chapter quizes for ch 9,10,11,12
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| _____ is the group of founders, key employees, and advisers that move a venture from an idea to a fully functioning firm. | show 🗑
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| show | liability of newness
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| A founding team comprised of executives who all worked together in pharmaceutical sales since graduating from college, where they each majored in human biology, would best be described as________. | show 🗑
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| show | prior entrepreneurial experience
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| show | manage the firm's day-to-day transactions
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| show | signaling
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| _____ is a panel of experts who are asked by a firm's managers to provide counsel and advice on an ongoing basis. | show 🗑
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| show | a firm should ask their advisors to spread, anonymously, as many positive comments as possible about its products on blogs, and Internet chat rooms and message forums.
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| show | certify the financial statements.
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| show | SCORE
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| T/F Studies show that the majority of new ventures are started by more than one individual. | show 🗑
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| show | False
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| T/F The Chief Executive Officer (CEO) of a new venture always is chosen from among the firm's founders. | show 🗑
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| show | True
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| show | False
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| show | False
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| T/F If a firm has a board of directors (because it is a corporation), it will not have an advisory board. | show 🗑
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| T/F A lender with a well-secured loan may spend very little time with a client. | show 🗑
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| T/F Investors are precluded by SEC regulations from having a seat on the board of directors. | show 🗑
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| T/F Expert advice to new ventures from consultants can be obtained for free or reduced rates from nonprofit agencies. | show 🗑
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| When is a firm required to have a board of directors | show 🗑
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| what are the board of directors three formal responsibilities? | show 🗑
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| show | BOARD OF ADVISERS, LENDERS AND INVESTORS, CONSULTANTS
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| show | a panel of experts who are asked by the firm's managers to provide counsel and advice on an ongoing basis.
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| show | lenders and investors help new firms by providing guidance and legitimacy, and providing the role of financial oversight.
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| What purpose do CONSULTANTS serve: | show 🗑
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| Most new ventures need to raise money during their early life for the following reasons EXCEPT: | show 🗑
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| show | Burn rate
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| What is the least likely source of seed money that gets a new venture started? | show 🗑
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| _____ is a brief, carefully constructed statement that outlines the merits of a business opportunity. | show 🗑
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| show | Banks
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| show | to broaden their ownership interest.
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| show | corporate bonds
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| show | unlike venture capitalists who look for ventures that will reliably repay their loans, banks are looking for businesses that are "home runs".
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| As financing and funding are difficult for new ventures, _______ is not a creative ways that start-ups can use to obtain financial resources: | show 🗑
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| show | a strategic partnership
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| T/F Typically, the seed money that gets a company off the ground comes from the founders' own pockets. | show 🗑
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| show | False
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| show | False
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| T/F The primary disadvantage of equity funding is that the firm's owners relinquish part of their ownership interest and may lose some control. | show 🗑
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| show | False
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| show | False
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| T/F An alternative to an initial public offering is a private placement, which is an issue of securities to a large institutional investor. | show 🗑
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| T/F Both interest payments to lenders, and dividend payments to stockholders, are tax deductible. | show 🗑
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| T/F One source of financing for new ventures is to borrow money directly from the Small Business Administration (SBA). | show 🗑
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| T/F An alternative to debt or equity financing that enables a company to acquire the use of equipment is leasing. | show 🗑
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| What are three reasons why most new ventures need to raise money during their early life. | show 🗑
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| Describe CASH FLOW CHALLENGES: | show 🗑
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| Describe CAPITAL INVESTMENTS: | show 🗑
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| show | In many industries firms need to pay substantial upfront costs before the anticipated payoff of the product is realized.
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| show | involves getting a loan, does not convey any ownership rights to lender, must be repaid with interest, interest is tax deductible
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| show | partial ownership of the firm, typically in the form of stock, does not involve repayment, investors earn a return by selling their stock at a higher price than they paid (capital gain) and/or dividend payments, dividend payments not tax deductible
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| _____ is the limited group of potential customers a firm goes after or to which it tries to appeal. | show 🗑
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| Which marketing concept pertains primarily to how a firm differentiates itself from competitors? | show 🗑
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| Nike's "Just do it" is an example of ________. | show 🗑
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| show | Brand equity
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| show | Positioning
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| show | value-based pricing
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| show | Gaining the exclusive right to retail a company's products in a specific area for a specific period of time.
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| What is a major advantage of selling direct? | show 🗑
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| show | Exclusive distribution arrangements
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| show | True
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| show | False
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| T/F New ventures are more likely to target an entire segment of a market because they lack the expertise to focus on a niche within the segment. | show 🗑
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| T/F It is generally more important for an entrepreneur to emphasize a product or service's features when trying to gain attention from the media. | show 🗑
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| show | False
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| T/F A service is an activity or benefit that is intangible, doesn't take a physical form, and falls under the product "P" of the four Ps. | show 🗑
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| show | False
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| T/F The Internet has brought about a major highly focused innovation in advertising known as pay-per-click advertising. | show 🗑
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| show | True
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| show | False
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| what is a firm's target market | show 🗑
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| show | 1-segment the market,2-select a target market that is sufficiently attractive and which the firm can serve well,3-establish a unique position that differentiates a firm from its competitors.
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| The four P’s are | show 🗑
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| show | good or service offered, quality level, features, design, brand name, and packaging
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| The 4 P’s Price refers to | show 🗑
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| The 4 P’s Promotion refers to | show 🗑
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| The 4 P’s Place refers to | show 🗑
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| show | Patent
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| Which type of patent would be applicable to something like Amazon.com's one-click ordering system or Priceline.com "name-your-own-price" model of purchasing travel and accommodations? | show 🗑
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| show | a trademark
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| Which form of intellectual property protection is granted to the owner of a work of authorship, and requires the work to be in tangible form? | show 🗑
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| show | trade secret dispute
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| show | conducting an intellectual property audit
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| T/F Although intellectual property has no value in the marketplace, it is important to firms because it is the result of human imagination and inventiveness. | show 🗑
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| show | True
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| T/F Owning the exclusive rights to something, even if no market for it exists, has tremendous value. | show 🗑
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| T/F Once an entrepreneur has obtained legal protection of their intellectual property, they should contact the police immediately if they observe any infringements or violations of their intellectual property rights. | show 🗑
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| show | True
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| show | True
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| T/F Scandalous matter, such as profane language used by very creative stand-up comedians can be protected by trademark. | show 🗑
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| show | True
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| T/F Bootleg or pirated DVDs and CDs are examples of copyright infringement. | show 🗑
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| show | 1: Make sure the invention is practical. 2: Document when the invention was made. 3: Hire a patent attorney. 4: Conduct a patent search. 5: File a patent application. 6: Obtain a decision from the U.S. Patent and Trademark Office.
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