2020 Entrepreneurship EOPA Review

If a business conducts SWOT analysis to decide whether or not to expand, which of the following would be categorized as an ''O''?

• money is available for the expansion

• there is the potential for increased profits

• new competition could enter the market

• company expenses have increased

The North American Free Trade Agreement (NAFTA) created a free-trade area for

• Mexico, the U.S., and Canada

• Mexico and Canada

• Mexico and Panama

• Mexico, Guatemala, and Belize

Two types of business partnerships are general and

• Contractual

• Fiduciary

• Limited

• Cooperative

The planning, pricing, promoting, and distribution of goods and services is known as

• Advertising

• Marketing

• Logistics

• Forecasting

The main purpose of an effective performance evaluation is to

• help companies determine who to fire when times get hard

• help workers to determine when they should ask for a salary increase

• help workers develop their strengths and work on their weaknesses

• help companies to determine what other jobs workers might be good at

A mission statement describes an organization's

• absentee policy

• building plans

• purpose or goal

• job postings

The best way to motivate workers to do a good job is

• providing positive feedback to reinforce what they do correctly

• providing negative feedback to discourage them from what they do incorrectly

• making them compete against each other to encourage a spirit of achievement

• acknowledging only group achievements rather than individual ones to reinforce the team attitude

The term for research to determine factors, conditions, and characteristics of a market is

• brainstorming

• market analysis

• goal setting

• prototyping

One difference between strategic and tactical planning is that strategic planning tends to be

• shorter term and more narrowly defined

• longer term and more broadly defined

• targeted towards middle management

• targeted towards new employees

Motivational praise from an employer should be specific and

• personal

• financially rewarding

• work related

• include increased benefits