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4.01
4.02
4.03
4.04
4.05-4.07
100
_____ are the offices co-sponsored by states and the federal government, that offer free or low-cost help to existing and potential small businesses. A. Small Business Development Centers B. Small Business Administration Offices C. Research and Outreach Services D. Occupational structures
What is A. Small Business Development Centers
100
If an owner of a fast-food restaurant notices that customers are asking for substitutions of healthier ingredients to food items, she may be motivated to contact her suppliers to ask about getting new ingredients, changing the menu, and increasing the healthy offerings on the menu to keep customers satisfied. This is an example of A. creativity. B. technology transfer. C. innovation. D. entrepreneurial alertness.
What is D. entrepreneurial alertness.
100
Which of the following is a disadvantage of a start-up? A. It begins with a clean slate B. Absence of "legacy" locations, buildings, and equipment C. Absence of initial name recognition D. Providing new products or services
What is C. Absence of initial name recognition
100
Most small businesses are more _____ than _____. A. cost-directed; profit-directed B. imitative; innovative C. customer-driven; employee-driven D. innovative; imitative
What is B. imitative; innovative
100
The extent to which a small business is taken for granted, accepted, or treated as viable by organizations or people outside the small business is referred to as A. tagline. B. external legitimacy. C. test marketing. D. internal understanding.
What is B. external legitimacy.
200
A prepackaged business bought, rented, or leased from a company is called a(n) A. incubator. B. imitative firm. C. franchise. D. novelty.
What is C. franchise
200
A feature that allows your customers to order directly from a Web site rather than visiting your store is an example of A. elimination. B. adaptation. C. magnification. D. substitution.
What is D. substitution.
200
In which way will working with a partner reduce the risk of a start-up? A. Banks prefer partnered start-ups. B. Federal government provides subsidies to partnering situations. C. Partners may provide capital, equipment, or advice. D. Partners eliminate the need to hire other employees.
What is C. Partners may provide capital, equipment, or advice.
200
A(n) _____ is the business term for the population of customers for your products or services. A. market B. industry C. strategy D. SIC
What is A. market
200
Which of the following is perhaps a firm's most important single idea held by the owner and employees? A. Vision statement B. Executive summary C. Mission statement D. Elevator pitch
What is A. Vision statement
300
The key market knowledge for a small business A. is to know how to seek and obtain external financing. B. focuses on its immediate marketplace and communities. C. is to know how to cash out through the sale of an initial public offering of stock or through the sale of the company to a larger company. D. focuses on the need to know how to dominate the market and grow dramatically and quickly.
What is B. focuses on its immediate marketplace and communities.
300
What is the goal of a feasibility study? A. To create additional value for customers through great products or services. B. To get useful ideas out of creative employees that affect the business's bottom line. C. To assess if an idea can be profitably brought to market. D. To assess how well a preliminary run of a business works and what problems it might have.
What is C. To assess if an idea can be profitably brought to market.
300
Which of the following terms means "let the buyer beware"? A. Caveat lector B. Spin-off C. Caveat emptor D. Synergy
What is C. Caveat emptor
300
A _____ is a narrowly defined segment of the population that is likely to share interests or concerns. A. niche market B. mass market C. degree of similarity D. parallel competition
What is A. niche market
300
The market section talks about your A. employees. B. stockholders. C. customers. D. family.
What is C. customers.
400
All of the following are the popular reward types for small business owners EXCEPT A. flexibility. B. power. C. income. D. growth.
What is B. power.
400
Finding a low-cost or no-cost way to do something is called A. moonlighting. B. bootstrapping. C. outsourcing. D. licensing.
What is B. bootstrapping.
400
Patents and trade secrets are examples of A. ESOPs. B. heuristics. C. franchising. D. intangible assets.
What is D. intangible assets.
400
Which of the following represent the five stages of industry life cycle? A. Introduction, growth, maturity, decline, and death. B. Introduction, pioneers, early adopters, decline, and death. C. Pioneers, growth, early adopters, decline, and death. D. Pioneers, early adaptors, late adopters, early majority, and death.
What is A. Introduction, growth, maturity, decline, and death.
400
All of the following are key things an influential person looks for in your business plan presentation EXCEPT A. your passion for the business. B. your expertise about the business and the plan. C. how many others are already working with you. D. how easy it would be to work with you.
What is C. how many others are already working with you.
500
According to the BRIE model, in order to start a business, you need all of these elements to come together EXCEPT A. boundary. B. resources. C. intention. D. experience.
What is D. experience.
500
The key success factor for a stand is A. having a location where there is enough foot or vehicle traffic. B. having a variable income. C. having nonperishable sale items. D. sharing with other businesses to minimize the high rent.
What is A. having a location where there is enough foot or vehicle traffic.
500
_____ analysis is based on the concept that the longer you have to wait to receive money, the less valuable it is right now. A. Discounted cash flow B. Replacement value cash flow C. Free cash flow D. Book value cash flow
What is A. Discounted cash flow
500
In SWOT, strengths are A. chances to make greater sales or profits in the environment. B. characteristics of the business that give it an advantage over others in the industry. C. elements in the environment that could cause trouble for the business. D. characteristics that place the firm at a disadvantage relative to others.
What is B. characteristics of the business that give it an advantage over others in the industry.
500
Which of the following is NOT a major component of a business plan? A. Company B. Markets C. Organization D. Regulations
What is D. Regulations