Intro To Business Test 2 Practice Test 1 Questions With Answers

Intro To Business Test 2 Practice Test 1 Questions With Answers .Lachlan Stuart is employed by International Paper, a company that values his vision and creativity. To stay ahead in a very competitive industry, International Paper gives Stuart, and his division has almost complete autonomy to develop innovative and effective communications. Stuart is an example of a(n): - Answer-intrapreneur .Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind of business for himself, he did a self-assessment, which indicated that he had an entrepreneurial spirit. His next step will be to: - Answer-look for customers .Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information. During the development of this high-growth company, Arnold and Bradford attracted a group of investors who purchased stock in their company and provided them with ______ financing. - Answer-equity .The person who takes the risk of starting and managing a business to make a profit is called a(n): - Answer-entrepreneur .Jill Hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa. Hansom used _____ financing. - Answer-debt .The difference between the small business owner and the entrepreneur is that the entrepreneur: - Answer-assumes the risk of the business .In 2000, Eric Baker and Jeff Fluhr came up with a concept that would do away with scalping if they had their wish, and everyone used StubH. The Internet company brings people who want tickets and people who have tickets that they are not using together. The company has assisted in the sale of tens of millions dollars worth of tickets annually and is always trying to sell more. It charges a small fee for its assistance. Baker and Fluhr would be classified as: - Answer-growth-oriented entrepreneur .Intrapreneurs: - Answer-are accurately described by all of the above .Andy Yocom was looking to start a small business so he could be his own boss. While golfing one day, he saw prime advertising space on the flags on the course. He has decided to call his new venture Invision Golf Group Inc. What should he include in his business plan? - Answer-all of the above .Which of the following elements does NOT typically appear in a well-prepared business plan? - Answer-names of all employees .Mark Ghermizian had quit his job and was looking to start a small business so he could be his own boss. When he read that people spend up to fifteen minutes every day staring at a bathroom stall door, he decided he would find advertisers who wanted to pay to have their advertising messages on bathroom stall doors. Since he has his idea, Ghermizian's next step is to: - Answer-choose a form of business organization .The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds). - Answer-debt; equity .Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information. Early in the development of this high-growth company, Arnold and Bradford attracted a group of investors who provided them with money needed to acquire other Internet companies with similar missions. The investment group is called: - Answer-angel investors .In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an inappropriate question to ask - Answer-What are you going to do with the down payment? .Angel investors: - Answer-provide funding for start-up businesses .Businesses close down for many reasons. Which of the following is NOT a typical reason for a business failure? - Answer-Expenses were lower than the owner expected. .When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a _____ entrepreneur. - Answer-classic ._____ are entrepreneurs who start a series of companies - Answer-Multipreneurs ._____ financing is a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period. - Answer-Debt ._____ are individual investors or groups of experienced investors who provide funding for start-up businesses. - Answer-Angel investors .Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. To achieve this goal, Manila Water's top management will first need to engage in _____ planning to determine what resources are needed to achieve this goal. - Answer-strategic