161. The level at which an individual is viewed by society is called:
A. Financial status
B. Qualification
C. Social status
D. Achievement
Answer
C. Social status
162. Which one of the following is an important source of idea generation due to their familiarity with the needs of market?
A. Existing products and services
B. Distribution channels
C. Federal government
D. Consumers
Answer
B. Distribution channels
163. Members of distribution channels are excellent sources for new ideas because:
A. They earn a handsome profit from new business
B. They are familiar with the needs of the market
C. They do not bother if entrepreneur bears a loss
D. They have well-developed sales force
Answer
B. They are familiar with the needs of the market
164. Which one of the following is the most important characteristic of a successful business website?
A. Innovation
B. Speed
C. Graphics
D. Products
Answer
B. Speed
165. Which one of the following is the next stage to the Concept Stage of Product Planning and Development Process?
A. Idea Stage
B. Product Planning Stage
C. Product Development Stage
D. Test Marketing Stage
Answer
C. Product Development Stage
166. SBA stands for:
A. Small business accountants
B. Small business administration
C. Small business adequacy
D. Small business advisors
Answer
B. Small business administration
167. An example of collecting primary data is;
A. Observation
B. Interviewing
C. Focus groups
D. All of the above
Answer
D. All of the above
168. An internal environmental variable.
A. Financial resources
B. Technology
C. Industry demand
D. The economy
Answer
A. Financial resources
169. What is a target market?
A. A group of customers a venture reaches by accident.
B. All consumers who purchase the venture’s product.
C. A specific group of potential customers toward which a venture aims its marketing plan.
D. A chain of discount stores.
Answer
C. A specific group of potential customers toward which a venture aims its marketing plan.
170. Monitoring ___ during the implementation of the marketing plan allows the entrepreneur to establish controls on the process.
A. sales data
B. research data
C. consumer data
D. none of the above
Answer
A. sales data
171. The ___ of a marketing plan is sometimes dependent on the solvency of theorganization.
A. length
B. success
C. failure
D. all of the above
Answer
C. failure
172. A product can include all of these except ___
A. price
B. ideas
C. people
D. goods
Answer
A. price
173. ___ refers to a quality of a service in which each time it is provided it will be slightlydifferent from the previous time.
A. Perishability
B. Tangibility
C. Heterogeneity
D. Inseparability
Answer
C. Heterogeneity
174. A balanced combination of good and service is called a(n)
A. Heterogeneous services.
B. Hybrid products.
C. Core products.
D. Augmented products.
Answer
B. Hybrid products.
175. ___ is the group of people on which a marketer focuses promotion and sales efforts.
A. Me-too group
B. Maturity group
C. Target market
D. Breakeven market
Answer
C. Target market
176. ___ , in the new product development process, is the stage that comes after idea generation.
A. Product development
B. Commercialization
C. Idea evaluation
D. Idea screening
Answer
D. Idea screening
177. The difference between the buying and selling price is called ___ and it should be enoughto cover all fixed costs.
A. psychological price
B. breakeven
C. mark-up
D. elasticity
Answer
C. mark-up
178. A product for which there are few substitutes and for which a change in price has littleeffect on quantity purchased is considered ___
A. elastic
B. inelastic
C. marked-up
D. elasticity
Answer
B. inelastic
179. Charging the highest price the market will bear is called which of these?
A. Return pricing
B. Psychological price
C. Skimming
D. Breakeven
Answer
C. Skimming
180. Setting a price that ends in the number 5, 7, or 9 is considered
A. Return pricing
B. Psychological price
C. Skimming
D. Odd even pricing
Answer
D. Odd even pricing
181. ___ refers to setting the price for an item relatively low and then charging much higherprices for the expendables it uses.
A. Prestige pricing
B. Odd-even pricing
C. Partitioned pricing
D. Captive pricing
Answer
D. Captive pricing
182. Which of the following applies to organizations with 15 or more employees?
A. The Civil Rights Act of 1991
B. COBRA
C. ERISA
D. Affirmative action
Answer
A. The Civil Rights Act of 1991
183. Which of these is the first step in crafting a job description?
A. Job overview
B. Credentials and experience
C. Duties and responsibilities
D. Job title
Answer
D. Job title
184. ___ is an area that Job analysis does NOT cover.
A. The competitive pay required
B. The mental and physical tasks involved
C. The qualifications needed
D. How the job will be done
Answer
A. The competitive pay required
185. Which of the following questions might give you insight into an applicant’s career goals?
A. Can you name some weaknesses?
B. What motivates you most in a job?
C. Did you work while going to school?
D. Are you willing to work flextime?
Answer
D. Are you willing to work flextime?
186. When interviewing candidates, the questions asked should be seeking all of these EXCEPT ___
A. Specific and measurable responses
B. Analytical answers
C. Personal information
D. Descriptive responses
Answer
C. Personal information
187. Which of these training is delivered to employees while they perform their regular jobs?
A. Online
B. On-the-job
C. Paid
D. Off-the-job
Answer
B. On-the-job
188. ___ is NOT an on-the-job training method.
A. Case studies
B. Apprenticeships
C. Coaching
D. Orientations
Answer
A. Case studies
189. Which of these factors is most important to employees, according to Jill Kickul’s research?
A. Benefits
B. Job security
C. Rewards and opportunities
D. Autonomy and growth
Answer
D. Autonomy and growth
190. ___ refers to employees’ beliefs about the promises between the employee and the firm.
A. Open-book policy
B. Autonomy
C. Psychological contract
D. Work facilitation
Answer
C. Psychological contract
191. A suggested guideline for training is
A. Training should be provided at the initial stage of the employment only.
B. Think of training as an investment.
C. Employees should practice what they have learned on their own time.
D. Have employees sign long-term contracts so they do not leave after receiving training.
Answer
B. Think of training as an investment.
192. Which of Kickul’s factors, includes the psychological contract item, job training?
A. Rewards and opportunities
B. Job security and work responsibilities
C. Work facilitation
D. Autonomy and growth
Answer
A. Rewards and opportunities
193. A management philosophy of selecting and promoting people based on their being the mostcapable person for the job is considered which of the following?
A. Nepotism
B. Meritocracy
C. Merit privilege
D. Family practice
Answer
B. Meritocracy
194. The first step in the small business development process is:
A. Planning
B. Organizing
C. Controlling
D. Retaining
Answer
A. Planning
195. The tasks a new business owner must identify to develop a critical path analysis include:
A. Number of hours the owner is involved
B. Prerequisite tasks
C. Who is responsible for the task
D. All of the above
Answer
D. All of the above
196. The critical path chart is a living document that should be ___ during the process of actually accomplishing the tasks.
A. Stopped
B. Started
C. Modified
D. Evaluated
Answer
C. Modified
197. The location decision should address all of the ___ points required for your industryand should enhance the ___ points.
A. Orthodox / unorthodox
B. Unorthodox / orthodox
C. Ordinary / unordinary
D. Unordinary / ordinary
Answer
A. Orthodox / unorthodox
198. The ___ describes attempts to sell current products to new customers.Product-customer exploitation strategy
A. Product development strategy
B. Customer development strategy
C. Product-customer expansion
D. none
Answer
A. Product development strategy
199. All of the following are signals of potential decline in organizational performance EXCEPT:
A. Poor communication within the organization
B. Intolerance of work incompetence
C. Fear of conflict and taking risks
D. Negative cash flow
Answer
D. Negative cash flow
200. ___ is a common short-run strategy designed to address organizational weaknessesthat are leading to performance declines.
A. Retrenchment
B. Turnaround
C. Expansion
D. Diversification
Answer
B. Turnaround
