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Entrep Unit 2
| Question | Answer |
|---|---|
| Jack, a manager, said to his staff, "....If this is successful, it could greatly benefit the company. If it fails, I'll accept the consequences and work to find a solution." What is Jack doing? | Accepting responsibility for his decision |
| This situation illustrates that After Porter realized that he processed an order incorrectly, he waited too long to correct the problem. As a result, an incorrect item was shipped to the customer. This situation illustrates that... | an employee's decisions and actions can negatively impact others. |
| What is often a positive result of accepting responsibility for a poor decision? | You gain others' respect |
| Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can | satisfy an unmet demand |
| Which of the following statements is true about entrepreneurial discovery: | It's an ongoing process that facilitates a business's success rate. |
| The entrepreneurial discovery process requires knowledge and the recognition of a(n) | market need |
| Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery: | Increased cultural diversity |
| After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean | shifts in popularity ethnicity |
| Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities: | Lower tariffs |
| When determining venture-creation opportunities, entrepreneurs must first | conduct research |
| Jessica's hobby is making jewelry. There is potential to sell her bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering | personal experiences |
| Which of the following processes helps aspiring entrepreneurs generate venture ideas: | Creative thinking |
| When generating new ideas for new businesses, entrepreneurs often look for ways to | solve problems |
| The primary responsibility of the facilitator of a product idea brainstorming session are to compile all of the ideas and | keep the group on task |
| Which of the following is a characteristic of a well-conducted feasibility study: | Complete |
| The primary purpose of a feasibility study is to answer which of the following questions: | Should we proceed with this project? |
| An entrepreneur considers venture location and financial needs during the _____________ process. | planning |
| Which of the following is an operational issue that entrepreneurs must consider when planning their businesses: | Production process |
| Which of the following is a tool that an entrepreneur develops to project sales for a new business venture: | Sales forecast |
| When planning for her new business, Janine allocates two percent of the company's estimated annual sales to web and newspaper advertising. Janine is developing a | promotional budget |
| Which of the following statements is true about business start-up requirements: | The financial needs to start a new business depend on the nature of the venture |
| Costs of sales for a new manufacturing venture typically include | raw materials, equipment, and product inventory |
| One-time start-up costs often include _____________ | incorporation |
| Regan is deciding if she is willing to give up a secure position with a well-known company so she can start a home-based business. Which of the following risks is Regan assessing: | Career |
| Emotional risks that many entrepreneurs face include | marital tensions and family problems |
| When conducting an environmental scan, which of the following is an economic factor that a business should consider: | Consumer spending habits |
| Which of the following is a true statement about a business's environment: | It is always changing |
| Which of the following is an example of a demographic trend: | The aging of the population |
| Which of the following examples illustrates how environmental factors are interrelated: | The economy affects what competitors are doing |
| In order for a business to generate a profit, its operating costs must be ___________ the gross margin. | less than |
| The costs of operating a business are often called __________ expenses. | overhead |
| Variable expenses increase in direct proportion to the increases rate of | production |
| People who are naturally creative often are | mentally flexible |
| Which of the following is usually a characteristic of a creative person: | Likes to seek out new challenges |
| Which of the following personality traits is often associated with creative people: | Acting independently |
| Market opportunity is often affected by | timing |
| The primary goal during the brainstorming process is to | come up with as many ideas as possible |
| Which of the following statements is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process: ( | Group members most often generate new ideas by altering or building upon another idea. |
| When using mind mapping to generate product ideas, you begin by writing down the main problem or | market opportunity |
| Which of the following is a way that a business can determine if a product will fulfill its target market's needs: | Ask the customers |
| A business might take an existing product and alter it to fulfill a specific need for a different | target market |
Created by:
EddieS
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