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BUS 305 Final Exam (2014)




BUS305 Final Exam;Question1;Marks: 1;Which of the following is NOT a characteristic of a small business?;Choose one answer.;a. Provides goods and/or services to customers;b. Provides society with social or educational services without concern for making a profit;c. Establishes goals and meets them in an efficient manner;d. Helps the economy by employing people;e. Has 500 or fewer employees;Question2;Marks: 1;What are individuals who take responsibility for the development of innovations of any kind within larger organizations called?;Choose one answer.;a. Crazy;b. Entrepreneurs;c. Inventors;d. Intrapreneurs;e. Engineers;Question3;Marks: 1;Which of the following is one of the major reasons why people want to own and operate their own business?;Choose one answer.;a. To be their own boss;b. To make a fortune;c. To have complete freedom;d. To have an easy life;e. To eliminate all pressure;Question4;Marks: 1;Choose the best answer to fill in the blank. The majority of Americans entered the business world by working for _______________, which are constantly creating jobs and providing opportunities for a vast number of workers.;Choose one answer.;a. Franchises;b. Small businesses;c. Entrepreneurs;d. Sole proprietorships;e. Not-for-profit organizations;Question5;Marks: 1;Fill in the blank. The majority of all new jobs created in the United States in recent years were generated by _________________.;Choose one answer.;a. Medium businesses;b. Small businesses;c. Large businesses;d. Corporations;e. State governments;Question6;Marks: 1;Fill in the blank. The Small Business Administration defines a small business as one with 500 or fewer _________________.;Choose one answer.;a. Investors;b. Customers;c. Employees;d. Products;e. Dollars of profit;Question7;Marks: 1;Choose the best answer to fill in the blank. An organization needs _______________, because they create more efficiency and effectiveness.;Choose one answer.;a. Owners;b. Managers;c. Employers;d. Team leaders;e. Business models;Question8;Marks: 1;Which of the following is the function where managers set goals and determine the best way to achieve them?;Choose one answer.;a. Organizing;b. Directing;c. Planning;d. Controlling;e. None of the above;Question9;Marks: 1;What type of plan relies on a predetermined formula to distribute a share of the company?s profits to eligible employees?;Choose one answer.;a. Profit-sharing;b. Bonus;c. Stock-option;d. Incentive;e. None of the above;Question10;Marks: 1;The selection process is a human resources function that does which of the following?;Choose one answer.;a. Results in the preparation of a job specification;b. Uses information gathered through employment tests and interviews;c. Focuses on publicizing openings;d. Involves the selection of external candidates only;e. None of the above;Question11;Marks: 1;Which psychologist proposed that people are motivated by five unmet needs?;Choose one answer.;a. Abraham Maslow;b. Sigmund Freud;c. Phil McGraw;d. Roger Gimme;e. Immanuel Kant;Question12;Marks: 1;Which of the following is the process of settling differences and establishing mutually agreeable conditions under which employees will work?;Choose one answer.;a. Negotiation;b. Mediation;c. Arbitration;d. Collective bargaining;e. None of the above;Question13;Marks: 1;To start any business, you must first have which of the following?;Choose one answer.;a. Investors;b. An idea;c. Capital;d. Employees;e. A business plan;Question14;Marks: 1;Fill in the blank. A(n) ______________ is considered to be a blueprint for a company.;Choose one answer.;a. Business idea;b. Business plan;c. Mission statement;d. Partnership agreement;e. Executive summary;Question15;Marks: 1;Which of the following is an important reason for preparing a business plan?;Choose one answer.;a. To persuade investors to invest in your company;b. To obtain financing from a bank;c. To use as a yardstick by which you can measure your business?s performance;d. All of the above;e. None of the above;Question16;Marks: 1;The business plan should do all of the following EXCEPT;Choose one answer.;a. Explain the business.;b. Include estimates of income and expenses.;c. Establish a strategy for acquiring sufficient funds.;d. Include an analysis of the competition.;e. Act as a shackle to limit the business's flexibility and decision-making.;Question17;Marks: 1;The question ?What is the outlook for the industry?? is taken up in which section of the business plan?;Choose one answer.;a. ?Description of Proposed Business?;b. ?Mission Statement?;c. ?Industry Analysis?;d. ?Competitive Overview?;e. ?Executive Summary?;Question18;Marks: 1;According to the information presented in the course, what are the three strategic functions of an organization?;Choose one answer.;a. Marketing, sales management and employee development;b. Operations, procurement and customer relations;c. Marketing, operations and finance;d. Finance, accounting and employee development;e. Accounting, customer relations and sales management;Question19;Marks: 1;Fill in the blank. If you decide to purchase the rights to own and operate a McDonald's fast-food restaurant rather than start your own operation, you?re considered to be a(n) ________________.;Choose one answer.;a. Trade creditor;b. Franchisee;c. Industrialist;d. Franchiser;e. Venture capitalist;Question20;Marks: 1;What is a license to sell another's product or to use another's name in business called?;Choose one answer.;a. Franchise;b. Franchisee;c. Franchiser development system;d. Franchise logo;e. Franchiser;Question21;Marks: 1;Which section of the marketing plan offers the opportunity to create a compelling argument as to what you intend to do and why others should invest in the strategy?;Choose one answer.;a. ?Executive summary?;b. ?Strategy?;c. ?Business challenge?;d. ?Market?;e. ?Conclusion?;Question22;Marks: 1;Which of the following most accurately describes threats to business?;Choose one answer.;a. Threats include internal positive conditions of the firm.;b. Threats include external positive conditions of the macroenvironment.;c. Threats include collaborative factors with competitors.;d. Threats include internal negative conditions of the firm.;e. Threats include external negative conditions of the macroenvironment.;Question23;Marks: 1;What type of segmentation is the vital starting point for most marketers?;Choose one answer.;a. Psychographic;b. Use-pattern;c. Demographic;d. Cultural;e. All of the above;Question24;Marks: 1;Fill in the blank. Analysis of market share is a key to understanding the firm?s ________________.;Choose one answer.;a. Social and cultural environment;b. Promotion strategy;c. Demographic strengths;d. Competitive environment;e. Marketing department;Question25;Marks: 1;Which of the following stresses customer satisfaction as the central focus of the entire organization?;Choose one answer.;a. Operations research;b. Scientific management;c. Psychographic analysis;d. The marketing concept;e. None of the above;Question26;Marks: 1;Fill in the blank. Many firms develop a formal ______________ to answer the questions: who is your target market, and how do you plan to reach them?;Choose one answer.;a. Marketing mix;b. Market vision statement;c. Marketing priority list;d. Marketing plan;e. Public relations announcement;Question27;Marks: 1;When discussing the customer segments in the marketing plan, it is important to include which of the following?;Choose one answer.;a. Segmentation analysis strategies;b. Market research objectives;c. Market share and sales goals for each segment;d. Differentiated segment strategies to reduce risk;e. Concentrated segment peripherals;Question28;Marks: 1;Which section of the business plan explains why your proposed offerings are better than those of competitors and indicates what market needs will be met by your products?;Choose one answer.;a. ?Development and Production?;b. ?Marketing?;c. ?Global Issues?;d. ?Products and Services?;e. All of the above;Question29;Marks: 1;What is the most important source of funds for any new business?;Choose one answer.;a. The Chamber of Commerce;b. The Eximbank;c. Stockholders;d. The owner;e. Donations;Question30;Marks: 1;What is the debt owed by a business to an outside individual or organization called?;Choose one answer.;a. Liability;b. Equity;c. Asset base;d. Variable outflow;e. None of the above;Question31;Marks: 1;Which of the following types of analysis shows when your total sales revenues exactly equal your expenses?;Choose one answer.;a. Odd even analysis;b. Flatline analysis;c. Breakeven analysis;d. The equilibrium point;e. All of the above;Question32;Marks: 1;What are persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock called?;Choose one answer.;a. Entrepreneurs;b. Corporate raiders;c. Venture capitalists;d. Stockholders;e. Shareholders;Question33;Marks: 1;Choose the best answer to fill in the blank. Because its cost is spread over its useful life, a long-term asset that will be used for several years?for example, a vehicle?appears on the balance sheet as a(n) ______________ expense.;Choose one answer.;a. Receivable;b. Inventory;c. Depreciation;d. Variable;e. Liability;Question34;Marks: 1;Which of the following shows organizational sales, expenses, and profit for your business?;Choose one answer.;a. Balance sheet;b. Income statement;c. Statement of cash flows;d. Returns summary;e. Executive Summary;Question35;Marks: 1;Fill in the blank. The money used to start a business and keep it running is also called ________________.;Choose one answer.;a. Capital;b. Trade;c. Currency;d. Leverage;e. Stock;Question36;Marks: 1;Fill in the blank. Rather than record sales and purchases made on credit, your statement of _____________ tells you where your cash came from and where it went.;Choose one answer.;a. Assets;b. Cash equity;c. Cash flows;d. Current cash;e. Credit;Question37;Marks: 1;Which of the following is the resource from which a company expects to gain some future benefit?;Choose one answer.;a. Liabilities;b. Owner?s equity;c. Assets;d. Capital;e. All of the above


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