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ENTREPRENEURSHIP II - VOCATS REVIEW #1 PJ

Total questions: 112

Worksheet time: 56mins

Name
Class
Date
1.
Which section of the business plan are cost estimates and the effect of each cost on the company?
a)
Management plan
b)
Financial plan
2.
What is a benefit of studying the external environmental factors of a business?
a)
It may help the business to obtain a subsidy.
b)
It can be a valuable forecasting tool.
3.
Why should managers understand the external environmental factors of business?
a)
The factors affect the direction a business takes.
b)
The factors are the result of government regulation.
4.
One of the purposes of developing a business plan is to perform which action for the business?
a)
Provide direction
b)
Acquire customers
5.
A person who wants to start a new company and needs financial support should develop a business plan to present to which potential party?
a)
Investors
b)
Promoters
6.
Which part of a business plan includes the history of the business?
a)
Company description
b)
Market analysis
7.
Which is an example of a technological trend that would affect business?
a)
The expanded use of computers
b)
The rising median age of the population
8.
Which person would be able to help individuals choose a legal structure for their business, inform them of regulations and licenses, and help them apply for patents?
a)
Accountant
b)
Lawyer
9.
An entrepreneur who is starting a business would most likely contact a consulting agency to obtain assistance with which activity?
a)
Applying new technology
b)
Changing customer demand
10.
For what situation might a business need technical assistance to implement a new process?
a)
Wants to guarantee customer satisfaction
b)
Plans to use robots on the assembly line
11.
Businesses should organize their records in a systematic manner so that information can be in which situation?
a)
Accessed when needed
b)
Published in newsletters
12.
Keeping reliable financial records helps businesses perform which action?
a)
Track income and expenses
b)
Time their promotions appropriately
13.
Copyrights and trademarks are examples of which records?
a)
Legal
b)
Private
14.
Some business records need to be maintained in secure locations because they contain which information?
a)
Confidential
b)
Historical
15.
If trends indicate that the economy is moving toward a recession, a business is most likely to perform which activity?
a)
Increasing promotion
b)
Decreasing sales tax
16.
The government decides to pass a new law requiring certain standards of air cleanliness. They will levy a tax on production of automobiles that produce gas emissions above a certain limit. However, they provide tax incentives to automobile manufacturers for research and development of new cars with lower gas emissions. This is an example of which activity?
a)
Direct controls
b)
Transfer payments
17.
An individual with a higher income who pays a larger percentage of taxes on income than an individual with a lower income is in which type of tax system?
a)
Progressive
b)
Flat
18.
Which is an example of a business paying property taxes?
a)
The Bellman Corporation submits a $8,792 check to the government, which is based on the value of its office building.
b)
Manny's Gas Station collects a gasoline tax from its customers at the point of purchase.
19.
What type of tax are businesses required to pay on the profits they earn?
a)
Sales
b)
Income
20.
If interest rates go down, which situation would most likely occur?
a)
Consumers will spend less.
b)
The stock market will go up.
21.
Which factor characterizes the growth phase of business cycles?
a)
Consumers and producers are borrowing more money.
b)
Demand for resources exceeds their availability.
22.
When inflation levels are low, businesses often consider which activity?
a)
Expanding their operations
b)
Decreasing outputs
23.
Who benefits the most when interest rates increase?
a)
Borrowers
b)
Lenders
24.
Which statement is true about inflation?
a)
It decreases the value of money.
b)
It has little effect on consumers' ability to save.
25.
Because the economy was experiencing a rapid inflation rate and consumer spending fell, the NOP Manufacturing Company had to perform which activity?
a)
Hire temporary employees
b)
Reduce its outputs
26.
A growing economy provides which benefit to producers and consumers?
a)
A higher standard of living
b)
Less government control
27.
Why does the Federal Reserve System raise interest rates?
a)
To fight inflation
b)
To increase demand for products
28.
When a nation's inflation rate is low, what do prices tend to do?
a)
Fluctuate daily
b)
Remain stable
29.
When the demand for goods and services starts to fall and unemployment rises, the business cycle is in which phase?
a)
Contraction
b)
Peak
30.

During the peak phase of a business cycle, a business could be expected to encounter which situation?

a)

High prices

b)

complaints from customers

31.
If a bank doubles its interest rates on loans, what will happen to the demand for money?
a)
It will decrease.
b)
It will remain the same.
32.
n entrepreneur might discuss the concept for a new business with an industry expert when which situation happens?
a)
A need to obtain a commercial bank loan
b)
A lack of knowledge or experience in the field
33.
What advantages do small businesses accrue by participation in international trade?
a)
Finding new customers
b)
Increasing competition
34.

It is important for a business to evaluate the financial condition of a potential vendor during the vendor selection process to assess which component?

a)

Vendor's levels of customer service

b)

Reliability of the products that the vendor carries

c)

Risk levels of doing business with the vendor

d)

Vendor's required lead times

35.

What is the most important factor for a west coast business to consider if it plans to use a supplier who is located in the same country on the east coast?

a)

Exchange rates

b)

Personnel policies

c)

Delivery timeliness

d)

Return on sales

36.

Which is an important question that a business should ask when selecting a vendor?

a)

Does the vendor have the resources to consistently meet our business's needs?

b)

What computer program does the vendor use for its project management processes?

c)

What is our business's target market?

37.

Although hiring a highly skilled employee is an added expense, a business owner benefits because the employee's activities increase the firm's overall productivity based on which attribute?

a)

Expertise

b)

Self-control

c)

Attitude

38.

Al is thinking about moving his company's headquarters to another city, which would be expensive but closer to the raw materials needed for manufacturing. What will be the benefit of moving?

a)

Demand

b)

Independence

c)

Proximity

39.

A small-business owner is trying to decide whether to rent or buy office furniture. The monthly rental is $275 per person, and there are six people who will need furniture. The cost of buying the furniture is $6,500 per person. What should be advised for the small-business owner to do?

a)

Rent the furniture because rental costs are much less a year than the purchase price on an annual basis.

b)

Buy the furniture because rental costs will exceed the purchase price in 1.97 years.

c)

Buy the furniture because rental costs will be less than the purchase price in 2.2 years.

40.

Because Connor is unaware how to prepare his start-up company's tax return, he decides to outsource the activity. To whom should he offer a contract for this service?

a)

AnA probate attorney

b)

An insurance agent

c)

licensed accountant

41.

Why do businesses organize employees according to some type of specific structure?

a)

To analyze competency

b)

To reward accomplishments

c)

To assign responsibilities

d)

To regulate performance

42.

What type of organizational structure is a business using if it groups employees according to the type of work they do?

a)

Horizontal

b)

International

c)

Departmental

d)

Geographical

43.

Which type of information can be obtained from a business's

organizational chart?

a)

schedule of salaries

b)

The design of each job

c)

The chain of command

d)

A description of each job

44.

What important factors should a small-business owner consider when deciding if he or she should hire an additional employee?

a)

Necessary skills and affordability

b)

Property taxes and benefits

c)

Screening process and skill set

d)

Training needs and attitude

45.

Which question would Allison ask herself when deciding if she should hire an assistant for her growing business?

a)

“Does the workload require a full-time or part-time employee?”

b)

“How will I recruit applicants for the job?”

c)

“Can I trust this person to get the work done on time?”

d)

“Does this applicant meet my minimal educational requirements?”

46.

A business that has a short-term need for more employees should consider hiring which workers?

a)

Overtime

b)

Full-time

c)

Temporary

d)

Permanent

47.

Stella and Corrine are employed by Barrington Enterprises. Both of the employees work in the accounts-receivable department and perform the same duties. Stella works Monday, Tuesday, and Wednesday morning, and

Corrine works Wednesday afternoon, Thursday, and Friday. What staffing method is being used in this situation

a)

Outsourcing

b)

Job sharing

c)

Telecommuting

d)

Employee leasing

48.

Recently, a finance manager moved to another state, and the marketing director left to start a new business. None of the company's remaining employees have the necessary skills and knowledge to take over the job vacancies. How may this problem have been avoided?

a)

The development of a succession plan

b)

The creation of an organizational chart

c)

The updating of its orientation program

d)

The preparation of a production schedule

49.

When determining its hiring needs, a business must first consider its financial status and which needs?

a)

Productivity

b)

Secondary

c)

Uniform

d)

Temporary

50.

Before a business owner decides to hire a new employee, he or she must first perform which activity?

a)

Consider the demand for the business's product

b)

Obtain application forms from the government

c)

Ask current employees to increase their workloads

d)

Advertise the position in the newspaper

51.

One procedure for determining future hiring needs involves analyzing which component

a)

Job security.

b)

Merit pay

c)

Sales volume

d)

Formal training

52.

What is one of the major purposes of a job description?

a)

To list the required job experience

b)

To divide up the work fairly

c)

To schedule employee evaluations

d)

To outline specific job tasks

53.

What is the process of grouping various jobs according to certain characteristics?

a)

Observation

b)

Evaluation

c)

Classification

d)

Specification

54.

Which step is necessary to the development of a job description?

a)

Preparing a job analysis

b)

Interviewing a job applicant

c)

Writing a classified advertisement

d)

Conducting a performance evaluation

55.

To open a new business, an entrepreneur often needs to purchase inventory and equipment. What are these commonly called?

a)

Unexpected expenses

b)

Irreplaceable goods

c)

Tax incentives

d)

Capital resources

56.

Why do businesses establish specifications for selecting hardware and software systems?

a)

To obtain systems that perform required functions

b)

To develop training programs for employees

c)

To analyze the prices of various vendors

d)

To keep up with the latest technological fads

57.

Which is a specification that a business might establish for selecting spreadsheet software programs?

a)

Regularly organize customer information

b)

Electronically communicate data

c)

Graphically display financial information

d)

Digitally produce marketing data

58.

What type of software do many businesses require be installed on computer systems as a security feature?

a)

Firewall

b)

Reality

c)

Spider

d)

Media

59.

Which software is required for a computer system to be able to access web data?

a)

Video

b)

Modem

c)

Filter

d)

Browser

60.
Which of the following is an accurate description of business records:
a)
Events involving sales employees
b)
Documents containing company information
c)
Reports about retail theft
d)
Accounts of customer loyalty
61.
A business owner wants to compare last year’s sales to the business’s sales in 2001. Unfortunately, theowner has no way to read the 2001 data, since the data are stored on a floppy disk. This scenario illustrates which of the following drawbacks to keeping digital records:
a)
Constant use and rough handling damage some electronic media.
b)
Digital records are more expensive to store than paper records.
c)
Some digital records become inaccessible due to obsolete technology.
d)
Digital records often do not comply with government regulations.
62.
When Roger retrieved a client’s information and dialed the phone number listed, he discovered the information was incorrect. This is an example of the importance of __________ records.
a)
quality
b)
paper
c)
digital
d)
required
63.
After Selina caters an event, she makes sure to save her client’s information for future use. This is an example of the following stage in a record’s life cycle:
a)
Destroying
b)
Creating
c)
Retrieving
d)
Storing
64.
A new law was passed that affects the personnel records Germaine must keep at his financial services company. This is an example of which influence on the selection of records that businesses keep?
a)
Leaders
b)
Regulations
c)
industry
d)
size
65.
Which of the following is a typical reason why businesses keep financial records:
a)
To determine an asset’s value
b)
To support personnel decisions
c)
To prepare budgets
d)
To time promotions effectively
66.
Keeping reliable financial records helps businesses to
a)
time their promotions appropriately.
b)
prevent depreciation from occurring.
c)
retrieve records in a disaster.
d)
track income and expenses.
67.
What type of information about equipment is important for businesses to keep in their records?
a)
Serial numbers
b)
Country of origin
c)
Inventory status
d)
Production process
68.
Which of the following is a primary reason why businesses keep payroll records:
a)
Because some employees leave their jobs
b)
Because companies need to document wages paid
c)
Because a governing agency will review the records
d)
Because employees want to know the amounts
69.
Ian has worked for the same company for seven years, and he will soon meet with a manager to discuss
why he hasn’t been promoted during that time. What records will the manager use to answer Ian’s ques-tions?
a)
Promotional 
b)
Legal
c)
asset
d)
Personnel
70.
Information about the types of communications used to inform customers of a business’s products is usually kept in a business’s __________ records.
a)
financial
b)
promotional
c)
operational 
d)
professional
71.
Which of the following is a primary reason why businesses keep promotional records:
a)
To prepare for lawsuits in advance
b)
To keep each promotion under budget
c)
To time each promotion appropriately
d)
To answer employees’ questions
72.
Justin’s company is keeping documents regarding the accidental death of an employee while on the job. In case the employee’s family sues the company, the business should have __________ records on hand.
a)
legal
b)
payroll
c)
asset
d)
promotional
73.
Copyrights and trademarks are examples of a business’s __________ records.
a)
financial
b)
legal
c)
private
d)
political
74.
What must businesses determine during the phases of record keeping?
a)
Why employees dislike record keeping
b)
Where competitors keep their records
c)
Who will be responsible for record keeping
d)
Which clients will be excluded from the records
75.
What approach to record keeping is Dahlia’s business using when it hires a data processing center to handle the record keeping for its accounting information?
a)
Outsourcing the task
b)
Establishing a department
c)
Hiring an employee
d)
Keeping the records personally
76.
As Jackson plans the opening of his coffee shop, he needs to commit to a workable structure for record keeping. What good record-keeping tip does Jackson need to follow?
a)
Use a system.
b)
Use a computer.
c)
Avoid hazards.
d)
Prevent disasters.
77.
Since Maria’s boutique has grown significantly over the past year, she feels that it is time to transfer her handwritten records into a software program. Maria is changing to which style of record keeping?
a)
manual
b)
common
c)
computerized
d)
scientific
78.
Vanessa is putting procedures into practice so that her business records will not be lost in an office fire.She is practicing which tip of good record keeping?
a)
pick a style
b)
use a system
c)
prevent errors
d)
avoid hazards
79.
Melanie is putting a copy of each valuable business record in a building far away from her company. She is practicing which part of disaster planning?
a)
Establish a system for record keeping.
b)
Keep potential lawsuits in mind.
c)
Computerize valuable business information.
d)
Store information off site.
80.
Which section of the business plan are cost estimates and the effect of each cost on the company?
a)
Financial plan
b)
Management plan
c)
Strategy and implementation
d)
Company description
81.
A person who wants to start a new company and needs financial support should develop a business plan to present to which potential party?
a)
Promoters
b)
Competitors
c)
Investors
d)
Clients
82.
What is a benefit of studying the external environmental factors of a business?
a)
It can be a valuable forecasting tool.
b)
It may help the business to obtain a subsidy.
c)
It may help the business to lower prices.
d)
It can take the place of continuous planning.
83.
Which part of a business plan includes the history of the business?
a)
Executive summary
b)
Market analysis
c)
Strategy and implementation
d)
Company description
84.
Why should managers understand the external environmental factors of business?
a)
The factors are the result of government regulation.
b)
The factors affect the direction a business takes.
c)
The factors affect all businesses in the same ways.
d)
The factors exist in an unchanging environment.
85.
One of the purposes of developing a business plan is to perform which action for the business?
a)
Provide direction
b)
Invest resources
c)
Identify employees
d)
Acquire customers
86.
Which is an example of a technological trend that would affect business?
a)
The support of business with subsidies
b)
Go for what you know
c)
The enforcement of safety rules
d)
The expanded use of computers
87.
An entrepreneur who is starting a business would most likely contact a consulting agency to obtain assistance with which activity?
a)
Changing customer demand
b)
Applying new technology
c)
Identifying area vendors
d)
Buying necessary supplies
88.
Which person would be able to help individuals choose a legal structure for their business, inform them of regulations and licenses, and help them apply for patents?
a)
Lawyer
b)
Insurance agent
c)
Accountant
d)
Banker
89.
For what situation might a business need technical assistance to implement a new process?
a)
Plans to use robots on the assembly line
b)
Intends to extend hours of operation
c)
Wants to guarantee customer satisfaction
d)
Decides to open an additional office
90.

What will exist if there is a real market opportunity?

a)

Competitor

b)

supply

c)

demand

91.

A business conducts research so it can analyze market needs, which often includes which activity?

a)

selecting promotional media

b)

developing new products

c)

identifying trends

92.

Which is a characteristic of a good brand name?

a)

nondistinctive

b)

similar to competitors brands

c)

memorable

93.

Which touch points does a successful company often use to communicate its corporate brand to its target market?

a)

Company website, sales calls, and trade shows

b)

Employees, sales staff, and compensation policies

c)

Trade shows, sales reports, and employees

94.

Communicating the core values of products is an effective way to perform which activity?

a)

Explain the price structure

b)

Reinforce a business's image

c)

Analyze the sales operation

95.

Rodney Corporation, a candy manufacturer, is using advertising and coupons to introduce the Wacky Bar, a new candy bar. What is the company trying to create about its brand?

a)

Performance

b)

Recognition

c)

Insistence

96.

Businesses position products by sending marketing signals to influence customers' perceived satisfaction of these products. These marketing signals come from which components?

a)

Selection, service, and convenience

b)

Advertising media, sales promotions, and packaging

c)

Product features, competitors, and labels

97.

Which is an example of a business's core values?

a)

“We deal honestly and fairly with our customers and ourselves.”

b)

“We are decreasing our overall expenses by 5% over the next 12 months

c)

“Demonstrate a customer-service mindset.”

98.

Why is it important for a business to identify its product's competitive advantage?

a)

To evaluate the marketing research process

b)

To create a realistic trademark

c)

To develop an appropriate marketing strategy

99.

Which is the most important question that a business considers when positioning its products?

a)

What is the target market's financial liability and risk level?

b)

Does the product have at least three hidden features?

c)

What product benefit does the target market find most appealing?

100.

Which is an example of a corporate brand? A. Which is an example of a corporate brand?

a)

Proctor and Gamble

b)

tide detergent

c)

charmin bath tissue

101.

Corporate branding provides a variety of products and product lines with which common factor?

a)

platform

b)

rank

c)

identity

102.

The ultimate objective of the business in using brand names or slogans is to achieve which goal?

a)

create awareness

b)

encourage sales

c)

obtain a sponsor

103.

A business that offers the best service in the industry usually has which attribute?

a)

Social environment

b)

Diverse culture

c)

Competitive advantage

104.

Why is it important for a business to communicate the core values of its products? A. Why is it important for a business to communicate the core values of its products?

a)

To develop appropriate advertising

b)

To justify the price

c)

To appeal to the target market

105.

Why is it important for a business to communicate the core values of its products? A. Why is it important for a business to communicate the core values of its products?

a)

To develop appropriate advertising

b)

To justify the price

c)

To appeal to the target market

106.

Why do businesses often try to develop a unique positioning concept for a new product?

a)

to set it apart from competitors

b)

To identify innovative objectives

c)

to monitor its growth stage

107.

To emphasize value, a rental car company should use which tagline?

a)

"its the little things"

b)

"we provide more for less"

c)

"We do it right the first time"

108.

A business that positions itself by emphasizing distribution expertise and efficiency is using which strategy?

a)

Image differentiation

b)

Image synchronization

c)

Channel differentiation

109.

Jenny tried ABC peanut butter and now buys it regularly. This is an example of what type of consumer behavior?

a)

Brand recognition

b)

Brand identification

c)

Brand loyalty

110.

How does a business estimate its percentage of market share in relation to its competitors?

a)

Divides the business's gross profit by the industry's total sales

b)

Subtracts the business's net profit from the industry's total sales

c)

Divides the business's sales by the total industry's sales

111.

Which channel-management strategy involves a producer that owns its intermediaries? A. Corporate Vertical Marketing System B. Systematic Horizontal Marketing System C. Independent Horizontal Marketing Systems

a)

Corporate Vertical Marketing System

b)

Systematic Horizontal Marketing System

c)

Independent Horizontal Marketing Systems

112.

When a business decides to sell its products through franchise agreements, it is using which vertical marketing strategy? A. Administered B. Contractual C. Intensive

a)

Administered

b)

Contractual

c)

Intensive

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