SBE-310 Small Business Management and Entrepreneurship - Week 8 Final - Devry

1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people?
(Points : 5)
      [removed] 10 percent
      [removed] 25 percent
      [removed] 75 percent
      [removed] 99 percent

2. (TCO 1) You have a small business that offers printing services. One of the services you offer is a high-speed color copier. You are currently the only printing service in a tri-state area that offers such a service. You currently have _______.
(Points : 5)
      [removed] Creative destruction
      [removed] A competitive advantage
      [removed] A qualitative advantage
      [removed] A capital advantage

3. (TCO 1) Your employees are your most valued assets due to their _______.
(Points : 5)
      [removed] Skill, knowledge, and information
      [removed] Earnings
      [removed] Knowledge of finance and accounting
      [removed] College degree and high IQ

4. (TCO 1) Entrepreneurship primarily involves which phase of business?
(Points : 5)
      [removed] The startup process
      [removed] Hiring of key employees
      [removed] Maintaining a positive cash flow
      [removed] Building and maintaining a sufficient customer base

5. (TCO 1) Which of the following is the most common form of business ownership?
(Points : 5)
      [removed] Sole proprietorships
      [removed] Partnerships
      [removed] Corporations
      [removed] Joint ventures

6. (TCO 4) Which of the following acts was written to prevent large businesses from forming trusts?
(Points : 5)
      [removed] Clayton Act
      [removed] Federal Trade Commission Act
      [removed] Fair Debt Collection Practices Act
      [removed] Civil Rights Act of 1964

7. (TCO 4) Bankruptcy remains on a credit report for how many years?
(Points : 5)
      [removed] 3 years
      [removed] 5 years
      [removed] 7 years
      [removed] 9 years

8. (TCO 4) Peter Drucker stated that businesses have _______ basic functions.
(Points : 5)
      [removed] Two
      [removed] Three
      [removed] Four
      [removed] Five

9. (TCO 4) Managing inventory can be compared to which of the following?
(Points : 5)
      [removed] A balancing act
      [removed] Preparing for a test
      [removed] Driving a bus
      [removed] Lion taming

10. (TCO 4) What is the key word in evaluating a channel of distribution? (Points : 5)
      [removed] Location
      [removed] Plastics
      [removed] Competition
      [removed] Efficiency

11. (TCO 4) A long-term agreement to rent a building, equipment, or other assets is known as a:
(Points : 5)
      [removed] Lease
      [removed] Rental contract
      [removed] Legally liable contract
      [removed] Business contract

12. (TCO 4) Consumers typically do not want the cheapest product available; they want the:
(Points : 5)
      [removed] Best product for the highest price
      [removed] Most reasonable product at the highest price
      [removed] Most reasonable product at the lowest price
      [removed] Best product for the most reasonable price

13. (TCO 4) The point at which total cost equals total revenue and the business is neither making or losing money is known as the _______.
(Points : 5)
      [removed] Profit area
      [removed] Loss area
      [removed] Breakeven point
      [removed] Profit point

14. (TCO 2) Through the franchise agreement, the ________ gains the benefit of the parent company's expertise, experience, management systems, marketing, and financial help.
(Points : 5)
      [removed] Franchisor
      [removed] Franchisee
      [removed] Leaser
      [removed] Lessee

15. (TCO 2) The financial document that is used by startup businesses to show where capital comes from and for what it will be used is called:
(Points : 5)
      [removed] Cash-flow statement
      [removed] Projected earnings statement
      [removed] Sources and uses of funds
      [removed] Income statement

16. (TCO 2) Which of the following is not included in the marketing plan section of the business plan?
(Points : 5)
      [removed] How sales forecasts will be reached
      [removed] Marketing objectives
      [removed] Identification of potential markets
      [removed] Cash-flow statements

17. (TCO 3) When analyzing financial statements, remember that profits can be increased and expenses can be decreased to make the records look better __________.
(Points : 5)
      [removed] In the short run
      [removed] In the long run
      [removed] For tax purposes
      [removed] For bank audits

18. (TCO 3) In the chapter opener, what was the limitation that kept Philip Rosedale from creating Second Life when he first had the idea for it?
(Points : 5)
      [removed] He didn't have enough money.
      [removed] He didn't know how to promote it.
      [removed] Computers were not powerful enough at the time.
      [removed] Some technical gadget like a flux capacitor needed to be invented first.

19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from:
(Points : 5)
      [removed] Their local area
      [removed] Their regional area
      [removed] Outside their home regions and internationally
      [removed] A 100-mile proximity of their business

20. (TCO 3) Computers, office equipment, and furniture are all examples of ________ that have a life of more than one year.
(Points : 5)
      [removed] Current assets
      [removed] Current liabilities
      [removed] Capital equipment assets
      [removed] Investments

21. (TCO 5) Mintzberg suggested several important skills a manager needed in order to perform the four functions of management. The most important of these was listed as
(Points : 5)
      [removed] Carrying out negotiations
      [removed] Motivating subordinates
      [removed] Making decisions in conditions of extreme ambiguity in allocating resources
      [removed] Being willing to continually learn on the job

22. (TCO 5) Maslow's hierarchy of needs theory ranks the highest level of needs as what?
(Points : 5)
      [removed] Physiological
      [removed] Safety and security
      [removed] Esteem
      [removed] Self-actualization

23. (TCO 5) The Equal Employment Opportunity Commission _______ that the information from a job analysis be used to ensure equal employment opportunity.
(Points : 5)
      [removed] Strongly urges and sometimes requires
      [removed] Always requires
      [removed] Urges
      [removed] Does not care

24. (TCO 6) A production process that operates for long periods of time without interruption is known as?
(Points : 5)
      [removed] Analytic system
      [removed] Synthetic system
      [removed] Continuous process
      [removed] Intermittent process

25. (TCO 6) Scheduling is necessary to maximize levels of: (Points : 5)
      [removed] Efficiency and customer service
      [removed] Customer service and expense
      [removed] Sales and expense
      [removed] Efficiency and effectiveness

26. (TCO 7) An account number of 13 would represent which of the following accounts?
(Points : 5)
      [removed] Accounts payable
      [removed] Accrued taxes
      [removed] Insurance expense
      [removed] Accounts receivable

27. (TCO 7) Equity funds never need to: (Points : 5)
      [removed] Be repaid
      [removed] Be accounted for
      [removed] Be stated on the income statement
      [removed] Be stated on the balance sheet

28. (TCO 8) About what percent of small businesses export goods and services?
(Points : 5)
      [removed] 10%
      [removed] 15%
      [removed] 30%
      [removed] 50%

29. (TCO 9) The obligation of business to maximize the positive impact it has on society while minimizing the negative impact is called:
(Points : 5)
      [removed] Moral obligation
      [removed] Business responsibility
      [removed] Business ethics
      [removed] Social responsibility

30. (TCO 9) Threats and opportunities to a business can be found in which of the following environments?
(Points : 5)
      [removed] Economic and legal only
      [removed] Legal and sociocultural only
      [removed] Technological and competitive only
      [removed] Economic, legal, sociocultural, competitive, and technological

1. (TCO 1) Compare and contrast a sole proprietorship, a partnership and a corporation. Provide examples of where you would use each structure. (Points : 14)

2. (TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under what circumstances would one be more advantageous? (Points : 14)

3. (TCO 4) Compare and contrast Economic Order Quantity and Just-In-Time as inventory control methods. Evaluate how these control methods can improve the financial position of a small business. (Points : 14)

4. (TCO 6) Compare and contrast analytic manufacturing systems and synthetic manufacturing systems, giving an example of each. (Points : 14)

5. (TCO 9) Analyze the four levels depicted in the pyramid of social responsibility. (Points : 14)