Entrepreneurship MCQ: May 2017

Archive for May 2017

If you do business abroad, you will have to learn about the cultures of the countries in which you plan to do business because

If you do business abroad, you will have to learn about the cultures of the countries in which you plan to do business because a. different cultures...

Exporting via the World Wide Web is

Exporting via the World Wide Web is a. not cost-effective b. direct exporting c. indirect exporting d. not possible without commissioned agents Answer:...

Increasing market share for a product or service within a given area is

Increasing market share for a product or service within a given area is a. geographic development b. geographic expansion c. market development d....

The level of ethical behavior demanded by an individual, a business, or a culture is a(n)

The level of ethical behavior demanded by an individual, a business, or a culture is a(n) a. low standard of ethics b. ethical issue c. ethical guideline d....

The legal document that gives an inventor the sole right to produce, use and sell an invention is a

The legal document that gives an inventor the sole right to produce, use and sell an invention is a a. patent b. trademark c. copyright d. license Answer:...

To meet your environmental responsibilities, you should

To meet your environmental responsibilities, you should a. use nonrenewable resources b. dispose of hazardous material improperly c. recycle as many...

Regulations that protect employees involve

Regulations that protect employees involve a. discrimination in the workplace b. working conditions c. minimum wages d. all of these Answer:...

The Consumer Product Safety Act sets safety standards for

The Consumer Product Safety Act sets safety standards for a. food and drugs b. products other than food and drugs c. licensed products d. businesses Answer:...

The legal right to exclusive publication, production, sale, or distribution of a literary or artistic work is a

The legal right to exclusive publication, production, sale, or distribution of a literary or artistic work is a a. patent b. trademark c. copyright d....

Activities the Federal Trade Commission monitors include all of the following except

Activities the Federal Trade Commission monitors include all of the following except a. false or misleading advertising b. price setting by competitors c....

To prepare budgets, measure performance, and create financial statements, you should use

To prepare budgets, measure performance, and create financial statements, you should use a. word processing software b. graphics software c. spreadsheet...

E-mail is a popular form of business communication because

E-mail is a popular form of business communication because a. there is only a small charge for sending a message b. messages can be read at the recipient's...

To store, sort, and analyze customer data, you should use

To store, sort, and analyze customer data, you should use a. word processing software b. graphics software c. spreadsheet software d. database software Answer:...

Planning that involves decisions to enter a new market or offer a wider range of products is

Planning that involves decisions to enter a new market or offer a wider range of products is a. strategic planning b. financial planning c. tax planning d....

Below the break-even point,

Below the break-even point, a. sales equal expenses b. you neither make nor lose money c. expenses exceed revenues d. revenues exceed expenses Answer:...

To improve your cash flow, you can

To improve your cash flow, you can a. decrease accounts payable b. increase accounts receivable c. decrease accounts receivable d. increase disbursements Answer:...

The columns of a cash budget show

The columns of a cash budget show a. estimated cash disbursements b. estimated cash receipts c. the difference between estimated and actual cash...

Net cash flow is positive if cash receipts are

Net cash flow is positive if cash receipts are a. less than disbursements b. equal to disbursements c. greater than disbursements d. none of these Answer:...

To examine how sales and expenses are changing over time, you can use your

To examine how sales and expenses are changing over time, you can use your a. bank statement b. balance sheet c. income statement d. cash flow statement Answer:...

A business keeps tax records for all of the following except

A business keeps tax records for all of the following except a. sales tax b. profit tax c. income tax d. payroll deductions Answer:...

An inventory record in a perpetual inventory method should show all of the following except the

An inventory record in a perpetual inventory method should show all of the following except the a. current amount of inventory b. cost of the item c....

Net cash flow is negative if cash receipts are

Net cash flow is negative if cash receipts are a. less than disbursements b. equal to disbursements c. greater than disbursements d. none of these Answer:...

To be a good leader, you need to

To be a good leader, you need to a. listen, speak, and write effectively b. hire appropriate employees c. delegate responsibility d. all of these Answer:...

The appraisal form used to evaluate employee performance should include

The appraisal form used to evaluate employee performance should include a. a place for comments b. areas in which the employee needs to improve c....

All of the following are ways to motivate your employees except

All of the following are ways to motivate your employees except a. treat everyone the same b. praise them publicly for good work c. give them less...

As part of their benefits, almost all employers offer

As part of their benefits, almost all employers offer a. health benefits b. dental insurance c. paid sick leave d. pension plans Answer:...

A want ad should

A want ad should a. be sent to employment agencies in your area b. be placed in your store window c. briefly describe the position you want to fill d....

In most markets, wages and salaries are determined by

In most markets, wages and salaries are determined by a. local laws b. what competitors pay c. small businesses d. commission-based plans Answer:...

Alternatives to hiring permanent employees include

Alternatives to hiring permanent employees include a. freelancers b. interns c. temporary workers d. all of these Answer:...

Free promotion that is generated by media coverage is

Free promotion that is generated by media coverage is a. networking b. publicity c. a press release d. telemarketing Answer:...

An advantage of radio advertising is that

An advantage of radio advertising is that a. you can communicate through both sight and sound b. it reaches large numbers of people c. you can select...

Advertising can be very important for new businesses because it

Advertising can be very important for new businesses because it a. helps you communicate with potential customers b. allows you to set up a network...

By positioning its product in a certain market, a business can

By positioning its product in a certain market, a business can a. get a desired customer response b. satisfy a specific customer need c. compete...

The level of a reorder point depends on

The level of a reorder point depends on a. how long it takes to get merchandise b. your monthly sales c. how important it is not to be out of stock d....

An estimate of how much you will pay for merchandise from a supplier is

An estimate of how much you will pay for merchandise from a supplier is a. the financing terms b. a seasonal discount c. a quote d. an invoice Answer:...

You should mark all of the following on your trade area map except

You should mark all of the following on your trade area map except a. all your competitors b. all locations that might be appropriate for your business c....

All of the following are disadvantages of locating a business in a downtown area except

All of the following are disadvantages of locating a business in a downtown area except a. lack of parking spaces b. there are not many customers...

On your trade area map, you should mark the locations of

On your trade area map, you should mark the locations of a. all businesses that do not compete with you but that may attract the same kind of customer b....

All businesses face the risk of

All businesses face the risk of a. robbery b. employee theft c. credit card fraud d. shoplifting Answer:...

To prepare a pro forma cash flow statement, you must forecast your

To prepare a pro forma cash flow statement, you must forecast your a. losses b. liabilities and assets c. revenues and operating expenses d. equity...

Your insurance agent should

Your insurance agent should a. work for a single insurance company b. be someone you trust c. work for many different insurance companies d. not...

Installing mounted video cameras can help to

Installing mounted video cameras can help to a. prevent robberies b. prevent or reduce shoplifting c. prevent employee theft d. all of these Answer:...

The reason a bank may turn down your loan application is

The reason a bank may turn down your loan application is a. you have not owned a business before b. a start-up business is less likely to default...

To keep customers, you will need to

To keep customers, you will need to a. identify your target market b. respond to their concerns c. lease space in a mall d. segment your target market Answer:...

Primary data are collected

Primary data are collected a. to set up focus groups b. because they are less expensive than secondary data c. to help identify the target market d....

Data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income are

Data that describe a group of people in terms of their age, marital status, family size, ethnicity, gender, profession, education, and income are a....

Focus groups

Focus groups a. allow for in-depth discussion about a topic b. are never used to collect primary data c. should include your competitors d. can help...

Information collected for the very first time to fit a specific purpose is

Information collected for the very first time to fit a specific purpose is a. psychographics b. primary data c. secondary data d. market data Answer:...

A business that makes only a small amount of money selling the same or similar products or services as another business is

A business that makes only a small amount of money selling the same or similar products or services as another business is a. indirect competition b....

The executive summary

The executive summary a. should be convincing and persuasive b. is the first introductory element c. is less important than the statement of purpose d....

The appendix includes supporting evidence such as

The appendix includes supporting evidence such as a. current financial statements b. newspaper articles c. letters of recommendation d. loan requirements Answer:...

In researching all the parts of your business, you can

In researching all the parts of your business, you can a. learn a great deal about running a business b. find specific ideas for starting up your...

Identification of risks and your plan to deal with them should be in the

Identification of risks and your plan to deal with them should be in the a. marketing section b. goals and objectives section c. financial section d....

Short-term goals for a business might include

Short-term goals for a business might include a. hire five employees b. lease or buy a facility c. purchase equipment and supplies d. all of these Answer:...

Demand for your product or service is an important consideration when

Demand for your product or service is an important consideration when a. buying a franchise b. starting your own business c. buying an existing...

A disadvantage of a partnership is that partners share

A disadvantage of a partnership is that partners share a. decision-making b. losses c. management responsibilities d. profits Answer:...

Marginal benefit measures the advantages of

Marginal benefit measures the advantages of a. changing a fixed cost to a variable cost b. increased opportunity costs c. producing one additional...

In a market economy,

In a market economy, a. individuals are usually able to obtain exactly what they want b. there is very little choice in what is available c. production...

Public goods include all of the following except

Public goods include all of the following except a. schools b. dams c. day-care centers d. armed forces Answer:...

Government influences production in a market economy by

Government influences production in a market economy by a. determining what goods and services are to be produced b. providing subsidies to producers...

An entrepreneur uses the concept of marginal cost to

An entrepreneur uses the concept of marginal cost to a. change a variable cost to a fixed cost b. determine opportunity costs c. reduce scarcity d....

The fixed costs of a business

The fixed costs of a business a. are different each month b. include interest on business loans c. include the cost of production materials d. are...

In a command economy,

In a command economy, a. individuals are usually able to obtain exactly what they want b. there is very little choice in what is available c. production...

An item that had an original price of $84.95 is on sale at 25% off. What is the sale price?

An item that had an original price of $84.95 is on sale at 25% off. What is the sale price? a. $21.24 b. $62.70 c. $63.71 d. none of these Answer:...

The unit cost of an item is $63.50, the customer purchased three of these items, and the sales tax rate is 6.5%. The total amount due is

The unit cost of an item is $63.50, the customer purchased three of these items, and the sales tax rate is 6.5%. The total amount due is a. $201.93 b....