First Year Innovation Midterm
brand manager
A __________ has direct responsibility for all the elements of the marketing mix for one brand or product line.
brand
A __________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.
trial balance
A __________ summarizes all the data from the account ledgers to verify that they are correct and balanced.
describe all aspects of the business, including product, the target market, the nature of the competition, any financial resources, and the owner's qualifications
A good business plan will
continuous
A production process characterized by long production runs to turn out finished goods over time is known as a(n) __________ process.
entrepreneurial team
A(n) __________ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product.
independent audit
A(n) __________ is an evaluation and unbiased opinion about the accuracy of a firm's financial statements.
assembly process
A(n) __________ puts together components to make a product.
may be classified as a small business depending upon the size of others in the same industry.
According to SBA guidelines, a manufacturing firm with 1,000 employees
depreciation
Accounting recognizes that assets, such as machinery and buildings, lose value over time. Accountants will record a portion of the cost of an asset as an expense each year through the use of
experienced professionals from different areas of business.
An entrepreneurial team consists of
accounting offers us insight into whether the business is financially sound
An important difference between accounting and other business functions, such as marketing and management, is that
equity
Brand __________ refers to the loyalty, perceived quality, and emotions people associate with a given brand name.
current liabilities
Debts that are due in one year or less are classified on the balance sheet as
the manufacturing sector
Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in
training employees to please customers by anticipating their needs
Experts in operations management for service industry businesses stress
pleasing customers by anticipating their needs
For most service businesses, the quality standard has become
process manufacturing
In __________, materials are physically or chemically changed to produce a product.
grown much more rapidly than the manufacturing sector
In recent years, the service sector of the U.S. economy has
make large quantities of a limited variety of products at very low cost
In the past, the idea behind mass production was to
keeping work and family tasks separate
One of the challenges of running a home-based business is
preparing financial statements such as the balance sheet, income statement, and statement of cash flows
Once a trial balance has been prepared, the next step of the accounting cycle involves
Small Business Development Center.
One of the best places for young entrepreneurs to start shopping for an SBA loan is a
brand management teams
One reason many large consumer-product companies make use of __________ is to have greater control over new-product development and product promotion.
creating technology foreign manufacturers depend on to increase effectiveness and efficiency
One strategy U.S. manufacturers have employed in order to become more competitive is
one of the 4 Ps of the marketing mix
Pricing is
goods
Production management is the traditional term used to describe all the activities managers do to help their firms create
assets
Resources that a firm owns are called
listen to customers and adapt products to their needs
Restaurants, like other businesses, often find that the best way to succeed in the market is to
gross profit
Revenue minus cost of goods sold equals
65%
Small businesses create about __________ of the new jobs in the United States.
an attorney
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
3D printing
Someday, __________ could revolutionize the production of many items. For now, however, it is mostly used to create prototypes and molds.
net income or net loss
The bottom line of an income statement shows the firm's
incubators
State and city governments have promoted facilities where new businesses can open up shop and share common services such as secretarial, accounting, and legal services. Due to their remarkable success rate, __________ continue to grow in popularity.
can be based on either real or perceived differences in products
Successful product differentiation
valuable sources for information since you can learn from their experiences.
Successful small business owners are
False
T/F: A bookkeeper's first task is to record the firm's transactions in a journal.
False
T/F: Entrepreneurship is another name for management.
False
T/F: In order for product differentiation to be effective, real product differences must be identified so that one product is clearly better than others.
True
T/F: Patents and copyrights are examples of intangible assets.
False
T/F: The purpose of a trial balance is to prepare a practice balance sheet.
Export Express loan
The SBA's __________ program provides export-financing opportunities for small businesses.
services
The U.S. economy is now driven by
encouraged entrepreneurs to come to the United States through "investor visas."
The U.S. government's Immigration Act of 1990
product life cycle
The __________ is a theoretical model that describes the sales and profit performance of a product class over time.
allowing an accounting firm to do both consulting and auditing work for the same company
The accounting scandals of the early 2000s led many people to question the legitimacy of
total product offer
The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a
brand loyalty
The degree to which customers are satisfied and are committed to future purchases of a desired brand is called
product life cycle
The four-stage theoretical model that describes the evolution of a product from birth to death is referred to as the
cash
The most liquid asset is
four
The product life cycle consists of __________ stages.
product differentiation
The purpose of __________ is to create real or perceived product differences.
trial close
The purpose of a __________ is to move the selling process toward an actual product purchase.
affirm whether the figures in the account ledgers are correct and balanced
The purpose of a trial balance is to
introduction, growth, maturity, and decline
The stages of the product life cycle are
balance sheet, income statement, and statement of cash flows
The three important financial statements prepared by accountants are
understand and use accounting information
To effectively run a business, it is necessary to
continue to innovate
To strengthen its manufacturing base in the future, U.S. will have to
very helpful for small-business owners who lack strong accounting support within their companies
Today's computerized accounting programs are
assuming an increasingly important role in the promotion of products
Today, packaging is
planning and financing
Two key management functions that need particular attention when starting a business are
small firms often can offer more personalized customer services than big firms.
When comparing small businesses to their larger competitors, it is clear that
look at the benefits the product provides and then subtract the cost
When consumers calculate the value of a product, they
the consumer's perceptions
Whether a consumer thinks a product provides the best value depends upon
The ability to create jobs for others
Which U.S. issue does entrepreneurship most directly affect?
A great majority of American workers find their first jobs with a small business.
Which employment statistic about small businesses is true?
CAD/CAM has made it possible to produce custom-designed products with little increase in costs.
Which statement about the impact of CAD/CAM on manufacturing is most accurate?
Advances in information technology will give firms more flexibility in their location decisions by reducing the need to locate close to sources of labor.
Which statement best describes the impact of recent advances in information technology on business location decisions?
It's about independence and the opportunity to share in the American dream.
Which statement explains one of the reasons that people in the United States take the entrepreneurial challenge?
They look at problems and see opportunities.
Which statement is characteristic of entrepreneurs?
access to various modes of transportation
Why might a company move its facility from one location to another?
variable
__________ costs are those costs that increase as the level of production increases.
Enterprise resource planning (ERP)
__________ is a computer application that enables a firm to combine computerized functions of all divisions and subsidiaries of the firm into a single, integrated software program that uses a single database.
PERT
__________ is a technique to analyze and sequence tasks involved in completing a project, to estimate the time needed to complete each task, and to determine the minimum amount of time needed to complete each project.
revenue
__________ is the monetary value that is received for goods sold, services rendered, and money received from other sources.
facility location
__________ is the process of selecting a geographic location for a company's operations.
Operations management
__________ is the specialized area of management that converts or transforms resources into goods and services.
Liquidity
__________ refers to how quickly an asset can be converted into cash.
Form
__________ utility is the value added by the creation of finished goods and services using raw materials, components, and other inputs.