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622 Final Exam

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Question
Answer
A ____ depends on a feasible business model that has been market-tested and is reliable.   show
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show micro strategies  
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show feasibility study  
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show proof of concept  
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Entrepreneurs typically face two types of POC: the technology or product POC, and the ____ POC.   show
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show micro strategy  
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show proof of concept  
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show pattern recognition bias  
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show beta site  
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Anyone investing in a new venture has four principal concerns: rate of growth, return on investment, ____ and ____.   show
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show Bankers/Lenders  
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show form a strategic alliance  
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show lack of enthusiasm  
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Today most investors want to see a well-written ____ that tells a compelling story and grabs their interest.   show
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An executive summary should demonstrate a clear link between the ____ and the ____.   show
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____ is created when the business is adequately capitalized and has highly regarded investors, an experienced management team, customers, a unique technology, product, or service, the ability to continually innovate, and a rapidly expanding market.   show
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show executive summary  
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show significant customers  
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Which section of the business plan details features and benefits as well as the plan for prototyping and testing?   show
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show organization  
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A financially healthy company will see its major source of ____ coming from operating sources, such as sales.   show
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The ____ plan focuses on issues related to processes the venture will own and outsource, as well as where it will get its raw materials, and what type and quantity of labor will be required.   show
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show income statement  
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show balance sheet  
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The higher the ____, the more liquid the company is and the more easily these assets can be converted to cash to pay off short-term obligations.   show
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Which ratio uses net income and net sales from the income statement to give the percentage of each dollar of sales remaining after all costs of normal operations are accounted for?   show
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show contingency  
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The section of the business plan that presents the strategy that will be used to ensure that the business is sustainable and continues to scale over its life is included in the ____.   show
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show market analysis  
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Which of the following is not a concern for lenders when they consider an entrepreneur for a loan?   show
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More than 76 percent of all businesses in the United States are ____.   show
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show ostensible authority  
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In a/an ____, all partners assume unlimited personal liability and responsibility for the management of the business.   show
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show buy/sell agreement  
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show corporations  
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show non-profit corporation  
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show silent partners  
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show key-person  
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show foreign  
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show C-corporations  
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show sole propietorship  
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show "Certificate of Doing Business Under and Assumed Name"  
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Sole proprietorships offer several advantages, which include all of the following except ____.   show
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Often small businesses such as pizza parlors and boutiques are run as ____.   show
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When two or more people share the assets, liabilities, and profits of the business, the legal structure is a ____.   show
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show the partnership agreement  
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The U.S. Supreme Court has defined the ____ as an artificial being, invisible, intangible, and existing only in contemplation of the law.   show
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show closely held corporation  
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A corporation that is chartered in the state in which it will do business and issue stock is a/an ____.   show
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By creating a corporation and issuing stock, the entrepreneur is giving up a measure of control to the ____.   show
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show C-corporation  
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show partnerships may be shareholders  
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Professionals such as lawyers, doctors, and accountants frequently employ the legal structure of a ____.   show
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A corporate form that enjoys the pass-through tax benefits of partnerships in addition to the limited liability of a C-corporation is known as a ____.   show
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show general partnership  
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All of the following are types of nonprofit organizations except ____.   show
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State law permits certain professionals, such as health care professionals, engineers, accountants, and lawyers, to form corporations called ____.   show
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A corporation established for charitable, public (scientific, literary, or educational), or religious purposes or for mutual benefit (trade associations, tennis clubs), as recognized by federal and state laws, is a ____.   show
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Income derived from for-profit activities in a nonprofit corporation is subject to ____.   show
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show to another tax-exempt organization  
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show customer satisfaction  
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show awareness  
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show ideals  
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show utility  
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____ in ethical decision making says that "Everyone needs to look out for himself."   show
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A conflict of interest occurs when a person's private or personal interests clash with ____.   show
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Aristotle, the Greek philosopher, said that ____ is the first of the human virtues because without it, the others are not possible.   show
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show code of ethics  
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The question, "Would I be proud if my actions were announced in my local newspaper?" is part of the ____ approach to ethical decision making.   show
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____ means operating a business in a way that exceeds the ethical, legal, commercial, and public expectations that society has of the business.   show
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show core values  
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show mission statement  
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show mission  
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show core values  
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An entrepreneur's personal ____ is really a function of the core values and vision that an entrepreneur has for his or her life.   show
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The vision that guides a company in the right direction is expressed through its ____.   show
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show None of these choices; that is, ethical dilemmas arise in all these areas.  
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show purpose  
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A company's ____ is/are what brings everyone together to achieve a common objective.   show
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show ethics  
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____ which is/are the means to execute the strategies, should also be put in place.   show
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show an entrepreneur's reputation is critical to success  
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show pushing the limits of the law  
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Research has shown that the ethical behavior of employees is very much influenced by ____.   show
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To ensure that the ethical standards established for the company become part of its culture, you should do all of the following except ____.   show
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Through giving something back to the community or communities in which it does business, and thus to society as a whole, a business holds itself to a higher standard of ____.   show
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Paul Brainerd of the Brainerd Foundation in Seattle, Washington, suggests following which socially responsible rule?   show
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Entrepreneurs are goal-oriented and tend to cite which of the following as a reason for going into business?   show
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All of the following are examples of poor ethics except ____.   show
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show set goals  
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show organizational design  
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show informal networks  
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show culture  
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show liasion  
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____ is validation of the business by external constituencies such as suppliers, customers, distributors, and others in the value chain.   show
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Companies are typically distributed in all of the following ways except ____.   show
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show virtual organizations  
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show area of the country  
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show behavioral profile  
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The ____ is fundamentally the personality of the organization and forms the basis for all the activities that the company undertakes.   show
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show location  
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show strategic alliances  
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The three key factors for determining value in real estate are ____.   show
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show trade area  
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show manufacturing  
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Enterprise zones are common locations for ____.   show
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All of the following are alternatives to conventional facilities except ____.   show
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People in ____ networks tend to gravitate toward each other in an effort to accomplish tasks in a more efficient and effective manner than may be dictated by the organizational chart.   show
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show profit sharing plans  
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show open-ended questions  
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The Age Discrimination in Employment Act applies to all companies with ____ or more employees.   show
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The most successful new ventures adopt a team-based approach with a/an ____ structure.   show
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The first and best places for an entrepreneur to look for an employee include all of the following except ____.   show
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The professional employer organization (PEO) is used for ____.   show
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show stock-vesting  
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Stock issued to the first shareholders of the corporation or assigned to key management as part of a compensation package is ____.   show
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A basic ownership interest in the company whereby holders share in both the successes and the failures of the business and benefit through dividends is ____.   show
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show deferred compensation plan  
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When a series of goals are set by the company with input from the employee, and the employee receives payment as each goal is reached, this is called a ____.   show
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show capital appreciation rights  
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show flow  
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show ownership  
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The goal in ____ is to provide the exact service the customer wants at minimal cost.   show
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Any business that purchases raw materials or parts for production of goods for resale must carefully consider the quality, quantity, and ____ of those purchases.   show
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show customer demand  
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show 70 to 80  
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show customer service  
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When manufacturers use ____, lead times are reduced and employees have more involvement in the production of the entire product rather than simply one component of a product.   show
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show production  
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In general, manufacturing and production firms are organized as ____-focused or ____-focused organizations.   show
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show process-focused  
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show technology  
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The real success or failure of the quality control effort is dependent on the ____ in the process.   show
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show six sigma  
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show total quality management  
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Entrepreneurs who subscribe to ____ will probably wish to provide warranties with products and services.   show
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____ is/are used to demonstrate that a company stands behind what it produces and the work that it does.   show
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show supplies  
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Product- or project-focused organizations generally are highly ____ so that they can respond better to market demands.   show
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Two methods traditionally used in the scheduling process are PERT Diagrams and ____.   show
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Building a complex production system while the company is in startup or later, while it is rapidly growing, is ____.   show
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show quality  
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show Gantt chart  
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show PERT diagram  
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The process of reconciling product output with the standards set for that product is ____.   show
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show labor costs are low  
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____ is the management and control of the flow of goods and resources from the source of production to the marketplace.   show
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show customer satisfaction  
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One way manufacturers and producers control ____ is through a regular inspection process that takes place during several stages of the production process.   show
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show the average age is 25  
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The ____ paradigm describes a statistical phenomenon where niche markets, when aggregated, account for a significant portion of total sales in some consumer sectors.   show
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To the extent that entrepreneurs can predict the points of takeoff (optimism) and slowdown (pessimism) in the ____, they can better manage demand.   show
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show chasm  
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The American Marketing Association defines ____ as a "name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct" from other sellers.   show
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____ generally employs a pull strategy, focusing on non-price benefits and targets end-users.   show
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____ marketing is widely used to describe a marketing strategy that entices customers to pass on the marketing message to others.   show
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____ Readers provide a way to find out what others are saying about an entrepreneur's company by enabling the entrepreneur to subscribe to blogs and podcasts.   show
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____ refers to situations where a probability of the risk occurring and its potential impact can be calculated because at least some of the variables involved in the decision can be controlled.   show
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show objectivist view  
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show Bayesian view  
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____ plans help a growing business deal with events that regularly⎯and often without much warning⎯disrupt the equilibrium of the firm.   show
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show Securing a knowledgeable attorney  
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____ are used to protect a company against potential risk that can't be prevented.   show
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The overall ____ is simply the product of the probability of occurrence times the cost of the impact to the business times the level of significance of that impact.   show
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Smaller businesses for sale often use the services of ____.   show
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show Both "Search engine marketing" and "Search engine optimization"  
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show affiliate programs  
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show trade show  
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show customer relationship management  
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One way to stem complaints at the source is to provide ____.   show
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show marketing plan  
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show build brand equity  
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show benefit  
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show purpose  
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____ marketing mimics the elaborate marketing strategies of larger companies but allows the entrepreneur to save valuable time and money.   show
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show publicity  
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Print (such as newspapers) and broadcast (such as radio) are two categories of ____.   show
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An effective news release should contain all of the following except ____.   show
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____ combine(s) technology, training, and business strategy in a system for gathering and using information on current and prospective customers.   show
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____ can be thought of as a bundle of ____ benefits that a company is providing to its customers, and these benefits reflect the company's core values.   show
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show 90  
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The book Diffusion of Innovations identifies the group of customers who tend to purchase a product only if they absolutely have to as the ____.   show
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show relationship marketing  
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All of the following factors except ____ are included in the discussion of adoption/diffusion cycles and the rate at which a new product is adopted across the various customer segments.   show
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____ benefits that customers appreciate include such things as access, saving money, saving time, convenience, and health.   show
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The term ____ refers to a customer's perceived preference for, and evaluation of, product attributes, attribute performances, and consequences arising from use that facilitates (or blocks) achieving the customer's goals and purposes in use situations.   show
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show brand strategy  
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show viral marketing  
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show friends and families  
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show transition  
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Taking on outside investment capital means that the entrepreneur must plan for some type of ____ so that investors can cash out of the business and receive a return on their investment.   show
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show mezzanine financing  
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In technology ventures, early seed funding and grants support a long period of product development. Often this early-stage money comes from ____.   show
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When major insurance companies and pension funds make equity investments and cash deposits into community banks that then lend to social ventures to help them grow, they are engaging in ____.   show
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The ____ of startup ventures depends heavily on the entrepreneur's personal resources.   show
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According to a Wells Fargo/Gallup study, most new ventures are started with ____.   show
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show structuring convertible debt  
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Many investors suggest structuring a/an ____ deal for friends and family because this tactic avoids having to place a valuation on the company that is likely to be wrong.   show
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show angel investors  
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show SBICs  
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show venture capital institutes  
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____ has/have become a popular form of cash management in smaller businesses that sell to big companies.   show
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With an SBA-guaranteed loan, an entrepreneur applies for a loan of up to ____ from his or her bank, and the SBA guarantees that it will repay up to 90 percent of the loan to the commercial lender.   show
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show limited partnership  
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show blue sky laws  
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show PPM  
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The rules for private placement are stated in SEC Regulation ____.   show
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show incubator  
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Many entrepreneurs neglect to consider one of the largest and most accessible sources of funding, which is ____.   show
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Companies that are not heavily regulated and that base their financial decisions on the quality of the assets of the business are ____.   show
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The Small Business Innovation Development Act of 1982 requires that all federal agencies with research and development budgets in excess of $100 million give a portion of their budgets to technology-based small businesses in the form of ____.   show
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show R&D limited partnership  
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____ is/are a way of raising capital from private investors by selling securities in a private corporation or partnership.   show
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show the largest pool of risk capital in the United States  
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An investment in the entrepreneur's venture is normally for an ownership share in the business and is referred to as ____.   show
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Normally, the greatest single expense a business has is ____.   show
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Most entrepreneurs start their ventures with their own financial resources, which can include all the following except ____.   show
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Startup funds typically come from ____.   show
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____ take an equity position through ownership of stock in the company.   show
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show business model  
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show rapid growth  
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show term sheet  
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show forfeiture provision  
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____ from lawyers, accountants, consultants, and investment bankers are essentially a promise not to charge the full fee if an IPO fails.   show
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show letter of intent  
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The ____ method is probably the technique most commonly used to account for the going-concern value of a business, but it has problems as well.   show
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show super angels  
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show prospectus printing costs  
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Entrepreneurs considering a strategic partner should do all of the following except ____.   show
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____ is a floorless exchange that trades on the National Market System.   show
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show pressure to perform in the long term  
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When searching for a venture capital firm, what should you not do?   show
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Any investment deal includes all of the following components, except ____.   show
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Venture capital firms in an early-stage investment characteristically demand a higher rate of return, as much as ____ percent or more annual cash-on-cash return, whereas a later-stage investment demands a lower rate of return, perhaps ____ percent annuall   show
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show 2000  
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The ____ lays out the amount of investment the VC firm is willing to consider and the conditions under which it is willing to consider making that investment.   show
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show later-stage funding  
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show high-tech  
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show discount rate  
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show legitimate control  
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The value derived by assuming the sale of all assets and calculating the amount that could be recovered from doing so is the ____ value.   show
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The price at which a willing seller would sell and a willing buyer would buy in an arm's-length transaction is the ____ value.   show
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show red herring  
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show choose an underwriter  
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Once a company has become a public company, returning to private status is ____.   show
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A form of startup capital managed by professionals is ____.   show
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show Biotechnology and software  
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The term ____ refers to tangible choices such asin the case of a new ventureinvesting in research and development for new technology.   show
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Rates and stages of growth in a new venture vary by ____.   show
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show initial growth  
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show seek customers  
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A firm entering a ____ market in an established industry with an innovative product can experience rapid rates of growth.   show
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show the business's environment  
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show create a growth culture  
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Franchising and licensing are examples of ____.   show
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____ strategies may be synergistic or conglomerate.   show
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show intellectual property  
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show backward  
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show freight forwarder  
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____ purchase a product at a discount off list, sell it and handle collections, solving the problem of cultural differences in transactions.   show
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show synergistic strategy  
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show modular or network  
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A growth mode that may be appropriate for a company that does not wish to invest large amounts of capital in plant, equipment, and employees is ____.   show
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show governmental agencies  
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show the equity invested by the franchiser  
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In ____, the entrepreneur attempts to increase sales by using more effective marketing strategies within the current target market.   show
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Strategies that take the business into the international arena are ____ strategies.   show
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Strategies that exploit opportunities outside the current market or industry are ____ strategies.   show
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Strategies that involve growth within the industry as a whole are ____ strategies.   show
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Strategies that exploit opportunity in the current market are ____ strategies.   show
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Once the business has successfully passed through the rapid growth phase and is able to effectively manage the financial gains of growth, it will have reached ____.   show
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Failure at the rapid growth stage for an entrepreneur may be due to all of the following except ____.   show
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show delegating control and accountability  
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At the first stage of startup success, the main concerns for the entrepreneur include all of the following except ____.   show
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With ____, entrepreneurs create a unique and sustainable competitive advantage by doing things differently for a different purpose.   show
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show the entrepreneur's ability to delegate authority and responsibility  
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High-growth companies display all of the following characteristics except ____.   show
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____ consists of taking the product or service to a broader geographic area.   show
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A/An ____ is an employee benefit plan that buys and holds company stock in special employee trust accounts that qualify as retirement accounts for tax purposes.   show
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Which of the following does not describe the career path of an entrepreneur?   show
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show Chapter 11  
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show Chapter 7  
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show Chapter 11 reorganization  
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show liquidation  
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In a/an ____, the entrepreneur has the ability to cash out a portion of his or her investment and still manage the business for an agreed-upon time when the business is sold at a prearranged price.   show
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show spiral  
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show habitual  
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According to Jerome Katz, entrepreneurs who measure their success by the size of their company are ____ entrepreneurs.   show
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show leveraging financing  
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When sales decline and positive cash flow starts looking like a memory, entrepreneurs often go ____.   show
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An integral part of a team-based approach to organizational management is ____.   show
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According to Pasmore and Torres, the second step in succession planning is ____.   show
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Most product liability insurance covers all of the following except ____   show
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The cost of hiring an employee is becoming so high that many companies are solving the problem by ____.   show
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show coincident-lagging index  
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show leading index  
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show exit strategies  
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The immediately precipitating cause that forces a corporation into bankruptcy is ____.   show
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Groups of hackers that act in the national interests of the country that sponsors them to provide nearly constant attacks on the national security infrastructure of countries are known as ____.   show
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show succession  
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  show
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