Greg has a press release for his new product that he wants to broadcast on television.
His press release has a good story and visuals. It also includes content that illustrates
broad cultural themes. Which of the following is Greg most likely to generate through
the press release?
A. Public recognition
B. Public interest
C. Public importance
D. Issue recognition
A person or other entity filing a lawsuit is known as _____.
A. plaintiff
B. defendant
C. sole proprietor
D. retainer
Except for _____, business forms are types of separate, legal entities.
A. limited partnerships
B. sole proprietorships
C. limited liabilities companies
D. C corporations
Which of the following is the shortest business planning presentation in terms of the
length of description?
A. Mission statement
B. Vision statement
C. Executive summary
D. Elevator pitch
Which of the following statements is true of the market section of a business plan?
A. The sales plan subsection of this section addresses research and development
strategies.
B. Company background and industry description form the primary focus of this
section.
C. The marketing strategy subsection of this section focuses on short-term tactical
plans.
D. The growth plan talks about markets to be pursued and ways to leverage the firm’s
assets.
An ethical model that advocates treating others in the manner one wishes to be treated
refers to _____.
A. due diligence
B. caveat emptor
C. the Golden Rule
D. the imitative strategy
Which of the following is true of a probationary period?
A. It is exclusively used on part-time workers.
B. It cannot be used in small businesses.
C. Its time period is typically dictated by state laws.
D. It cannot be used on employees who are being hired for full-time jobs.
Which of the following refers to a part of a contract in which a person agrees not to
open a certain type of business or seek employment doing certain things in a particular
area for a period of time?
A. Noncompete clause
B. Exculpatory clause
C. Hold harmless clause
D. Interstate clause
Which of the following is the advantage of knowing the magic number?
A. It helps in evaluating if the proposed business can deliver the desired return.
B. It helps in retaining customers.
C. It seeks out customers who are already being serviced by another firm.
D. It helps in making incremental product improvements.
In efficiency-driven economies:
A. entrepreneurship levels are in the middle range.
B. entrepreneurship levels are very high.
C. entrepreneurship levels are very low.
D. entrepreneurship is not given any consideration.
Which of the following events precedes the maturity stage of the product life cycle?
A. The product starts incurring heavy losses.
B. Rapid growth begins to slow down.
C. Production becomes less efficient.
D. Acceptance of the product decreases rapidly.
Once the rapid growth begins to slow down, the product enters the maturity stage.
Erion Inc. is an e-commerce company that sells its food products under the brand name
Heal Meal. Its business partners have planned to enter into a strategic alliance with a
well-reputed retailer in the Asian market in order to expand its operations to the Asian
continent. Which of the following is a reason for the company having a lack of
organization-based legitimacy in the Asian market?
A. The absence of a physical location to conduct business
B. It’s partnership with another well-reputed business
C. The use of a brand name to sell products
D. Its legal form as a partnership firm
Which of the following is a disadvantage of a computerized accounting system?
A. It makes the accounting process complicated and extensive.
B. It produces financial reports that meet legal requirements.
C. It reduces the accuracy of the accounting information.
D. It makes the process of error checking complicated.
_____ provides funds to pay the ordinary operating expenses of a business should it be
forced to close temporarily because of an insured event.
A. Crime insurance
B. Theft insurance
C. Business interruption insurance
D. Product liability insurance
Andrew initially worked with a travel website for few months and then became
self-employed by starting a martial arts school, where he taught karate to teenagers.
After an year, he closed the school and joined an advertising firm. After two years, he
quit the advertising firm and became self-employed as a freelance music composer.
Which of the following terms indicates the changes in Andrew’s employment structure?
A. Volatility
B. Adverse possession
C. Bootstrapping
D. Easement
Which of the following is considered an advantage of stand retailing?
A. Variable income
B. Minimum startup investment
C. Steady income
D. Strong customer base
A _____ is a computer-readable tag that is unique to each item of the inventory.
A. bar code
B. copyright
C. patent
D. trademark
Misappropriation of business property by employees of that business is referred to as:
A. employee branding.
B. employee theft.
C. employee attrition.
D. employee engagement.