question

Which of the following is the leading cause of today's small business failures.

answer

Management Shortcomings

question

Many businesses fail during the early years of becoming of

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Inadequate Financing

question

The franchiser provides all of the following services EXCEPT

answer

On-site management

question

Greg buys a McDonald franchise. Greg is the

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Franchisee, does not work

question

Franchising offers all of the following advantages EXCEPT

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guaranteed level of profitability

question

If you are a highly independent individual used to having your own way the best business format for you to being as a

answer

sole proprietorship

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Sole proprietorship have all of the following advantages EXCEPT

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Unlimited Life

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The largest US corporation in terms of sales is

answer

ExxonMobil

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Corporations have all of the following advantages EXCEPT

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Favorable tax treatment

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The maximum number of shareholders is limited to (blank) for a firm to qualify as a sub chapter S corporation.

answer

100

question

Anita established a corporation in Nebraska, but she recently moved to Colorado where she now conducts her business. What type of corporation does Anita own?

answer

Foreign Corporation

question

A person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business is an

answer

entrepreneur

question

The primary reasons people become entrepreneurs include all EXCEPT which one of the following reasons?

answer

To create employment opportunities for other people

question

Entrepreneurs possess all of the following traits except

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lack of tolerance for failure

question

An overall idea for how to convert a business idea into a success is called

answer

Vision

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All of the following except (blank) are important characteristics of entrepreneurs

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Vision to to make money

question

Logan is an entrepreneur who takes personal responsibility for the success of his actions rather than believing in luck or fate. Which characteristic best describes Logan's entrepreneurs philosophy?

answer

Internal locus of control

question

Rufina designs jewelry and created a Web site to sell the item from her home in Texas. How far can she potentially expand her business?

answer

She can accept orders from all over the world.

question

The most important task for an entrepreneur is to create a business plan.

answer

True

question

A small business owner who sells the goods or services of the supplier is known as the franchiser.

answer

False

question

A sole proprietor faces unlimited liability

answer

True

question

In a partnership, each partner is liable for the business-related debts of the other partners.

answer

True

question

Class action lawsuits filed against drug manufactures are filed against the corporations themselves, not the owners of these corporations.

answer

True

question

Owners of corporations may owe personal income taxes on dividends, which are paid from after-tax corporate profits. This is an example of double taxation.

answer

True

question

A corporation operating outside its state if incorporation is known as a domestic corporation.

answer

False

question

Lupe's job duties include such tasks as deciding whether or not to introduce a new product or foreign market. Lupe is most likely a member of (blank) management.

answer

Top

question

Which level of management is responsible for developing detailed procedure in order to improve the firms strategic plan?

answer

Middle management

question

As someone moves up the managerial history, which skills become relatively less important

answer

Technical skills

question

Damien is working on a project where he needs to anticipate future events and conditions costly mistakes. Damien is engaged in the (blank) management

answer

planning

question

Rosetta classifies and divides work into manageable units by determining the species introduce a new product. Rosetta is involved in the (blank) managerial function.

answer

Organizing

question

Marcus is responsible for guiding and motivating 10 other employees to accomplish objectives. Marcus handles the (blank) managerial functions.

answer

Directing

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Ramon's job is to establish performance standards, monitor actual performance to the standards. Ramon's is engaging in the (blank) managerial

answer

Controlling

question

(blank) planning is the most general and far-reaching type of planning

answer

strategic

question

Nearly a week before Hurricane Katrina reached New Orleans, Wal-Mart began moving trucks and supplies into positions , as specified in the companies (blank) plans.

answer

Contingency

question

Senior Management usually spends the majority of their time on (blank)?

answer

Strategic

question

Tactical planning is primarily the responsibility of (blank)

answer

Middle managers

question

What is the first step in the strategic planning process?

answer

Create a mission statement

question

A written explanation of an organization's business intentions and aims is called a(n) (blank)

answer

mission statement

question

Mario is part of a strategic planning team. He has identified that his company is the low-cost producer in its industry. This should be listed on a SWOT analysis as a(n)

answer

strength

question

Serguis identifies several untapped marked....what letter rep in SWOT

answer

opportunity

question

All of the following require non-programmed decisions EXCEPT (blank)

answer

important problems

question

(blank) is the act of directing or inspiring others to perform activities designated to achieve organization objectivity.

answer

Leadership

question

Autocratic leaders __________.

answer

make decisions on their own, often without consulting others

question

The manager of Public Service at St. Clair Community College allows committees of faculty members to make most of the decisions for the department. The manager believes that her main role is to provide faculty with the resources they need to do an effective job in the classroom. The manager's leadership style can best be described as ________.

answer

Free-rein leadership

question

The function of attracting, developing, and retaining enough qualified employees to perform the activities necessary to accomplish organizational objectives is part of ________.

answer

human resource management

question

Antonio is paid $55,000 per year as a research analyst. This type of compensation is called

answer

salary

question

Robert's company contracted with another business to provide technical and computer simulations shows an example of

answer

Outsourcing

question

According to Maslow, an individual's first priority is given to which level of need?

answer

physiological

question

Helen an individual sales representative, bought a cellular phone to use is she ever had car trouble while traveling between appointments. Which level of Maslow's need hierarchy is Helen addressing?

answer

Safety

question

The desire to accept by family members and other individuals is what Maslows called (blank) needs

answer

social

question

According to Maslows, the desire to receive attention and recognition from others is an (blank) need.

answer

esteem

question

Job (blank) involves redesigning work assignments to give employees more authority to plan their activities and decide how work is to be accomplished.

answer

enrichment

question

David is the head chief in a restaurant, and has decided to increase the number of tasks performed by the kitchen staff. The added tasks do not result in increased challenge or authority. Davids efforts are called (blank)

answer

enlargement

question

Gloria, a supervisor of data entry, uses a time clock to document the attention of her employees believes that without the monitoring system, her employees attendance records would decline rapidly. Gloria assumption about worker behavior is based on her (blank)

answer

Theory X

question

Hannah, a manager for ABC Construction believes that sharing decisions making abilities with employees increases productivity. what theory is this?

answer

Theory Z

question

Which stage of team development is marked by conflicts over the team's mission and the roles of team members?

answer

storming stage

question

During which stage of team development does agreement about the role of the team leader and other participants occur?

answer

Norming stage

question

Ingrid's team is engaged in problem solving and appears focused on accomplishing tasks. Ingrid's team is likely in which stage?

answer

performing stage

question

Jeremy announced to his accounting team that the company's financial reports should be completed "by next week." Subsequently, members of his team had completely different ideas about when the reports were due. At which stage of communication are the team members?

answer

message decoding

question

Amanda sends an e-mail to her assistant requesting information for an upcoming meeting. Since her team is working on a variety of projects, Amanda is very specific about the materials she needs in order to avoid confusion. As the sender, is Amanda is ________ .

answer

encoding the message

question

an organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

answer

marketing

question

The marketing function creates all of the following types of utility EXCEPT ________ utility

answer

form

question

Maria is campaigning for city council and talks with prospective voters in her ward about their concerns. Maria is engaged in ________ marketing.

answer

person

question

Local officials in a mid-size town used ________ marketing to convince major businesses to move to the area, including advertisements that emphasized low tax rates and accessible transportation.

answer

place

question

The Tour of Hope is a cross-country bike tour designed to raise awareness about cancer clinical trials. Dasani bottled water is one of the sponsors, which enables the company to utilize ________ marketing.

answer

Event

question

Which of the following is both a consumer product and a business product?

answer

computer

question

An organizations (blank) is the group of potential customers toward whom it directs its marketing efforts.

answer

Target market

question

Companies use (blank) to focus a specific consumer market by combining product, distribution, promotion, and pricing strategies.

answer

A marketing mix

question

The most common form of consumer market segmentation is based on (blank)

answer

demographics

question

A bundle of physical, and symbolical attributes designated to satisfy customers wants is called (blank)

answer

A product

question

Items that customers purchase frequently, immediately, with little efforts are

answer

convenience

question

New Carpeting for a home falls into which of the following classifications of goods?

answer

Shopping products

question

Mary owns a store that prepares gourmet chocolates, which are hand made and sold on the premises. What type of product is Mary selling?

answer

Specialty

question

In a process called (blank) products pass through a series of stages from their initial appearance to their decline.

answer

Product life cycle

question

In which stage of the product life cycle do sales reach a saturation level, making further sales expansion difficult?

answer

Maturity stage

question

When Walgreens puts its own line of cough syrup on the shelf next to Robitussin, the store is promoting its ___ brand.

answer

private

question

Dole Food Company uses a(n) ________ brand to market the company's entire line of food products, including canned fruits and packaged salads.

answer

Family

question

Procter & Gamble produces several brands of toothpaste, which constitute a :

answer

product mix

question

Mercedes-Benz is an example of a company that benefits from the added value of its successful name. This brand ___ can result in financial gain due to large market shares and decreased price sensitivity.

answer

equity

question

Lee purchased a new PC from Dell Computers Web site. He purchased his product via a (blank)

answer

a direct distribution channel

question

The two main categories of marketing intermediaries are

answer

retailers and wholesalers

question

A food producer's goods are carried by thousands of grocery stores across the country. Which of the following distribution channels is the manufacturer most likely to use?

answer

producer to wholesaler to retailer to consumer

question

The activities involved with the actual movement of goods from the producer to the user are part of the ________.

answer

Physical Distribution

question

what method of transportation accounts for the majority of finished goods finding their way to costumers

answer

trucks

question

When a firm tries to differentiate its products, it often applies a concept known as ________.

answer

positioning

question

A paid, non personal sales communication usually directed at a large number of potential buyers is

answer

advertising

question

companies that provide (blank) for NASCAR teams are eager to spend millions in exchange for a direct associations with the biggest spectator sport in the United States.

answer

sponsorship

question

Setting a price relatively high compared to similar goods and then gradually lowering it is a pricing strategy called (blank) pricing.

answer

skimming

question

Professionals who are responsible for gathering, recording, reporting, and interpreting the financial information of an organization are (blank)

answer

Accountants

question

The procedure used by accountants to convert transactions into financial statements is called (blank)

answer

the accounting process

question

The rules followed by accountants when preparing financial statements are referred to as (blank)

answer

Generally Accepted Practices (GAAP)

question

All of the following are assets EXCEPT

answer

bank loans

question

What is the accounting equation

answer

assets= liabilities + owners equity

question

All of the following are liabilities EXCEPT

answer

accumulated profits not paid in dividends

question

Camden products buys a $50000 machine by taking out a bank loan. the company's assets will (blank) by $50000 while its liabilities will (blank)

answer

rise, rise

question

Which of the following financial statements shows a firm's financial position at a particular date?

answer

Balance Sheet

question

Kate is the executive director of a local food bank and is assessing the financial situation of her not-for-profit organization. Kate uses an (blank) to determine whether revenues from contributions and other sources will cover operating costs

answer

income statement

question

Kwane wants to assess his firms ability to meets its short term obligations. Which of the following ratios are the most relevant?

answer

Liquidity ratios

question

All of the following are profitability ratios except

answer

inventory turnover

question

(blank) ratios are designed to indicate how successful a firm is in terms of its earnings as compared with its assets or owners equity.

answer

Profitability

question

Who is recognized worldwide as the body with the sole responsibility and authority to issue to have pronouncements on international accounting standards.

answer

ISAC

question

Which of the following is the best definition of financial risks?

answer

Risks is the uncertainty regarding the gain or loss from an investment.

question

The gain or loss that results from an investment over a specified period of time is known as

answer

return

question

Anything generally accepted as a means for paying food goods and services is known as

answer

money

question

When a company sells its stock to the investing public for the first time, it is known as

answer

initial public offering

question

Savannah has (blank) in 3M and enjoys voting rights in major company decisions, as well as reaping capital gains when the stock value increases. However she only has residual claim on company assets after the creditors are appeased

answer

common stock

question

Brandon holds (blank) in American Electric Power, which enables Brandon to receive first claim on assets and preference in dividend payments. However, the payments are set at a fixed amount, no matter how profitable the company becomes.

answer

preferred stock

question

Penelope placed an order to buy 1,000 shares of Boeing at the best possible price. She has placed a (Blank) order.

answer

market

question

Mitsuko placed an order to buy 500 shares of Amgen. He specified the maximum price that he is willing to pay for the stock. Mitsucko has placed a _____ order.

answer

Limit

question

In terms of the dollar value of stocks trade, which of the following stock markets is the largest?

answer

New York sock stock exchange

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