Business Management Semester Exam

A good entrepreneur will

• “Be willing to sell their soul for success.”

• “Change the world.”

• “Find a new or unusual way of doing business.”

• “Put on a great show.”

Which of the following would NOT be a place to go to get good business advice?

• “An Embezzlers Anonymous Meeting”

• “A Community Workshop”

• “The Chamber of Commerce”

• “The Better Business Bureau”

A successful entrepreneur is

• “A leader.”

• “A troublemaker.”

• “A loser.”

• “Annoying.”

Which is an advantage of owning a franchise?

• “Owners are locked into franchise rules, food, menu, uniforms, etc”

• “Owners spend a lot of time in the beginning getting things up and running”

• “Owners pay a large franchise fee up-front to "buy-in"”

• “The company has wide-spread name and brand recognition”

What is the purpose of networking with other businesses?

• “To create a supportive system of sharing information and resources with businesses who have similar goals, interests, and clients.”

• “To have businesses outside the network understand the benefits of being in the network.”

• “To develop a web of organizations that is mutually beneficial while remaining exclusive and competitive.”

• “To create stronger and more stable internet access for those who subscribe to the network.”

Why is it important to know the wants of specific customers?

• “To attract better customers than your competition”

• “To be able to provide the products or services they will purchase”

• “So your merchandise is better than your competition”

• “In order to have the proper amount of merchandise on hand”

What is a target customer?

• “The customers marketed to by competitors”

• “The possible customers for a business”

• “The ideal customers a business should try to attract”

• “The customers a business should avoid”

Why is marketing your business important?

• “To make potential customers aware of your business”

• “It creates new opportunities for growth.”

• “To find new market segments.”

• “It can be used as potential tax right-off.”

When making a business decision between several options, what are you determining when you estimate the opportunity cost?

• “The benefits missed when choosing one option over another”

• “The benefits of choosing the best option”

• “The benefits of pursuing a new opportunity”

Profit goals should be:

• “The maximum success a business can reach.”

• “The minimum a business needs to achieve.”

• “A stretch but, not seem impossible to reach.”