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Business 321: Small Business Management Final Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Alex uses Morse Code to ask Tyler for a vintage toy at the price of $250. Tyler sends back --- -.- which translates to 'ok'. He ships the toy the next day. According to the UCC, is there acceptance?

Question 2 2. Toys And Toys Corp. made a spinning top that had lead paint. Though nobody has been hurt yet, lead is dangerous to children. What theory of product liability would this fall under?

Question 3 3. George, a building contractor, is charging $10,000 to remodel a kitchen. He does all of the work except for the backsplash. What is George owed?

Question 4 4. Tisha has $100,000 in startup funds. Half will be used for staff. She is deciding how to use the other half. This is an example of which of the following?

Question 5 5. Maribeth has $100,000 that she can use whenever she needs. She only has to pay back what she borrows. This is an example of which of the following?

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Question 6 6. Angel investors generally prefer which type of investment?

Question 7 7. How is a LLC formed?

Question 8 8. Natasha, Jen, and Alex are investing in the production of a movie. They want the company to have flexibility, be able to be easily dismantled after the movie is complete, and give each of them protection from liability. What business structure would be best for them?

Question 9 9. Which business structure offers the least personal protection to the owner?

Question 10 10. What is the ability to take all the factors of production and use them to create goods or services?

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Question 11 11. In October of 2016, Melody sold 100 prototypes of her product using a fundraising platform. By February of 2017, she was selling 25,000 items and looking for investors so that she could buy a factory warehouse. What type of entrepreneurship is this?

Question 12 12. Which of the following is a central characteristic of entrepreneurship?

Question 13 13. What are the four functions of a manager?

Question 14 14. Smartpeople University uses a student survey to gauge how well it is doing. From the information, the university makes changes to better serve the student. This is an example of which of the following?

Question 15 15. Cari reports income at the time that she earns it. What form of accounting is she using?

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Question 16 16. Examining an employee's personal life too closely and too often can have which of the following negative effects on a company?

Question 17 17. What group enforces Title VII of the Civil Rights Act of 1964?

Question 18 18. Trisha has taken the long-term vision and goals of the company and blended them with the resources that are available through HR. What process is Trisha using?

Question 19 19. Tyler's Tires has a marketing objective of getting every new car to start using its tires within a year. This would most likely violate which of the SMART approach components?

Question 20 20. For $100, Mary's Muffins can sell 2,000 muffins at $4 each. This would place the product into which category of the portfolio matrix?

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Question 21 21. In which section of a marketing plan would you find an examination of your competitors?

Question 22 22. Why might an unethical behavior be legal?

Question 23 23. The Pillow Company is trying to balance stakeholders' needs with protecting the environment. This is an example of which of the following?

Question 24 24. Which of the following is true of a law?

Question 25 25. After everything is posted, you run a trial balance. What do you do after this?

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Question 26 26. Daniel is thinking of investing in Vanessa's Sportswear. What financial report would Daniel use to find out how much money Vanessa made this year?

Question 27 27. What are the steps called that ultimately lead to a post-closing trial balance?

Question 28 28. Which of the following is an example of primary data?

Question 29 29. Cost, quality, and ease are the three categories of which value proposition?

Question 30 30. Sara is targeting 'go-getters' for her new product. What type of market segmentation is Sara using?

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Question 31 31. What are the two largest components of a feasibility study?

Question 32 32. Which of the following is the greatest disadvantage of purchasing a franchise?

Question 33 33. According to the SBA, after 5 years, approximately how many small businesses survive?

Question 34 34. Bill's Balloons sells its balloons at the same price at its competitor. What type of pricing is Bill using?

Question 35 35. It will cost $100,000 to launch a new product. What type of analysis should the company do to decide whether or not to develop the new product?

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Question 36 36. At what stage of the product life cycle will sales plateau?

Question 37 37. Which of the following are most likely to use financial statements?

Question 38 38. Which of the following is true of financial statements?

Question 39 39. What would a current ratio of 3 indicate?

Question 40 40. There is the possibility that the government will place fees on the importation of raw materials that you need for your company. Where would this be identified in a SWOT analysis?

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Question 41 41. What is a company's plan to generate revenue through operations, with the goal of making a profit?

Question 42 42. Typically, a bank would most likely look first at which component of a business plan?

Question 43 43. How could a delivery company transfer risk of loss from accidents?

Question 44 44. By definition, short-term financing must be paid back in what time-frame?

Question 45 45. Natalie founded, owns, and operates Amazing Stuff, Incorporated. What happens to the company after Natalie dies?

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Question 46 46. According to the Myers-Briggs assessment tool, a person that is NOT Sensing would be which of the following?

Question 47 47. Mike has been with the company for 25 years. He is friendly and knowledgeable. What type of leadership does Mike have?

Question 48 48. What document lists the tasks and responsibilities that are expected for a certain position?

Question 49 49. Marketing is made up of which four elements?

Question 50 50. Kim is trying to make a decision but is not sure if requires her to determine if it involves an ethical choice. She is exploring which of the following?

Business 321: Small Business Management Final Exam Instructions

Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!

Business 321: Small Business Management  /  Business Courses
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