According to the BRIE model, which of the following is an element that is necessary to
start a business?
A. Boundary
B. Recognition
C. Efficiency
D. Income
Which of the following is a good technique to counter undercapitalization in part-time
businesses?
A. Aggrandizing
B. Zoning
C. Bootstrapping
D. Offshoring
Which of the following provides a buffer for the mistakes made by a start-up business?
A. Liquidation
B. High margins
C. Effectuation
D. Mindshare
Martin runs a successful house painting business. He runs his business out of his
garage, which he got converted into an office space. Martin, who had previously
worked as a house painter in another company had good know-how of how to run a
house-painting business. After a storm destroyed public properties in his neighboring
town, he contracted with the mayor of that town to fulfill any painting jobs required
during the town’s reconstruction. In order to meet this demand and expand business, he
hired more house painters. According to the BRIE model, which of the following
provides industry-specific knowledge to martin?
A. Martin hiring more house painters to meet demand
B. Martin contracting with the mayor to help paint during reconstruction
C. Martin getting his company registered
D. Martin having worked in a house-painting company before starting his own business
Which of the following statements best describes the process of idea screening in new
product development?
A. It involves specifying the details of each idea’s technological feasibility, its cost, how
it can be marketed, and its market potential.
B. It is the process of selecting the most promising ideas to be further evaluated for
feasibility.
C. It involves creating the first versions of products called prototypes which are used in
further consumer testing.
D. It is the process of mass producing a new product so that consumers can avail it.
Which of the following survey methods has the lowest return rate and does not allow
for much flexibility?
A. Mail
B. Face To Face
C. Telephone
D. Internet
Fees paid by a client to an attorney for legal services that is dependent upon the
outcome of a case are referred to as:
A. flat fees.
B. hourly fees.
C. contingency fees.
D. retainers.
By using multiple screens of questions in online surveys, respondents can select the
screen they will see based on their responses to an earlier question. In Internet survey
terms, this is known as _____.
A. factoring
B. bootstrapping
C. benchmarking
D. branching
Which of the following is a statement of what a business owns, what it owes to others,
and how much value the owners have invested in it?
A. Income statement
B. Balance sheet
C. Cash flow statement
D. Statement of retained earnings
Small businesses are usually:
A. imitative in nature.
B. characterized by the novelty of their products.
C. the same as high-growth ventures.
D. not affected by market fluctuations.