1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people?
2. (TCO 1) You have a small business that offers printing services. One of the services you offer is a high-speed color copier. You are currently the only printing service in a tri-state area that offers such a service. You currently have _______.
3. (TCO 1) Your employees are your most valued assets due to their _______.
4. (TCO 1) Entrepreneurship primarily involves which phase of business?
5. (TCO 1) Which of the following is the most common form of business ownership?
6. (TCO 4) Which of the following acts was written to prevent large businesses from forming trusts?
7. (TCO 4) Bankruptcy remains on a credit report for how many years?
8. (TCO 4) Peter Drucker stated that businesses have _______ basic functions.
9. (TCO 4) Managing inventory can be compared to which of the following?
10. (TCO 4) What is the key word in evaluating a channel of distribution?
11. (TCO 4) A long-term agreement to rent a building, equipment, or other assets is known as a:
12. (TCO 4) Consumers typically do not want the cheapest product available; they want the:
13. (TCO 4) The point at which total cost equals total revenue and the business is neither making or losing money is known as the _______.
14. (TCO 2) Through the franchise agreement, the___ gains benefit of the parent company's expertise,experience,management systems,marketing, financial help.
15. (TCO 2) The financial document that is used by startup businesses to show where capital comes from and for what it will be used is called:
16. (TCO 2) Which of the following is not included in the marketing plan section of the business plan?
17. (TCO 3) When analyzing financial statements, remember that profits can be increased and expenses can be decreased to make the records look better ______.
18. (TCO 3) In the chapter opener, what was the limitation that kept Philip Rosedale from creating Second Life when he first had the idea for it?
19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from:
20. (TCO 3) Computers, office equipment, and furniture are all examples of ________ that have a life of more than one year.
21. (TCO 5) Mintzberg suggested several important skills a manager needed in order to perform the four functions of management. The most important of these was listed as
22. (TCO 5) Maslow's hierarchy of needs theory ranks the highest level of needs as what?
23. (TCO 5) The Equal Employment Opportunity Commission _____ that the information from a job analysis be used to ensure equal employment opportunity.
24. (TCO 6) A production process that operates for long periods of time without interruption is known as?
25. (TCO 6) Scheduling is necessary to maximize levels of
26. (TCO 7) An account number of 13 would represent which of the following accounts?
27. (TCO 7) Equity funds never need to
28. (TCO 8) About what percent of small businesses export goods and services?
29. (TCO 9) The obligation of business to maximize the positive impact it has on society while minimizing the negative impact is called:
30. (TCO 9) Threats and opportunities to a business can be found in which of the following environments?
Essay Questions
1. (TCO 1) Compare and contrast a sole proprietorship, a partnership and a corporation. Provide examples of where you would use each structure.
2. (TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under what circumstances would one be more advantageous?
3. (TCO 4) Compare and contrast Economic Order Quantity and Just-In-Time as inventory control methods. Evaluate how these control methods can improve the financial position of a small business.
4. (TCO 6) Compare and contrast analytic manufacturing systems and synthetic manufacturing systems, giving an example of each.
5. (TCO 9) Analyze the four levels depicted in the pyramid of social responsibility.