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