Devry SBE 310 Final Exam Latest

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Devry SBE 310 Final Exam Latest

 

Question 1.1. (TCO 1) Approximately what percentage of businesses have a payroll with fewer than 500 people?

(Points : 5)

10%

25%

75%

99%

Question 2.2. (TCO 1) The impact downsizing has on small business is which of the following?

(Points : 5)

No labor force to work in small businesses

Opportunity to perform the work large businesses no longer perform

An availability of workers with no skills

Lack of financial backing for small businesses

Question 3.3. (TCO 1) The most common cause of business failure is _____.

(Points : 5)

choosing the wrong type of business ownership

starting a business that is too large

lack of marketing expertise by the small business owner

inadequate management and financing

Question 4.4. (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

Question 5.5. (TCO 1) The single biggest disadvantage of sole proprietorships is which of the following?

(Points : 5)

Limited resources

Limited skills

Unlimited liability

Double taxation

Question 6.6. (TCO 4) The best time for a small business to get a lawyer is _____.

(Points : 5)

when the business is in trouble

during court hearings

when writing the business plan

while the business is still an idea

Question 7.7. (TCO 4) Which one below is NOT a pricing strategy discussed in our course? (Points : 5)

Price skimming

Promotional pricing

Penetration price

Prestige pricing

Question 8.8. (TCO 4) Peter Drucker stated that businesses have _____ basic functions.

(Points : 5)

two

three

four

five

Question 9.9. (TCO 4) Product refers to which of the following?

(Points : 5)

Tangible goods only

Tangible services only

Tangible goods, intangible services, or a combination of both

Intangible services only

Question 10.10. (TCO 4) A small business owner should begin the site selection process by asking which of the following questions?

(Points : 5)

What region would be best?

What state within the region would be best?

What city within that region would be best?

What specific site within that city will work for the business?

Question 11.11. (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

Question 12.12. (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

Question 13.13. (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

Question 14.14. (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

Question 15.15. (TCO 2) Adequate cash flow can be especially critical if the business is a _____.

(Points : 5)

manufacturing business

service business

seasonal or cyclical business

healthcare business

Question 16.16. (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

Question 17.17. (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

Question 18.18. (TCO 3) No matter what type of business a person is starting, one of the most important resources is _____.(Points : 5)

inventory

low rental rates

high wages

time

Question 19.19. (TCO 3) Most Inc. 500 companies receive more than half of their revenue from _____.

(Points : 5)

their local areas

their regional areas

outside their home regions and internationally

within 100 miles of their businesses

Question 20.20. (TCO 3) The stages that products in the marketplace go through are known as what?

(Points : 5)

The product life cycle

The product growth stages

The product timeline

The product opportunity stages

Question 21.21. (TCO 5) Organizing involves all but which of the following?

(Points : 5)

Assembling financial resources

Assembling human resources

Assembling materials

Assembling invoices

Question 22.22. (TCO 5) Job analysis will _____. (Points : 5)

identify the tasks needed to implement your business plan

identify the human capital needed to implement your business plan

identify the skills needed to implement your business plan

None of the above

Question 23.23. (TCO 5) Which percentage of major U.S. employers offer some form of child care assistance?

(Points : 5)

40%

55%

68%

80%

Question 24.24. (TCO 6) Inputs, transformation processes, outputs, control systems, and feedback are the five basic elements of what?

(Points : 5)

Human resource management

Transformation management

Operations management

Time management

Question 25.25. (TCO 6) Information that shows the steps required to produce a product is called which of the following?

(Points : 5)

Routing

Sequencing

Dispatching

Controlling

Question 26.26. (TCO 7) An account number of 13 would represent which of the following accounts?

(Points : 5)

Accounts payable

Accrued taxes

Insurance expense

Accounts receivable

Question 27.27. (TCO 7) Assets that will be converted into cash within 1 year are called _____.

(Points : 5)

short-term assets

long-term assets

capital assets

financial assets

Question 28.28. (TCO 8) In our lecture, we discussed the difference in the missions of today’s companies. The mission of a company in the 21st century is to maximize shareholder _____. (Points : 5)

wealth

value

investment

None of the above

Question 29.29. (TCO 9) The obligation of business to maximize the positive impact it has on society while minimizing the negative impact is called what?

(Points : 5)

Moral obligation

Business responsibility

Business ethics

Social responsibility

Question 30.30. (TCO 9) A long-term planning tool used for viewing a business and the environments in which it operates in the broadest terms is _____.

(Points : 5)

strategic planning

intermediate planning

short-term planning

strategic alternatives

Page 2

Question 1. 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)

Question 2. 2. (TCO 3) Analyze three areas that should be researched when deciding whether or not to purchase an existing business. Using examples, evaluate these three areas and their importance. (Points : 14)

Question 3. 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)

Question 4. 4. (TCO 6) Compare and contrast Maslow’s hierarchy of needs and Herzberg’s motivation-hygiene theories. Relate the importance of each theory to a small business owner. (Points : 14)

Question 5. 5. (TCO 9) Analyze the four levels depicted in the pyramid of social responsibility. (Points : 14)

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Devry SBE 310 Final Exam Latest