You are fairly good at various and sundry home repairs. You arenât very good at electrical things, or anything

having to do with plumbing. But youâre great with painting, patching, and general maintenance on a home. Youâre contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small business start-up? (Points : 5)

 Current local council actions

       Local school board policies

       Government control

       Collecting and remitting sales and use taxes

       Training for what you don’t know how to do

5. (TCO 1) A basic set of rules for allocating resources to satisfy its citizensâ needs is called (Points : 5)

       a monetary system.

       a free market system.

       an economic system.

       a planned system.

Question 6.

6. (TCO 2) When a country imports more goods than it exports, this is known as a(n) _____. (Points : 5)

       trade surplus

       globalization

       trade deficit

       exchange rate

Question 7.

7. (TCO 3) A strategy for reaching a global market is ­­­_____. (Points : 5)

       licensing

       importing

       direct marketing

       disenfranchisement

       contract labor

Question 8.

8. (TCO 3) Advantages of a Limited Liability Corporation (LLC) include all of the following EXCEPT (Points : 5)

       unrestricted member participation in management.

       pass-through taxation benefits of a partnership.

       advantages of limited liability.

       limited number of shareholders.

Question 9.

9. (TCO 2) What does the term CSR stand for in a corporate setting? (Points : 5)

       Corporate Social Reasoning

       Corporate Social Responsibility

       Corporate Social Reporting

       None of the Above

Question 10.

10. (TCO 3) What is a key feature of intrapreneurship? (Points : 5)

       It encourages sticking with the accepted wisdom.

       It is often found in companies that are rigid and structured.

       Steps are never needed to encourage, protect, and reward intrepreneurship.

       It can be risky behavior that may not be rewarded.

Question 11.

11. (TCO 4) Small business owners usually invest little money into new marketing strategies because (Points : 5)

       marketing is not important.

       consumers are not interested in marketing ads.

       marketing is expensive.

       many small business owners invest money into other areas of the business.

Question 12.

12. (TCO 4) Your family owns a small retail shop in your home town. You are young and energetic. You want to grow the business all over the state, country, or even worldwide. In order to increase customer base and revenue, you suggest your family utilizes (Points : 5)

       Mail order.

       E-commerce.

       Social media.

       All of the above

Question 13.

13. (TCO 4) Successfully distributing goods to customers involves low cost and customer satisfaction. Several steps must take place in order to reach this goal. Which step need NOT be considered in the physical distribution of goods? (Points : 5)

       Order processing

       Market segmentation

       Inventory control

       Transportation

Question 14.

14. (TCO 5) Managers of employees from different cultural and geographic backgrounds have unique opportunities to reach out to new markets and understand ways to extend their products to new markets. A better understanding of other culturesâ customs and concerns helps managersâ to increase customer satisfaction and customer loyalty. Part of cultural competency is not only understanding different languages, but also understanding: (Points : 5)

       Similar food selections

       Looking others in the eye when speaking to them

       How much money people make

       How tall people are when compared to others

       How people wish to be addressed

Question 15.

15. (TCO 6) Production and operations management is best described by which of the following? (Points : 5)

       Overseeing all of the activities involved in producing goods and services

       Designing machines to do multiple tasks

       Tailoring products to meet the needs of a large number of customers

       Using technology and robotic units to assist with plant operations

       Short production runs and the machines being adjusted frequently

Question 16.

16. (TCO 7) An accounting system includes which one of the following? (Points : 5)

       Tax return information

       Regulatory information

       Summarization of accounts information

       Personnel information

       Eleemosynary information

Question 17.

17. (TCO 7) What are the three interrelated reports required by law for all publically traded companies that act as vital management tools for all companies, big and small? (Points : 5)

       Ledger, operating budget, balance sheet

       Journal, adjusted trial balance, income statement

       Balance sheet, income statement, statement of cash flows

       Expense report, balance sheet, capital budget

 

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