_____ is a general term for real estate, but it can also be applied as a legal term for
anything owned or possessed.
A. Equipment
B. Plant
C. Inventory
D. Property
Changes in competitors, sales and profits in an industry over time are referred to as:
A. industry dynamics.
B. retrenchment.
C. shake-out.
D. transformational competency.
_____ refers to a type of periodic inventory that conducts a count of the entire inventory
being held for sale at a specific point in time.
A. Factoring
B. Perpetual inventory
C. Physical inventory
D. Benchmarking
A business plan that provides information to potential licensees is referred to as a(n)
_____ plan.
A. screening
B. invention
C. operational
D. concept
Which of the following is a disadvantage of a start-up?
A. It cannot begin with a “clean slate.”
B. It cannot easily gain revolving credit.
C. It does not provide the owner with the opportunity to use the most up-to-date
technologies.
D. It cannot provide new, unique products or services.
Which of the following is a risk specific to dentists and physicians?
A. Business interruption
B. Malpractice claims
C. Errors and omissions claims
D. Product liability claims
Danielle, a graduate in fashion technology, always found it tough to find clothes for her
as she belonged to the category of plus-size. Hence, she launched her clothing brand
Taurus Trends that catered to the needs of plus-size and extremely tall women. In
future, if other clothing brands begin to cater to the same target market as does Taurus
Trends, they will be considered as the firm’s _____.
A. strategic partners
B. indirect competition
C. equity partners
D. direct competition
The Immigration Reform and Control Act of 1986 is applicable to _____.
A. all employers
B. only employers with 100 or more employees
C. only employers with 15 or more employees
D. only employers who have 15 or more employees for each workday in each of at least
20 calendar weeks
One of the three guidelines of training is that training _____.
A. should be provided only at the initial stage of employment
B. should be provided only if the employee seeks it
C. should be provided only after an employee has been given ample time to use their
skills
D. should be thought of as an investment
Which of the following is a characteristic of a small business?
A. Source of funding is primarily other people’s money
B. Focus is on efficiency
C. Professionalized approach to human resource
D. Delegation is essential
Which of the following is true of a blue ocean strategy?
A. It results in a new product or service.
B. It is the business equivalent of cloning.
C. It involves patterning a business on existing firms.
D. It matches the precision of copying as seen in franchising.
A(n) _____ is the business term for the population of customers for a business owner’s
products or services.
A. market
B. industry
C. strategy
D. SIC