The advantage of legal protection methods for intellectual property is that there are
multiple government agencies in each area that will assist a small business owner in
maintaining their legal rights.
A securities disclaimer on the title page of a business plan is needed to comply with the
Securities and Exchange Commission rulings.
In a negotiation process, proposing solutions that provide value and balance for all
parties involved is considered the easiest step.
Opportunistic planners always plan around the most important aspect of the business
first, act on it, and then consider if additional plans are needed.
It’s almost always a good idea for a small firm to try to compete on price.
Employees whose experience and skills are critical to the success of a business are
called key employees.
In _____, products are sold to foreign buyers or distributors without any intermediaries.
A. indirect exporting
B. freight forwarding
C. contract manufacturing
D. direct exporting
Which of these arguments would be helpful in deflecting vicarious liability?
A. Ignorance
B. Independent contractor argument
C. Financial inability argument
D. Actions are within the scope of agency/employment argument
Which of the following is true of entrepreneurial alertness?
A. It allows entrepreneurs to launch a formal search for opportunities.
B. It allows entrepreneurs to notice things that have been overlooked.
C. It gives entrepreneurs the experience required to start a small business.
D. It is an approach that allows entrepreneurs to do more or less what others do.
Which of the following is true about a hosting package?
A. It should include at least 1 terabyte of traffic a month for an informational site.
B. It should give at least five web pages of space to tell a story.
C. It should include at least two e-mail accounts using ones domain name.
D. It should include an online website editor so one can make changes to his or her site
without buying web-authoring software.
A negative balance in a depositor’s bank account is referred as a(n) _____.
A. availability float
B. overdraft
C. ledger balance
D. charge back
If a business is trying to grow, the right price for its products is one that is:
A. necessary to capture a desired market share given an anticipated level of sales
volume.
B. low enough to fill the business’s production capacity and keep its key employees
working.
C. high enough to maximize the probability of a sale without leaving money on the
table.
D. optimum enough to ensure that only a few customers can afford the product.
The _____ is a U.S. government agency that helps people start a business and also
provides them support and advocacy.
A. Small Business Administration
B. U.S. Department of Business Development
C. U.S. Department of Commerce
D. U.S. Entrepreneurial Administration
The competency suggested by _____ relates to the organizational and business
processes of a firm.
A. intention
B. resource
C. exchange
D. boundary
Retrenchment is:
A. the third life cycle stage.
B. a stage marked by a stabilization of demand.
C. a type of life cycle stage following a boom in which there is a rapid decrease in the
number of firms.
D. an organizational life cycle stage in which established firms must find new
approaches to improve the business.
A(n) _____ is a closed receptacle for money, the keys to which are not available to
those who physically handle the receptacle.
A. inventory
B. lock box
C. lease
D. safety stock
Briefly summarize the 5-M Model of business planning.
Describe the three typical locations for service firms.
Elaborate on the types of risk related to events involving personnel.
Discuss the just-in-time inventory system.
Briefly explain cost-volume-profit (CVP) analysis.