Entrepreneurship Unit 9 Quiz

A stock card includes bar-code scanners and credit card authorization systems that updates inventory whenever a sale occurs.

• True

• False

The process of achieving goals by establishing operating procedures is called __.

• Human Resources

• Marketing

• Management

• Professional Development

If you are consistently out of certain items for sale, you risk losing customer satisfaction, as well as possibly loyalty. 

• True

• False

What is an example of an external factor when considering expanding your business? 

• Reputation

• Number of employees and managers

• Need for more space

• Demand for your product

What is an example of an internal factor when considering expanding your business?

• Number of employees and managers

• The national economy's condition

• The change in market demographics

• Competition within the industry

What are some factors to consider when developing a new product?

• The development process

• Whether it meets market needs

• Production Costs

• All of the above

A cash budget is a report that shows the actual numbers of your cash flows.

• True

• False

This type of management style is the most common and preferred approach in any business.

• Authoritative

• Democratic

• Mixed

Using the ___ management style is useful when training new employees, instilling a sense of fear in abiding company expectations and taking their roles seriously 

• Authoritative

• Democratic

• Mixed

A(n) __ is a full-scale model of a new product.

• Idea

• Prototype

• Draft

• Item