Bus508 week 5 Chapter 8 Practice Quiz
Bus508 week 5 Chapter 8 Practice Quiz
Bus508 week 5 Chapter 8 Question 1 Collin works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Collin is most likely to become an entrepreneur in order to ________.
become his own boss
obtain job security
improve his quality of life
Which of the following persons is LEAST likely to become an entrepreneur?
An intelligent person
An inquisitive person
A flexible person
A calm, low-energy person
Former CEO George Buckley believes that the key to supporting intrapreneurship is the willingness to allocate________.
targeted employment area and investments
time and money
workers and investments
space and programs
All of the following are major advantages of buying an existing business over starting a new business EXCEPT:
obtaining financing is often easier.
less risk is involved.
product or service is not known in the marketplace.
existing suppliers and employees are in place.
Franz and Arlene had an idea for a different type of ice cream. They struggled to open their own small business, and later, to expand production and distribution. Their products are distributed nationwide and their sales continue to increase. Franz and Arlene are examples of ________.
After starting a web design company while still in college, Rodrigo sold the company after graduation. He then opened a computer repair shop; and most recently, he has started a marketing firm that specializes in social media. Rodrigo is an example of a(n):
What makes entrepreneurs unique is their overwhelming desire to ________.
utilize their creative energy
make their business grow
Paterno routinely bids on contracts even though most of the other bidders are extremely large firms. Paterno believes his company offers better service at lower prices. He is exhibiting which personality trait common in entrepreneurs?
tolerance for failure
high energy level
If you are considering starting your own business, a key priority for you should be to:
get a loan from your local bank
incorporate your business.
learn the basics of business.
apply for a Small Business Administration loan.
The ________ industry represents the greatest percentage of minority-owned businesses.
The two principal parties in a franchising agreement are the ________.
manager and worker
franchiser and partners
franchiser and franchisee
venture capitalist and SBA
Many businesses fail during the early years because of ________.
Although the average farm size has increased in recent years the majority of farmers operate as ________ businesses.
The majority of all U.S. firms employ:
more than 5,000 employees
1,000 to 3,000 employees
3,000 to 5,000 employees
500 or fewer employees
For its favorable legal climate, as well as the ease and simplicity of its incorporation process, ________ is the most popular state of incorporation for many members of the Fortune 500.
Which of the following is the leading cause of today’s small business failures?
poor products and/or services
no marketing plan
excess government regulation
The Foreign Corrupt Practices Act:
prescribes fines and jail times for U.S. managers who are aware of bribe activity
funds projects that build or expand a nation’s infrastructure
mediates trade disputes among trade agreement member nations
promotes trade through financial cooperation
When firms develop products and marketing strategies that appeal to the customer tastes and buying habits of particular national markets, they are using a ________.
free trade strategy
Which of the following is the first step in the decision for a business to expand globally?
determining which foreign markets to enter
determining how much it will cost to enter a new market
deciding how to organize the overseas operations
applying for special export credits
During the past decade, the value of U.S. imports and exports has ________.
remained about the same
more than doubled
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