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Entrepreneurship
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an entrpepreneurship quiz to practice for final exams!
Flashcards
31 cards
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Questions
31
Answers
1
Which is an important
advantage
for the corporate form of business ownership?
Ease of starting and dissolving
Ease of making major policy changes
Ability to raise large amounts of capital
2
Which is a
disadvantage
for each partner of a general partnership?
The responsibility for preparing the annual report
The liability for the losses of the business
The investment of the same amount of capital
3
Businesses often select marketing metrics that help them compare current market share w/ what?
Inventory turnover
Brand recognition
Market potential
4
Which is an example of a business using a flexible pricing policy?
Lowering prices during bad economic times
Establishing prices that are competitive
Setting prices as low as possible
5
If XOB Company wants to show
good
product in comparison to others, it should relate to what?
Markets
Consumers
Competitors
6
What broadcast media is growing the fastest rate in terms of its use as an advertising medium?
Television
Newspaper
Transit
7
Which is considered a reliable information source for a business start-up?
Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
The Small Business Administration (www.sba.gov)
The National Retail Federation (www.nrf.com)
8
business identifies market that deals with where people live/work. What segmentation?
Ethnicity
Geographic
Demographic
9
What behavior shows when individual sees possibility of bad outcome and still work toward goal?
Self-discipline
Creativity
Risk-taking
10
One reason why businesses select marketing metrics is to use them as which function?
Operating strategy
Measurement tool
Selling procedure
11
Which is the primary reason for governments to regulate business activities?
To protect the well-being of individuals and businesses
To limit the level of competition in the marketplace
To encourage businesses to expand their operations
12
Which is an example of an effective marketing objective that a business might set?
Increase profit by 6% next year
Identify new local vendors
Hire additional salespeople
13
When do businesses usually set its marketing budget?
After identifying standards
Before segmenting customers
After determining objectives
14
Which is a use of product promotion?
Recruiting new employees
Informing consumers about product features
Highlighting social or environmental issues
15
Identifying market segments helps a business to develop which factors appropriately?
Leadership styles
Marketing strategies
Economic forecasts
16
The product mix that business decides to offer help to project what factor about business?
Unique image
Sales goals
Display themes
17
When generating ideas for new businesses, entrepreneurs often look for ways to perform what?
Control outcomes
Solve problems
Rationalize spending
18
Which is usually a characteristic of a creative person?
Depends on others
Patient with other people
Likes to seek out new challenges
19
A car manufacturer buys things that it uses to make parts for cars. What is the manufacturer?
A retailer
An industrial user
A wholesaler
20
Which is a benefit to businesses of offering customized services to their customers?
businesses deliver more consistent products to customers
they charge higher prices which lead to higher profit margin
they save time by giving customized services.
21
Which factor helps a business to determine its product mix?
Size and target market
Staple goods and regular goods
Merchandise breadth and depth
22
A marketing plan should outline specific activities that the business will use to perform what?
Achieve its marketing objectives
Meet the needs of its employees
Evaluate its sales policies
23
A business that fails to protect employees from risk/health hazards on the job may be sued for?
Incompetence
Misrepresentation
Negligence
24
Which statement is true about entrepreneurship and small-business growth?
they start entrepreneural ventures during economic recession
Consumer spending is primary factor of entrepreneur success.
Trade regulation have little effect on small-business growth
25
An ad for Kleenex tissue in
Ladies?’ Home Journal
is an example of what type of advertising?
Product
Business
Institutional
26
What question should a entrepreneur have about target market when doing a situational analysis?
Which shipping companies are we using?
Are we operating at peak efficiency?
What are our customers buying?
27
What does a business need to consider when developing a marketing budget?
Expense associated with offering credit
Forecasts of future sales figures
Costs of performing marketing activities
28
Marketers determine distribution intensity so they can achieve which outcome?
Perfect market balance
Ideal market exposure
Complete market coverage
29
Many entrepreneurs encounter which situation of emotional risks?
martial tensions and family problems
depression
poor business well-being
30
Effective product or service management help businesses to perform which action?
To prospect
To compete
To recruit
31
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Increased cultural diversity
Technological advancements
Industry deregulation
