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1. is the process of finding a small—but profitable—demand for something and producing a custom-made product for that market.((Niche marketing))
2. John wants to start his own business. After doing some research, he has decided to specialize in cleaning kitchens since most homemakers are not satisfied with the quality of the service offered by the residential cleaning companies. This process of finding a small—but profitable—demand for something and producing a custom-made product or service is known as .((niche marketing))
3. Which of the following refers to a group of retired—but active—managers from all walks of life who help people develop their business ideas?((Service Corps of Retired Executives))
4. The website of the Federal Small Business Administration has a self-help program called the , which helps prospective entrepreneurs focus on some of the factors they need to consider before starting their own business.((Small Business Startup Kit))
5. Which of the following is a good source of information through which prospective business owners get help and advice?((State Economic Development Agencies))
6. are private associations of local (or regional) business and professional people who are familiar with an area's needs.((Chambers of commerce))
7. is the system of gathering, recording, classifying, analyzing, and interpreting data related to merchandising of goods and services.((Market research))
8. Prospective entrepreneurs can access data from to obtain information on subjects such as population, business, and housing.((Census Bureau))
9. Which of the following statements is true of market research in the context of small businesses?((Formal research programs are a valuable but an expensive way to obtain guidance.))
10. While working in a fast food outlet, Harold observed that most of the customers were working in offices in the neighborhood. Sensing a profitable opportunity, he decided to open a catering business. He offered to deliver lunch directly to the offices so that the businesspeople would not have to interrupt their meetings to go out for lunch. In the context of the above scenario, which of the following was the reason for Harold to start his own business?((To select a competitive environment))
11. Which of the following is a reason for starting a new business?((The owner has the freedom to select his or her own competitive environment.))
12. Catherine, who loves dogs, wants to offer dog-walking services in her neighborhood. Her research leads her to a small professional pet care store operating in the area, which she decides to buy. Which of the following is a good reason for Catherine to buy the pet care store?((The facilities are already available.))
13. Jane, who wants to start her own business, considers buying an Internet café which is up for sale in her neighborhood. However, Jane discovers that Internet connectivity tends to be erratic in the store since she lives in a remote town and decides against it. Which of the following is most likely the reason for Jane's refusal to buy the business?((Problems due to old and obsolete facilities))
14. Which of the following is a benefit of buying a franchise?((The franchiser brings proven methods of operation to aid the franchisee.))
15. Which of the following is a drawback of buying a franchise?((Franchisees face issues in understanding their role in the responsibilities of operating the franchise.))
16. In franchising, which of the following is a benefit to the franchisee?((Share in local or national promotion))
17. In a franchise, which of the following is an advantage for a franchiser?((Low operating costs))
18. is a marketing system based on a legal arrangement that permits one party to conduct business as an individual owner while abiding by the terms and conditions set by the second party.((Franchising))
19. Which of the following statements is true of franchising?((A franchise is an agreement whereby an independent businessperson is given exclusive rights to sell a specified good or service.))
20. What does a franchiser do?((Owns the company's name and licenses others to sell its products))
21. Burger's Inc. owns a number of fast food stores across the country. Ryan, who wants to start his own business, decides to open a store under the Burger's Inc. trademark. He has to sell and market the fast food products according to the terms of the licensing agreement. In this scenario, Ryan is a:((franchisee.))
22. Product and trademark franchising:((grants the franchisee the right to sell a widely recognized brand.))
23. Which type of franchising system grants the franchisee the right to market the product and trademark and use a complete operating system?((Business format franchising))
24. Which of the following is true of business format franchising?((The franchiser provides assistance to the franchisee to train franchise personnel.))
25. What is due diligence?((The research and analysis of the company that is done before a business transaction))
26. Which of the following is true of a franchise fee?((It is a one-time fee paid to the franchiser.))
27. The continuous fee paid by the franchisee to the franchiser based on a percentage of the franchisee's gross revenue is termed:((royalty fee.))
28. Which document provides information to possible new franchisees on 20 items required by the Federal Trade Commission?((Disclosure statement))
29. is the concept that two or more people, working together in a coordinated way, can accomplish more than the sum of their independent efforts.((Synergy))
30. Which of the following is true of combination franchising?((Cultural clashes can lead to the breakup of this arrangement.))
31. is the most important professional assistance one needs before investing in a franchise.((Legal advice))
32. The in the United States has a code of ethics that covers a franchiser's obligations to its franchisees.((International Franchise Association))
33. When a person wants to start a new business, the first step is to decide whether to start a new business, buy an existing one, or buy a franchise.((FALSE))
34. Planning to start one's own business begins with searching for or identifying a good or service to sell.((TRUE))
35. Niche marketing is the systematic gathering, recording, and analyzing of data related to the marketing of goods and services.((FALSE))
36. Reintroducing an old product is a good business idea since customer tastes run in cycles.((TRUE))
37. The Small Business Administration is a group of retired managers who help people develop their business ideas.((FALSE))
38. The Small Business Administration in the United States is a particularly effective source of local information for prospective business owners because it is familiar with an area's needs.((FALSE))
39. Small businesses never select one product niche because they usually have sufficient resources to cover the whole market.((FALSE))
40. The Service Corps of Retired Executives publishes many useful books on planning and organizing small businesses.((FALSE))
41. In a given market area, the fact that a high number of similar firms have gone out of business usually signals market weakness.((TRUE))
42. Small businesses must strive for low overhead, use no-frills assets, and look for better real estate deals.((TRUE))
43. Lack of an established product line does not typically stop a person from starting a new business.((FALSE))
44. One should buy an existing business even if the physical facilities of the firm are old or obsolete.((FALSE))
45. Even if an established or an existing business is in a desirable location, it is not a good idea to buy it.((FALSE))
46. An advantage of buying a franchise is that it already has many of the requirements for success.((TRUE))
47. In the context of small businesses, franchises tend to fail because they lack sufficient funds to cover all needs.((TRUE))
48. In the context of small businesses, franchises tend to fail because of unsuccessful marketing.((TRUE))
49. One way to help avoid franchise scams is to carefully review the franchiser's disclosure document.((TRUE))
50. A franchisee owns a franchise's name and distinctive elements and licenses others to sell its products.((FALSE))
51. Product and trademark franchising is usually observed in the restaurant industry.((FALSE))
52. A franchiser exercises complete control over a franchisee's business operations.((FALSE))
53. The industry group with the largest volume of sales in a business format franchising is automobile and truck dealerships.((FALSE))
54. A disadvantage of franchising is the voluminous paperwork needed to provide disclosure documents to potential franchisees.((TRUE))
55. Due diligence is the concept that two or more people, working together in a coordinated way, can accomplish more than the sum of their independent efforts.((FALSE))
56. The disclosure agreement is a document that provides information on 20 items required by the Federal Trade Commission.((TRUE))
57. In the context of franchising, a disclosure statement provides demographic information to the Federal Trade Commission.((FALSE))
58. A problem area faced by franchisees is the high price of supplies that must be bought from the franchiser.((TRUE))
59. In the context of franchising, the success of fast food restaurants is related to the increasing number of women working outside the home.((TRUE))
60. Combination franchising is the ideal arrangement for big-name franchise operations to avoid cultural clashes.((FALSE))
61. Some franchisers prefer franchisees who own a large number of franchise outlets because it speeds their growth.((TRUE))
62. Small businesses in the United States are moving away from synergy as they are trying to reengineer themselves.((FALSE))
1. Which of the following is a major reason for the increased interest in small business?((There is a growing trend toward self-employment.))
2. Which of the following statements is true about the impact of small businesses and entrepreneurship on educational institutions?((Entrepreneurship and small business management are accepted as academically respected disciplines by many high schools, colleges, and universities.))
3. Which of the following statements is true about small businesses?((The manager usually owns the business.))
4. Which of the following features must a business have to be classified as small?((Management is independent, and the area of operation is primarily local.))
5. A is any business that is independently owned and operated and is not dominant in its field of operation.((small business))
6. An entrepreneurial venture is characterized by:((innovative strategic practices and/or products.))
7. Which of the following is characteristic of a small business owner?((Perceives the business as being an extension of his or her personality))
8. Smaller firms tend to:((keep larger firms competitive.))
9. Which of the following best describes one of the contributions of small businesses?((They are sources of new ideas or services that larger businesses may be unable to provide.))
10. Which of the following statements is true about small businesses?((Inadequate management in small businesses creates problems for small business owners and entrepreneurs.))
11. Which of the following is a problem faced by small businesses today?((Unexpected growth and financing issues))
12. Which of the following is a reason for the drastic changes in small business management trends?((Improvements in communications and computer technology))
13. is the fundamental redesign of a business, often resulting in reduction in size and markets.((Reinvention))
14. refers to the process of reducing the number of employees to increase efficiency.((Rightsizing))
15. Which of the following is the result of the trend in business to become more active globally?((A growing number of large and small U.S. businesses are or are becoming foreign owned.))
16. Which of the following is a reason for starting a small business?((To satisfy personal objectives))
17. A new small business owner's primary motive is usually .((independence, that is, freedom from interference or control by superiors))
18. Which of the following refers to an introspective personal analysis that can help a small business owner determine whether the combination of qualities he or she has will help him or her succeed as a small business owner?((Analysis of one's attitude))
19. According to the Small Business Administration's (SBA) Office of Advocacy (www.sba.gov), only tend to be dominated by larger businesses.((construction and personnel/supply services))
21. Which of the following is true about the first stage of the typical growth pattern that small businesses tend to follow?((Owners manage the business and do all the work.))
22. Which of the following is true about the final stage of the typical growth pattern that small businesses tend to follow?((Owners hire managers to run the firms.))
23. Which of the following statements is true about the typical growth pattern of a small business?((Professional managers who work in small companies move from one company to another as they progress upward in rank and earnings.))
24. is a voluntary decision to terminate a business.((Discontinuance))
25. Mark opened a café in his neighborhood. Soon his café became very popular, and his revenues started increasing. Steve, the owner of a popular restaurant, saw Mark's success and asked him to join his restaurant. The financial incentive that Steve offered Mark was more than what he earned at his café. Moreover, Mark would not have to face the daily hassles of managing everything on his own. Mark decided to shut down his café and join the restaurant. This is an example of:((discontinuance.))
26. John opened All-for-Shop, a small retail outlet, in his neighborhood. He could not sustain it for more than a year because of huge losses and chose to shut it down. Fortunately, he did not have any creditors. Which of the following does the situation describe?((Personal failure))
27. Which of the following statements is true about failure and small businesses?((A discontinuance may result from the apparent advantages of working for someone else.))
28. nurture young firms and help them to survive and grow during the startup period when they are most vulnerable.((Business incubators))
31. Small firms generate most new private employment.((TRUE))
32. Today more students think self-employment is a safer haven than working for big corporations.((TRUE))
33. The growth rate of the general workforce is always greater than the growth rate of self- employment.((FALSE))
34. A small business is one that is owned and operated by a group of entrepreneurs and is dominant in its field of operation.((FALSE))
35. An entrepreneurial venture may never grow large, and the owners may not want it to, as they prefer a more relaxed and less aggressive approach to running the business.((FALSE))
36. One of the unique contributions of small businesses is that they keep larger firms competitive.((TRUE))
37. Employees in large workplaces have higher job satisfaction than those in smaller firms.((FALSE))
38. A small business provides employees with a variety of learning experiences not open to individuals holding more specialized jobs in larger companies.((TRUE))
39. The reality that small businesses train people to become better leaders and managers and to develop their talents and energies more effectively has led more college graduates to seek full-time jobs with small businesses.((TRUE))
40. Managers of small firms must be specialists rather than generalists.((FALSE))
41. Nowadays, smaller firms are exempt from many federal regulations and even some state and local ones.((FALSE))
42. Few jobs in small firms are unaffected by improvements in communications and computer technology.((TRUE))
43. Downsizing or rightsizing is reducing the number of employees in order to achieve efficiency.((TRUE))
44. Technological advances in automation, computers, robotics, and electronic communication, along with changing markets resulting from cultural, demographic, and economic changes, have affected traditional "smokestack" industries.((TRUE))
45. Reengineering is the fundamental redesign of a business, often resulting in reduction in size and markets.((FALSE))
46. Those interested in small business management need to understand what the challenge of being active globally is and what the rewards may be.((TRUE))
47. One result of the current trends in business is the decreasing number of large and small U.S. businesses that are or become foreign owned.((FALSE))
48. Not all small business owners and managers make a lot of money, nor do they all intend to.((TRUE))
49. Growth depends on attaining both profit and social objectives, which are not necessarily incompatible.((TRUE))
50. Small business owners expect quick and concrete results from their investment of time and capital instead of engaging in the long-range planning.((TRUE))
51. With so much time, money, and energy devoted to the business, small business owners tend to have more zeal and devotion than do managers of big companies.((TRUE))
52. Most of the growing industries are dominated by large companies.((FALSE))
53. With advances in technology, many tasks in the health care industry are now performed by highly paid and skilled workers.((FALSE))
54. Most creative entrepreneurs are very good managers.((FALSE))
55. The length of service of professional managers (as opposed to owner-managers) in small businesses tends to be relatively long.((FALSE))
56. In formal failures, an owner who cannot succeed voluntarily terminates the business.((FALSE))
57. Personal failures are failures ending up in court with some kind of loss to creditors.((FALSE))
58. Personal failures are more common than formal failures.((TRUE))
59. While the usual incubation period of a business is two to three years, 30 percent of incubator clients typically graduate each year.((TRUE))
60. One of the causes of discontinuance or failure is that the amount of time and/or physical effort demanded of the small business manager was not recognized and/or planned for.((TRUE))
Which of the following is the main goal of an incubation program? ((Produce businesses that are financially viable and freestanding))
Which of the following does a business incubator do to help small business owners succeed? ((Provide management assistance & shared office services))
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