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The Landlady – Flashcards 19 terms

Alicia Bennett

19 terms

Preview

The Landlady – Flashcards

question

Who wrote The Landlady?

answer

Roald Dahl.

question

Name four things Roald Dahl wrote. (at least one adult novel)

answer

The BFG, James and the Giant Peach, Charlie and the Chocolate Factory, Lamb to Slaughter, The Witches, Danny, the Champion of the World, Matilda, and Kiss,Kiss.

question

Roald Dahl's parents named him after the --- explorer Roald Amundsen.

answer

Norwegian.

question

Dahl's first published writing was a magazine article about his plane crashing in --- --- II.

answer

World War II.

question

What was James and the Giant Peach inspired by?

answer

The stories Dahl used to tell his daughters.

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Dahl wrote seven children books, which have been translated into --- languages around the world.

answer

Thirty four.

question

When was he born and when did he die?

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1916-1990.

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What type of figurative language is this? "The wind was like a flat blade of ice on his cheeks."

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Simile.

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What does this sensory detail fall under? (Sight, Sound, Touch, Taste, or Smell) "The moon was coming up out of a clear starry sky"

answer

Sight.

question

What did Billy notice about the house and why does it seem nice to stay?

answer

Billy sees a sign in the window that beckons him inside. The outside was decorated and through the window he saw pets like a dachshund and a parrot. He gets a cozy feeling when he walked up to the Bed and Breakfast.

question

Name two things about the setting.

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The short story takes place in Bath, England in winter at about nine o'clock in the mid 1900s.

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How old is Billy?

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Billy is seventeen.

question

What is Billy's last name?

answer

Billy Weaver.

question

How does writer describe the landlady.

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The landlady is about forty five and is loving and caring. She has blonde hair, blue eyes, and rosy cheeks. Billy notices that the landlady smells like the hospital and pickled almonds.

question

What does the landlady remember about Mr. Mulholland?

answer

That he loved his tea.

question

What does the tea taste like and why does it taste this way?

answer

The tea taste like bitter almonds because it was cyanide in it.

question

What do you think is going to happen to Billy?

answer

I predict that --- will happen. (May be an essay question)

question

What is the conflict?

answer

Human vs human. Billy vs the landlady.

question

Inciting Incident? Rising Action? Climax? Falling Action? Resolution?

answer

Inciting Incident Sign lures Billy into the Bed and Breakfast like the snake in the jungle book. Rising Action Looks inside and sees animals, is greeted by the landlady at the front desk, and signs in and sees the two names. Climax Tea time. Falling Action Remembers the men. NO RESOLUTION

STUDY

Bed And Breakfast Business Entrepreneurship Goals And Objectives Identify The Key

12 Week Benchmark Entrepreneurship I – Flashcards 102 terms

Viola Marenco

102 terms

Preview

12 Week Benchmark Entrepreneurship I – Flashcards

question

An entrepeneur considers venture location and financial needs during the _____________ process.

answer

Planning

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Which of the following is an operational issue that entrepreneurs must consider when planning their businesses:

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Production process

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Which of the following is a tool that an entrepreneur develops to project sales for a new business venture:

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Sales Forecast

question

When planning for her new business, Janine allocates two percent of the company's estimated annual sales to web and newspaper advertising. Janine is developing a

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Promotional Budget

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Which of the following statements is true about business start-up requirements

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The financial needs to start a new business depend on the nature of the venture

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In order for a business to generate a profit, its operating costs must be __________ the gross margin.

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less than

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The costs of operating a business are often called __________ expenses

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overhead

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Variable expenses increase in direct proportion to the increased rate of

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production

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Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which of the following risks is Regan assessing:

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career

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Emotional risks that many entrepreneurs face include

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a martial tension and family problems

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Costs of sales for a new manufacturing venture typically include

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raw materials, equipment, and product inventory

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One-time start-up costs often include __________ fees

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incorporation

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Which of the following is a characteristic of a well-conducted feasibility study:

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complete

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The primary purpose of a feasibility study is to answer which of the following questions:

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should we proceed with the project

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Which of the following statements is true regarding training for entrepreneurial ventures:

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The type of training and education that entrepreneurs need depends on the nature of the start-up business

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Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ for what they do.

answer

passion

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Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operating costs for a self-serve laundromat:

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Coin laundry trade association

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A reliable online source of general business start-up information is

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the Small Business Administration (www.sba.gov)

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Marketing strategies are designed and implemented for the overall purpose of

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achieving planned goals

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Which of the following is a consideration in the place element of marketing:

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Choosing distribution channels

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Which of the following best describes the role of tactics in marketing strategies:

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Specific actions

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Companies have been forced to pay more attention to the specific needs of consumers because of

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competition

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Procter & Gamble's decision to offer different types of soaps in a wide range of prices is an example of

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market segmentation

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When sellers offer one-size-fits-all products that will appeal to most buyers, they are using

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mass marketing

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Marzetti's Musical Instruments has determined that it will focus its marketing efforts on senior high-school students. Marzetti's is engaged in _________ marketing.

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target

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The same person can be included in more than one

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target market

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Marketers should check on their markets periodically because markets can

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change

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Sorting customers by their physical and social characteristics is called _________ segmentation.

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demographic

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The community college has decided to market its evening classes to women between the ages of 18 and 30 who are high-school graduates. What type of segmentation is the college using?

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demographic

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Geographic segmentation is dividing a market by where customers are

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living

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Which question do customers ask in behavioral segmentation?

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how will the product benefit me

question

Which of the following should be included in a marketing plan's executive summary:

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The organization's mission statement

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Which of the following is often included in a marketing plan's situation analysis:

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A SWOT analysis chart

question

What section of the marketing plan includes information about expected results?

answer

Performance and implementation

question

Which of the following items might be included in a marketing plan's appendix:

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A product photograph

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A marketing plan should outline the specific activities that the business will use to

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achieve its marketing objectives

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Which of the following is an important benefit of marketing plans:

answer

They can help obtain funding

question

Where in a marketing plan would a business discuss how it plans to communicate with its customers?

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Marketing strategies and programs

question

Which of the following is a question that a business should answer about its target market while conducting a situational analysis:

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What are our customers buying

question

Which of the following situations presents a business threat to a company:

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A competitor obtains a bank loan for expansion

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Which of the following is an external threat that a company might identify while conducting a situation analysis:

answer

Rising inflation rate

question

A business identifies a market that shares common characteristics on the basis of where people live and work, which is an example of market identification by __________ segmentation

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geographic

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Businesses that segment the market based on psychographics are grouping people according to their

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lifestyles

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Identifying market segments helps a business to develop appropriate

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marketing strategies

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When a business selects a target market, the most useful or desirable market segments to the business are those that are measurable and

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accessible

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Selecting a target market based on very specific criteria that limit the audience to a well-defined segment is an example of

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niche marketing

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When the Green Company selected its target market, it decided to ignore the segment differences and generate appeal with one offer. The company is using __________ marketing.

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mass

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Which of the following is a factor that businesses often consider when conducting a market analysis:

answer

Size of the market next year

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One of the purposes of conducting a market analysis is to develop a(n)

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customer profile

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When a business conducts a market analysis and identifies territories, determines the possible buyers in the territories, and estimates the buyers' purchases, it is evaluating the

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area's market potential

question

What is a potential threat a manager might identify in a SWOT analysis?

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Growing government regulation

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Which of the following questions is it important to ask to determine the business's strengths when conducting a SWOT analysis:

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Where are we making money

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Which of the following is a question that a business might ask when it wants to evaluate its weaknesses:

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What resources do we lack

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One reason why it is often important for businesses to conduct a competitive analysis is to identify

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external threats

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Which of the following is an activity that a business performs when conducting a competitive analysis:

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Monitors rivals' marketing strategies

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One way that a business can learn about its competitors' activities is by

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reviewing secondary data

question

Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can:

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Satisfy an unmet demand

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Which of the following statements is true about entrepreneurial discovery?

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It's an ongoing process that facilitates a business's success rate

question

The entrepreneurial discovery process requires knowledge and the recognition of a(n):

answer

Market need

question

Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery?

answer

Increased cultural diversity

question

Identifying new product opportunities usually requires a person to be:

answer

Aware

question

When conducting an environmental scan, which of the following is an economic factor that a business should consider?

answer

Consumer spending habits

question

Which of the following is a true statement about a business's environment?

answer

It is always changing

question

Which of the following is an example of a demographic trend?

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The aging of the population

question

Which of the following examples illustrates how environmental factors are interrelated?

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The economy affects what competitors are doing

question

Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities?

answer

Lower tariffs

question

When determining venture-creation opportunities, entrepreneurs must first:

answer

Conduct research

question

Which of the following does effective product/service management help businesses to do:

answer

To compete

question

When considering a new product for your company, you decide to introduce the product in only three states for a six-month period. This is known as

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test marketing.

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Which of the following is a characteristic of pure services:

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Does not include a tangible product

question

Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to

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market opportunities

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When considering the services to offer customers, a business should determine if a specific service would

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enhance customer-satisfaction levels

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A business is extending its operating hours to accommodate its customers. Which of the following is a business cost associated with this service:

answer

Higher payroll expenses

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A person who owns, operates, and takes the risk of a business venture is

answer

An entrepreneur

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A person who works for someone else is

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and employee

question

Which of the following does effective product/service management help businesses to do:

answer

To compete

question

When considering a new product for your company, you decide to introduce the product in only three states for a six-month period. This is known as

answer

test marketing

question

Which of the following is a characteristic of pure services:

answer

Does not include a tangible product

question

Product/service management is a marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to

answer

market opportunities

question

Which of the following is an example of a company's using brand extension:

answer

Coca-Cola adding Caffeine-Free Diet Coke

question

Which of the following factors helps a business to determine its product mix:

answer

Size and target market goods

question

To appeal to a target market with slightly different needs, a business decides to add a group of related items to its product mix. This is called a

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line extension

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The product mix that a business decides to offer customers helps to project the business's

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unique image

question

One way for a business to expand its product mix is by

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acquiring another company

question

When a business expands its product mix, its goal is to appeal to

answer

more market segments with a wider variety of options

question

Due to lackluster sales, the Elba Corporation has decided to eliminate several of its product lines. Elba's executives hope that by focusing on fewer product lines, they will see more profit. The Elba Corporation is planning to adjust the _________ of its product mix.

answer

width

question

When considering the services to offer customers, a business should determine if a specific service would

answer

enhance customer-satisfaction levels competitors

question

A business that emphasizes a product's environmental friendliness is positioning the product by focusing on

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attributes

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When a business emphasizes a product's degree of excellence, it is positioning the product by its

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quality

question

If the XOB Company wants to emphasize the advantages of its product in comparison to similar products in the marketplace, it should position its product in relation to

answer

competitors

question

Marketers often condense USPs into short slogans because

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customers tend to remember just one thing from an advertisement

question

A business that fails to protect its employees from unnecessary risk or health hazards on the job may be sued for

answer

negligence

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Which of the following types of laws protects a business's inventions or written works from the unauthorized use by others

answer

Intellectual property

question

The primary reason that governments regulate business activities is to

answer

protect the well-being of individuals and businesses

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The form of business ownership that can raise money easily is the

answer

corporation.

question

The form of business ownership that can raise money easily is the

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ease of start-up

question

A disadvantage of a general partnership is that each partner

answer

is liable for the business's losses

question

Which of the following is an example of a written business inquiry:

answer

An e-mail requesting vendor pricing and discounts

question

Which of the following is a reason why managers develop company objectives:

answer

To identify business purpose

question

Managers use the broad objectives they develop for a business as the basis for setting

answer

performance targets

question

An effective mission statement should effectively reflect the business's

answer

core values

question

Metrics that gauge the market's buying habits and attitudes relate to the

answer

customer

STUDY

Bed And Breakfast Business Health And Beauty Long Term Contracts

Ecommerce – Chap 1 – Flashcards 33 terms

Jacoby Flores

33 terms

Preview

Ecommerce – Chap 1 – Flashcards

question

A broader definition of EC that includes not just the buying and selling of goods and services, but also servicing customers, collaborating with business partners, and conducting electronic transactions within an organization best defines A) e-tailing. B) e-government. C) e-commerce. D) e-business.

answer

question

Depending on the degree of digitization, EC can take several forms including A) the business process, the collaboration, and the transaction. B) the marketing channel, the agent, and the collaboration method. C) the ordering system, processing, and shipping method. D) the payment method, the delivery method, and the production method.

answer

question

Organizations that conduct their business activities solely online are A) unrestricted commerce organizations. B) pure-play organizations. C) brick-and-mortar organizations. D) click-and-mortar organizations.

answer

question

Organizations that conduct some e-commerce activities, usually as an additional marketing channel, are A) pure-play organizations. B) value-added organizations. C) brick-and-mortar organizations. D) click-and-mortar organizations.

answer

question

A corporate or government network that uses Internet tools, such as Web browsers, and Internet protocols best defines A) extranet. B) social network. C) intranet. D) e-market.

answer

question

An online marketplace where buyers and sellers meet to exchange goods, services, money, or information best defines A) farmers market. B) digital marketplace. C) electronic marketplace. D) webinar.

answer

question

When Apple conducts online transactions with its trading partners, this is an example of A) B2B. B) B2C. C) EDI. D) e-CRM.

answer

question

An e-commerce model in which all the participants are businesses or other organizations describes A) business-to-business-to-consumer. B) business-to-business. C) consumer-to-business. D) business-to-consumer.

answer

question

EC classifications include A) business-to-business. B) consumer-to-business. C) business-to-consumer. D) all of the above.

answer

question

A business that provides some product or service to a client business that maintains its own customers best describes the E-commerce model of A) business-to-business-to-consumer. B) consumer-to-business. C) business-to-business. D) intrabusiness EC.

answer

question

Selling corporate products to one's employees is an example of A) intrabusiness EC. B) business-to-business-to-consumer. C) collaborative commerce. D) business-to-consumer.

answer

question

A job opening in the Sales Department is posted on the company's intranet by the Human Resources Department. This is an example of A) B2S. B) B2B. C) E2C. D) B2E.

answer

question

Boeing designing a product together with one of its business partners is an example of A) collaborative commerce. B) business-to-employees commerce. C) business-to-business commerce. D) consumer-to-business commerce.

answer

question

G2B occurs when A) a government entity buys or provides goods, services, or information from or to businesses. B) a government entity buys or provides goods, services, or information from or to individual citizens. C) a government entity buys or provides goods, services, or information from or to nonprofit organizations. D) a government entity buys or provides goods, services, or information from or to other governments.

answer

question

Commercial activities conducted on Facebook best describes A) business-to-consumer commerce. B) social commerce. C) f-commerce. D) c-commerce.

answer

question

Reasons EC companies fail include A) not ensuring they have the inventory and distribution setup to meet the fluctuating and increasing demand for their products. B) lack of financial skills. C) little experience with marketing. D) all of the above.

answer

question

The second generation of Internet-based services that lets people collaborate and share information online in new ways, such as social networks, wikis, communication tools, and folksonomies, best describes A) Virtual Web. B) Media Web. C) Social Web. D) Web 2.0.

answer

question

A category of Internet applications that help connect friends, business partners, or individuals with specific interests by providing free services such as photo presentation, e-mail, blogging, and so on using a variety of tools best defines A) intranets. B) community networks. C) social networking. D) enterprise networks.

answer

question

The e-commerce activities conducted in social networks and/or by using social software best describes A) consumer commerce. B) virtual commerce. C) social commerce. D) enterprise commerce.

answer

question

A major gateway through which employees, business partners, and the public can enter a corporate website best defines A) social network. B) corporate portal. C) intranet. D) extranet.

answer

question

Because the pace of change and level of uncertainty in the marketplace are expected to accelerate, organizations are A) considering less information when making decisions. B) making fewer decisions and/or decisions less frequently. C) unable to react quickly enough to threats and opportunities. D) operating under increasing pressures to produce more products, faster, and with fewer resources.

answer

question

According to the Business Environment and Performance Impact Model, ________ provide support to organizations' activities and to the resultant performance, countering business pressures. A) markets and government B) missions and strategies C) EC and IT D) core competencies and critical response activities

answer

question

Each of the following is an essential capability that helps drive EC except A) providing efficient and effective business transactions. B) facilitating company consolidations. C) sharing information and knowledge. D) customizing products and personalizing services.

answer

question

A method of doing business by which a company can generate revenue to sustain itself best defines A) business model. B) marketing strategy. C) business plan. D) value chain.

answer

question

According to the ________ revenue model, customers pay a fixed amount, usually monthly, to receive some type of service. A) transaction fees B) advertising fees C) subscription fees D) affiliate fees

answer

question

According to the ________ revenue model, companies receive commissions for referring customers to others' EC websites. A) transaction fees B) affiliate fees C) advertising fees D) subscription fees

answer

question

Large organizational buyers make large-volume or large-value purchases through ________, also known as reverse auctions. A) name-your-own-price models B) viral marketing C) electronic tendering systems D) online direct marketing

answer

question

According to the ________ model, an organization can increase brand awareness or even generate sales by Web-based word-of-mouth marketing or promoting a product or service to other people. A) electronic tendering systems B) online direct marketing C) viral marketing D) name-your-own-price

answer

question

Major barriers to EC include each of the following except A) implementation difficulties. B) lack of technology skills. C) lack of potential customers. D) competition.

answer

question

Which of the following is not one of the benefits that EC provides to consumers? A) ubiquity B) global reach C) enable telecommuting D) instant delivery

answer

question

Each of the following is a benefit of EC to society except A) closing the digital divide. B) more public services. C) improving homeland security. D) fewer permits and less tax.

answer

question

Which of the following is a technological limitation of EC? A) order fulfillment requirements of large-scale B2C B) security and privacy concerns that deter customers from buying C) difficulty obtaining venture capital D) unresolved taxation, public policy, and legal issues

answer

question

Each of the following is a non-technological limitation of EC except A) people do not yet sufficiently trust paperless, faceless transactions. B) lack of trust in EC and in unknown sellers hinders buying. C) online fraud is increasing. D) software development tools are still evolving.

answer

STUDY

Bed And Breakfast Business Business Management Fast Food Restaurant Planning For The Future Small Business Owner

Small Business Management (Midterm) – Flashcards 252 terms

Briley Leonard

252 terms

Preview

Small Business Management (Midterm) – Flashcards

question

Isabella overheard her customers discussing their desire for more baked treats suitable for diabetics. Immediately she added sugar-free items to her inventory. Isabella has strong:

answer

Opportunity obsession

question

Using the criteria in the text to define a small business, Table Occasions will not be considered a small business when the company:

answer

Is operating in numerous states

question

Geraldo often would rather go fishing than work his business. Geraldo lacks:

answer

Commitment

question

Ben seems to have the Midas touch. He can recognize opportunity where others see only problems. His focus is on creating solutions for customers. Ben has a(n) _____________ personality.

answer

Entrepreneur

question

Compared to large corporations, small businesses...

answer

Play just as important if not a larger part in the economy

question

Francesca convinced her aunt to invest in her day spa in exchange for a percentage of the profits. Francesca is:

answer

Bootstrapping

question

Calvin knew his small local hardware could not compete on price with the big-box discounters so he began offering classes for new homeowners and found other ways to provide services the bigger stores don't. Calvin's competitive edge is:

answer

Customer focus

question

The term bootstrapping refers to the practice of bartering rather than buying with cash or credit. True False

answer

False

question

Lydia works as a senior network administrator and is dissatisfied with the stifling bureaucratic environment of her job. She is considering venturing out on her own as a consultant. If she carries through with her intentions, she would be considered a(n)...

answer

Corporate refugee

question

Evelyn opened a small boutique catering to a very narrowly defined target market. Evelyn's competitive edge is:

answer

The niche market

question

By the time Jobs and Wozniak had moved out of the garage and into their first production facility, the business would have been labeled as a(n):

answer

Attractive Small Firm

question

Eduardo took out a second mortgage on his home to finance his new business. He makes all the decisions and keeps all the profits. Eduardo is:

answer

An entrepreneur

question

Adam has contracted with about a third of the dozens of artisans in his town in the mountains of South Carolina. His reputation has grown; he now believes the sky's the limit for this web page design and maintenance business. What kind of small business does Adam have?

answer

High-potential venture

question

Josie's position was eliminated when the company moved its operations to another state so she started her own business. Josie is a reluctant entrepreneur. True False

answer

True

question

Lance has set for his business the goal of increasing revenues by 20% and profits by 15% by the end of the year. Lance is likely high in:

answer

Motivation to excel

question

Although Abner started the business by making his own product, his greater talent is planning for the future and arranging for growth. Abner has a(n)___________ personality.

answer

Manager

question

The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other useful products. XYZ Company is a social entrepreneurship. True False

answer

True

question

Franchisees are not really entrepreneurs because they have a contract with a franchising organization. True False

answer

False

question

Martina expected to build her direct sales business it the point that she can quit her day job after six months. Five months later she barely has any customers. Martina:

answer

Has overestimated what she can do

question

Legend holds that Abraham Lincoln walked miles to return two cents change to a customer. His actions demonstrate:

answer

Integrity and responsibility

question

Devon believes now is the time to launch his welding business since the only competitor has just announced his retirement. Devon has identified:

answer

An entrepreneurial opportunity

question

Entrepreneurs are more likely than large corporations to capitalize on innovations because:

answer

Larger corporations may be too focused on existing products

question

A significant number of entrepreneurs are motivated by...

answer

Financial rewards

question

Many small business owners fail to identify and capture new opportunities to grow their businesses. True False

answer

True

question

A camera hobbyist starts a photographic supplies store. The most obvious reward for this entrepreneur is the opportunity to:

answer

Enjoy satisfying work

question

Walter wanted to be able to make decisions about issues that directly affected his department but in his corporation, the managers made all the decisions. So Walter left the corporation and started his own firm. Walter was looking for:

answer

Independence

question

According to the text, managers who buy out founders of existing firms may be classified as entrepreneurs. True False

answer

True

question

The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other useful products. XYZ Company is a social entrepreneurship. True False

answer

True

question

Using the criteria in the text to define a small business, Table Occasions will not be considered a small business one the company:

answer

Is operating in numerous states

question

answer

High-potential value

question

A primary reason for becoming an entrepreneur is to create a product or service that improves the lives of customers. True False

answer

True

question

Skimming is an unethical business practice involving...

answer

Failure to report all income on tax returns

question

Karl Eller reports in his book, Integrity Is All You've Got, which of the following characterizes entrepreneurial businesses with integrity?

answer

The entrepreneur with integrity gives the company a competitive edge

question

An eBay retailer selling counterfeit Gucci and Louis Vuitton handbags is a violation of laws related to...

answer

Intellectual property

question

If a student copies a favorite CD and gives it away to a friend to use, the student is engaged in the theft of _____ property.

answer

Intellectual

question

A small computer retailer makes every effort to satisfy customer needs both before and after the sale. However, this retailer regards social problems as being beyond the scope of his business. This firm's management has recognized...

answer

Ethical obligations to customers but not social responsibilities

question

A digital ID tag that is electronically sent to the customer's computer when other requested materials are downloaded from a Web site is known as...

answer

A cookie

question

Environmentalism poses the greatest threat to small...

answer

Medical waste disposal businesses

question

PortionPac Chemical's dedication to its customers, employees, and the environment is an example of:

answer

A sustainable small business

question

The type of tax most likely to be a problem for entrepreneurs is:

answer

Employee payroll taxes

question

Floyd would like to be able to monitor his employees' Internet activity because:

answer

Such activity hinders workplace productivity

question

Members of a community will react _____ to a business they trust.

answer

Positively

question

A code of ethics becomes increasingly appropriate and necessary as a small business...

answer

Grows larger, with a consequent lessening of the owner's personal influence

question

Perhaps the greatest benefit of integrity in business is the _____ it generates.

answer

Trust

question

Entrepreneurs often come up short on their tax commitments because of a single-minded focus on their product or service and/or _____.

answer

Casual accounting systems

question

Clark, the owner of DEF LLC, bragged about hiding company income from the IRS but was surprised when he learned his sales manager was accepting kickbacks from customers. Clark should have remembered:

answer

Lapses in integrity can easily be passed down from superiors to subordinates

question

Candace sells the muffins in her bakery at a higher price than the big-box grocery but she has a steady stream of customers willing to pay what she asks. Candace also supports local charities. What would likely happen if she lowered her prices and stopped her charitable contributions?

answer

Customers would go elsewhere

question

In drawing up a code of ethics, a small business owner should adopt a code...

answer

That outlines ethical principles and gives examples

question

Annabelle often shops for clothing and household goods online while at work. Which of the following best describes this situation?

answer

Inappropriate internet use at work

question

Milton Friedman argues that businesses...

answer

Are justified in being socially responsible only if doing so increases the firm's value

question

Abner sometimes shorts the customer when weighing out bulk merchandise, believing the practice leads to higher profits so it is acceptable. We could infer that...

answer

Abner lacks integrity

question

Garner developed a code of ethics for his growing business because:

answer

He wanted to define the ethical expectations for all his employees

question

A band who fails to record the cash they collected for admission to their shows could be charged with what illegal practice?

answer

Skimming

question

An effective way for an entrepreneur to establish legitimacy is:

answer

To insist on professional behavior from all customer-contact employees

question

A firm's employees would be considered __________________ in the business.

answer

Stakeholders

question

Marketplace Farms is a regional cooperative of apple and orange growers. In order to compete against larger regional growers, the company relies on inexpensive packaging processes and lower cost labor instead of machines. Marketplace Farms is relying on what type of strategy?

answer

Cost-based

question

According to the feasibility analysis framework, an entrepreneur who has a vision of a multi-unit company will...

answer

Be satisfied with an attractive niche if it would serve as a point of entry for long-term potential

question

Janis wants to open a restaurant. She is not interested in a franchise; she wants to build her business literally from the ground up. When she does, her business will be classified as a:

answer

Startup

question

As China's production of exportable goods increases, Chinese workers have more money to spend on consumer items. Other developing countries are experiencing the same growth. Which type of trend does this represent?

answer

Global

question

The State of Maryland has recently imposed a "rain tax" based on the amount of non-water-absorbing surfaces on real estate. Which type of trend does this represent?

answer

Political/legal

question

Jeff Bezos' original business plan involved taking orders for books and having the items shipped directly from the publisher to the customer. He modified the plan to include other products such as toys and decided to buy the toys from the producers and ship them from his own warehouse. This modification of the original plan is called:

answer

A pivot

question

When Jeff Bezos launched Amazon.com, his idea of selling items he did not own from a website was unique. Which type of startup is this?

answer

New technology idea

question

Mike and Jane opened a franchise sporting goods store. Neither was athletic; neither had ever managed a retail store; and the business failed within one year. Which statement best explains these results?

answer

They lacked factors critical to the success of the enterprise

question

A company that is the lowest-cost producer within the market will have what type of strategy?

answer

Cost-based

question

Miles' startup company began well but within a couple months he found he was unable to pay invoices from suppliers. He didn't understand how he could have this problem. He hired experts; his business idea was sound; and he had many new customers. What went wrong?

answer

Miles lacked cash resources

question

Which action is a cause for erosion of a small firm's focus strategy?

answer

The focus strategy is imitated

question

Which statement is an example of a global trend?

answer

The E.U. declares an increase in tariffs on all agricultural goods

question

Many direct sales organizations suggest that the new "member" begin selling the product part-time while continuing to work at his/her regular job. Which explanation best fits this recommendation?

answer

The business can be tested cheaply and expanded incrementally

question

Consuela noticed significant growth in the Hispanic population in her mid-size town. The local grocery carried mostly traditional American products. She knew her neighbors would want familiar foods so she decided to open a food market catering to their preferences. Which kind of startup will her store be?

answer

New market idea

question

Carol enjoyed yarn crafts but there were no yarn shops in her small town. She reasoned that there were many others nearby who might appreciate being able to purchase yarns and supplies without a long drive. Within a year her shop was profitable and expanding into larger space.Which of these statements best describes this situation?

answer

Carol turned her hobby into a thriving business

question

Kitty-Kat Korner fabric shop caters to the quilters in the region. Other fabric shops carry fabrics for all types of clothing along with floral, yarn, and other craft supplies. Kitty-Kat carries only items related to quilting. Which of the following best describes Kitty-Kat's strategy?

answer

Focus

question

As the success of the athletic teams at O-MY-U skyrocketed, so did attendance at the games. Out-of-town visitors found all the hotels fully booked. So Bob and Shirley opened their home to guests on weekends, operating as a bed-and-breakfast. Soon many of their neighbors did the same and Bob and Shirley found they could no longer fill all their rooms every game weekend. How would Michael Porter explain this?

answer

The focus strategy was imitated

question

Containers Etc. manufactures household containers. In contrast to traditional market designs, all of the products are microwaveable, child-proof and come in an assortment of 35 colors. Accordingly, Containers Etc. is pursuing a _____ strategy.

answer

differentiation-based

question

An example of an idea for a new startup from a hobby is...

answer

A coin collector, who bought and sold coins for years to build a personal collection, deciding to become a coin dealer

question

Isabella listens whenever someone says "Someone ought to make a ..." She expects one of these ideas to develop into a profitable business. Isabella possesses:

answer

Entrepreneurial alertness

question

The quote "Good artists borrow; great artists steal" is the principle that launched which company?

answer

Apple

question

Noland has identified an underserved market for his product. Competitors are not likely to notice his efforts to attract his target market, and his product fills a need for these customers. Noland has found:

answer

An opportunity sweet spot

question

Many commuters grab a cup of coffee and drink it during their ride to work. So someone invented specially shaped cups that don't tip and lids with sip openings that close and don't spill. Which of these innovative ways of thinking best fits this situation?

answer

Study an existing product and explore ways to improve its function

question

One of the drawbacks of SWOT analysis is:

answer

Its focus on present conditions

question

Using a cost-based strategy, a company would take steps to increase efficiency and hold down costs. True False

answer

True

question

Intangible resources include:

answer

A good reputation, a respected brand name, and an extensive personal network

question

Verlin worked in a cabinet shop until he became frustrated that his ideas for improving efficiency were falling on deaf ears. So he left and started his own cabinet shop where he could implement those ideas. From which source did his ideas for his startup come?

answer

From work experience

question

Today's smartphones bear little resemblance to the original analog cell phones of the early 1990s. Their capabilities exceed those of the early desktop computers. It seems nearly every adult carries at least one cell phone. Which of the trends does this represent?

answer

Technological

question

Wilma needed wine glasses but all she had were candlestick holders and 8-ounce canning jars. Gluing the two together, she created what she called "mountain crystal" which became a big hit. The local crafters' association asked her to make enough for them to sell, and her business took off. This is an example of building a business from:

answer

Accidental discovery

question

A focus strategy is best described as...

answer

A strategy that isolates the firm from market forces

question

Which statement is an example of a political/legal trend?

answer

Congress passes legislation that increases the tax rates on corporations

question

Tangible resources include:

answer

Cash, technology, and raw materials

question

Milton's Auto Service is a small auto maintenance and repair shop located in a small town in a garage behind Milton's house. Milton doesn't charge as much as auto dealerships so he has a steady stream of local customers. Which of the following best describes Milton's strategy?

answer

Cost-based

question

Many businesses are formed because an entrepreneur saw ways to improve or modify a product as a result of previous work experience. True False

answer

True

question

For the past several years the borrowing interest rates has been very low in the United States. This is an example of a(n) ______________ trend.

answer

Economic

question

According to a study by the National Federation of Independent Business Foundation, the most common source of new product ideas for small business startups is

answer

Prior work experience

question

When Konrad purchased his business, he purchased it as a total entity. As a result,

answer

Konrad assumed responsibility for all outstanding debts incurred by the business.

question

A Starbucks franchise located inside a Target store is called ______ franchising.

answer

piggyback

question

Which of the following reasons for buying a business is also a reason for purchasing a franchise?

answer

Reduction of uncertainty

question

Caron signed a contract with Devon allowing her to provide services using Devon's trademark, logo, and business model. This business is:

answer

A franchise

question

In addition to the regular monthly payment of a percentage of gross sales to her franchisor, Wilma is required to submit a smaller percentage for advertising costs. She is willing to do this because:

answer

The franchisor promotes the business both locally and nationally, reinforcing the brand name

question

The franchising strategy whereby an individual or firm is granted the legal right to own more than one unit of a franchised business is known as

answer

Multiple-unit ownership

question

Union contracts are among the many _____ factors in valuing a business.

answer

Nonquantitative

question

Edward signed a contract allowing Francine to use sell products using his brand name so long as the product meets Edward's quality standards. Edward is:

answer

A franchisor

question

A franchising strategy whereby a single franchisee owns more than one unit in a given area is typically referred to as an area developer strategy. True False

answer

True

question

When is a bargain price for an existing business not a good deal for the buyer?

answer

When the seller intends to open a competing business in the same locality When the business is losing money When the neighborhood is deteriorating

question

What question is the least important when developing a franchise from an independent business?

answer

Who will develop the operations manual?

question

A nondisclosure agreement signed by a prospective buyer shows the seller that the buyer intends to purchase the business. True False

answer

False

question

Which factor is a non-quantitative factor of valuing a business?

answer

Future community development

question

The cost of a franchise may include...

answer

Royalty payments

question

A franchise is able to control costs because:

answer

Franchise networks have greater buying power

question

In many cases, a franchisor will receive payments in the form of royalties that are based on a percentage of the franchisee's gross income. True False

answer

True

question

Jeffrey's job is to identify potential business people in his country who might want to do business using a particular brand name. When the contract is signed, Jeffrey then provides training to the business person. Jeffrey is ost likely:

answer

A mastery license

question

Franchising offers both a proven line of business and reduced risk. True False

answer

True

question

The unscrupulous actions by franchisors to void contracts of franchisees in order to sell the franchise to someone else and collect an additional fee is called chewing. True False

answer

False The term is churning

question

The buyer of an existing business typically acquires its personnel, inventories, physical facilities, established banking connections, and ongoing relationships with trade suppliers. True False

answer

True

question

Fred's company specializes in bringing together buyers and sellers of businesses. Fred is:

answer

A business broker

question

Quality Dining, Inc. operates several different restaurant franchises including Burger King, Olive Garden, Dairy Queen, and several others. Quality Dining has its own corporate structure and stockholders. This corporation is an example of:

answer

Multibrand franchising

question

The practice of putting one franchise right next to another is referred to as piggyback franchising. True False

answer

False

question

The Pepsi-Cola Company is an example of a product and trade name franchisor. True False

answer

True

question

Conducting a thorough due diligence should always be accomplished if purchasing an existing corporation or franchise, but is unnecessary if acquiring a sole proprietorship. True False

answer

False

question

Harold was given the chance to examine the tax returns and financial statements of a business he is considering for purchase. The seller asked him to sign a _____________ that prohibits Harold from sharing this confidential information with anyone else.

answer

Non-disclosure agreement

question

JKL Corporation grants another party the right to conduct business according to specified methods and terms. JKL is a:

answer

Franchisor

question

When hiring non-family employees it is only fair to identify the positions, if any, that are reserved for family members. True False

answer

True

question

Mayer's philosophy of never using debt to finance operations or expansion was born during the Great Depression and passed on to his sons when they joined the family business. Today the multi-million dollar organization proudly follows Mayer's practice under the leadership of Mayer's great-grandsons and -daughters. This family's commitment is based on:

answer

Emotional attachment of family members

question

Bret first opened his hardware store in 1946. His sons took over when Bret retired, and now Bret's grandchildren run the store. This type of family business is known as:

answer

A cousin consortium

question

A family retreat can bring family members closer together as well as strengthen the family business. True False

answer

True

question

Betsy had always had decisions made for her, first by her parents then by her husband. So when her father asked her to take over the family business, she was afraid of:

answer

Failure

question

A family business involving two or more children may experience either sibling cooperation or sibling rivalry. True False

answer

True

question

A nonfamily employee of a family business complains that the recent promotion of a family member was unfair. The owner should...

answer

Enter into a discussion of the roles and opportunities for both family members and outsiders

question

Family retreats are best handled by an outside facilitator, who can help develop an agenda and establish ground rules for discussion. True False

answer

True

question

Patricia, a nonfamily employee of a family business, is concerned about competing with family members for future career opportunities. To protect her personal interests, she should...

answer

Ask that the owner/manager clarify the extent of opportunities considering her skill set

question

A key factor of success in a family business is:

answer

Family unity

question

Liam's mentor had worked with him for several months to prepare him for the promotion. Now that the offer has been made, Liam is hesitant. His hesitation is likely based on:

answer

Fear of disappointing his mentor

question

A family firm's special patterns and beliefs comprise the firm's organizational culture. True False

answer

True

question

Kinder's Deli has been in business for three generations. A place was found for every Kinder child to work in the shop. The name Kinder meant fine deli meats. This family's commitment is based on:

answer

Identification with the firm

question

In-laws not working in the family business may have a bad attitude about the company because of only hearing one side of an argument. True False

answer

True

question

An inherent problem for couples involved in a family business is that...

answer

Conflicts in the business tend to carry over into family life

question

As the only son, Eduardo's father expected to one day turn over management of the business to him despite Eduardo's protests that he wanted no part of it. Following graduation from college, Eduardo realized he did not want his father to let some outsider take over the business. Eduardo's commitment is based on:

answer

Family control

question

A parent might attempt to resolve a transfer of ownership by giving active children in the firm's management _____ stock and giving nonactive children _____ stock.

answer

Common, preferred

question

A family retreat is designed to...

answer

Bring family members together to openly discuss business matters

question

When considering the long term health of a company during the transfer of ownership, tax advantages should be the primary concern. True False

answer

False

question

A common problem for a founder in passing the business on to a daughter or son is...

answer

Deciding whether the child has the necessary temperament and ability

question

Jim, the founder of a family business specializing in real estate, is contemplating turning the business over to his five children. One possibility, the founder believes, is to divide ownership equally among the children. This action would...

answer

Potentially hinder the future functioning of the business

question

When a senior generation member is planning for succession, planning should encompass family members, employees and the owners. True False

answer

True

question

Which statement is the most correct about in-laws and possible complications in a family business?

answer

In-laws will impact the business as they increase the number of persons who are either directly or indirectly involved in the family business.

question

Bequeathing equal shares of ownership to children in a family business will probably create havoc in the future functioning of the business. True False

answer

True

question

Sibling rivalry in a family business

answer

May create disagreements

question

In considering the role of younger family members, the best philosophy is to recognize that...

answer

Children should have a right to choose their own careers

question

The recruiter from IBM made William an offer almost too good to be true. The problem was William's dad, who always expected William to join him in running the family business. William's difficulty in accepting either offer may be based on the fear of:

answer

Disappointing his father

question

Family retreats, which open lines of communication...

answer

May result in formation of a family council to continue discussion

question

A founder's core values may become part of the family business culture because...

answer

Others in the firm absorb traditions and values established by the founder

question

Jane and Joe are experiencing a strain with their family relationship after running their family business for 5 years. Which issue might be the most likely underlying cause of the tension?

answer

Their difference of opinions about a business matter is spilling over into their family time

question

Jim is developing a business plan and has limited funds. Which person would be the best fit to offer assistance to Jim?

answer

A SCORE representative

question

In writing the business plan, an entrepreneur should remember that...

answer

Certain features will be appealing to investors, while others are distinctly unappealing.

question

The company description section of a business plan should include the company's __________ if the business is already in existence.

answer

History

question

A potential investor's single goal is to...

answer

Maximize returns while minimizing personal risk

question

Julie has decided to hire a consultant to review her business plan. Which suggestion is the most critical?

answer

Have a legal contract that specifies exactly what will be done for what price

question

When describing the product in the business plan, the entrepreneur should...

answer

Use layman terms

question

A business plan is a written document that sets out the basic idea underlying a business and its related startup considerations. True False

answer

True

question

A business plan should represent the entrepreneur's vision and goals for the proposed company. True False

answer

True

question

Two resources often in short supply for entrepreneurs are:

answer

Time and money

question

The ___________ type of executive summary is better suited to a business that intends to market a new product or enter a new market.

answer

Narrative

question

Martin is creating the part of his business plan that includes the name, address, website, and logo of his company. Martin is working on:

answer

The cover page

question

The industry, target customer, and competitor analysis section should:

answer

Provide the context of the opportunity and demonstrate that a market segment is understood

question

The financial plan section of a business plan should include balance sheets and income statements on an annual basis and cash flow statements on a monthly basis, all projected out for 2-3 years. True False

answer

False

question

The primary outside users of business plans are...

answer

Investors and lenders

question

Describing a product or service should be in lay terms even if the product is technical in nature. True False

answer

True

question

A business plan is best described as a...

answer

Game plan

question

Which group would be the most interested in a business plan for a new venture?

answer

Lenders

question

Though all financial statements are important, the cash flow statement deserves special attention. True False

answer

True

question

Nelson is writing about how he will attract and retain customers, how he will price his product, and how and where he will offer it for sale. Nelson is working on the __________ section of his business plan.

answer

Marketing plan

question

The cost structure of a business model...

answer

Drives the company's cost and expenses

question

Before beginning to write a business plan, the entrepreneur should complete:

answer

A feasibility analysis

question

Business plans should be prepared so that they are attractive in appearance and well organized. True False

answer

True

question

Items such as marketing research studies and the resumes of key executives are placed in the __________ of the business plan.

answer

Appendix

question

The discussion of the opportunity in the business plan should reflect:

answer

The potential and attractiveness of the market industry

question

The most beneficial plan when facing significant change in the external environment is a...

answer

Comprehensive

question

The narrative form of an executive summary...

answer

Is a better format for ventures that have one dominant advantage

question

Even if the business plan reveals sensitive information (e.g., details of an advanced technology or the specifics of a marketing plan), prospective investors can be trusted with that knowledge. True False

answer

False

question

When Abigail buys salt, the core product and the actual product are:

answer

Seasoning for the food and the salt itself

question

A firm's marketing mix consists of ____ activities.

answer

Product, pricing, promotion, and distribution

question

Because many small business owners have strong production skills, they often attend mostly to the marketing side of the business to compensate. True False

answer

False

question

Personal interview surveys are attractive as a marketing research method because these are inexpensive to conduct. True False

answer

False

question

Adopting a consumer-oriented marketing philosophy is most consistent with...

answer

Eventually achieving long-term market success

question

The most detailed and scrutinized section of a formal marketing plan is the...

answer

Marketing strategy

question

A detailed analysis of competitors is an important part of a firm's formal marketing plan. True False

answer

True

question

The initial step in the marketing research process is to...

answer

Identify informational needs

question

The _____ method is probably the oldest form of research in existence.

answer

Observational

question

Sales forecasts are typically expressed in dollars or units. True False

answer

True

question

When a strategist divides the total market for a product and/or service into groups with similar needs, so that each group is likely to respond to the same marketing strategy, he or she is engaging in a practice called market segmentation. True False

answer

True

question

The forecasting process can be characterized by the point at which the process is started and the nature of the predicting variable. True False

answer

True

question

Small businesses typically conduct less marketing research than big businesses, partly because they lack an understanding of the basic marketing research process. True False

answer

True

question

In the analysis of a market, the customer profile should include a...

answer

Detailed discussion of major customer benefits provided by the product and/or service

question

Paul is a CPA (certified public accountant). He offers a variety of services depending on the needs of his customers. Some hire him to perform bookkeeping activities; others have him prepare their tax return. Pau's market is segmented based on:

answer

Benefit variables

question

Morton sells salt; Domino sells sugar. The best strategy for either of these products would be:

answer

The unsegmented strategy

question

In preparing a sales forecast, it is desirable to have forecasts covering the "most likely", "best case" and "_____ case" scenarios.

answer

Worst

question

If an entrepreneur anticipates several target markets, each individual segment must have its own corresponding customer profile. True False

answer

True

question

Oliver figured if people were willing to pay for bottled water, they would also be willing to pay for bottled air. Oliver has forgotten that customers will buy only if they have:

answer

Unsatisfied needs

question

Rhoda describes her typical customer as female between the ages of 22 and 35 with at least two years of college and a household income above $50,000 annually. Rhoda is using _________ to describe her customers.

answer

Demographic variables

question

Caution is advised when relying on blogs for secondary data because:

answer

Information in blogs may not be factually correct

question

Every day, associates of Sewell Motors, a Dallas-based auto retailer, strive to exceed the company's expectations of treating the customer as its number one priority. Every action, policy, and ultimate sale is conducted professionally, with consumers' needs in mind. Sewell Motors subscribes to the ____ marketing philosophy.

answer

Consumer-oriented

question

Small business owners can now buy inexpensive personal computer software that can perform statistical calculations and generate report-quality graphics. True False

answer

True

question

Miguel is deciding how to get his product to his customers. His options include a fixed location, a mobile location, working out of his home, and the Internet. Miguel is making the ___________ decision.

answer

Place

question

Special consideration should be given to the selection of the ____________ and the logic of this selection should be explained in the marketing plan.

answer

Company name

question

When prior sales information is available, indirect forecasting is the best method to predict future sales. True False

answer

False

question

Larry Knave, MD, is an owner in a professional corporation. If Dr. Knave is sued for malpractice, what is the liability of the rest of the owners?

answer

They are protected from liability for his actions

question

Because the corporation is a legal entity, one of its responsibilities is to:

answer

File annual tax returns

question

An ownership interest does not automatically confer a right to act for or to share in the management of a corporation. True False

answer

True

question

An owner in a professional corporation is shielded from...

answer

The liability of other owners

question

What legal form has the smallest percentage of new businesses?

answer

C Corporations

question

To maintain status as a corporation, the corporation must:

answer

Hold annual meetings of both shareholders and the board of directors

question

Millie has a sole proprietorship which is her only source of income What legal action should she take to prevent the business from being ruined if she became incapacitated?

answer

Give someone who is competent power of attorney to continue the business

question

An advisory board, as compared to a board of directors...

answer

May be perceived as less of a threat to an owner than a board

question

A basic legal principle involving stockholders is that...

answer

An ownership interest in a corporation does not confer a legal right to manage the firm

question

Which legal form allows owners to contribute no capital but still play a part in managing the business and share in its profits?

answer

Partnership

question

An entrepreneur can best build social capital by...

answer

Using reciprocation

question

For the best success, strategic alliance partners should sign contracts with stated expectations and an "easy out" clause. True False

answer

True

question

A significant difference between a board of directors and an advisory board is:

answer

The advisory board has no legal authority over the owner or the company

question

Jeanne, a Canadian citizen, would like to invest in Ingrid's startup. If Ingrid organizes her business as a(n) ________________________, Jeanne is prohibited from investing.

answer

S Corporation

question

A partnership agreement states explicitly the rights and duties of partners with each party assuming joint and several liability. True False

answer

True

question

A corporate charter should...

answer

Be in accord with state law

question

The sole proprietorship is a business owned by two or more people but operated by only one person. True False

answer

False

question

Creating a partnership allows a business to pool the managerial talents and capital of those individuals joining together as partners. True False

answer

True

question

The LLC differs from the C corporation in that the LLC avoids financial complications from double taxation. True False

answer

True

question

Dylan has purchased stock in a new corporation. As proof of ownership, Dylan will receive:

answer

A stock certificate

question

Effective leadership is more important for prospective managerial personnel than for investors. True False

answer

False

question

Partners must contribute capital or assets to form a partnership. True False

answer

False

question

A nonprofit corporation can be for civic, educational, charitable, or religious purposes and must pass the organizational test of not making a profit. True False

answer

False

question

In a limited partnership, which partner remains bound by all debts of the business?

answer

General partner

question

A corporate charter should be...

answer

Broad in the statement of the firm's power

question

Zeno, Zella, and Zorro wish to form a partnership. Zeno is putting up 60 % of the capital; Zella is putting up 40%, and Zorro is putting in no capital but will manage the business. In the absence of a provision in the partnership agreement, how will the liability and profits be distributed?

answer

Equally

question

The management team of a small business should focus on competent insiders as opposed to outside specialists. True False

answer

False

question

In the B2B model, the customers are...

answer

Businesses

question

Blogs and podcasts are among the emerging options for an online presence. True False

answer

True

question

Which statement is true about location decisions?

answer

Franchisors assist entrepreneurs with location decisions

question

The role of a website can range from merely offering content and information to enabling complex business transactions. True False

answer

True

question

Garland uses the family room of his home for his business. The children share his computer for their homework and games. The family room also contains the TV and homework space for the children. The IRS is likely to disallow his deduction for this space because:

answer

A separate space must be clearly set aside for the sole use of the business

question

Annie is starting her photography business and is locating it in her family home. Which aspect is critical in the balance between her business and her family?

answer

Making sure family members don't spoil the image of the business when clients arrive Having a professional studio area that is separate from the family area Shielding her family from the business taking over the home

question

All other factors being equal, retail and services businesses will find little advantage in selecting a location near the center of the market. True False

answer

False

question

Roger is analyzing regional differences in seeking a location for a new firm and is looking at states with favorable tax laws. Based on this information, he should look at which state?

answer

Wyoming

question

Sometimes an attorney can insert special clauses into a lease agreement that will allow the lessee to exit the agreement under certain circumstances. True False

answer

True

question

A home location is still almost always considered a temporary situation until the business grows. True False

answer

True

question

For many new firms, the most important reason to lease rather than buy a facility is...

answer

Avoidance of a large cash outlay

question

To maximize sales and profits, a discount shoe store should create an atmosphere similar to higher price point shoe stores as the customers will expect the same atmosphere. True False

answer

False

question

Bart is ready to look for a site for his new business. To help him in his search he should:

answer

Check into site selection software

question

Because B2B success stories generally receive more publicity than B2C ventures, the potential for B2C opportunities are overlooked. True False

answer

False

question

Many entrepreneurs recognize the value of talking to local realtors to determine site availability and appropriateness. True False

answer

True

question

Jason has neither a website nor a storefront. Instead, he lists his products for sale on a site that provides customers with the ability to list products for potential buyers. Jason is using a ______ site.

answer

C2C

question

Steve started a Web-based business offering a mechanism for buying and selling antiques. He has set up his company using the ____ model.

answer

Transaction-based

question

The major difference between the information-based model and the content-based model is:

answer

The presence of ads in the content-based model

question

An important advantage an entrepreneur gains by leasing rather than buying a facility is...

answer

A decrease in investment risk

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Customer accessibility is the most critical factor in evaluating a specific site for a...

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Drugstore

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For many entrepreneurs, choosing a location for a small business is a one-time decision—made only when the business is first established or purchased. True False

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True

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Emma is looking for a building for her homestyle cooking restaurant. A major consideration would be:

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The building should be on one level

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Allison plans to open a boutique, a trendy retail shop. She will rely heavily on walk-in customers to support her business. Allison will need:

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A brick-and-mortar facility

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Allison plans to open a boutique, a trendy retail shop. She will rely heavily on walk-in customers to support her business. Allison will need:

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A brick-and-mortar facility

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Bed And Breakfast Business Business Management International Business Small Business Owner

Small Business Managment quiz 1 and 2 – Flashcards 29 terms

Jamie Hutchinson

29 terms

Preview

Small Business Managment quiz 1 and 2 – Flashcards

question

Containers Etc. manufactures household containers. In contrast to traditional market designs, all of the products are microwavable, child-prof and come in an assortment of 35 colors. Accordingly, Containers Etc. is pursuing a ______________ strategy.

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differentiation-based

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Resources are best described as

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Those basic inputs that a firm uses to conduct its business

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A type C idea involves

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performing an old function in a new and improved way

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Which action is a cause for erosion of a small firm's strategy

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The focus strategy is limited

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An increase in rivalry among existing competitors in a target market

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decreases both the attractiveness and the profitability of the target market

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Which segment is part of the general environment

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The global segment

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Carol runs Technographics, a company that designs greeting cards for a computer user. What type of strategy would be expected

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a focus strategy

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An evaluation of the general environment helps to

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identify a trend that could be used for a possible startup idea

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In what way is a franchisee's control over the business greatly reduced

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The franchisee is bound by the terms of the franchise contract

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Craig Slavin, as the chairman and founder of Franchise Architects, felt that

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Too many ventures are built from the top down based on the founding entrepreneur

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Which technique is not valid for valuing a company

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review of recent business sales

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The Franchise Registry maintained by the U.S. Small Business Administration

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verifies a franchise systems lending eligibility

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An entity or individual that grants another party the right to conduct business according to specified methods and terms is known as a

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franchisor

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A family member who believes that joining the business may be the best way to benefit from what the family firm has to offer is revealing a __________ commitment

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cost-based

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A document that states the principles intended to guide a family firm through times of crisis and change, including the succession process is called the

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family business constitution

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A benefit of a strong family relationships is the greater willingness of family members to

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sacrifice salaries and dividends when necessary

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Family members who join the business because of a concern that they may not be able to reach career success on their own display an ________________

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need based commitment

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Entrepreneurs often produce innovations related to

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developing others ideas

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Compared to large corporations, small businesses

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play just as important if not a larger part in the economy

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A person who initiates a new business is classified as a

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founder

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Researchers Niels van Quaquebeke and Steffen Giessner found what in their study on integrity

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perception of integrity make a difference

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Entrepreneurs should think carefully about their community commitments because " doing good" may add to a small company

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financial burden

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Entrepreneurs must reconcile their social obligations

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the need to earn profits

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A person misrepresenting income or claiming personal expenses as business expenses is guilty of

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skimming

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In drawing up a code of ethics, a small business owner should adopt a code that

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outlines ethical principles and gives examples

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A code of ethics becomes increasingly appropriate and necessary as a small business

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grows larger, with a consequent lessening of the owner's personal influence

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The most important influence on ethics in a small business is

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the founder or owner who's values are pit into practice

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The application of U.S. standards to ethical issues that are clouded by cultural differences aboard is sometimes categorized as

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ethical imperialism

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A nationwide survey showed what proportions of individuals holding managerial and professional positions in small business felt no pressure to act unethically

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72.3%

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Bed And Breakfast Business Business Management Computer Aided Manufacturing Defined Benefit Plan Long Term Financing Short Term Financing Small Business Administration Small Business Owner

Boone ; Kurtz Contemporary Business 15th Edition Chap 5-6 – Flashcards 44 terms

Shelby Arnold

44 terms

Preview

Boone ; Kurtz Contemporary Business 15th Edition Chap 5-6 – Flashcards

question

Small Business

answer

independent business with fewer than 500 employees, not domain in it is market.

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Home-based Business

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firms operated from the residence of the business owner

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Business Plan

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written document that provides an orderly statement of a company's goals, methods, and standards.

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Small Business Administration (SBA)

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principal government agency concerned with helping small U.S. firms.

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Microloan

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small-business loans often used to buy equipment or operate a business

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Business Incubator

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local programs designed to provide low-cost shared business facilities to small start-up ventures.

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Venture Capital

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money invested in a business by another business firm or group of individuals in exchange for an ownership share.

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Franchising

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contractual business agreement between a manufacturer or other supplier, and a dealer such as a restaurant operator or retailer.

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Franchisee

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individual or business firm purchasing a franchise.

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Franchisor

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Firm whose products are sold to customers by the franchisee.

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Sole Proprietorship

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business ownership in which there is no legal distinction between the sole proprietor's status as an individual and his or her status as a business owner.

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Partnership

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association of two or more persons who operate a business as co-owners by voluntary legal agreement.

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Corporation

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legal organization of two or more persons as co-owners by voluntary legal agreement.

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S Corporation

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corporations that do not pay corporate taxes on profits; instead, profits are distributed to shareholders, who pay individual income taxes.

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Limited-liability Corporation (LCC)

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corporation that secures the corporate advantage of limited liability while avoiding the double taxation characteristic of a traditional corporation.

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Employee ownership

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business ownership in which workers buy shares of stock in the company that employs them.

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Not-for-profit Corporations

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organization whose goals do not include pursuing a profit.

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Public Ownership

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a unit or agency of government owns and operates and organization.

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Cooperative Ownership

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collective ownership whose owners join forces to operate all or part of the activities in their firm or industry.

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Domestic Corporation

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A firm is considered domestic in the state where it is incorporated.

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Foreign Corporation

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A firm is considered foreign in the states other than the one it has filed incorporation papers.

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Alien Corporation

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A firm operating in one nation other than the one it is incorporated in.

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Stockholders

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owners of a corporation due to their purchase of stock in the corporation.

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Preferred Stock

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shares that give owners limited voting rights, and the right to receive dividends or assets before owners of common stock.

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Common stock

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shares that give owners voting rights but only residual claims to the firm's assets and income distributors.

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Board of Directors

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governing body of a corporation.

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Merger

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agreement in which two or more firms combine to form one industry.

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Aquisition

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agreement in which one firm purchases another.

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Vertical Merger

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merger that combines firms operating at different levels in the production and marketing process.

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Horizontal Merger

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merger that joins firms in the same industry for the purpose of diversification, increasing customer bases, cutting costs, or expanding product lines.

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Conglomerate Merger

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merger that combines unrelated firms, usually with the goal of diversification, spurring sales growth, or spending a cash surplus in order to avoid a takeover attempt.

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Joint Venture

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partnership between companies formed for a specific undertaking.

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Entrepeneur

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a risk taker in the private enterprise system, a person who seeks a profitable opportunity an takes the necessary risks to set up and operate a business.

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Classic Entrepeneur

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a person who identifies a business opportunity and allocates available resources to tap that market.

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Serial Entrepeneur

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a person who starts one business, runs it, and then starts and runs additional businesses in succession.

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Social Entrepeneur

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a person who recognizes societal problems and uses business principles to develop innovative solutions.

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Lifestyle Entrepeneur

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a person who starts a business to gain flexibility in work hours and control over his or her life.

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Seed Captial

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initial funding used to launch a company

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Debt Financing

answer

borrowed funds that entrepreneurs must repay.

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Equity Financing

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funds invested in new ventures in exchange for part ownership.

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Venture capitalists

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business organizations or groups of individuals that invest in early-stage, high-potential growth companies.

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Angel Investors

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wealthy individuals who invest money directly in new ventures in exchange for equity.

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Intrapeneurship

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process of promoting innovations within the structure of an existing organization.

question

Skunkworks

answer

project initiated by an employee who conceives an idea, convinces top management of its potential, and then recruits hum and other resources from within the company to turn the idea into a commercial project.

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