MGMT 3500 CHAPTERS 1-7 QUIZ
ANSWERS FOR MIDTERM EXAM
QUESTIONS & ANSWERS(RATED
A+)
Your Venture Notebook should include: - ANSWERAll of the above:
A resource list
An idea list
A twelve-month calendar
According to Small Business Administration, approximately how many small
businesses are out there? - ANSWER30 million
When planning your business think globally because _____ . - ANSWERToday's
technology makes it easy to operate world-wide
According to the SBA, a Business Plan should include _____ . - ANSWERAll of
these:
A balance sheet
Personal financial statements of principal owners
A description of the business
Which of the following is not one of the "doorways" to small-business ownership? -
ANSWERbuying stock in a Fortune 500 company
Which type of entrepreneur rarely considers selling his or her business? -
ANSWEREmpire Builder
According to the Global Entrepreneurship Monitor, in 2009 which age group made up
approximately 80% of total entrepreneurship activity? - ANSWEROver age 35
When considering the impact of starting your own business on your family you need
to consider: - ANSWERBoth the time and financial sacrifices that will be needed
When putting together a team: - ANSWERFind people who are good at what you
can't do
Your self assessment would not include: - ANSWERA list of assets
, Which of the following is not important to a profit profile? - ANSWERCustomer list
A(n) __________ has the ability to function as it grows rapidly - ANSWERscalable
business
Entrepreneurial student organizations - ANSWERCan help expand your business
knowledge
Expenses directly attributable to production are: - ANSWERCost of goods sold
Someone who has decided to build a business to make a living and to satisfy his or
her own personal motivations is called a(n) _________. - ANSWERlifestyle
entrepreneur
Which of the following is not one of the five major environmental variables? -
ANSWERPrice
Which of the following characteristics describe today's changing family? -
ANSWERAll of these:
Traditional married-with-children familes are declining.
People having children later in life
More households headed by women
More people remarrying and forming blended families.
Which statement accurately reflects the baby boomer generation? - ANSWERThey
control over 70% of the financial assets in the United States
_______ are entering entrepreneurship at the highest rate of any age group
(generational cohort). - ANSWERBaby Boomers
The middle class ________ . - ANSWERHave incomes stagnated at the 1997 level.
Customer relationship marketing ________ . - ANSWERThe development of long-
term, mutually beneficial, and cost-effective relationships with your clients.
What is a rate card? - ANSWERA magazine's advertising prices and details for ad
placements.
Product differentiation is _________ . - ANSWERChanging any one or all of the four
"P variables" - price, product, place and promotion, to create a unique offering.
Observing can be described as _________ . - ANSWERUsing "new eyes" to learn
about target customers
ANSWERS FOR MIDTERM EXAM
QUESTIONS & ANSWERS(RATED
A+)
Your Venture Notebook should include: - ANSWERAll of the above:
A resource list
An idea list
A twelve-month calendar
According to Small Business Administration, approximately how many small
businesses are out there? - ANSWER30 million
When planning your business think globally because _____ . - ANSWERToday's
technology makes it easy to operate world-wide
According to the SBA, a Business Plan should include _____ . - ANSWERAll of
these:
A balance sheet
Personal financial statements of principal owners
A description of the business
Which of the following is not one of the "doorways" to small-business ownership? -
ANSWERbuying stock in a Fortune 500 company
Which type of entrepreneur rarely considers selling his or her business? -
ANSWEREmpire Builder
According to the Global Entrepreneurship Monitor, in 2009 which age group made up
approximately 80% of total entrepreneurship activity? - ANSWEROver age 35
When considering the impact of starting your own business on your family you need
to consider: - ANSWERBoth the time and financial sacrifices that will be needed
When putting together a team: - ANSWERFind people who are good at what you
can't do
Your self assessment would not include: - ANSWERA list of assets
, Which of the following is not important to a profit profile? - ANSWERCustomer list
A(n) __________ has the ability to function as it grows rapidly - ANSWERscalable
business
Entrepreneurial student organizations - ANSWERCan help expand your business
knowledge
Expenses directly attributable to production are: - ANSWERCost of goods sold
Someone who has decided to build a business to make a living and to satisfy his or
her own personal motivations is called a(n) _________. - ANSWERlifestyle
entrepreneur
Which of the following is not one of the five major environmental variables? -
ANSWERPrice
Which of the following characteristics describe today's changing family? -
ANSWERAll of these:
Traditional married-with-children familes are declining.
People having children later in life
More households headed by women
More people remarrying and forming blended families.
Which statement accurately reflects the baby boomer generation? - ANSWERThey
control over 70% of the financial assets in the United States
_______ are entering entrepreneurship at the highest rate of any age group
(generational cohort). - ANSWERBaby Boomers
The middle class ________ . - ANSWERHave incomes stagnated at the 1997 level.
Customer relationship marketing ________ . - ANSWERThe development of long-
term, mutually beneficial, and cost-effective relationships with your clients.
What is a rate card? - ANSWERA magazine's advertising prices and details for ad
placements.
Product differentiation is _________ . - ANSWERChanging any one or all of the four
"P variables" - price, product, place and promotion, to create a unique offering.
Observing can be described as _________ . - ANSWERUsing "new eyes" to learn
about target customers
