sts final
Which of the following is not a question in step one of ethical decision making?
What regulations get broken, and how badly?
For small business location issues, there are two basic "where" questions to be considered
Where are my customers? Where should I be?
According to the nationwide Panel Study of Entrepreneurial Dynamics (PSED), which of the following factors was the most frequently mentioned source that led to their business idea?
Work experience
Which of these factors was least important to employees, according to Jill Kickul's research
Work facilitation
_____ is money that is owed to your business by your customers.
accounts receivable
Lenders use operating income specifically
as a measure of how much debt a business can support
Which of these is a statement of what a business owns, what it owes to others, and how much value the owners have invested in it?
balance sheet
The BRIE model can help an individual deal with one of the biggest hurdles in starting a business, which is:
being inactive.
All of the following are major concerns of moonlighting EXCEPT
bootstrapping.
Harry just received in mail several boxes of _____ which puts his name and message in front of potential clients, existing clients, suppliers, and others.
business stationery
All of the following are the disadvantages to rental EXCEPT:
by renting capital equipment you incur ongoing costs if business conditions change.
The basis to being able to control a business's money is to understand and be able to predict the patterns of cash flows. This is possible by preparing a:
cash receipts budget
Tammy needs to know that the time that is required for her to acquire resources, convert them into craft products, sell the products, and receive cash from the sale is called:
cash-to-cash cycle.
The _____ is the name given to the sum of cash inflows and cash outflows recorded int he firm's accounting records.
company book balance
If Elizabeth starts to take days off from work to staff the kiosk at the flea market, she may be facing
conflict of interests.
The measure of the number of visitors to your Web site who have actually made a purchase from you is known as:
conversion rate.
Which form of business faces double taxation?
corporation - sub chapter c
For high customer contact businesses, which of the following is NOT a critical site selection consideration?
cost potential
The main challenge of the resource maturity stage is to avoid
customer complacency.
According to the gold standard for crisis leadership, all of the following are steps to follow in a crisis except:
desegregates crisis management with the everyday management of the firm.
If Jessica places an advertisement in "Chronicle of Higher Education," a leading publication for University professors about her product with her e-mail and contact information, it can be described as
direct response advertising
Purchases of existing businesses may occur through ____ in which the business is bought over a period of time with money earned from the business.
earn-outs
Which of the following is an example of a special type of liability insurance that covers losses from harm caused during the performance of your profession?
errors and omissions insurance
A one- to two-page overview of the business, its business model, market, expectations, and immediate goals represents a(n)
executive summary
A facility which offers subsidized space and business advice to companies in their earliest stages of operation is called a(n)
incubator
A research process that provides the entrepreneur with key information about the industry such as its current situation and trends is called
industry analysis
Funding invested for a share of a firm or given as loans or credit from family, friends, and other businesses used to help start or grow a firm is known as
informal capital.
Breakeven point
is the point at which total costs equal gross revenue.
All of these are negative effects of extending credit to customers EXCEPT:
it increases the cost of selling.
All of the following are true of social capital EXCEPT:
it is not associated with the concept of goodwill.
One of the most important pieces of the marketing plan that determines your profitability and ultimately whether you will stay in business or not is
knowing what your sales will be.
Connie shops are established businesses and so Connie's business plan could/should be ___ pages of text.
10
When you hire employees, typically, a probationary period lasts
90 days.
Which popular innovation strategy can be just as effective and much more likely in the real world, than business opportunities that result from radical innovations?
Adapting
If Connie gets her family and friends involved as investors, which of the following would be their concern or interest?
Amounts and schedules for returns
Identify the correct statement about B2B.
B2B e-commerce is larger than B2C e-commerce.
According to the text, what is the most important part of social networking that would make a difference in how you would conduct business every day?
Being willing to reciprocate if asked.
Identify the insurance that provides funds to pay the ordinary operating expenses of your business should it be forced to close temporarily because of an insured event.
Business interruption insurance
Which of the following would represent Mr. Johnson's interest in Connie's business plan?
Cash flow and cash cycle
Which of the following statements about certification for women- and minority- owned small businesses is false?
Certification is for every women- or minority-owned small business.
Which of the following is also known as competitive advantage?
Differential advantage
For those businesses that do get started, the amount of ____ is what distinguishes the more successful from the less successful firms.
Expertise.
"Profits are secondary to cash flow" is a financial management need in which phase of business?
Financing for start-up
Which of the following refers to funds left over after deducting the cost of goods sold?
Gross profit
Once Tammy has introduced her toys in the market, during which stage of the product life cycle would the acceptance of her products increase and sales and profits grow faster than at any other time?
Growth
Bart appears to express an interest in which of the following careers?
Habitual
Which statement lists revenues and expenses, and shows the amount of profit a business makes for a specific period of time?
Income statement
Which of the following represent the five stages of industry life cycle?
Introduction, growth, maturity, decline, and death.
Which of the following statements about advertising is false?
It is a method where it is easy to discern feedback.
Which of the following statements about buzz marketing is false?
It is a sub-discipline of direct marketing.
Which of the following is not a benefit of leasing?
Leased assets have less number of restrictions on how they may be used, maintained, and disposed of.
A(n) _____ is the business term for the population of customers for your products or services.
Market
Which of the following relates to the skills necessary to identify and exploit elements of the business environment that can lead to profitable and sustainable business?
Opportunity competencies.
Which of these represent the number one source of small business financing?
Owners
Which of the following strategy is ideal while selling bottled water on a beach, on a hot summer day?
Undifferentiated
Ethan is a marketing research executive for Coca Cola. Recent sales figures suggest that the sales for Coke have fallen drastically in Cincinnati, Iowa. The regional manager wants Ethan to conduct a market research in Cincinnati. Which of the following research should Ethan use?
Primary
Given that the Joyride Graphics is in a start-up phase, which of these would represent its financial management need?
Profits being secondary to cash flow
Which of the following is an advantage of buying an existing business?
Purchasing a business often requires less cash outlay than for creating a start-up.
Which of the following is NOT the best option when naming your company?
Same as your product name or your name
Which among the following is a variable cost?
Shipping
Where can Jamie go to get some help with his business idea?
Small Business Development Center
Which of the following statements is true regarding trademarks?
Some words or groups of words can be both trademarks and service marks.
Which of the following is a product-based legitimacy indicator?
Testimonials
The industry and market component of the feasibility study should include which of the following components?
The competition
During the start-up phase of a small business the "3-F investors" are all of these EXCEPT
foundations.
The key for managing the demanding life of the entrepreneur is to:
get advice from people in your line of business about the basic activities of the small business.
All of the following are major pitfalls that business owners can become victims of when trying to become more innovative EXCEPT:
getting the "bandits on the train."
Being an idea person, Bart would not be driven by:
great wealth.
The use of creative and relatively inexpensive ways to reach your customers with techniques such as door-knob hangers and flyers under windshield wipers is called
guerilla marketing.
All of the following are disadvantages of home retailing EXCEPT
high cost of getting started.
As a general rule, the ____ the deductible, the ____ the policy premium payments will be.
higher; lower
All of the following are key things an influential person looks for in your business plan presentation EXCEPT
how many others are already working with you?
In general, all the forms of business organizations can be categorized along two dimensions: (1) how much responsibility owners have for the organization's liabilities, and (2)
how the business is taxed.
Feasibility studies consist of careful investigation of all the following areas EXCEPT
idea generation.
You might figure how to better target ads or promotions to particular types of customers
if you link sales and purchase basis to the type of customer.
Which among the following statements is TRUE regarding virtual employees in small businesses?
in the small business, virtual employees are not hired as full-time employees.
Using the degree of similarity, Amy's concept of laundromat with a workout space can be described as
incremental innovation.
Financial statements, in performing due diligence, should include all of the following except a(n)
mission statement analysis
People starting high-growth ventures:
need to know how to seek and obtain external financing.
Employee contracts should include all of the following provisions EXCEPT
offer punishments for providing inadequate termination notice.
If Fred decides to conduct a survey to collect data, compare groups, and statistically analyze data, which of these questions should he avoid?
open-ended
_____ questions can help you find new niches and perfect your product or service before you introduce it.
open-ended
The amount owed to vendors from whom Tammy purchased the craft merchandise on credit is called:
payables.
A back-to-school sale is an example of
periodic discounting.
The three general forms of legitimacy that you can develop are based on:
products, people, and organization.
Potential buyers and investors are most interested in ____ value of your assets.
replacement
The ability or skill of the entrepreneur at finding expendable components necessary to the operation of the business such as time, information, location, financing, raw materials, and expertise is called:
resource competencies.
Evaluating potential employees, a small busines sowner
should design interview questions such that "yes" or "no" answers are not applicable.
Increasing market share
should not be an objective for a small business.
All business forms are types of separate, legal entities EXCEPT
sole proprietorships
One suggestion for finding out which distribution channel is correct for your product is to
start at the end and work your way up by asking each link from whom they buy.
"S" in the creativity tool SCAMPER stands for:
substitute.
When a small business start-up secures outside investment, one thing it accomplishes is that
the business is critically examined by outsiders.
According to the IRS, to be an independent contractor
the person must be employed for a distinct term.
Connie needs to know that all of the following are key components of a business plan she should include EXCEPT
the regulatory limitations
Accepting payments by credit card causes significant differences between the bank and book balances due to all of the following reasons EXCEPT:
the service provider records the gross amount of each credit card sale.
The key device for managing time for part-time business individuals is
the to-do list.
Which is the number one method for fraud detection?
tip
What is the goal of appendixes?
to provide supporting information that helps detail the key selling points of your plan.
The market refers to the
total population of people or firms to whom you plan to sell.
