In the case of mediation, the dispute is put to a neutral third party who has the powers
of a judge.
According to the rule of thumb in the resource maturity stage, keeping an existing
customer costs five times as much as getting a new customer.
Financial flexibility of a business is a matter of judgment, whereas financial strength is
an objective assessment.
The OSHA is a commission established to enforce the provisions of the Equal
Employment Opportunity Act.
Bar coding is used to reduce the cost of perpetual inventory systems.
One of the major issues identified for late career entrepreneurs is keeping personal
finances out of the business.
Unlike other firms, prestige firms lose customers by lowering prices because the
product is perceived to be not quite so good.
Succinct messages make a business clear to potential clients and customers.
When it comes to promoting a small business that is just starting out, spreading the
news by word-of-mouth is one of the surest ways to build a client base.
It’s always easier for a business to raise prices than it is to lower them as it will face
much less customer dissatisfaction.
Aggrandizing refers to taking business away from your employer.
For an existing business, the financials report the last five years of actual data, and then
offer ten-year projections for the income, cash flow, and balance sheet.
It is preferable to hire a moderately qualified person if there is an immediate need for
someone.
A method of billing for lawyers in which a fixed amount is paid for a certain task is
called:
A. hourly fees.
B. flat fees.
C. retainers.
D. contingency fees.
_____ entrepreneurs are people who begin their business after having retired or
resigned from work in corporations at or after the age of 50.
A. Occasional
B. Helical
C. Late career
D. Veteran
Independent contractors who provide specialized business services or support from a
distance, through different methods of communication are known as:
A. virtual employees.
B. time-share employees.
C. job share employees.
D. leased employees.
_____ is best defined as the systematic collection and interpretation of data to support
future marketing decisions.
A. Marketing quotation
B. Marketing research
C. Marketable security
D. Market capitalization
An overall strategic approach in which the entrepreneur does more or less what others
are already doing refers to a(n):
A. imitative strategy.
B. innovative strategy.
C. incremental strategy.
D. radical innovation strategy.
Which of the following does the accounting equation state?
A. Revenue = Expense
B. Assets = Liabilities + Owners’ Equity
C. Liabilities = Owners’ Equity
D. Net income = Long-term Liabilities
Access problems for women- and minority-owned small businesses crop up most often
as:
A. differences in labeling.
B. discrimination in financing.
C. problems involved in business contacts.
D. the presence and absence of certain skills.
Which of the following is true about RSS feeds?
A. RSS feeds are used by all websites on the Internet to push content out to customers.
B. RSS feeds sends whatever web material is specified to subscribers to that feed.
C. RSS stands for “really simple sequence.”
D. RSS feeds can be read in many browsers but not with special readers.
In a business life cycle, _____ is the second riskiest period after emergence.
A. success
B. resource maturity
C. existence
D. takeoff
For most owners of firms, the solution for liabilities of newness lies in:
A. ignoring the lack of information or experience in marketing, production, and
management.
B. getting expertise as quickly as possible.
C. getting more experience personally, even if it takes a long time.
D. avoiding an extensive social network.
The most highly desired form of insurance for most employees is _____.
A. life insurance
B. medical insurance
C. credit insurance
D. disability insurance
The amount that revenues exceed expenses is referred to as _____.
A. profit
B. cash flow
C. operating margin
D. debt
Outline methods or techniques for time management.
Identify and discuss the strategies owners can use to reduce and control business risk
through sharing.
What are the most common myths about small businesses? What are the facts that
contradict these myths?
Briefly describe the BRIE model.
How can a small business owner manage risk from violation of tax regulations?
Why are websites important even for small businesses?
Explain guerilla and multichannel marketing.
Discuss the three targeting strategies that marketers can choose from.