Which of the following situations indicates that it makes better sense to first undertake
a part-time business?
A. Byron has a full-time business plan.
B. Jamie wants to start a franchise for an international brand.
C. Cathy has funds to start her own music school.
D. Damon wants to gain experience in the advertising industry.
Which of the following statements points out the similarity between a product life cycle
and a service life cycle accurately?
A. The ease of making on-the-run changes for products and services is the same.
B. Both products and services feature have an equal possibility of extending the life
cycle.
C. Both products and services will take a little time to attract customers.
D. The ease of eliminating the decline stage of both products and services is similar.
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€who manages the budgets and expenses of the business. David prepares
the quarterly budget and maintains a company book for recording all transactions. The
company book balance that David regularly updates is the sum of:
A. the actual amount of cash that is available to the firm at any specific time.
B. the deposits and withdrawals recorded in a bank’s accounting records.
C. the cash inflows and cash outflows recorded in the firm’s accounting records.
D. the negative balance in a depositor’s bank account.
A _____ is defined as a Web-based program that uses artificial intelligence techniques
to automate tasks such as searches.
A. blog
B. bot
C. cache
D. lock-box
Alana, the owner of a small dress-making establishment called Mantua Fab, decides to
hire assistants for design, sewing, and other tailoring jobs. Which of the following
methods of recruitment is Alana using if she asks her friends and professional contacts
to recommend dress-makers to her?
A. Outsourcing
B. Employee leasing
C. Networking
D. Employee referral
Which of the following is characteristic of the boom stage in the life cycle of a product?
A. Most customers are unaware of the offerings.
B. Many firms close down.
C. Firms begin to compete on features and prices.
D. Established firms must find new approaches to improve the business.
The practice of acquiring inventory only in response to a completed sale is called a(n)
_____.
A. pull-through system
B. economic order quantity
C. optimum stocking level
D. point-of-sale system
_____ refers to creating a negative impression among one’s employers’ customers.
A. Bootstrapping
B. Cannibalizing
C. Aggrandizing
D. Poisoning the well
In the context of entry wedges, which of the following is the key benefit of rule changes
by the government?
A. Place
B. Delivery
C. Quality
D. Technology
Which of the following is an example of a second career entrepreneur?
A. Cynthia, a 24-year-old, starting a consultancy business after graduating from college.
B. Mark, a 30-year-old, starting a new business venture in stock trading after the failure
of his previous business in real estate.
C. Ursula, a 60-year-old, starting a business in shrimp trading after being retired for 5
years.
D. Timothy, a 62-year-old, joining a real estate agency as a sales representative, after
being retied for 4 years.