WorksheetsEntrepreneur
Total questions: 80
Worksheet time: 40mins
Entrepreneurs are typically:
strongest in marketing.
weakest in production management.
equally talented in production, marketing, and financial management.
weaker in areas of marketing and financial management than in managing the production process.
The owner-manager's task is to:
maximize production to utilize 100% of the business's capacity.
produce goods as quickly as possible.
organize production so as to produce goods efficiently.
ensure that production satisfies its customers' demands.
TQM is
a small business certification of environmental compliance.
a philosophy of management.
a process of technical quality methodology.
TQM (Te quiero mucho)...?
a traditional method of product pricing.
ISO 9000 is
an International Scheme of Organization for owner-managed businesses.
a regulatory standard for global shipping practices.
a cost-cutting strategy.
an effective marketing tool.
Process layouts are based on the premise that:
it is more efficient for products to move back and forth to processes.
(CLICK HERE)
it is more efficient for processes to move back and forth to product areas.
segregating processes is more important than outsourcing.
outsourcing processes is more cost effective than purchasing equipment for use in-house.
Production processes move to the product in:
process layout.
fixed position layout.
small factories.
high-tech industries.
Critics of what firm contend that store layouts are designed to ensure people spend more time shopping and therefore could spend more than they originally planned?
IKEA
Real Canadian Superstore
Home DepoT
Costco <3
In a small business, inventory management is important because:
generally there are limited economic resources.
customers will stop coming in to make purchases if the inventory is not well-managed.
otherwise employees will not be happy.
inventory variety is usually the key to success.
It is a commonly held belief that HR fundamentals:
apply only to larger organizations.
are mostly a matter of intuition.
are never of much value.
are applied mostly to please the market.
Eventually most successful small business owners:
learn how to manage their successful business on their own.
find that their workload tends to diminish.
manage to transition to the new business levels without too much difficulty.
develop a management team.
Personnel requirements:
generally reflect customer preferences.
are often developed as part of a feasibility analysis.
are dependent on available labour force.
cannot be planned for.
Job descriptions should include:
job titles, pay scales, and pension arrangements.
a questionnaire to determine an employee's thinking.
a history of why previous personnel have failed in the position.
what is to be done, how it is to be done, and why it is to be done.
Leadership experts claim that:
good leaders put their own interests first in order to be fully dedicated.
leaders are born and cannot be taught.
leadership can be learned. ;)
experienced leaders are careful not to give away decision making to others.
Time management in a small business is difficult because:
owner managers have personal obligations as well as their business obligations.
there are many operating crises in the normal course of a day.
there are no basic time management concepts to be applied.
most owner managers really don't care too much about time management.
In Canada, employment standards are established:
by self-managed industries.
by public referendum.
by common practice.
at the Provincial and Territorial level.
Offers of employment should include:
a request for a convenient start date from the employee's point of view.
an advance on salary.
terms and conditions associated with the job.
a request for vacation dates.
Many entrepreneurs get help growing their businesses by:
forming a board of advisers.
creating a mentoring committee.
delegating management to an outside adviser.
getting onto a board of directors of another company in their industry.
The major desirable characteristic of a mentor is that they:
have time available to work with a business.
are close to the age of the entrepreneur.
work for no charge.
have experience in the role.
When selecting board members, it is advised that:
candidates be subjected to background checks.
they have senior level executive positions in the industry.
they be willing to commit to the venture's mission.
they be close friends of relatives of the entrepreneur.
One of the top concerns of small businesses is:
total tax burden.
provincial labour laws.
workers' compensation.
government debt. HAHAHA
When a business has no tax liability, this means that it is:
making large profits.
claiming more deductions than it should.
losing money.
not filing income taxes regularly.
A good way to explore the distinction between employee and subcontractor is to:
interview other small contractors.
perform an Internet search for discussion boards on the topic.
consult the CRA guide.
apply common sense.
SBD stands for:
Small Business Development Act.
Small Business Directors' Liability Program.
Small Business Directors' Liability Program.
Small Business Deduction.
Compared to business and property taxes, income taxes:
can be more complicated.
are less subject to interpretation.
only have a minimal impact on cash flow.
are straighTforward to calculate.
Success and growth can:
make a business more difficult to manage.
lead to streamlining and simplifying the management of a business.
help to overcome complexity.
make life as an owner manager simpler and more enjoyable.
Two distinctions between a small and large business are:
employee morale and customer satisfaction.
more attractive window displays and speedier delivery of merchandise.
higher volume and larger transactions.
quality of life for employees and technology infrastructure.
The business cycle and the product life cycle:
are sometimes the same as one another.
are always different.
are never determinable.
are of little value to know.
A business can become more competitive by:
improving its factory decor.
adding new products or expanding to new markets.
lowering cost prices in order to increase sales.
firing employees.
In what stage of the business life cycle does the owner's responsibility become much more managerial?
Introduction
GrowtH
Maturity
DeclinE
As a business grows:
owners and employees tend to develop closer relationships.
it becomes easier to find and integrate new employees.
owners often need to let go of managing all parts of the operation.
departments and individuals begin to work together more productively.
High growth firms in Canada:
are able to accumulate significant cash balances to fund further growth.
inevitably become profitable.
usually fund growth from current sales.
often do not make any money for many years.
One of the biggest challenges facing growth companies is:
financial planning.
marketing
human resources
technology
One of the four possible "outcomes" for a business identified by the text is:
sell the business to an employee.
merge with another bUsiness.
go global.
change its product line.
Owners who intend to sell their business should ensure that:
the business is in a mature stage.
it can run without them.
they don't saturate the market.
there is lots of cash in the bank.
In a recent survey, ______ family businesses had no formal succession plans.
80 percent of
very few
second generation
less than 25 percent of well-established
Two principles of success for family-owned businesses are:
recognize the importance of objectivity and provide incentives for non-family employees.
remember that family comes first and roles should be clearly defined.
meet regularly to discuss financial details of the business with family members who are involved in the business and use capable managers even if they are not family.
clarify the objectives of the business and make sure that suppliers deal only with family members.
A common reason for selling a small business is:
to be able to spend more time on other areas of interest.
to start another small business.
to maximize the owner's return on their investment of time and capital.
to avoid having to repay some of the business's debt.
Many small businesses go into bankruptcy because:
of a lack of profitability.
creditors are unfriendly.
TRUEEEEEE
the owners are tired of managing.
competitors have become more aggressive.
Prospective buyers are very interested in businesses that:
have a friendly work atmosphere.
have established themselves as price leaders.
have consistent revenue.
don't rely on technology instead of people.
Public ownership is a good way to:
raise a significant amount of capital.
engage a community.
increase sales.
share liabilities.
The entrepreneurial process outlined in the text includes:
management of the business.
finding partners.
developing a relationship with major competitors.
developing quality of life goals.
All businesses start with:
An idea
a joke
One of the best ways to develop a new idea is to:
withdraw from your daily work and relax.
discuss with family and friends what they think you should do for a business.
explore your own hobbies and areas of interest.
think about consumer habits and demands.
Offering a totally new product is:
is a sure way to succeed.
generally a low-ris gamble.
one way to enter a market.
the best way to dominate a market in the long term.
In order to be successful, a business should ensure that it has:
a monopoly position.
ergonomic product design.
environmentally friendly aspects.
a competitive advantage.
Typically, in a service business, a major factor in generating revenue is:
equipment in good working condition.
a suitable accounting system.
the expertise of the owner.
office layout.
Which is not a natural advantage for a small business?
Innovation
Supplier volume
Customer service
Product quality
Test marketing involves:
asking potential customers how much they would pay for the product.
putting product into an existing outlet.
sending surveys to a significant number of customers in the industry.
simulating an actual market situation.
Starting a business from scratch may be chosen by an entrepreneur because:
it provides a sense of satisfaction.
customers are often sympathetic to such start-ups.
Organizing a new business from scratch:
eliminates the need to do significant market research.
often fails because of the lack of historical information.
is a good strategy for eliminating risk.
often overcomes the new owner's uncertainties.
When a competent feasibility study has been done by a new business owner:
it is possible to eliminate uncertainties.
starting a business from scratch is the most appropriate strategy.
demand after start-up is likely to be sufficient.
some uncertainties will always remain.
A new business ______ has start-up problems.
rarely
only sometimes
always
never
Writing a business plan is essential for:
both raising money and assisting with day-to-day management.
raising money.
managing the new business.
attracting reliable suppliers.
A business plan helps to:
attract customers.
generate growth.
direct retail store layout.
keep business growth on course.
Business plan formats and emphasis:
are standard.
vary depending on the use.
reflect the adequacy of funding.
define success.
An analysis of competitors in a marketing plan would:
consider suppliers' needs.
be written for investors.
assess legal restrictions.
determine who the competitors are.
"Cash is king" refers to the need to:
fund promotional events.
hire competent employees.
market effectively.
pay bills as they come due.
A method of financing that allows the business to withdraw and deposit funds on an ongoing basis as long as the total amount withdrawn, at any point in time, does not exceed the approved amount is called:
mortgage
traditional bank loan.
personal guarantee.
line of credit.
Trade credit is a form of:
cost-cutting
debt financing
equity financing
interest payment
A business should provide a lender with the following:
sample products for the lenders own use.
gifts to show their appreciation.
up to date information.
personal information about employees.
Financing difficulties of small business are often:
due to bias against entrepreneurs.
a symptom of management problems.
because there are too many small businesses.
a symptom of small business as a cause of unemployment.
When an entrepreneur solicits small investments and/or donations from the public to fund the start-up of their company, this is referred to as:
using business angels.
using corporate investors.
crowd-funding.
bootstrap financing.
Small businesses need financing
to fund a start-up and as capital for ongoing operations.
to reduce the risk of losing their personal funds.
in order to support price competition.
to keep their administrative offices modern-looking.
How many certifications did you get in this course?
oneeeeeeeeeeeeeee
twwwwwwwwoooooooooooo! :)
A statement of changes in financial position:
is the same as a cash flow statement.
presents the extent to which sales changed from the previous fiscal period.
presents changes in balance sheet accounts from one period to the next.
summarizes a business's changes in its market position.
Balance sheet items are generally listed in order of:
liquidity
quantum.
age
frequency of the underlying transactions.
An income statement can show a profit:
as long as sales prices are greater than cost to produce.
even though a business's cash position may have deteriorated.
if selling prices remain competitive.
in times of increasing demand.
Credit cards and online banking:
are not favoured by small business due to bank charges.
surpass the use of cash and cheques in Canada.
depend on the belief that cash on hand is at high risk for in-store robbery and theft.
are universally used by consumers of all ages.
Market share means:
the dollar volume of sales by the major business in a market.
the social responsibility of an industry with the communities in which it operates.
ease of entry into a market by a new business.
percentage of total market which a business controls.
Some aspects of business that are more difficult for small businesses are:
flexibility and innovation.
customer service and product quality.
price and location.
innovation and location.
Two general types of information available to prospective small business owners are:
paid data and free data
primary data and secondary data.
high-quality data and empirical data.
micro data and macro data
Small businesses tend to be:
labour intensive.
capital intensive.
balanced between labour and capital intensity.
none of the answers are correct.
Which of the following is not an advantage of small business ownership?
Independence
Challenge
Skill development
More free time
The primary reason most people start their own business is to:
build for their family.
earn large sums of money.
use their skills/abilities.
gain independence.
The entrepreneurial start-up process begins with:
a visit to the banker for start-up funds.
a visit to the library for more information on the business.
a visit to a business professor for advice.
an innovative idea that is refined as the idea is thought through.
Personal characteristics of successful entrepreneurs include:
having a business degree.
risk-taking and access to financial resources.
risk-taking and perseverance.
perseverance.
Entrepreneurial traits include:
developing strategy.
creativity.
The major causes of business failure include:
growing too quickly.
I don't know
How many provinces and territories are in Canada?
10 provinces and 8 territories
10 provinces and 3 territories
8 provinces and 3 territories
11 provinces and 2 territories
How is the coolest instructor in Cornerstone?
Juan Carlos (Click here)
Milo
