FINAL

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Question 1.1. (TCO 1) The industry that employs the greatest number of people in small business is which of the following? (Points : 5)

Construction Manufacturing Retail businesses Services

Question 2.2. (TCO 1) The impact downsizing has on small business is which of the following? (Points : 5)

No labor force to work in small businesses Opportunity to perform the work large businesses no longer perform An availability of workers with no skills Lack of financial backing for small businesses

Question 3.3. (TCO 1) Which of the following are the inherent factors that work in favor of small businesses? (Points : 5)

Ability to remain flexible and innovative Management expertise Emphasis on variety Emphasis on quantity

Question 4.4. (TCO 1) Which of the following is the key element needed to bring the entrepreneurial idea to reality during the implementation stage? (Points : 5)

Capital or money Commitment Management expertise A college education

Question 5.5. (TCO 1) Which of the following is the most common form of business ownership? (Points : 5)

Sole proprietorships Partnerships Corporations Joint ventures

Question 6.6. (TCO 4) Which one below is not part of the elements of a marketing plan? (Points : 5)

Marketing objective Marketing directive Product Target market

Question 7.7. (TCO 4) Location analysis involves several factors such as _____. (Points : 5)

price of land proximinty to customers quality and quantity of workforce All of the above

Question 8.8. (TCO 4) A sales forecast based on estimation of daily sales that are then projected for weeks, months, and years with seasonal adjustments is using what approach? (Points : 5)

Build-up Guesstimate Break-down Pro forma

Question 9.9. (TCO 4) Product refers to which of the following? (Points : 5)

Tangible goods only Tangible services only Tangible goods, intangible services, or a combination of both Intangible services only

Question 10.10. (TCO 4) A small business owner should begin the site selection process by asking which of the following questions? (Points : 5)

What region would be best? What state within the region would be best? What city within that region would be best? What specific site within that city will work for the business?

Question 11.11. (TCO 4) A type of retail layout with a prominent aisle running through the store that quickly leads customers to their desired departments is known as what? (Points : 5)

Free-flow layout Grid layout Loop layout Process layout

Question 12.12. (TCO 4) Small business owners can compete with large chains like Walmart and Kmart by focusing on _____. (Points : 5)

lower prices better products flexibility better employees

Question 13.13. (TCO 4) To accomplish the goals of maximizing short- or long-run profits and to quickly recover development costs, which of the following is an appropriate strategy? (Points : 5)

Penetration pricing Price skimming Psychological pricing Price lining

Question 14.14. (TCO 2) The greatest benefit to the franchisee is which of the following? (Points : 5)

Product readiness Marketing expertise Professional guidance Efficiency

Question 15.15. (TCO 2) The financial document that is used by start-up businesses to show where capital comes from and for what it will be used is called _____. (Points : 5)

a cash-flow statement a projected earnings statement the sources and uses of funds an income statement

Question 16.16. (TCO 2) A document that tests the feasibility of a business idea, describes ways to raise capital, and serves as a road map for future operations is called what? (Points : 5)

Code of ethics Mission statement Business plan Strategic plan

Question 17.17. (TCO 3) The capitalization rate when figuring goodwill should be a figure assigned to show what? (Points : 5)

Risk and expected growth rate of future earnings Risk and profit minus taxes Expected growth rate and profit Expected growth rate and the value of tangible assets

Question 18.18. (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)

He didn't have enough money. He didn't know how to promote it. Computers were not powerful enough at the time. Some technical gadget like a flux capacitor needed to be invented first.

Question 19.19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from _____. (Points : 5)

their local areas their regional areas outside their home regions and internationally within 100 miles of their businesses

Question 20.20. (TCO 3) The stages that products in the marketplace go through are known as what? (Points : 5)

The product life cycle The product growth stages The product timeline The product opportunity stages

Question 21.21. (TCO 5) Organizing involves all but which of the following? (Points : 5)

Assembling financial resources Assembling human resources Assembling materials Assembling invoices

Question 22.22. (TCO 5) Dan Pink states that motivation comes from _____. (Points : 5)

cash rewards, bonuses, and incentives good management hard work and effort None of the above

Question 23.23. (TCO 5) Which percentage of major U.S. employers offer some form of child care assistance? (Points : 5)

40% 55% 68% 80%

Question 24.24. (TCO 6) What a business does to add value to inputs when converting them to outputs is known as which of the following? (Points : 5)

Inputs Transformation processes Outputs Feedback

Question 25.25. (TCO 6) Scheduling is necessary to maximize levels of _____. (Points : 5)

efficiency and customer service customer service and expense sales and expense efficiency and effectiveness

Question 26.26. (TCO 7) In double-entry accounting systems, debits must always equal what? (Points : 5)

Assets Liabilities Credits Owner's equity

Question 27.27. (TCO 7) Assets that will be converted into cash within 1 year are called _____. (Points : 5)

short-term assets long-term assets capital assets financial assets

Question 28.28. (TCO 8) Which one of these are legal responsibilities of a small business owner today? (Points : 5)

Consumer protection Competition protection Environmental protection All of the above

Question 29.29. (TCO 9) Economist Milton Friedman emphasized the fact that business had "one and only one social responsibility," that being _____. (Points : 5)

economic responsibility legal responsibility ethical responsibility philanthropic responsibility

Question 30.30. (TCO 9) A long-term planning tool used for viewing a business and the environments in which it operates in the broadest terms is _____. (Points : 5)

strategic planning intermediate planning short-term planning strategic alternatives

Essay questions:

Question 1.1. (TCO 1) Compare and contrast the two main causes of small business failure. Discuss how these small business failures can be avoided. (Points : 14)

Question 2.2. (TCO 3) Analyze three areas that should be researched when deciding whether or not to purchase an existing business. Using examples, evaluate these three areas and their importance. (Points : 14)

Question 3.3. (TCO 4) Compare and contrast patents, copyrights, and trademarks. Evaluate how these provisions can improve the financial position of a small business. (Points : 14)

Question 4.4. (TCO 6) Compare and contrast analytic manufacturing systems and synthetic manufacturing systems, giving an example of each. (Points : 14)

Question 5.5. (TCO 9) Analyze the relationships among social responsibility, ethics, and strategic planning. (Points : 14)