Business 321: Small Business Management Final Exam
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Question 11.What can you learn from market research?
Question 22.Which program did the Small Business Innovation Research program derive from?
Question 33.Rita is the regional manager for a clothing retailer. She attends a ribbon cutting ceremony every time a new store opens for business. Which one of Mintzberg's managerial roles is she fulfilling?
Question 44.Which of these is NOT an example of a business process?
Question 55.Which one is TRUE about an entrepreneurship?
Question 66.Which type of entrepreneur is focused on getting a new business off the ground and then moving on to start a new one?
Question 88.Why is having a suitable organizational structure important for the company?
Question 99.Studying market feasibility can help in all of these ways EXCEPT
Question 1010.The targeted audience section of the marketing plan _____.
Question 1111.Which of the following BEST defines long-term financing?
Question 1212.Tom works in accounting, and he has to prepare a budget that will take into account all of the activities of the company. There will be a strong investment from the acquisitions department that will impact their budget but is worth less than 2% of the company's value. Should Tom wait for a new report from the acquisition's department?
Question 1313.What is a sales strategy?
Question 1414.Which of the following is NOT a part of developing a crisis response plan?
Question 1515.Which type of product would be better advertised using an elaborate website with lots of information, rather than a simple newspaper ad with minimal text?
Question 1616.What is the advertising response function?
Question 1717.What is an economic moat?
Question 1818.When creating a new product which is NOT important?
Question 1919.What objective concerns with specific rates of profit and use pricing strategies to get to a measurable return on investment to placate stockholders?
Question 2020.What is the price against which buyers compare the sales price of the product to the actual price?
Question 2121.How is the general journal different from the general ledger?
Question 2222.Which of the following represents the accounting equation?
Question 2323.Marking an item against the profits of a company at the time that it is purchased is known as which one of the following?
Question 2424.Assets, liabilities and owner's equity are reported on which financial statement report?
Question 2525.On which financial statement is cash flow reported?
Question 2626.What is the section of the statement of cash flows that includes activities that occur during the normal day-to-day operations of a company?
Question 2727.Why is inventory valuation used?
Question 2828.What is the replacement cost of inventory called?
Question 2929.NRV is calculated by subtracting which of the following from the sales price of an item?
Question 3030.Tiffany is preparing a written statement that summarizes a set of activities, duties and responsibilities related to the achievement of an organization's goals. This statement is referred to as a _____.
Question 3131.In which of the following cases would a company MOST benefit from a job rotation program?
Question 3232.James is an HR specialist that is evaluating jobs in different clusters by assigning values to each compensable factor for each job in the cluster. Which job evaluation method is James using?
Question 3333.If Deema has been identified as a previous target for employment discrimination, how would her situation be classified?
Question 3434.Todd is the Operations Manager for Quality Granite. He cares for the company and the employees and as such is happy to comply with OSHA safety regulations. What must Todd do to be in compliance?
Question 3535.What is a closed shop?
Question 3636.Which of the following is NOT a step in the risk management process?
Question 3737.What is the difference between general liability insurance and product liability insurance?
Question 3838.Samantha is a CEO of a large marketing company. She is trying to determine what external factors may impact the business in the next few months. She is concerned about the 2018 midterm elections and has decided to invest money into a PAC of a pro-business independent candidate. Another cause for concern is the increasing number of complaints regarding her IT sector. Which of the following may impact her business, and how can she manage these factors?
Question 3939.What things do you need to consider when calculating the average cost to make each product?
Question 4040.Joe's supervisor has asked how long it will take for him to finish a project. Joe anticipates a 'best case' scenario of 4 hours, a 'worst case' scenario of 8 hours, and a 'probable' scenario of 5 hours. Using the formula to calculate 'Expected Time', Joe should tell his supervisor the project will take _____.
Question 4141.Which of the following is a computation used to measure a company's ability to pay its short term debt?
Question 4242.The act of both parties agreeing to carry out their promise is which element of a contract?
Question 4343.Ron contracts with an online bill pay service to pay his personal bills. Ron uses the service to pay his car payment every month. According to the auto finance company, any payment made after the specified due date results in a $50 late fee. This month, the bill pay service experienced a bug in their software system. They delivered Ron's car payment, but not by the due date. Ron was charged the $50 late fee. Ron sued the bill pay service. For what type of contract breach will the court likely order a remedy in this case?
Question 4444.Under the UCC, an offer is _____.
Question 4545._____ is the legal responsibility imposed on businesses for the manufacturing or selling of defective goods.
Question 4646.Which of the following is NOT a way businesses can alter competition?
Question 4747.Which of the following is an example of the Food and Drug Administration's regulatory power?
Question 4848.What is an Ethical Code of Conduct?
Question 4949.Which of the following is NOT an element of laws?
Question 5050.Which of the following phrases BEST describes social responsibility?
Business 321: Small Business Management Final Exam Instructions
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