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Daytona State College - ACG 2071EXAM 1-4. All Answers Provided.

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Daytona State College - ACG 2071EXAM 1-4 Question 1 (4 points) Isabella overheard her customers discussing their desire for more baked treats suitable for diabetics. Immediately she added sugar... -free items to her inventory. Isabella has strong: Question 1 options: creativity. leadership. opportunity obsession. risk tolerance. Save Question 2 (4 points) Natalie enjoyed yarn crafts so she opened a yarn and craft store in her small town. Sales have been dismal; few people visit her store. What mistake did Natalie make? Question 2 options: She overestimated what she could do. She lacked an understanding of the market. She hired mediocre people She failed to share ownership. Save Question 3 (4 points) A prospective entrepreneur is evaluating the suitability of his own characteristics for an entrepreneurial career. He realizes that he should be prepared to assume: Question 3 options: moderate risks. no risks--that is, he should plan to operate conservatively. risks similar to those a gambler assumes in Las Vegas. psychological risks but not financial risks. Save Question 4 (4 points) Eduardo took out a second mortgage on his home to finance his new business. He makes all the decisions and keeps all the profits. Eduardo is: Question 4 options: bootstrapping. an entrepreneur. an administrator. a partner. Save Question 5 (4 points) Darlene was disappointed with mass-produced children’s clothing that fell apart after a couple washings so she and her few employees began making garments that would hold together until they were outgrown. Darlene’s competitive edge is: Question 5 options: customer focus. quality performance. niche markets. integrity and responsibility. Save Previous PageNext Page Question 6 (4 points) Which of the following best fits the definition of a small business? Question 6 options: A manufacturer with 75 investors A hardware store franchise with 20 employees A fast food franchise with locations in three states A campground with gross revenues of $4 million per year. Save ________________________________________ Question 7 (4 points) A firm’s employees would be considered __________________ in the business. Question 7 options: investors stakeholders customers stockholders Save Question 8 (4 points) When Evelyn hired a new sales manager, she issued a press release emphasizing the new hire’s education and industry experience because: Question 8 options: she wanted to introduce the sales manager to the community. this was her first new hire and she wanted everyone to know her business was expanding. She had stolen the sales manager from a competitor and wanted to gloat publicly. she wanted to bolster the sales manager’s credibility. Save Question 9 (4 points) If Floyd elects to monitor the personal email accounts of his employees at work, he should: Question 9 options: install screening software to avoid hiring another IT employee. first develop a carefully worded and legally sound policy and make sure all employees are aware of it. consult an attorney before terminating an employee for viewing personal email at work. block access to all personal email servers from company computers. Save Question 10 (4 points) U.S. Government assistance is available to lead the entrepreneur in compliance with environmental law through the Question 10 options: Small Business Administration. Department of Energy. Department of Commerce. Interior Department. Question 11 (4 points) The application of U.S. standards to ethical issues that are clouded by cultural differences abroad is sometimes categorized as _____. Question 11 options: overly idealistic. ethical imperialism. USA arrogance. situation ethics. Save Question 12 (4 points) A person understating income or claiming personal expenses as business expenses is guilty of _____. Question 12 options: bait and switch skimming scaling relativism Save ________________________________________ Question 13 (4 points) When Sally realized her vintage clothing pieces were being bought by the local college students and not just their parents, she started adding more vintage pieces to her inventory. Sally is Question 13 options: recognizing a hot trend and riding the wave. combining two businesses into one to create a market opening. beginning with a problem in mind. considering ways to adapt a product or service to meet customer needs in a different way. Save Question 14 (4 points) Considering Michael Porter’s five factors, the automotive industry in the United States is characterized by: Question 14 options: weak rivalry. high barriers to entry. many substitute products. weak suppliers. Save Question 15 (4 points) A differentiation-based strategy requires that a firm Question 15 options: be the lowest-cost provider in an industry. emphasize the uniqueness of its product or services. achieve the highest resource efficiency in an industry. be the lowest-priced competitor in an industry. Question 16 (4 points) Which action is a cause for erosion of a small firm's focus strategy? Question 16 options: Consumer demand grows. New firms reconstruct the industry. Differences between segments grow larger. The focus strategy is imitated. Save Question 17 (4 points) Conisdering Michael Porter’s five factors, we can say that the fast food hamburger industry is characterized by: Question 17 options: intense rivalry. strong suppliers. strong buyers. ease of entry into the industry. Save Question 18 (4 points) Which statement is an example of an economic trend? Question 18 options: The Federal Reserve announces that it will decrease the interest rate charged to banks. Congress passes legislation that increases the tax rate on corporations. A new computer chip is announced which will allow for miniaturization of many electronic devices. The E.U. declares an increase in tariffs on all agricultural goods. Save ________________________________________ Question 19 (4 points) Which factor is a non-quantitative factor of valuing a business? Question 19 options: Future community development Size of the buildings Number of employees who will stay with the company Employee salaries Save Question 20 (4 points) One possible disadvantage of becoming a franchisor is: Question 20 options: complying with all the government regulations. the cost of franshising exceeds the franchise fee. the cost of screening prospective franchisees. providing training to new franchisees. Question 21 (4 points) The cost of a franchise may include Question 21 options: royalty payments. higher operational costs. a one-time federal franchise tax. higher labor costs. Save Question 22 (4 points) Cameron has established a successful business and would like to expand. He is considering becoming a franchisor. Before taking that step, Cameron should: Question 22 options: make sure his business model is reproducible. have a technical writer create an owner’s manual. partner with a lender to offer franchisee financing. hire a master licensee to locate prospective franchisees. Save Question 23 (4 points) Annabell has been granted the right to conduct business according to specified methods and terms of another party. Annabell is a: Question 23 options: franchisor. franchisee. franchise. licensee. Save Question 24 (4 points) Darin is assembling a team of experts to help him through the process of evaluating a franchise opportunity. This team should include: Question 24 options: a union representative, a lawyer, and a technical writer. an attorney, an accountant, and a banker. a banker, an accountant, and a contract law consultant. an accountant, another franchisee, and a banker. Save Question 25 (4 points) Nardell’s franchise contract contains language that prohibits him from opening a similar business under his own brand. Nardell considers this to be: Question 25 options: due diligence. restraint of trade. restrictive practice. encroachment. Save Previous PageNext Page [Show More]

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