ENTREPRENEURSHIP (MGT190 - HK2) EXAM 3 (2015)

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Question 1 text  Question 1

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Which of the following statements concerning global trade is true?

    

Question 1 answers

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a. Today, the global marketplace is as much the territory of small, upstart companies as it is that of giant multinational corporations.

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b. Ninety-six percent of the world's population and 67 percent of the world's purchasing power lie outside the borders of the United States.

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c. Small companies that export grow more rapidly than those that operate domestically only.

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d. All of the above.

    

 

Question 2 text  Question 2

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The advance rate on an asset-based loan secured by a company's inventory typically would be __________ percent.

    

Question 2 answers

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a. 90-100

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b. 75-85

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c. 55-85

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d. 10-50

    

 

Question 3 text  Question 3

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This financing program spans 11 government agencies and is designed to encourage small companies to expand their research and development efforts in science and engineering and to develop new commercial products and services from those efforts.

    

Question 3 answers

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a. Small Business Innovation Research Program

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b. Small Business Technology Transfer Program

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c. Certified Development Company Program

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d. Urban Development Action Grant Program

    

 

Question 4 text  Question 4

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The typical venture capital company receives more than 1,200 business plans each year, and ultimately invests in __________ of them.

    

Question 4 answers

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a. 3 to 6

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b. 15 to 20

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c. 30 to 35

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d. about 100

    

 

Question 5 text  Question 5

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An entrepreneur trying to find a location for a sporting goods store has decided to use the index of retail saturation as a guide. She knows that Site 1 has a trading area with 42,374 potential customers who spend an average of $87.50 on sporting goods per year. The only competitor in the trading area has 16,000 square feet of selling space. Site 2 has 38,649 potential customers spending an average of $91.25 per year on sporting goods. In this trading area, two competitors occupy 17,100 square feet of space. Based on the index of retail saturation, which site should the owner choose?

    

Question 5 answers

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a. Site 1

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b. Site 2

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c. Neither one

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d. Impossible to tell from data given

    

 

Question 6 text  Question 6

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Small business owners consider __________ to be lenders of first resort.

    

Question 6 answers

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a. insurance companies

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b. SBICs

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c. commercial banks

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d. commercial finance companies

    

 

Question 7 text  Question 7

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When creating a Web site, the best approach is:

    

Question 7 answers

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a. Get the site online and then tweak it, change it, and update it based on what is working best.

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b. Don't launch a Web site until it is absolutely perfect.

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c. The flashier a Web site is the better it is.

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d. All of the above.

    

 

Question 8 text  Question 8

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According to a study by Jupiter Communications, setting up an e-commerce site takes most companies at least __________ to complete.

    

Question 8 answers

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a. one month

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b. six months

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c. one year

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d. two years

    

 

Question 9 text  Question 9

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A __________ layout arranges displays in a rectangular fashion so that aisles are parallel; it is a formal layout that controls the traffic flow through the store and is often used in supermarkets and drugstores.

    

Question 9 answers

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a. Grid

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b. free-form

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c. boutique

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d. spiral

    

 

Question 10 text  Question 10

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Online newsletters should be kept to about:

    

Question 10 answers

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a. 600 words

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b. 2000 words

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c. 6 pages

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d. 20 pages

    

 

Question 11 text  Question 11

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A __________ Web site is one that visitors are willing to share with their friends because they find it to be useful, informative, or just plain fun.

    

Question 11 answers

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a. sticky

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b. viral

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c. collaborative

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d. robust

    

 

Question 12 text  Question 12

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Experts estimate that __________ of the products U.S. companies export to other nations require little modification to sell in foreign markets.

    

Question 12 answers

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a. one-tenth

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b. one-fourth

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c. one-third

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d. one-half

    

 

Question 13 text  Question 13

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Business incubators:

    

Question 13 answers

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a. combine low-cost, flexible rental space with a multitude of support services for their small business residents.

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b. give small companies a greater chance for success by offering them valuable business services as well as connections to funding sources and management consulting.

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c. improve their residents' survival rates;

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d. All of the above.

    

 

Question 14 text  Question 14

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When searching for a location, a company that develops computer software for the entertainment industry would be interested in studying which of the following factors about the labor supply in a particular area?

    

Question 14 answers

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a. the number of workers available

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b. the level of education, training, and experience of the workforce

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c. the prevailing wage rate in the area

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d. All of the above

    

 

Question 15 text  Question 15

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Job __________ involves building motivators into a job by increasing the planning, decision making, organizing, and controlling functions workers perform.

    

Question 15 answers

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a. simplification

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b. enlargement

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c. enrichment

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d. rotation

    

 

Question 16 text  Question 16

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Small companies that operate globally are able to:

    

Question 16 answers

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a. offset sales declines in the domestic market.

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b. extend their products' life cycles.

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c. raise their levels of quality and customer-orientation.

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d. All of the above.

    

 

Question 17 text  Question 17

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One distinct advantage of a loan guaranteed by the Small Business Administration (SBA) is:

    

Question 17 answers

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a. its below-market interest rate.

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b. its longer payback period.

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c. the small company's ability to defer payments on the loan until its cash position is strong enough.

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d. All of the above.

    

 

Question 18 text  Question 18

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When Blue Fish Clothing decided to raise money for growth and expansion by selling shares of company stock straight to investors without relying on an investment banker (or underwriter), the company was making which kind of stock offering?

    

Question 18 answers

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a. Rule 147

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b. direct stock offering

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c. Regulation S-B

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d. Best-efforts stock offering

    

 

Question 19 text  Question 19

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Which of the following statements concerning e-commerce is true?

    

Question 19 answers

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a. Once an entrepreneur launches a Web site, customers typically flock to it even without advertising and promoting the site.

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b. More than 90 percent of all commercial Web sites are profitable.

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c. Web retailers invest more of their revenues in marketing and advertising than traditional, "off-line" retailers do.

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d. Because of the security precautions modern technology provides, customer privacy is not an important issue on the Web.

    

 

Question 20 text  Question 20

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For which of the following businesses would clustering be an effective location strategy?

    

Question 20 answers

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a. a car dealership

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b. a flower shop

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c. a sporting goods store

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d. a dry cleaner

    

 

Question 21 text  Question 21

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"Cool" companies:

    

Question 21 answers

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a. demonstrate a respect for work and life balance.

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b. value diversity in the work force.

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c. create and support a learning environment among employees.

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d. All of the above.

    

 

Question 22 text  Question 22

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A(n) __________ minimizes estate taxes on a business by creating two classes of stock: preferred voting stock (the value of which remains constant) for the parents, and nonvoting common stock (the value of which reflects the increased value of the business) for the children.

    

Question 22 answers

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a. family limited partnership

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b. estate freeze

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c. buy/sell agreement

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d. grantor retained annuity trust

    

 

Question 23 text  Question 23

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__________ banks are most likely to lend money to small businesses.

    

Question 23 answers

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a. Small

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b. Large

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c. International

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d. Foreign

    

 

Question 24 text  Question 24

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The Americans with Disabilities Act (ADA):

    

Question 24 answers

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a. applies to every business, whatever its size.

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b. requires companies to make expensive changes to their work environments and stores to accommodate disabled workers and customers.

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c. requires most businesses to make their facilities available to physically challenged customers and workers.

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d. requires businesses in all multistory buildings to have elevators.

    

 

Question 25 text  Question 25

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When a company is doing business in a country that lacks the cash to pay for imported goods or whose currency is basically worthless outside that country's borders, it:

    

Question 25 answers

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a. should stop doing business there.

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b. can use bartering.

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c. can use countertrading.

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d. can use bartering or countertrading.

    

 

Question 26 text  Question 26

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__________ capital represents a company's temporary funds and the need for it is created by the uneven flow of cash into and out of the business due to normal seasonal fluctuations.

    

Question 26 answers

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a. Fixed

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b. Working

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c. Growth

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d. Disposable

    

 

Question 27 text  Question 27

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What drives the choice of the "best" site for a small business?

    

Question 27 answers

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a. the owner's preferences in finding a good place to live

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b. customer traffic

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c. cost

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d. available rental space

    

 

Question 28 text  Question 28

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Which of the following statements concerning asset-based loans is false?

    

Question 28 answers

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a. The most common types of asset-based loans are discounting accounts receivable and inventory financing.

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b. Because of its efficiency and low cost, asset-based loans are an ideal source of long-term financing.

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c. A small company that qualifies for a $1 million line of credit would be able to borrow as much as $3 million using asset-based loans.

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d. All of the above

    

 

Question 29 text  Question 29

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Created in 1947, this became the first global tariff agreement, and, today, it includes 124 countries that account for nearly 90 percent of world trade.

    

Question 29 answers

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a. NAFTA

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b. WTO

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c. GATT

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d. NATO

    

 

Question 30 text  Question 30

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Companies that make the best candidates for direct public offerings (DPOs):

    

Question 30 answers

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a. have the ability to meet the same requirements as companies making stock offerings using more traditional methods.

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b. have high name recognition and a loyal customer base.

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c. usually are simple, one-product companies.

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d. All of the above.

    

 

Question 31 text  Question 31

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The most important ingredient in the recipe for a successful joint venture is:

    

Question 31 answers

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a. negotiating an iron-clad contract that binds both parties.

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b. choosing the right partner.

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c. seeing the joint venture for what it really is: a chance for both parties to make large profits by joining forces.

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d. to build a monopoly in the target country.

    

 

Question 32 text  Question 32

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Which of the following types of information is not available from U.S. census data?

    

Question 32 answers

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a. income levels

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b. educational levels

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c. expenditures on food

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d. commuting times

    

 

Question 33 text  Question 33

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Retail customers on the Web demand:

    

Question 33 answers

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a. good product selection at competitive prices

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b. well-designed product presentations

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c. easy ordering with fast and reliable shipping and handling

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d. All of the above.

    

 

Question 34 text  Question 34

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When a bank becomes a __________ lender under the Small Business Administration's loan program, the bank makes the final decision on a small company's loan application (subject only to review by the SBA) but still receives the security of the SBA's loan guarantee.

    

Question 34 answers

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a. certified

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b. preferred

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c. authorized

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d. conferred

    

 

Question 35 text  Question 35

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__________ items are best suited for selling on the World Wide Web.

    

Question 35 answers

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a. high-volume

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b. low-margin

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c. commodity

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d. all of the above.

    

 

Question 36 text  Question 36

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__________ offer many of the same kinds of loans that commercial banks do, but they are willing to tolerate more risk in their loan portfolios than banks and often use some type of asset-based lending when making commercial loans.

    

Question 36 answers

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a. Insurance companies

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b. Stock brokerage houses

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c. Commercial finance companies

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d. Credit unions

    

 

Question 37 text  Question 37

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Effective leaders:

    

Question 37 answers

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a. create a set of values and beliefs for employees and passionately pursue them.

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b. communicate with their employees.

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c. value the diversity of their workers.

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d. All of the above.

    

 

Question 38 text  Question 38

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Studies show that __________ percent of first-generation family businesses fail to survive into the second generation, and of those that do survive, __________ make it to the third generation.

    

Question 38 answers

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a. 20; 81

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b. 40; 75

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c. 70; 12

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d. 90; 24

    

 

Question 39 text  Question 39

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The greatest opportunities for e-commerce lie in which sector?

    

Question 39 answers

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a. retail

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b. business-to-consumer

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c. business-to-business

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d. information technology

    

 

Question 40 text  Question 40

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What can e-businesses do to enhance customers' trust in their Web sites?

    

Question 40 answers

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a. post a privacy policy on their sites and stick to it.

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b. clearly explain shipping costs and return policies.

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c. protect and respect their customers' privacy online.

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d. all of the above.

    

 

Question 41 text  Question 41

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__________ are privately-owned financial institutions that are licensed and regulated by the Small Business Administration; they use a combination of private and federally-guaranteed debt to provide long-term capital to small businesses.

    

Question 41 answers

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a. SBICs

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b. SBDCs

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c. LDCs

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d. UDAGs

    

 

Question 42 text  Question 42

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Web-based businesses invest ____ percent of revenue in marketing, compared to _____ percent for off-line businesses.

    

Question 42 answers

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a. 65, 4

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b. 55, 8

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c. 45, 16

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d. 35, 32

    

 

Question 43 text  Question 43

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The most popular estate planning technique among business owners is the:

    

Question 43 answers

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a. buy/sell agreement.

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b. grantor retained annuity trust

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c. estate freeze

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d. family limited partnership

    

 

Question 44 text  Question 44

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More than __________ percent of all companies in the United States are family-owned.

    

Question 44 answers

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a. 20

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b. 40

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c. 60

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d. 90

    

 

Question 45 text  Question 45

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The average success rate of joint ventures is __________ percent , while its average life is __________ years.

    

Question 45 answers

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a. 81; 20

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b. 62; 10.5

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c. 43: 3.5

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d. 25; 1.5

    

 

Question 46 text  Question 46

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Column A Column B people things vision logistics toward the vision doing the right things doing things right comes first comes second Column A deals with __________, and column B deals with __________.

    

Question 46 answers

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a. staffing; leadership

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b. leadership; staffing

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c. management; leadership

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d. leadership; management

    

 

Question 47 text  Question 47

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Empowerment works best when a manager:

    

Question 47 answers

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a. trusts workers to do their jobs well.

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b. trains workers continuously to upgrade their skills.

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c. listens when workers have ideas, solutions, or suggestions.

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d. All of the above.

    

 

Question 48 text  Question 48

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In the _________ management style, entrepreneurs bring other people into the company to help but do not delegate any significant authority to them, choosing instead to watch over everything themselves.

    

Question 48 answers

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a. craftsman

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b. classic

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c. coordinator

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d. small partnership

    

 

Question 49 text  Question 49

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A __________ is an exemption from the Security and Exchange Commission's full-blown registration process that is designed to make it easier and less expensive for small companies to make initial public offerings. The ceiling on this type of issue is $1 million, and the price of the shares must be at least $5.

    

Question 49 answers

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a. Regulation S-B

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b. Regulation A

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c. Small Company Offering Registration (SCOR)

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d. Direct Public Offering

    

 

Question 50 text  Question 50

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"Freebies" are not very effective in attracting visitors on the Internet.

    

Question 50 answers

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True

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False

    

 

Question 51 text  Question 51

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The best time for a business founder to name his successor as top manager is:

    

Question 51 answers

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a. only after he steps down from the helm of the company.

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b. at his retirement party.

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c. well before he steps down.

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d. irrelevant to the company's survival.

    

 

Question 52 text  Question 52

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A(n) __________ is a tax or a duty that a government imposes on goods and services shipped into that country.

    

Question 52 answers

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a. tariff

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b. quota

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c. embargo

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d. lateral agreement

    

 

Question 53 text  Question 53

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The first place entrepreneurs in search of startup funds should look is:

    

Question 53 answers

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a. their own pockets.

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b. relatives and friends.

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c. venture capitalist firms.

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d. angels.

    

 

Question 54 text  Question 54

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The most popular loan program sponsored by the Small Business Administration (SBA) is:

    

Question 54 answers

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a. Low Doc Program

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b. Export Working Capital Program

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c. 7(a) Loan Guaranty Program

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d. All of the above

    

 

Question 55 text  Question 55

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A small company using factoring would prefer which type of factoring arrangement?

    

Question 55 answers

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a. with recourse

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b. without recourse

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c. exempted

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d. None of the above. A small company should never use factoring as a source of financing because of its excessively high risks and costs.

    

 

Question 56 text  Question 56

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In America, business people expect to do business quickly and typically do not waste time "getting down to business." In other countries around the world, however, closing a deal typically takes much longer. In which country would an American entrepreneur need a large dose of patience when conducting business?

    

Question 56 answers

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a. Spain

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b. China

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c. Japan

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d. All of the above

    

 

Question 57 text  Question 57

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When financing a business startup with angel financing, entrepreneurs should remember that:

    

Question 57 answers

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a. angels are most likely to finance startups in the $5 to $10 million range.

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b. angels are willing to wait no more than two years to "cash out" their investments and expect to earn at least 60 to 75 percent returns annually.

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c. angels usually invest their money locally, so it is wise to look close to home for them - usually within a 50-to 100-mile radius.

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d. All of the above.

    

 

Question 58 text  Question 58

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Research by BizRate.com found that __________ percent of Web shoppers who fill their online shopping carts become frustrated and leave the site before checking out.

    

Question 58 answers

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a. 15

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b. 25

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c. 55

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d. 75

    

 

Question 59 text  Question 59

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Genuine leaders:

    

Question 59 answers

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a. are self-appointed.

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b. know that their success is determined by their employees' success.

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c. treat their employees severely to earn their respect.

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d. know that what they say to employees is more important than what they actually do.

    

 

Question 60 text  Question 60

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A company must file a __________ describing both the company and the stock offering with the Securities and Exchange Commission (SEC) before making an initial public offering.

    

Question 60 answers

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a. lockup agreement

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b. letter of intent

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c. statement of corporate standing

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d. registration statement

    

 

Question 61 text  Question 61

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. According to the textbook, the fastest growing market for U.S. small business exporters is:

    

Question 61 answers

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a. Brazil

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b. Malaysia

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c. China

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d. Phillipines

    

 

Question 62 text  Question 62

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Which of the following statements concerning the interview process is false?

    

Question 62 answers

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a. To avoid the threat of lawsuits, business owners should ask only questions calling for "yes/no" answers.

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b. Creating hypothetical situations candidates would be likely to encounter on the job and asking how they would handle them gives insight into their work habits and attitudes.

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c. Develop a series of core questions and ask them of every candidate.

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d. Business owners should ask candidates about a recent success and a recent failure and then look for those who describe them both with equal enthusiasm.

    

 

Question 63 text  Question 63

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Which of the following is a strategy for building a successful e-business?

    

Question 63 answers

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a. Focus on a niche market.

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b. Attract customers by giving away "freebies" and then sell to them.

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c. Make sure your Web site says "credibility" to customers.

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d. All of the above

    

 

Question 64 text  Question 64

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Shopping malls typically average __________ parking spaces per 1,000 square feet of shopping space.

    

Question 64 answers

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a. 2

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b. 5

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c. 10

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d. 16

    

 

Question 65 text  Question 65

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Which of the following countries represents the top market for U.S. small business exporters?

    

Question 65 answers

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a. Japan

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b. Mexico

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c. Canada

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d. Germany

    

 

Question 66 text  Question 66

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Which of the following statements concerning financing a small business is true?

    

Question 66 answers

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a. Choosing the right sources of capital for a business can be just as important as choosing the right form of ownership or the right location because of the long-term impact it has on a company.

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b. When it comes to attracting capital for launching or expanding a business, creativity counts; entrepreneurs must use as much ingenuity in financing their businesses as they do in generating their product or service ideas.

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c. Before accepting startup money, entrepreneurs must take into account the "chemistry" between themselves, their companies, and their funding sources, making sure that the match is a good one.

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d. All of the above.

    

 

Question 67 text  Question 67

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A __________ is a written statement of the duties, responsibilities, reporting relationships, working conditions, and materials and equipment used in a job.

    

Question 67 answers

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a. job specification

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b. job title

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c. job description

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d. work order

    

 

Question 68 text  Question 68

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Creating a family limited partnership can save business owners significant amounts in the estate taxes they must pay. Because family-owned businesses are closely-held, their shares of ownership are not as marketable as those of publicly-held, and tax law allows owners to discount the value of those shares. The average discount is __________ of a company's full market value.

    

Question 68 answers

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a. 20

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b. 40

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c. 50

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d. 70

    

 

Question 69 text  Question 69

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An entrepreneur who wants to open a bed and breakfast inn in an area that is zoned "residential" is going before the local zoning board seeking a(n) __________, a special exemption to the zoning ordinance that would allow her to locate her business in this area.

    

Question 69 answers

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a. exception

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b. variance

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c. redemption

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d. exclusion

    

 

Question 70 text  Question 70

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A(n) __________ is a loan arrangement with a commercial bank in which a small company can borrow up to a predetermined amount at any time during the year quickly and conveniently by writing itself a loan.

    

Question 70 answers

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a. commercial bank loan

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b. line of credit

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c. floor plan

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d. installment loan

    

 

Question 71 text  Question 71

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The simplest and least expensive way for a small business to begin conducting business globally is to:

    

Question 71 answers

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a. establish a site on the World Wide Web (WWW).

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b. launch an export program.

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c. set up a foreign joint venture with a company in another country.

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d. establish a location in a foreign country.

    

 

Question 72 text  Question 72

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The simplest way for entrepreneurs to get their business online is to:

    

Question 72 answers

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a. rent space at an online shopping mall.

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b. hire an Internet service provider (ISP).

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c. hire professionals to create a custom site.

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d. build a site in-house.

    

 

Question 73 text  Question 73

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A __________ is a specially designated area that allows resident companies to import materials and components from foreign countries; assemble, process, package, or manufacture them; and then ship finished products out while incurring lower tariffs and duties, or in some cases, eliminating them altogether.

    

Question 73 answers

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a. enterprise zone

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b. business incubator

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c. foreign trade zone

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d. export zone

    

 

Question 74 text  Question 74

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__________ is a work arrangement in which employees who spend most of their time away from the office use the same office space at different times, which can greatly reduce the need for permanent offices that would sit idle much of the time.

    

Question 74 answers

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a. Telecommuting

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b. Hoteling

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c. Job sharing

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d. Flexplace

    

 

Question 75 text  Question 75

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Which of the following questions is illegal in an interview?

    

Question 75 answers

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a. Do you drink alcohol?

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b. Why should we hire you?

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c. Have you ever been arrested?

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d. Is there any limit to your ability to work overtime or to travel?

    

 

Question 76 text  Question 76

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Domain names can be registered with the U.S. Patent and Trademark Office.

    

Question 76 answers

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True

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False

    

 

Question 77 text  Question 77

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Under NAFTA, companies have greater protection of their patents, trademarks, and copyrights across national borders.

    

Question 77 answers

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True

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False

    

 

Question 78 text  Question 78

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The Arthur Andersen/MassMutual Survey of American Family Businesses reports that __________ percent of small business owners have written estate plans.

    

Question 78 answers

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a. 25

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b. 40

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c. 55

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d. 75

    

 

Question 79 text  Question 79

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Small companies account for __________ percent of the companies involved in exporting, and they generate about __________ of the dollar value of the nation's exports.

    

Question 79 answers

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a. 20; one-fifth

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b. 45; one tenth

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c. 58; two-thirds

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d. 97; one-third

    

 

Question 80 text  Question 80

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A business owner seeking money to purchase a building and the equipment needed to launch a welding shop would need which kind of capital?

    

Question 80 answers

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a. Fixed

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b. working

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c. growth

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d. disposable

    

 

 

 

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