Sbe 310 Week 8 Final Test Dervy

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SBE 310 WEEK 8 FINAL TEST DERVY

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SBE-310 Small Business Management and Entrepreneurship - Week 8 Final - Devry SBE310 SBE 310, A+ Tutorial<strong>1. </strong>(TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people?(Points : 5)10 percent25 percent75 percent99 percent<strong>2. </strong>(TCO 1) You have a small business that offers printing services. One of the services you offer is a high-speed color copier. You are currently the only printing service in a tri-state area that offers such a service. You currently have _______.(Points : 5)Creative destructionA competitive advantageA qualitative advantageA capital advantage<strong>3. </strong>(TCO 1) Your employees are your most valued assets due to their _______.(Points : 5)Skill, knowledge, and informationEarningsKnowledge of finance and accountingCollege degree and high IQ<strong>4. </strong>(TCO 1) Entrepreneurship primarily involves which phase of business?(Points : 5)The startup processHiring of key employeesMaintaining a positive cash flowBuilding and maintaining a sufficient customer base<strong>5. </strong>(TCO 1) Which of the following is the most common form of business ownership?(Points : 5)Sole proprietorshipsPartnershipsCorporationsJoint ventures<strong>6. </strong>(TCO 4) Which of the following acts was written to prevent large businesses from forming trusts?(Points : 5)Clayton ActFederal Trade Commission ActFair Debt Collection Practices ActCivil Rights Act of 1964<strong>7. </strong>(TCO 4) Bankruptcy remains on a credit report for how many years?(Points : 5)3 years5 years7 years9 years<strong>8. </strong>(TCO 4) Peter Drucker stated that businesses have _______ basic functions.(Points : 5)TwoThreeFourFive<strong>9. </strong>(TCO 4) Managing inventory can be compared to which of the following?(Points : 5)A balancing actPreparing for a testDriving a busLion taming<strong>10. </strong>(TCO 4) What is the key word in evaluating a channel of distribution? (Points : 5)LocationPlasticsCompetitionEfficiency<strong>11. </strong>(TCO 4) A long-term agreement to rent a building, equipment, or other assets is known as a:(Points : 5)LeaseRental contractLegally liable contractBusiness contract<strong>12. </strong>(TCO 4) Consumers typically do not want the cheapest product available; they want the:(Points : 5)Best product for the highest priceMost reasonable product at the highest priceMost reasonable product at the lowest priceBest product for the most reasonable price<strong>13. </strong>(TCO 4) The point at which total cost equals total revenue and the business is neither making or losing money is known as the _______.(Points : 5)Profit areaLoss areaBreakeven pointProfit point<strong>14. </strong>(TCO 2) Through the franchise agreement, the ________ gains the benefit of the parent company's expertise, experience, management systems, marketing, and financial help.(Points : 5)FranchisorFranchiseeLeaserLessee<strong>15. </strong>(TCO 2) The financial document that is used by startup businesses to show where capital comes from and for what it will be used is called:(Points : 5)Cash-flow statementProjected earnings statementSources and uses of fundsIncome statement<strong>16. </strong>(TCO 2) Which of the following is not included in the marketing plan section of the business plan?(Points : 5)How sales forecasts will be reachedMarketing objectivesIdentification of potential marketsCash-flow statements<strong>17. </strong>(TCO 3) When analyzing financial statements, remember that profits can be increased and expenses can be decreased to make the records look better __________.(Points : 5)In the short runIn the long runFor tax purposesFor bank audits<strong>18. </strong>(TCO 3) In the chapter opener, what was the limitation that kept Philip Rosedale from creating Second Life when he first had the idea for it?(Points : 5)He didn't have enough money.He didn't know how to promote it.Computers were not powerful enough at the time.Some technical gadget like a flux capacitor needed to be invented first.<strong>19. </strong>(TCO 3) Most Inc. 500 companies receive more than half of their revenue from:(Points : 5)Their local areaTheir regional areaOutside their home regions and internationallyA 100-mile proximity of their business<strong>20. </strong>(TCO 3) Computers, office equipment, and furniture are all examples of ________ that have a life of more than one year.(Points : 5)Current assetsCurrent liabilitiesCapital equipment assetsInvestments<strong>21. </strong>(TCO 5) Mintzberg suggested several important skills a manager needed in order to perform the four functions of management. The most important of these was listed as(Points : 5)Carrying out negotiationsMotivating subordinatesMaking decisions in conditions of extreme ambiguity in allocating resourcesBeing willing to continually learn on the job<strong>22. </strong>(TCO 5) Maslow's hierarchy of needs theory ranks the highest level of needs as what?(Points : 5)PhysiologicalSafety and securityEsteemSelf-actualization<strong>23. </strong>(TCO 5) The Equal Employment Opportunity Commission _______ that the information from a job analysis be used to ensure equal employment opportunity.(Points : 5)Strongly urges and sometimes requiresAlways requiresUrgesDoes not care<strong>24. </strong>(TCO 6) A production process that operates for long periods of time without interruption is known as?(Points : 5)Analytic systemSynthetic systemContinuous processIntermittent process<strong>25. </strong>(TCO 6) Scheduling is necessary to maximize levels of: (Points : 5)Efficiency and customer serviceCustomer service and expenseSales and expenseEfficiency and effectiveness<strong>26. </strong>(TCO 7) An account number of 13 would represent which of the following accounts?(Points : 5)Accounts payableAccrued taxesInsurance expenseAccounts receivable<strong>27. </strong>(TCO 7) Equity funds never need to: (Points : 5)Be repaidBe accounted forBe stated on the income statementBe stated on the balance sheet<strong>28. </strong>(TCO 8) About what percent of small businesses export goods and services?(Points : 5)10%15%30%50%<strong>29. </strong>(TCO 9) The obligation of business to maximize the positive impact it has on society while minimizing the negative impact is called:(Points : 5)Moral obligationBusiness responsibilityBusiness ethicsSocial responsibility<strong>30. </strong>(TCO 9) Threats and opportunities to a business can be found in which of the following environments?(Points : 5)Economic and legal onlyLegal and sociocultural onlyTechnological and competitive onlyEconomic, legal, sociocultural, competitive, and technological<strong>1. </strong>(TCO 1) Compare and contrast a sole proprietorship, a partnership and a corporation. Provide examples of where you would use each structure. (Points : 14)<strong>2. </strong>(TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under what circumstances would one be more advantageous? (Points : 14)<strong>3. </strong>(TCO 4) Compare and contrast Economic Order Quantity and Just-In-Time as inventory control methods. Evaluate how these control methods can improve the financial position of a small business. (Points : 14)<strong>4. </strong>(TCO 6) Compare and contrast analytic manufacturing systems and synthetic manufacturing systems, giving an example of each. (Points : 14)<strong>5. </strong>(TCO 9) Analyze the four levels depicted in the pyramid of social responsibility. (Points : 14)
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