Which of the following is a characteristic of a lifestyle firm?
A. It starts small and grows very rapidly to become a big business.
B. It represents about 20 percent of all businesses.
C. It typically has sales of $25,000 a year or less.
D. It aims to achieve growth rates of 25 percent or more a year.
The two basic categories of information available to small business owners are:
A. legal and commercial.
B. free and paid.
C. written and oral.
D. online and in-print.
States of being that are expressly prohibited from suffering discrimination are called
_____.
A. vulnerable groups
B. endangered sections
C. protected classes
D. ethnic majorities
The first step of the strategic planning process for a small business is:
A. performing a SWOT analysis.
B. reviewing and confirming the goals that define the firm.
C. mapping the prospective customers.
D. studying the dynamics and trends of the industry.
Which of the following is an attribute of a high-growth venture?
A. Its preferred funding source is the owner’s own money.
B. Its metastrategy is imitation.
C. It grows when necessary.
D. It considers delegation essential.
_____ make up most of the noncurrency cash which is available immediately.
A. Marketable securities
B. Debt investments
C. Commercial papers
D. Demand deposits
Which of the following is true of a high-performing small business?
A. It often grows through multiple locations.
B. It aims to achieve growth rates of 25 percent or more a year.
C. It has sales of more than $1 million.
D. It has low levels of professionalization.
Which of the following gives the particulars on existing customers?
A. Contact data
B. Performance data
C. Product data
D. Service data
An accounting method that is specifically intended to be used for planning, directing,
and controlling a business is called:
A. tax accounting.
B. managerial accounting.
C. benchmarking.
D. forensic accounting.
A(n) _____ is a type of contract by which a new party agrees to perform a duty that one
of the original parties to a contract was already legally obligated to perform.
A. exculpatory agreement
B. subcontract
C. unilateral contract
D. option contract
E and C Inc. produces two categories of woolen clothes under the brand names
“extreme” and “cool.” The brand “extreme” is sold in areas that have harsh winters, and
the brand “cool” is sold in areas that have warm summers. This is a typical example of
_____ segmentation.
A. psychographic
B. behavioral
C. demographic
D. geographic