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WorksheetsEOPA Prep 3
Total questions: 10
Worksheet time: 10mins
1. Zander owns a company that buys tea from other companies in China and sells it to grocery stores. Zander's company is a(n)
industrial user
retailer
producer
wholesaler
Troy has discovered an innovative technology with huge growth potential. He needs $1,000,000 in funding and expert technical advice to launch his business venture. What funding source would be best for him to pursue?
commercial bank
angel investor
family and friends
venture capitalist
The type of capital resources that a startup business needs to begin operating usually depends on the
vendors' lead time
location
owner's preferences
industry
To maximize the efficiency of complex business operations, business owners must
establish standards after conducting a SWOT analysis
work with financial advisors to reduce tax liability
rely on economic indicators to develop business strategies
understand the interdependence of all business functions
A potential benefit to new business owners of establishing business systems and procedures is
the elimination of employee errors
improved utility services
less reliance on networking
the efficient use of resources
Which of the following terms best describes the overall procedures that guide a small business's activities by standardizing the way the business functions:
safety
credit
operating
hiring
A small-business owner who uses the brainstorming technique to find solutions to difficult situations is trying to
plan contract negotiations
assess long-term budgets
creatively solve problems
intentionally prevent conflict
By joining a community organization, such as the local chamber of commerce, an entrepreneur can network with others to
improve goods and services
obtain selling experience
evaluate personal skills and abilities
identify new venture opportunities
Aaron, a small-business owner, develops an exit strategy so that his company keeps growing and prospering in the marketplace after he leaves. The exit strategy is one aspect of Aaron's
competitive advantage
control system
management style
continuation plan
Ellen wants to step back from the day-to-day activities of running her company. She decides to take the company to another level by selling public stock. One way Ellen can stay involved in the company is by
appointing a family member as president
serving on the board of directors
arranging a tactical acquisition
hiring her successor
