At times of great change, people become more willing to try extreme new ideas.
Traditionally, manufacturing processes are laid out in one of the two formats: grid
layout and free-form layout.
A niche market is a narrowly defined segment of the population that is likely to share
interests or concerns.
Access problems for women- and minority-owned small businesses crop up most often
as discrimination in marketing.
A license is a legal agreement that grants rights to use a particular piece of intellectual
property.
Random discounts shouldn’t be too frequent because consumers begin to realize if they
stock up in this sales period, they can probably wait until the next sales period.
The majority of part-time businesses are based in the home.
Brendon wants to sue Fitness Ace, a leading provider of fitness equipments, for
negligence. He approaches Arthur Bailey Group, a law firm, which has good experience
in handling product liability claims for victims of exercise equipment failure. Which of
the following would be true if the attorney charges Brendon in the form of flat fees?
A. The attorney would charge Brendon on an hourly basis.
B. The attorney would charge separately for consultation and paperwork.
C. The attorney would take a percentage of Brendon’s recovery as his or her fee.
D. The attorney would take monthly fee and additional fees if circumstances change.
Julia recently set up a factory that manufactures shoes. To ensure that her business
complies with the basic OSHA regulations, which of the following steps should she
take?
A. She must provide medical examinations for all her employees.
B. She must set up a system that reports any workplace accident within 72 hours.
C. She must request the Technical Assistance Program to conduct an inspection of her
factory.
D. She must make her employees aware of all the EEOC rules that pertain to her
business.
Which of the following questions in a typical I2P analysis looks at the specific
individuals, groups, or organizations you would approach first to buy your product or
service?
A. How is your product or idea better?
B. Who will buy it?
C. Why will they buy it?
D. What is the market and its size?
A(n) _____ is a memorable catchphrase that captures the key idea of a business, its
service, product, or customer.
A. mission statement
B. tagline
C. elevator pitch
D. executive summary
A transfer method in which a small firm is bought by a larger firm for the purpose of
quickly growing the larger firm is referred to as:
A. IPO.
B. ESOP.
C. consolidation.
D. termination.
The frequency of business starts and stops is referred to as:
A. volatility.
B. aggrandizing.
C. bootstrapping.
D. adaptability.
A long-term rental in which ownership of the asset never passes to the person paying
for the lease is called a(n) _____ lease.
A. leveraged
B. operating
C. finance
D. capital
A(n) _____ analysis is a simplification methodology used to reduce the magnitude and
complexity of the information that must be considered in making an appropriate
decision when choosing from among investment alternatives.
A. SWOT
B. time-series
C. auditor’s report
D. net present value
Customer loyalty programs focus on developing a strategy that is based on:
A. selling more of the firm’s product or service to the existing customer base.
B. selling in areas or to groups previously not served by the business.
C. selling existing customers a product or service they have never bought before.
D. adding new products or services to the firm’s existing collection of offerings.
Researchers in the field of entrepreneurship and small business believe that _____
behavior is the most basic and important entrepreneurial behavior.
A. opportunity recognition
B. idea networking
C. observational
D. question-seeking
Which of the following is a disadvantage of providing credit to customers?
A. It delays the receipt of cash.
B. It decreases the sales revenue.
C. It lowers the chances of repeat business.
D. It increases the cost of selling.
Warm Wish, a maker of woolen apparel, would face direct competition during winters
typically from:
A. manufacturers of room heaters.
B. restaurants that sell hot beverages.
C. weavers of cashmere shawls.
D. breweries that manufacture alcohol.
What are the payment procedures available in exporting?
Who are referred to as the second career entrepreneurs?
What are the major pitfalls that business owners can become victims to when trying to
become more innovative?
Explain the three training guidelines that a small business owner should follow.
Explain the various stages of the product life cycle.
What is a press release? How can entrepreneurs write a good press release?
What are the different types of generic strategies?
According to Zig Ziglar, what are the four key components for staving off customer
complacency?
Identify the advantages and disadvantages of renting capital assets as opposed to
buying.