest, and get the reader to keep on reading? A) Letter of Transmittal B) Executive Summary C) Title Page D) Table of Contents
B
Wireless technologies are generally considered to be: A) Highly innovative B) New inventions C) Moderately innovative D) Copycatting
B
You are able to acquire many of the skills needed prior to considering an entrepreneurial career through all of the following means, except: A) Organizational (or club) activities B) Vacationing C) Managing a home D) Job experience
B
Your credit rating is based on your income earning potential in a five year period. A) True B) False
B
Your mission statement should be short (a sentence or two). It should also be easy to understand and easy to remember. A) True B) False
B
________ data comprise information that others have put together relating to your industry and/or your customers. A) External B) Secondary C) Internal D) Primary
B
A code of ethics should be guided by all of the following areas of concern, except: A) Integrity B) Responsibility C) Competition D) Citizenship
C
All of the following are current assets, except: A) Cash B) Accounts receivable C) Buildings D) Inventory
C
All of the following are external factors which might affect your sales, except: A) Changes in the retail mix B) Political activities and events C) Level of your promotional effort D) Seasonal changes
C
All of the following are forms of non store retailing, except: A) Fairs and exhibitions B) The Internet C) Bricks and Mortars D) Vending machines
C
All of the following are internal factors which might affect your sales, except: A) the distribution channels you decide to use B) your ability to manage inventory levels effectively C) fashion trends and cycles D) level of your promotional effort
C
All of the following are likely uses for your prototype, except: A) Show the idea to prospective buyers B) You can get photographs and other promotional material. C) Sell the prototype to the highest bidder D) Put out publicity releases
C
Arranging financing, handling credit, and budgeting are all considered skills under which broad entrepreneurial skill set? A) Managing capital B) Managing people C) Managing money D) Managing inventory
C
Debts you expect to incur that will fall due in less than 12 months are considered: A) Current assets B) Fixes assets C) Current liabilities D) Long-term liabilities
C
Despite scoring high on the Entrepreneurial Quiz, your venture is unlikely to succeed if you fail to demonstrate: A) People prowess B) Financial independence C) Commitment, determination, and perseverance D) Technical savvy
C
Financial institutions are likely to read the executive summary of your business plan, and then skip directly to the section pertaining to: A) Incorporation B) The competition C) Financials D) Competitive advantage
C
For your business plan, sales estimates for your first year of operation should be ________, while the estimates for subsequent years can be ________. A) Quarterly; semi-annually B) Quarterly; annually C) Monthly; quarterly D) Monthly; semi-annually
C
If your feasibility study suggests to you that your new business venture is not viable, the next step is to: A) Create a lean business plan to convince the bank to lend you money. B) Hire someone to work on the financial aspects of your plan to make the business viable. C) Re-evaluate your concept, market, etc., with the hope of salvaging some of the viable aspects of your business prospect. D) Find investors to raise capital for the equipment and fixtures you will need when you open.
C
In a study of inductees into the Babson University Academy of Distinguished Entrepreneurs, the three attributes and behaviours cited as the principal reasons for entrepreneurial success are: A) Positive attitude, social savvy, and intellectual intelligence. B) Emotional intelligence, social intelligence, mathematical intelligence. C) Openness to change, personal initiative, and perseverance. D) Commitment, dedication, and perseverance.
C
In the model for small business growth, product and market research in the inception stage is: A) Innovative B) Little C) Non-existent D) Moderate
C
In the model for small business growth, the key issue in the maturity stage is: A) Obtaining customers B) Expansion into new products or markets C) Finding growth opportunities D) Increasing competition
C
In very simple terms, a cash flow forecast: A) Traces the amount of interest earned by a business when customers use credit cards to pay for their merchandise. B) Traces the expected expenses of a business on a semi-annual basis. C) Traces the expected flow of funds into and out of a business over some period of time. D) Traces the cost of borrowing over the term of the debt.
C
Items such as specialty products or jewellery, for example, typically have markups in the range of: A) 20-30% B) 5-10% C) 50-60% D) 35-45%
C
Letters of reference and copies of legal documents can be found in which component of a business plan? A) Executive summary B) Body of the plan under "Company and the Industry" C) Appendices D) Letter of transmittal
C
Other firms and businesses in your community and across the country are considered to be part of the: A) B2C market B) government market C) industrial market D) institutional market
C
Perhaps the best way to get the most current and useful information regarding your potential market is through: A) Secondary data B) Trade publications C) Primary data D) Statistics Canada
C
Selecting a location is most critical for which of the following businesses? A) Public Utilities Commission B) An automobile manufacturing plant C) Hakim Optical D) Municipal waste and recycling site
C
Successful entrepreneurs are ________ people; they want to start producing results immediately. A) Goal-oriented B) Success-oriented C) Action-oriented D) Challenge-oriented
C
The gross margin ratio is an example of a: A) Debt ratio B) Liquidity ratio C) Profitability ratio D) Leverage ratio
C
This process of breaking down large, heterogeneous consumer or industrial markets into more homogeneous groups is known as: A) Market diversification B) Market augmentation C) Market segmentation D) Market differentiation
C
Under which section of the business plan is the profile of the principal target customers described? A) Production/Operations Plan B) Development Plan C) Market Analysis D) Marketing Plan
C
Which of the following is a long-term liability? A) raw materials you will need for your initial inventory B) short-term loans from banks C) notes on machinery and equipment D) bills from suppliers
C
Which of the following is an example of a fixed operating expense? A) Delivery expenses B) Wages and salaries C) Rent D) Advertising and promotion expenses
C
Which part of the business plan will contain estimates pertaining to sales and market share? A) Body of the plan under "Product/Service Offering" B) Body of the plan under "Company and the Industry" C) Body of the plan under "Market Analysis" D) Body of the plan under "Your Marketing Plan"
C
Which part of the business plan will describe the profile of your principal target customers? A) Body of the plan under "Your Development Plan" B) Body of the plan under "Company and the Industry" C) Body of the plan under "Market Analysis" D) Body of the plan under "Product/Service Offering"
C
Which part of the feasibility study contains information about the nature of your competition? A) Technical feasibility B) Marketing plan C) Market assessment D) Profit assessment
C
Which type of entrepreneur takes advantage of the fact that unit costs tend to shrink as volume expands? A) Pattern multipliers B) Capital aggregators C) Economy-of-scale exploiters D) Deal-to-dealers
C
________ are commonly provided to customers who buy more than some minimum quantity or dollar value of products or services from you. A) Cash discounts B) Cumulative discounts C) Quantity discounts D) Loyalty discounts
C
A fully developed concept includes all of the following, except: A) Proprietary aspects B) Distribution plans C) A description of the proposed pricing strategy D) A prototype
D
A microprocessor used to control a single-person car is an example of a product that is: A) A new invention B) Highly innovative C) Slightly innovative D) Moderately innovative
D
A(n) ________ measures the company's sales and expenses during a specified period of time. A) Ratio analysis B) Budget C) Balance sheet D) Income statement
D
According to Tim Berry, business planning has become: A) Long-winded and overly formal B) Lengthy and complex C) Short and lacking in depth D) Leaner and more agile
D
All of the following are included in the triple bottom line assessment, except: A) Financial performance B) Environmental impact C) Social well-being D) Global equality
D
Another term used to describe a business plan is: A) A progress plan B) A feasibility plan C) A financial plan D) A game plan
D
Cloud computing is an example of a product that is: A) Moderately innovative B) Slightly innovative C) A new invention D) Highly innovative
D
Fixed expenses are those which: A) Are proportionate to the level of sales. B) Can be deferred in the event that sales are zero. C) Are dependent on the level of sales. D) Must be paid regardless of the level of sales.
D
In which part of the business plan will information about outstanding regulatory, testing, or other requirements be found? A) Body of the plan under "Market Analysis" B) Body of the plan under "Product/Service Offering" C) Body of the plan under "Company and the Industry" D) Body of the plan under "Your Development Plan"
D
Many financial institutions will accept a ________ for use by early-stage businesses in applying for a bank loan. A) Consultant's perspective B) Feasibility study C) Cash flow statement D) Summary business plan
D
One key source of demographic data on the Canadian market is: A) Industry Canada B) Canadian Industry Statistics C) The CRA (Canada Revenue Agency) D) CANSIM
D
One of the common themes resulting from research into the common attributes shared by successful entrepreneurs is that: A) Those attributes cannot be learned, an individual is either born with them or they are not. B) There are no "common" set of attributes - each entrepreneurial success story is unique. C) Those attributes are always the same - confidence, determination, and perseverance are always at the top of the list. D) Those attributes can be learned
D
Organizations such as hospitals, personal care homes, schools, and universities, are considered part of: A) The industrial market B) The B2C market C) The government market D) The institutional market
D
Other companies which offer products similar to yours are called: A) Parallel competitors B) Rival competitors C) Indirect competitors D) Direct competitors
D
The ________ defines the "super strategy" of your business. A) Vision statement B) Financial statement C) Concept statement D) Mission statement
D
The best entrepreneurs have a keen sense of their own strengths and weaknesses and of the competitive environment in which they operate. This makes them ________ -oriented. A) Goal B) Action C) Success D) Reality
D
The length and detail of your business plan will depend on all of the following, except: A) The type of business B) The expectations of stakeholders C) The expectations of your financial institution D) The expectations of competitors
D
The principal ingredients of a marketing program include all of the following, except: A) Person B) Pricing C) Place D) Productivity
D
The return on assets is an example of a(n): A) Leverage ratio B) Liquidity ratio C) Asset ratio D) Profitability ratio
D
The times interest earned ratio is an example of a(n): A) Liquidity ratio B) Asset ratio C) Profitability ratio D) Leverage ratio
D
Well-known social entrepreneurs include all of the following, except: A) Jeff Skoll B) Craig and Mark Kielburger C) Shannon Tessier and Zack Patterson D) Kenneth Lay
D
Which of the following did Robinson et al. define as the predisposition of the individual to respond in a generally favourable or unfavourable manner with respect to innovation? A) Character B) Empathy C) Personality D) Attitude
D
Which of the following entrepreneurial types prefer to identify themselves by their craft first, and as business owners only as an afterthought? A) Freedom Fighters B) Lifestyle Business C) Empire Building D) Craftspeople
D
Which of the following is a comprehensive, objective evaluation of the viability of your new business venture? A) A ratio analysis B) A pro forma income statement C) A lean business plan D) A feasibility study
D
Which part of the business plan will contain information about the name, address, and contact numbers as well as key company contacts? A) Table of Contents B) Letter of Transmittal C) Executive Summary D) Title Page
D
Which part of the feasibility study contains information about the distribution channels for your product? A) Technical feasibility B) Market assessment C) Profit assessment D) Marketing plan
D
Your credit rating is based on: A) Your employment income only. B) The value of your home equity. C) Your overall debt load, compared to your ability to generate income. D) Your prior history in borrowing and repaying money
D
________ is the level of return or compensation that you might expect for assuming the risks associated with investing in this business. A) Risk analysis B) Return on investment C) Capital appreciation D) Profit potential
D
________ permit customers to deduct a percentage amount from the net cost of their purchases if payment is made in cash at the time of purchase or full payment is made within a specified number of days. A) Noncumulative discounts B) Quantity discounts C) Quality discounts D) Cash discounts
D
Secondary data is far less expensive for a firm to collect than is primary data. A) True B) False
A
