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Ent 201 Midterm

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Multiple choice and true/false from the midterm study guide.
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Quiz por barnettalex09, atualizado more than 1 year ago
barnettalex09
Criado por barnettalex09 aproximadamente 9 anos atrás
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Resumo de Recurso

Questão 1

Questão
Small business is the foundation for all business.
Responda
  • True
  • False

Questão 2

Questão
Fifty percent of businesses fail within the first four years.
Responda
  • True
  • False

Questão 3

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

Questão 4

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

Questão 5

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

Questão 6

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

Questão 7

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

Questão 8

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

Questão 9

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

Questão 10

Questão
The largest group of new business owners is
Responda
  • Hispanics
  • retired men
  • women
  • Asians

Questão 11

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

Questão 12

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

Questão 13

Questão
The most important person in a small business is the founder.
Responda
  • True
  • False

Questão 14

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

Questão 15

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

Questão 16

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

Questão 17

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

Questão 18

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

Questão 19

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

Questão 20

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

Questão 21

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

Questão 22

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

Questão 23

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

Questão 24

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

Questão 25

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

Questão 26

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

Questão 27

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

Questão 28

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

Questão 29

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

Questão 30

Questão
An example of an idea for a new startup from a hobby is _________________.
Responda
  • 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.

Questão 31

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

Questão 32

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

Questão 33

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

Questão 34

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

Questão 35

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

Questão 36

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

Questão 37

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

Questão 38

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

Questão 39

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

Questão 40

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

Questão 41

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

Questão 42

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

Questão 43

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

Questão 44

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

Questão 45

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

Questão 46

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

Questão 47

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

Questão 48

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

Questão 49

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

Questão 50

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

Questão 51

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

Questão 52

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

Questão 53

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

Questão 54

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

Questão 55

Questão
A business owner should never change its mission statement or strategy.
Responda
  • True
  • False

Questão 56

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

Questão 57

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

Questão 58

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

Questão 59

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

Questão 60

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

Questão 61

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

Questão 62

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

Questão 63

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

Questão 64

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

Questão 65

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

Questão 66

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

Questão 67

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

Questão 68

Questão
Cash is "king" in small business.
Responda
  • True
  • False

Questão 69

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

Questão 70

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

Questão 71

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

Questão 72

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

Questão 73

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

Questão 74

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

Questão 75

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

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