ME Final Exam/IA2 Review

Front

The activities associated with setting up a new business is known as _____.

Back

Entrepreneurship

Front

Which management style is characterized by a laid back approach with minimal direction and supervision, allowing employees with expertise to operate independently? Options: Autocratic, Democratic, Laissez-Faire, Authoritarian

Back

Laissez-Faire

Front

Why did Clifford open his own house cleaning business? Options: To follow a passion, Filling a need, Running a better business, Inventing a product

Back

To follow a passion

Front

The determination of whether an idea has the capability to be successful or not is known as ______.

Back

Feasibility

Front

How do franchisers make money? Options: Initial franchise fee, Royalties, Yearly franchise fee, All of the above

Back

All of the above

Front

Natural risks are _____ and _____.

Back

Insurable and uncontrollable

Front

A _____ statement outlines where a company wants to go in the future and is focused on short-term and long-term goals.

Back

Vision

Front

What functional area will Topper be working in if he is responsible for recruiting, compensation, training, and all areas of the business related to people as business resources? Options: Customer service, Sales, Human resources, Financial

Back

Human resources

Front

Byron is studying the practice of selling outside the United States to buyers in other nations for a research paper he needs to write. What keyword could Byron search for to start his research?

Back

Exports

Front

What term best describes Kim's role in the value chain? Options: Manufacturer, Wholesaler, Retailer, Crafts

Back

Manufacturer