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Ent 201 Midterm

Beschreibung

Multiple choice and true/false from the midterm study guide.
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Zusammenfassung der Ressource

Frage 1

Frage
Small business is the foundation for all business.
Antworten
  • True
  • False

Frage 2

Frage
Fifty percent of businesses fail within the first four years.
Antworten
  • True
  • False

Frage 3

Frage
A small business start up is designed to take advantage of the skills of the founder or founders.
Antworten
  • True
  • False

Frage 4

Frage
One major aspect of a small business plan, it allows the owner to put information down in writing allowing for evaluation and honest analysis.
Antworten
  • True
  • False

Frage 5

Frage
Small-business growth is important in the United States and the world.
Antworten
  • True
  • False

Frage 6

Frage
The Fortune 500 companies employ ___________________ employees than ten years ago.
Antworten
  • more
  • same
  • fewer
  • younger

Frage 7

Frage
A customer of a small business could be considered an important stakeholder to the success of a company.
Antworten
  • True
  • False

Frage 8

Frage
A small business' harvest plan is to put the profits back in the company.
Antworten
  • True
  • False

Frage 9

Frage
Individuals or other organizations that impact the success of a business are called
Antworten
  • corporate managers
  • Capitalists
  • Stakeholders
  • Owners

Frage 10

Frage
The largest group of new business owners is
Antworten
  • Hispanics
  • retired men
  • women
  • Asians

Frage 11

Frage
Small business resources are more _________________________ than large firms.
Antworten
  • plentiful
  • constrained
  • restrained
  • inverse ration

Frage 12

Frage
A small business owner's relationships with key suppliers and customers are of relatively little importance in a business' success.
Antworten
  • True
  • False

Frage 13

Frage
The most important person in a small business is the founder.
Antworten
  • True
  • False

Frage 14

Frage
One advantage that a large firm has over a small firm is economies of scale.
Antworten
  • True
  • False

Frage 15

Frage
The owner must be aware of his own tolerance of risk and establish a business that is consistent with that tolerance.
Antworten
  • True
  • False

Frage 16

Frage
Starting a new business could result from a particular event or condition within an individual's environment.
Antworten
  • True
  • False

Frage 17

Frage
Established businesses may be hesitant about buying from a start-up small business.
Antworten
  • True
  • False

Frage 18

Frage
Family members are in a unique position to keep an individual focused on pursuing the wrong approach to an issue.
Antworten
  • True
  • False

Frage 19

Frage
All of these are advantages for a small business except:
Antworten
  • Respond quickly to changes
  • Owned and run by the same person
  • Economies of scale
  • Greater flexibility

Frage 20

Frage
____________________ states that individuals act to maximize their own individual benefit.
Antworten
  • Individual benefit theory
  • Organizational benefit theory
  • Self fulfilling prophecy
  • Agency theory

Frage 21

Frage
The potential entrepreneur needs to consider ____________ when starting a new business.
Antworten
  • risk tolerance
  • prior experience
  • personality orientation
  • all of the above

Frage 22

Frage
The term for when a new business has reached a level where revenue coming into the firm is sufficient to cover expenses:
Antworten
  • Equal financial ratio
  • No risk level
  • Risk tolerance
  • Break-even point

Frage 23

Frage
When should an owner ensure there are sufficient financial resources to operate the business?
Antworten
  • Prior to the start
  • Opening day
  • First payroll
  • Six month review

Frage 24

Frage
The small business owner must have the necessary skills and must understand the marketplace.
Antworten
  • True
  • False

Frage 25

Frage
Large firms can respond more quickly to changes around them and fill niches better than small businesses.
Antworten
  • True
  • False

Frage 26

Frage
Many new businesses are formed as a result of an entrepreneur's previous work experience.
Antworten
  • True
  • False

Frage 27

Frage
New businesses are more likely to be successful when an entrepreneur creates a product or service before there is a need in the marketplace.
Antworten
  • True
  • False

Frage 28

Frage
A potential owner must be realistic about its competitors in products and the volume of sales.
Antworten
  • True
  • False

Frage 29

Frage
One of the greatest risks to a new business is fast growth.
Antworten
  • True
  • False

Frage 30

Frage
An example of an idea for a new startup from a hobby is _________________.
Antworten
  • A sports card collector who bought and sold cards for a year to build a personal collection, deciding to become a sports card dealer.
  • A computer salesperson seeing the possibility of opening a new electronics store in a different part of the city.
  • A purposeful exploration to find a new idea.
  • A baker, who tosses ingredients together to see what they taste like.

Frage 31

Frage
In forming a new business, the first thing a founder should do is:
Antworten
  • Analyze the market
  • List their personal skill set
  • Obtain financial support
  • Hire a lawyer

Frage 32

Frage
A small business owner must possess all of the following except:
Antworten
  • Necessary skills
  • In depth understanding of the market
  • Passion for starting a business
  • Follow a sequential formula

Frage 33

Frage
Potential owners should examine all of these specific areas except:
Antworten
  • Work experience
  • Financial history
  • Education
  • Family history

Frage 34

Frage
The process of generating new business ideas is something that occurs automatically.
Antworten
  • True
  • False

Frage 35

Frage
Potential generation of new business ideas occur:
Antworten
  • When dismissing a promising idea.
  • When copying an existing business.
  • Automatically.
  • Because of the process of identifying skills and opportunities in the market.

Frage 36

Frage
Mark brings his friends together to generate ideas on his new business. This is called ________.
Antworten
  • business meeting
  • gap analysis
  • brainstorming
  • focus group

Frage 37

Frage
_________ is the threat to the success of a new business related to its ability to establish and maintain a high margin product or service.
Antworten
  • Profit margin
  • Sales generation scheme
  • Operational financing
  • Deficit gap

Frage 38

Frage
A small business owner must understand when an opportunity for a new business is truly an opportunity.
Antworten
  • True
  • False

Frage 39

Frage
An owner, when researching a new business, needs to be aware of all potential customers.
Antworten
  • True
  • False

Frage 40

Frage
New business owners do not need to identify customer needs because the competitors already have.
Antworten
  • True
  • False

Frage 41

Frage
A major cause for failure of a new business is lack of focus on the competitive advantage.
Antworten
  • True
  • False

Frage 42

Frage
A small business can compete on a cost basis with a larger firm.
Antworten
  • True
  • False

Frage 43

Frage
An owner, when researching a new business, needs to be aware of, and be able to describe, all potential customers.
Antworten
  • True
  • False

Frage 44

Frage
The first section of an external analysis is to:
Antworten
  • research potential substitutes.
  • develop a competitive edge.
  • identify potential customers.
  • determine in which industry the new business will compete.

Frage 45

Frage
Companies will ___________ their knowledge if your business is not a potential competitor.
Antworten
  • share
  • not share
  • hide
  • distort

Frage 46

Frage
__________ is the edge a business has over competing businesses.
Antworten
  • Competitive advantage
  • Benchmarking
  • Criteria related advantage
  • Competitive map

Frage 47

Frage
______________ is an area of business that uses standards that are necessary for the business.
Antworten
  • Competitive map
  • Benchmarking
  • Unorthodox practices
  • Orthodox practices

Frage 48

Frage
___________ describes those areas of a business that are unique or unusual as compared to standard practices of the industry.
Antworten
  • Competitive map
  • Benchmarking
  • Unorthodox practices
  • Orthodox practices

Frage 49

Frage
A competitive advantage in a business could be ____________________.
Antworten
  • location
  • product selection
  • activity of the firm
  • all of the above

Frage 50

Frage
A(n) ___________ exists if the service or product performs a similar function.
Antworten
  • trade-in
  • substitute
  • elasticity of demand
  • product/service flexibility

Frage 51

Frage
An entrepreneur cannot leave his or her business due to the amount of money that was invested. This is called a(n) ______________.
Antworten
  • harvest plan
  • exit strategy
  • benchmarking
  • exit barrier

Frage 52

Frage
______________ demonstrates how easy it is for a customer to switch to substitutes.
Antworten
  • Elasticity of demand
  • Competitive map
  • Trade-ins
  • Benchmarking

Frage 53

Frage
The mission of a business needs to be actionable, which means assist employees to make decisions.
Antworten
  • True
  • False

Frage 54

Frage
The mission statement and strategies can be developed after identifying potential customers.
Antworten
  • True
  • False

Frage 55

Frage
A business owner should never change its mission statement or strategy.
Antworten
  • True
  • False

Frage 56

Frage
A sustainable competitive advantage is an advantage that other firms cannot immediately copy.
Antworten
  • True
  • False

Frage 57

Frage
Michael Porter describes a low cost strategy as a company seeking to be the lowest cost firm in the industry.
Antworten
  • True
  • False

Frage 58

Frage
An overall strategy assists the business by targeting its effort in specific areas.
Antworten
  • True
  • False

Frage 59

Frage
It is critical for a new business to conserve its resources and focus on areas that have potential to maximize the firms' resources.
Antworten
  • True
  • False

Frage 60

Frage
____________ is (are) a brief statement that summarizes how and where the firm will compete in the industry.
Antworten
  • Core values
  • Mission statement
  • Strategies
  • Goal statements

Frage 61

Frage
An owner should establish the mission statement and strategies ____________.
Antworten
  • prior to its inception
  • at the first day of business
  • at the 30 day review
  • at the 90 day review

Frage 62

Frage
_____________ provides you with the opportunity to make money when other businesses cannot easily copy your advantages.
Antworten
  • Orthodox practices
  • Unorthodox practices
  • Sustainable competitive advantage
  • Tangible assets

Frage 63

Frage
All of these are tangible assets except:
Antworten
  • location
  • industry experience
  • computer systems
  • business license

Frage 64

Frage
What are the two measures used to evaluate whether a person or firm is meeting its goals?
Antworten
  • Orthodox and Unorthodox
  • Quantitative and Qualitative
  • Actionable and Non-actionable
  • Tangible and Intangible

Frage 65

Frage
According to the book, the greatest source of sustainable advantage is:
Antworten
  • personal relationships with customers.
  • location.
  • staffing.
  • relationship with vendors.

Frage 66

Frage
In a proposed new business, the financial analysis focuses exclusively upon its ability to generate positive cash flow.
Antworten
  • True
  • False

Frage 67

Frage
When there is a difference between managers and owners, profits are a useful measure as a means to evaluate performance.
Antworten
  • True
  • False

Frage 68

Frage
Cash is "king" in small business.
Antworten
  • True
  • False

Frage 69

Frage
A pro forma is a term describing estimates of what the balance sheets and income statements will look like in the future.
Antworten
  • True
  • False

Frage 70

Frage
Break-even analysis is the estimation of when a business's income exceeds its expenses.
Antworten
  • True
  • False

Frage 71

Frage
Cash flow is the positive movement of money into the firm to pay the bills.
Antworten
  • True
  • False

Frage 72

Frage
An investment in the firm by the owner is called ______________.
Antworten
  • equity
  • profit
  • receivables
  • margin

Frage 73

Frage
According to the book, the most dangerous situation for a new business is _______.
Antworten
  • uneven growth
  • no growth
  • rapid growth
  • slow growth

Frage 74

Frage
____________ is the analysis of the differences between the predicted and the actual performance of the business.
Antworten
  • Deviation analysis
  • Gap analysis
  • Margin analysis
  • Profit analysis

Frage 75

Frage
The cash flow statement is used to describe _________ percent of the activities that provide and use cash during a specified period of time.
Antworten
  • 25
  • 50
  • 75
  • 100
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