ENTREPRENEURSHIP EXAM 2

Which of the following is a type of intangible business property that is protected by law:

• A. Acreage

• B. Inventory

• C. Trademark

• D. Equipment

Basic torts relating to businesses often involve disputes concerning

• emotional stress

• assaults

• defamation

• contracts

Which of the following is a characteristic of a business-format franchise:

• The name of the business is chosen by the franchisee.

• Products are bought directly from the supplier.

• It is the least popular franchise arrangement.

• Continuous assistance is provided by the franchisor.

Limited liability, indefinite length of life, ease of expansion, legal entity, and transfer of ownership are considered advantages of a

• sole proprietorship

• partnership

• trade union

• corporation

Channels of distribution benefit consumers by

• increasing profits for businesses.

• lowering the prices of all consumer products.

• raising the quality of all consumer products.

• making a variety of products available to them.

For which of the following markets would producers use a short channel of distribution:

• Local consumers

• Generation X

• Baby boomers

• Senior citizens

If a business considers where the consumers are and who they are before selecting a channel of distribution, the business is considering the (a)   factor.

• human

• promotion

• market

• sales

What do business employees often need to do before they are able to write proposals?

• Research the problem

• Analyze personal biases

• Contact the customer

• Evaluate technical skills

Which of the following is an example of a manager developing a policy that impacts customer relations

• Increasing use of security devices

• Extending business hours on weekends

• Revising bookkeeping procedures

• Scheduling employees' work hours

What should a successful brand promise be able to do?

• Customize the product for each customer

• Clarify the company's processes

• Communicate an appealing benefit

• Convey a high-quality image