2023 Principles of Entrepreneurship Spring Final Exam

A change in the way websites are accessed that requires new, expensive computer equipment is an example of a risk related to

• economic conditions

• economic conditions

• competitors' actions

• technology changes

Which of the following is not a strategy for dealing with a risk?

• avoid the risk

• assign the risk

• transfer the risk

• assume the risk

Which of the following functions of management would apply when grouping tasks into departments?

• planning

• organizing

• implementing

• controlling

Which of the following is the least important consideration for the layout of a wholesale business?

• organization

• efficiency

• safety

• appearance

Which of the following is the least important consideration when organizing the layout of a retail business?

• lighting

• window displays

• aisle space

• organization of supplies

Which of the following service businesses would consider the same location factors as a retail business?

• exterminating company

• lawn service

• hair salon

• on-site computer repair service

Which of the following is not a location option for a retail business?

• downtown area

• industrial park

• community shopping center

• warehouse

The legal form of business that is the simplest to establish is the

• sole proprietorship

• partnership

• S corporation

• limited liability company

A business’s credit policies need to specify all of the following EXCEPT

• what products may be purchased on credit

• what the terms of the credit will be

• to whom the credit will be extended

• the age and ethnicity of the customers who will be offered credit

Most credit cards are considered

• installment loans

• collateral loans

• secured loans

• unsecured loans