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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. What can you learn from market research?

Question 2 2. Which program did the Small Business Innovation Research program derive from?

Question 3 3. 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 4 4. Which of these is NOT an example of a business process?

Question 5 5. Which one is TRUE about an entrepreneurship?

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Question 6 6. Which type of entrepreneur is focused on getting a new business off the ground and then moving on to start a new one?

Question 7 7. Imitative companies risk losing _____.

Question 8 8. Why is having a suitable organizational structure important for the company?

Question 9 9. Studying market feasibility can help in all of these ways EXCEPT

Question 10 10. The targeted audience section of the marketing plan _____.

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Question 11 11. Which of the following BEST defines long-term financing?

Question 12 12. 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 13 13. What is a sales strategy?

Question 14 14. Which of the following is NOT a part of developing a crisis response plan?

Question 15 15. 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?

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Question 16 16. What is the advertising response function?

Question 17 17. What is an economic moat?

Question 18 18. When creating a new product which is NOT important?

Question 19 19. What objective concerns with specific rates of profit and use pricing strategies to get to a measurable return on investment to placate stockholders?

Question 20 20. What is the price against which buyers compare the sales price of the product to the actual price?

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Question 21 21. How is the general journal different from the general ledger?

Question 22 22. Which of the following represents the accounting equation?

Question 23 23. 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 24 24. Assets, liabilities and owner's equity are reported on which financial statement report?

Question 25 25. On which financial statement is cash flow reported?

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Question 26 26. 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 27 27. Why is inventory valuation used?

Question 28 28. What is the replacement cost of inventory called?

Question 29 29. NRV is calculated by subtracting which of the following from the sales price of an item?

Question 30 30. 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 _____.

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Question 31 31. In which of the following cases would a company MOST benefit from a job rotation program?

Question 32 32. 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 33 33. If Deema has been identified as a previous target for employment discrimination, how would her situation be classified?

Question 34 34. 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 35 35. What is a closed shop?

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Question 36 36. Which of the following is NOT a step in the risk management process?

Question 37 37. What is the difference between general liability insurance and product liability insurance?

Question 38 38. 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 39 39. What things do you need to consider when calculating the average cost to make each product?

Question 40 40. 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 _____.

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Question 41 41. Which of the following is a computation used to measure a company's ability to pay its short term debt?

Question 42 42. The act of both parties agreeing to carry out their promise is which element of a contract?

Question 43 43. 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 44 44. Under the UCC, an offer is _____.

Question 45 45. _____ is the legal responsibility imposed on businesses for the manufacturing or selling of defective goods.

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Question 46 46. Which of the following is NOT a way businesses can alter competition?

Question 47 47. Which of the following is an example of the Food and Drug Administration's regulatory power?

Question 48 48. What is an Ethical Code of Conduct?

Question 49 49. Which of the following is NOT an element of laws?

Question 50 50. Which of the following phrases BEST describes social responsibility?

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!

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