Business
When generating new ideas for new businesses, entrepreneurs often look for ways to perform which action?
A. Rationalize spending
B. Increase liability
C. Solve problems
D. Control outcomes
C. Solve problems
One reason why businesses select marketing metrics is to use them as which function?
A. Measurement tool
B. Operating strategy
C. Promotional activity
D. Selling procedure
A. Measurement tool
Which statement is true regarding training for entrepreneurial ventures?
A. Organization
B. Optimism
C. Innovation
D. Determination
B. Optimism
When considering the services to offer customers, a business should determine if a specific service would accomplish which goal?
A. Enhance customer satisfaction levels
B. Increase the number of products possibly returned by customers
C. Offend the existing competitors of the business
D. Stabilize variable interest rates
A. Enhance customer satisfaction levels
When Kate selects a name and obtains a web address for her new catering business, she needs to make sure that the name of the business has which characteristic?
A. Unique and available
B. Catchy and copyrighted
C. Specific and patented
D. Abstract and formal
A. Unique and available
Which statement is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process?
A. The brainstorming technique usually generates the best ideas.
B. Groups are usually more effective when each member uses mind-mapping techniques.
C. Group members most often generate new ideas by altering or building upon another idea.
D. The Six Thinking Hats technique is generally the most effective idea-generation technique.
C. Group members most often generate new ideas by altering or building upon another idea.
Identifying market segments helps a business to develop which factors appropriately?
A. Marketing strategies
B. Economic forecasts
C. Organizational records
D. Leadership styles
A. Marketing strategies
Before producing and selling a product, which action should marketers do first?
A. Set up a promotional plan
B. Select a channel of distribution
C. Identify the market for the product
D. Determine the price of the product
C. Identify the market for the product
Home-based businesses are attractive to many people because of which factor? Home-based businesses usually:
A. yield higher profit margins.
B. provide owners a steady income.
C. have lower start-up costs.
D. require less technical training.
C. have lower start-up costs.
Which type of laws protects the inventions or written works of a business from the unauthorized use by others?
A. Income tax
B. Intellectual property
C. Consumer protection
D. Product liability
B. Intellectual property
Which statement is true regarding training for entrepreneurial ventures?
A. Once entrepreneurs are educated or trained in their business field, they rarely need further education.
B. Most successful entrepreneurs have degrees from four-year colleges or universities.
C. The type of training and education that entrepreneurs need depends on the nature of the start-up business.
D. Most entrepreneurs must pass state-mandated exams to operate their business.
C. The type of training and education that entrepreneurs need depends on the nature of the start-up business.
The price function often influences the place function by determining which information?
A. When the product is made.
B. Why the product is shipped.
C. How the product is advertised.
D. Where the product is sold.
D. Where the product is sold.
Which is an example of a demographic trend?
A. The aging of the population
B. Shifting political climates
C. Rising interest rates
D. A concern for fitness and health
A. The aging of the population
Certain product characteristics often require a business to select intermediaries that have which specific components?
A. Demands
B. Needs
C. Limitations
D. Capabilities
D. Capabilities
Which is a question that a business owner should answer about its target market while conducting a situational analysis?
A. How are our financing methods affecting the growth the company?
B. What are our customers buying?
C. Are we operating at peak efficiency?
D. Which shipping companies are we using?
B. What are our customers buying?
Indirect channels of distribution are usually of which attribute than direct channels?
A. Longer
B. Shorter
C. Cheaper
D. More efficient
A. Longer
Where in a marketing plan would a business owner place the plans to communicate with its customers?
A. Marketing objectives
B. Marketing strategies and programs
C. Situation analysis
D. Executive summary
B. Marketing strategies and programs
Which item might be included in the appendix of a marketing plan?
A. A mission statement
B. A list of marketing objectives
C. A product photograph
D. A SWOT analysis chart
C. A product photograph
What are the primary elements that businesses should include in a comprehensive promotional plan?
A. Media placement specifications and costs
B. Sales quotas and advertisement run dates
C. Product pricing policies and industry analysis
D. Competitor analysis and international advertising objectives
A. Media placement specifications and costs
Which source of start-up information would be recommended to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat?
A. Service Corps of Retired Executives
B. Coin Laundry Trade Association
C. Local chamber of commerce
D. Small business administration
B. Coin Laundry Trade Association
Alaina needs advice and assistance in starting her new business, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as her guide in the business start-up process. Jack is serving which role?
A. Intermediary
B. Apprentice
C. Entrepreneur
D. Mentor
D. Mentor
Which form of business ownership can raise money easily?
A. Partnership
B. Corporation
C. Sole proprietorship
D. Limited partnership
B. Corporation
Which statement is true about entrepreneurship and small-business growth?
A. Trade regulations have very little effect on small-business growth.
B. Many people start entrepreneurial ventures during times of economic recession.
C. Small business start-ups are taxed at a higher rate than multinational companies.
D. Consumer spending is a primary factor that influences entrepreneurial success.
B. Many people start entrepreneurial ventures during times of economic recession.