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ENT. MIDTERM REVIEW Flashcards | StudBud
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ENT. MIDTERM REVIEW
ENT. MIDTERM REVIEW
32 terms
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StudBud Administration
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49 plays
1.01-2.13
Flashcards
32 cards
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Practice quiz
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Questions
32
Answers
1
Which information source an is for a entrepreneur looking for information about the average startup cost of a laundromat
Small business administration
Service Corps of Retired Executives
Coin Laundry Trade Association
Local chamber of commerce
2
Local governments strongly promote and support small businesses mainly due to which factor?
Businesses may become big businesses.
Businesses are important to the economy.
Businesses are owned by one person.
Businesses serve only the local communities.
3
What is often a positive result of accepting responsibility for a poor decision?
The gain of respect of others The control of opinions of others
The reinforcement of skeptical attitudes
The control of opinions of others
The demonstration of self-importance
4
Which a global trend that might encourage an entrepreneur to consider international business opportunities?
Lower tariffs
Enforceable trade agreements
Flexible currency rates
Higher allowances
5
Which statement is true regarding the use of group creative-thinking techniques to for the idea-generation process
Groups are usually more effective when each member uses mind-mapping
Group members most often generate new ideas by building upon another idea
The brainstorming technique usually generates the best ideas.
The Six Thinking Hats technique is generally the most effective
6
Which example illustrates how environmental factors are interrelated?
New legislation will be written in the future.
The economy affects banking institutions.
The economy affects what competitors are doing.
Low investor confidence heavily impacts financial planners.
7
When conducting an environmental scan, which is an economic factor that a business should consider?
Local demographics
Restricted sales territories
Global trade regulations
Consumer spending habits
8
For a prospective entrepreneur, what is necessary to determine the existence of goods and services?
Product standards
Raw materials Raw materials
Demographic changes
Entrepreneurial discovery
9
Costs of sales for a new manufacturing venture typically include which factors?
Trade show attendance, raw materials, and equipment
Internet access, attorney fees, and sales lead lists
Raw materials, equipment, and product inventory
Trade show attendance, product inventory, and internet access
10
Which statement is true about entrepreneurial discovery?
It is a way to determine the long-term profit
It provides entrepreneurs with professional development training.
It is an ongoing process that facilitates the success rate of a business.
It ensures that start-up businesses have continuous funding.
11
Using mind mapping to generate product ideas, it is best begin by writing down the main problem or which other component
Market opportunity
Primary associations
Supporting facts
Situation analysis
12
Many entrepreneurs encounter which situations of emotional risks?
Unemployment and uncertain income
Marital tensions and family problems
Inflation and slow market acceptance
Competition and difficult suppliers
13
The costs of operating a business are often called which expenses?
Overhead
Variable
Markdown
Fixed
14
The entrepreneurial discovery process requires knowledge and the recognition of which situation?
Creative observation
Economic crisis
Market need Market need
Preventable accident
15
Which statement is true about entrepreneurship and small-business growth?
Trade regulations have very little effect on small-business growth.
Consumer spending is a primary factor that influences success
Many people start entrepreneurial ventures during times of a recession.
Small business start-ups are taxed at a higher rate than multinational comp
16
One factor an entrepreneur should consider while assessing a opportunity is whether it will encounter which situation?
Require employee loyalty
Lead to more opportunities
Satisfy the needs of vendors
Involve complicated paperwork
17
Which is a characteristic of a well-conducted feasibility study?
Abbreviated
Subjective
Complete
General
18
A business might take an existing product and alter it to fulfill a specific need which different benefactor?
Product mix
Target market
Medium
Utility
19
When determining venture-creation opportunities, entrepreneurs must
first
perform which action?
Conduct research
Obtain financing
Select a location
Identify staffing needs
20
Which statement is true about a business environment?
It can be avoided.
It is always changing.
It consists of the economy and technology.
It may not affect the business, depending on the industry.
21
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Industry deregulation
Technological advancements
Increased cultural diversity
Interest rate fluctuations
22
Regan is deciding if she should give up a position with a known company so she can start a business. What risk the type?
Social
Financial
Career
Physical
23
Which is an example of a demographic trend?
A concern for fitness and health
Rising interest rates
Shifting political climates
The aging of the population
24
Which is the
first
factor that a business should consider when it is deciding if it should sell a product?
Storage space
Taxation rate
Promotional strategy
Market demand
25
The primary purpose of a feasibility study is to answer which question?
Is this Business Plan valid?
What are the opportunity costs of this project?
What technology will be needed for this project?
Should we proceed with this project?
26
One-time, start-up costs often include which fees?
Incorporation
Website maintenance
Shipping and postage
Trade association
27
Which positive effect do small businesses have on the local community?
Charging of interest
Reduction of competition
Pay in of taxes
Limitation on job growth
28
Which statement is
most likely
to have a negative effect on domestic small-business growth?
Low interest rates
Involuntary tax reductions
Slow inflation
Restrictive loan policies
29
Ben is conducting a feasibility study. Which question should Ben answer in terms of the financial considerations?
What regulations is the business likely to encounter?
How will the business obtain the money it needs?
How will the business communicate information about its products?
Is there a real demand for the idea, good, or service?
30
Alaina contacted the Service Corps of Retired Executive (SCORE). Jack, a SCORE volunteer, agreed. He is a?
Entrepreneur
Mentor
Apprentice
Intermediary
31
Which statement is true about business start-up requirements?
A new business owner usually needs to register for patent protection.
Financial needs to start a new business depend on the nature of the venure
Purchasing a franchise is usually easy and inexpensive for start-up owners
Equipment is the least expensive requirement for a start-up business.
32
Identifying new product opportunities usually requires a person to possess which characteristic?
Awareness
Decisiveness
Emotional
Indifference
