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Ent 201 Midterm

Descripción

Multiple choice and true/false from the midterm study guide.
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Resumen del Recurso

Pregunta 1

Pregunta
Small business is the foundation for all business.
Respuesta
  • True
  • False

Pregunta 2

Pregunta
Fifty percent of businesses fail within the first four years.
Respuesta
  • True
  • False

Pregunta 3

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

Pregunta 4

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

Pregunta 5

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

Pregunta 6

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

Pregunta 7

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

Pregunta 8

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

Pregunta 9

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

Pregunta 10

Pregunta
The largest group of new business owners is
Respuesta
  • Hispanics
  • retired men
  • women
  • Asians

Pregunta 11

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

Pregunta 12

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

Pregunta 13

Pregunta
The most important person in a small business is the founder.
Respuesta
  • True
  • False

Pregunta 14

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

Pregunta 15

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

Pregunta 16

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

Pregunta 17

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

Pregunta 18

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

Pregunta 19

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

Pregunta 20

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

Pregunta 21

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

Pregunta 22

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

Pregunta 23

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

Pregunta 24

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

Pregunta 25

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

Pregunta 26

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

Pregunta 27

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

Pregunta 28

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

Pregunta 29

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

Pregunta 30

Pregunta
An example of an idea for a new startup from a hobby is _________________.
Respuesta
  • 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.

Pregunta 31

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

Pregunta 32

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

Pregunta 33

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

Pregunta 34

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

Pregunta 35

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

Pregunta 36

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

Pregunta 37

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

Pregunta 38

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

Pregunta 39

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

Pregunta 40

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

Pregunta 41

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

Pregunta 42

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

Pregunta 43

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

Pregunta 44

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

Pregunta 45

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

Pregunta 46

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

Pregunta 47

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

Pregunta 48

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

Pregunta 49

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

Pregunta 50

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

Pregunta 51

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

Pregunta 52

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

Pregunta 53

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

Pregunta 54

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

Pregunta 55

Pregunta
A business owner should never change its mission statement or strategy.
Respuesta
  • True
  • False

Pregunta 56

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

Pregunta 57

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

Pregunta 58

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

Pregunta 59

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

Pregunta 60

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

Pregunta 61

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

Pregunta 62

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

Pregunta 63

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

Pregunta 64

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

Pregunta 65

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

Pregunta 66

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

Pregunta 67

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

Pregunta 68

Pregunta
Cash is "king" in small business.
Respuesta
  • True
  • False

Pregunta 69

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

Pregunta 70

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

Pregunta 71

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

Pregunta 72

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

Pregunta 73

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

Pregunta 74

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

Pregunta 75

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