SBE 310 Week 8 Final Exam Answers

SBE 310 Week 8 Final Exam
Answers
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SBE 310 Week 8 Final Exam Answers

SBE-310 Small Business Management and Entrepreneurship – Week 8 Final –
1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500
people?
(Points : 5)
10 percent
25 percent
75 percent
99 percent
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 _______.
(Points : 5)
Creative destruction
A competitive advantage
A qualitative advantage
A capital advantage
3. (TCO 1) Your employees are your most valued assets due to their _______.
(Points : 5)
Skill, knowledge, and information
Earnings
Knowledge of finance and accounting
College degree and high IQ
4. (TCO 1) Entrepreneurship primarily involves which phase of business?

(Points : 5)
The startup process
Hiring of key employees
Maintaining a positive cash flow
Building and maintaining a sufficient customer base
5. (TCO 1) Which of the following is the most common form of business ownership?
(Points : 5)
Sole proprietorships
Partnerships
Corporations
Joint ventures
6. (TCO 4) Which of the following acts was written to prevent large businesses from forming
trusts?
(Points : 5)
Clayton Act
Federal Trade Commission Act
Fair Debt Collection Practices Act
Civil Rights Act of 1964
7. (TCO 4) Bankruptcy remains on a credit report for how many years?
(Points : 5)
3 years
5 years
7 years
9 years
8. (TCO 4) Peter Drucker stated that businesses have _______ basic functions.
(Points : 5)
Two
Three
Four
Five
9. (TCO 4) Managing inventory can be compared to which of the following?
(Points : 5)
A balancing act
Preparing for a test
Driving a bus
Lion taming
10. (TCO 4) What is the key word in evaluating a channel of distribution? (Points : 5)
Location
Plastics
Competition
Efficiency
11. (TCO 4) A long-term agreement to rent a building, equipment, or other assets is known as
a:

(Points : 5)
Lease
Rental contract
Legally liable contract
Business contract
12. (TCO 4) Consumers typically do not want the cheapest product available; they want the:
(Points : 5)
Best product for the highest price
Most reasonable product at the highest price
Most reasonable product at the lowest price
Best product for the most reasonable price
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 _______.
(Points : 5)
Profit area
Loss area
Breakeven point
Profit point
14. (TCO 2) Through the franchise agreement, the ________ gains the benefit of the parent
company’s expertise, experience, management systems, marketing, and financial help.
(Points : 5)
Franchisor
Franchisee
Leaser
Lessee
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:
(Points : 5)
Cash-flow statement
Projected earnings statement
Sources and uses of funds
Income statement
16. (TCO 2) Which of the following is not included in the marketing plan section of the
business plan?
(Points : 5)
How sales forecasts will be reached
Marketing objectives
Identification of potential markets
Cash-flow statements
17. (TCO 3) When analyzing financial statements, remember that profits can be increased and
expenses can be decreased to make the records look better __________.
(Points : 5)
In the short run

In the long run
For tax purposes
For bank audits
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?
(Points : 5)
He didn’t have enough money.
He didn’t know how to promote it.
Computers were not powerful enough at the time.
Some technical gadget like a flux capacitor needed to be invented first.
19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from:
(Points : 5)
Their local area
Their regional area
Outside their home regions and internationally
A 100-mile proximity of their business
20. (TCO 3) Computers, office equipment, and furniture are all examples of ________ that
have a life of more than one year.
(Points : 5)
Current assets
Current liabilities
Capital equipment assets
Investments
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
(Points : 5)
Carrying out negotiations
Motivating subordinates
Making decisions in conditions of extreme ambiguity in allocating resources
Being willing to continually learn on the job
22. (TCO 5) Maslow’s hierarchy of needs theory ranks the highest level of needs as what?
(Points : 5)
Physiological
Safety and security
Esteem
Self-actualization
23. (TCO 5) The Equal Employment Opportunity Commission _______ that the information
from a job analysis be used to ensure equal employment opportunity.
(Points : 5)
Strongly urges and sometimes requires
Always requires
Urges
Does not care

24. (TCO 6) A production process that operates for long periods of time without interruption
is known as?
(Points : 5)
Analytic system
Synthetic system
Continuous process
Intermittent process
25. (TCO 6) Scheduling is necessary to maximize levels of: (Points : 5)
Efficiency and customer service
Customer service and expense
Sales and expense
Efficiency and effectiveness
26. (TCO 7) An account number of 13 would represent which of the following accounts?
(Points : 5)
Accounts payable
Accrued taxes
Insurance expense
Accounts receivable
27. (TCO 7) Equity funds never need to: (Points : 5)
Be repaid
Be accounted for
Be stated on the income statement
Be stated on the balance sheet
28. (TCO 8) About what percent of small businesses export goods and services?
(Points : 5)
10%
15%
30%
50%
29. (TCO 9) The obligation of business to maximize the positive impact it has on society while
minimizing the negative impact is called:
(Points : 5)
Moral obligation
Business responsibility
Business ethics
Social responsibility
30. (TCO 9) Threats and opportunities to a business can be found in which of the following
environments?
(Points : 5)
Economic and legal only
Legal and sociocultural only
Technological and competitive only
Economic, legal, sociocultural, competitive, and technological

1. (TCO 1) Compare and contrast a sole proprietorship, a partnership and a corporation.
Provide examples of where you would use each structure. (Points : 14)
2. (TCO 3) Analyze the advantages and disadvantages of buying an existing business. Under
what circumstances would one be more advantageous? (Points : 14)
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. (Points : 14)
4. (TCO 6) Compare and contrast analytic manufacturing systems and synthetic
manufacturing systems, giving an example of each. (Points : 14)
5. (TCO 9) Analyze the four levels depicted in the pyramid of social responsibility. (Points :
14)