A 20-year patent covering a process, machine, article of manufacture, composition of
matter, or any new or useful improvement of an existing one is known as _____.
A. plant patent
B. utility patent
C. design patent
D. non-provisional patent
Employee referral:
A. rewards employees for recommending potential candidates that would be a great fit.
B. rewards employees for recommending themselves to managerial positions.
C. refers to employees assigning high status to their specific job roles.
D. measures an employee’s potential to perform his job roles efficiently.
An implication of the bounded rationality models of management is that:
A. all decision making processes are inherently perfect as human beings are rational
beings.
B. all decision making processes essentially involves dealing with a resource of
unlimited reasoning power.
C. the proficiency of a decision process increases exponentially with increase in
information that is used for that process.
D. the more information available to be included into the decision process, the less
efficient that process will be.
_____ is an accounting method which assigns costs based on the different types of work
a business does in order to sell a particular product or service.
A. Differential revenues and expenses
B. Net present value analysis
C. Cost-volume-profit analysis
D. Activity-based cost estimates
_____ offer the flexibility of having a product available around the clock and at
convenient locations.
A. Party sales
B. Farmers’ markets
C. Vending machines
D. Door-to-door sales
Susan, who is a florist, purchases her flowers on credit. Lucy, a customer, takes eight
bouquets and promises to pay Susan within two weeks. The amount that Lucy owes
Susan is termed _____.
A. receivables
B. deposits
C. charge backs
D. payables
The level of probability that an investment will not produce expected gain is called
_____.
A. interest
B. dividend
C. risk
D. diversification
_____ means the extent to which an idea is viable and realistic, and the extent to which
you are aware of internal and external forces that could affect your business.
A. Flexibility
B. Consistency
C. Feasibility
D. Innovation
Documentation and demonstration offered for products are product-based legitimacy
indicators of _____.
A. intellectual property
B. experiential supports
C. industry leadership
D. business network membership
The value of current assets divided by current liabilities is called:
A. inventory turnover ratio.
B. current ratio.
C. total assets to total liabilities ratio.
D. current equity ratio.
_____ is a strategy whose goal is growth, based on selling more of the firm’s product or
service to the existing customer base.
A. Market penetration
B. Product expansion
C. Market expansion
D. Diversification
Which of the following is true of a traditional small business?
A. It is usually a multi-site business.
B. It generally has sales between $100,000 and $1,000,000 depending on the industry.
C. It defines its schedules based on customer needs.
D. It follows a continuous growth curve.
Which of the following is true about trade name?
A. There can be only one business using the same name within a state.
B. Assumed name is completely different from trade name.
C. Most states allow several firms to use the same trade name, as long as the firms are
in different lines of business.
D. Most states allow several firms to use the same trade name even if they are in the
same town and have received a service mark.
Which of the following is a component of the 5-M model?
A. Market
B. Magnitude
C. Mantra
D. Mapping
A(n) _____ refers to a private individual or household that is the end-user of a product
or service.
A. producer
B. intermediary
C. consumer
D. beneficiary