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