The best way to handle ownership problems is to come out right at the start and specify
or negotiate who owns what.
There is one specific pattern of entrepreneurial behavior or entrepreneurial type.
The goal of any small business owner is to manage external relations in order to
minimize social capital.
One frequent type of open-ended question used by researchers is the scalar question.
An entrepreneur should take the time to decide what he or she wants to accomplish
next-increase sales, introduce a new product, move into a new market, and the like-and
regularly revise the marketing plan to reflect this next step.
If a product or service is a component of another product or tied directly to another
product or service, its estimated sales can be calculated as a portion of this known
number.
Moonlighting refers to working on one’s own part-time job after one’s regular job.
Cost benefits include scale and scope savings.
Habit-based planners don’t plan, and they don’t even tend to react to changes in their
environments.
One of the difficulties in understanding and interpreting the income statements is the
dispute over when one should recognize revenues.
Patents and trademarks are popular strategic actions for protecting a firm from
competition.
Brochures and flyers are types of promotional novelties.
The time value of money is the concept that a dollar received today is worth much more
than is a dollar to be received at some time in the future.
When one firm absorbs another through a purchase, it is called a merger.
Key resource acquisitions, also called bulk asset purchases, are the only way a sole
proprietorship may be purchased.
_____ activities include the acquisition and disposal of property, plant, equipment, and
investment securities of other firms.
A. Operating
B. Investing
C. Financing
D. Marketing
A _____ is a type of intellectual property, not created by the government but is
information known to certain people in a company that makes that company more
competitive.
A. copyright
B. trade secret
C. patent
D. trademark
According to Graham Wallas’ description of the creative process, a creative thought
includes a(n) _____ stage.
A. industry survey
B. elimination
C. combination
D. incubation
Which of following sections of the job description will list the level of education
required to perform a particular job mentioned?
A. Special requirements
B. Duties and responsibilities
C. Summary of the job
D. Credentials and experience
Which of the following is a reason why more new businesses start on a part-time basis?
A. The cost of entry and exit is low.
B. There is lack of volatility.
C. There is a broad window of opportunity.
D. The part-time workforce is very small.
In which of the following stages do businesses try to cut costs and pare back their
product lines?
A. Introduction stage
B. Growth stage
C. Maturity stage
D. Decline stage
_____ refers to amounts that are owed to a business for merchandise that was sold on
credit.
A. Payables
B. Deposits
C. Receivables
D. Charge backs
The _____ is the most important element of social capital to customers and supporters
of a business, such as bankers, lawyers, and suppliers.
A. union
B. government
C. competitor
D. owner
Which of the following part-time business approaches does the door-to-door model
represent?
A. Auctioning
B. Consignment tracking
C. Home retail
D. Mail order
A news release that is typeset and thus may be photographically reproduced for
inclusion in a newspaper is known as a _____.
A. mat release
B. brochure
C. sales packet
D. press kit
_____ refers to a situation where a person’s values are in conflict, making it unclear
whether a particular decision is the right thing to do.
A. Cognitive resonance
B. Mutuality
C. Ethical dilemma
D. Effectuation
Which of the following statements points out the difference between a product life
cycle and a service life cycle accurately?
A. It is easier to extend the life cycle of a service than to extend the life cycle of a
product.
B. Service changes can be done relatively more quickly than changes in products.
C. Services do not go through the growth stage.
D. It is possible to eliminate the decline stage of a product but it cannot be done for a
service.
Which of the following is accomplished by a small business when it secures outside
investment?
A. Business can be started by a sole individual.
B. Founders take part in a mentoring program.
C. It indicates a level of belief in the business and the owner.
D. Business can be started by an individual without prior experience.
Which of the following is an example of e-commerce?
A. Julia bought handicraft from a local market.
B. Tabatha bought a cell phone in an exchange offer at an exhibition.
C. Arthur bought a pair of jeans from the store next to his house.
D. Christopher got shoes delivered at his home after he ordered for it online.
Tammy is talented at craft but lacks the cash flow management skills required to run a
business. She opens a store, Tammy’s Craft Corner, with the help of her son David€a
business major. Within a few months, the sales increase exponentially which results in a
shortage of cash needed to expand their business. This crisis is termed _____.
A. nonsufficient funds
B. growth trap
C. charge back
D. reconciling
Which of the following questions in a typical I2P analysis provides information on
competing products?
A. How would you define the best initial set of customers?
B. What is your product or idea?
C. Can you develop IP protection for your idea?
D. What is the market and its size?
Elucidate the steps involved in crafting a job description.
What are the three characteristics that a person must display in order to be recognized
as an independent contractor by the IRS?
Discuss the periodic and perpetual inventory approaches to maintaining inventory
records.
Why maximizing profits is a much better option for small businesses than lowering
prices to increase market share?
Describe the role of teamwork, recognition, and training in small businesses.
Explain some of the contracting issues involved in business-to-business (B2B)
transactions.
Define value proposition. How can a business owner develop a value proposition?
What are the different aspects of entrepreneurship?
Describe economic order quantity (EOQ) and its application in small businesses.
What are the preventive steps taken to protect a business from having its cash drained
by employees?