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Q:
A transfer method describing the first-time public sale of a stock listed on a public stock exchange is called a(n):
A. IPO.
B. ESOP.
C. consolidation.
D. termination.
Q:
When one firm absorbs another through purchase, it is called a(n):
A. merger.
B. acquisition.
C. transfer.
D. termination.
Q:
_____ often represents an owner's last major return from a firm and a key pool of money for retirement or further businesses.
A. Transfer
B. Harvest
C. Franchising
D. Consolidation
Q:
Which of the following terms refers to the recovery of value through the sale of a firm or its assets?
A. Harvest
B. Invest
C. Transfer
D. Franchise
Q:
Which of the following statements points out the similarity between a product life cycle and a service life cycle accurately?
A. The ease of making on-the-run changes for products and services is the same.
B. Both products and services feature have an equal possibility of extending the life cycle.
C. Both products and services will take a little time to attract customers.
D. The ease of eliminating the decline stage of both products and services is similar.
Q:
Which of the following statements points out the difference between a product life cycle and a service life cycle accurately?
A. It is easier to extend the life cycle of a service than to extend the life cycle of a product.
B. Service changes can be done relatively more quickly than changes in products.
C. Services do not go through the growth stage.
D. It is possible to eliminate the decline stage of a product but it cannot be done for a service.
Q:
In which of the following stages do businesses try to cut costs and pare back their product lines?
A. Introduction stage
B. Growth stage
C. Maturity stage
D. Decline stage
Q:
Which of the following is an example of a product reaching the decline stage?
A. Customers switching from CRT television sets to flat panel television sets
B. Decrease in demand for carbonated drinks
C. Falling demand for ice cream in the cold season
D. Decrease in prices of electronic goods during a sale
Q:
Which of the following is the best strategy for Silken Glow to follow to retain market share for the long term?
A. Show how well the shaver co-exists with other products the customer owns.
B. Allow sales and profits to drop temporarily.
C. Have new ideas in the pipeline now and get them ready for commercialization.
D. Produce more shavers as the demand from new users is expected to rise.
Q:
Royal Twirl, a coffee roasting and distribution company, has observed that its sales are high, but growth has slowed down. The company decides to introduce a variant for the health-conscious coffee-drinkers which claims to help them reduce weight by increasing their metabolism. In which of the following stages is Royal Twirl?
A. Introduction stage
B. Growth stage
C. Maturity stage
D. Decline stage
Q:
Which of the following is a feature of maturity-stage products?
A. Price competition starts to drop.
B. Manufacturers find ways to cut costs or introduce new features.
C. Competitors wait to see if the product is a threat and has staying power before they act.
D. Products begin to gain customer acceptance.
Q:
In which of the following stages do sales level off, and profits follow suit?
A. Introduction stage
B. Growth stage
C. Maturity stage
D. Decline stage
Q:
Which of the following events precedes the maturity stage of the product life cycle?
A. The product starts incurring heavy losses.
B. Rapid growth begins to slow down.
C. Production becomes less efficient.
D. Acceptance of the product decreases rapidly.
Q:
Which of the following is a characteristic of the growth stage of the product life cycle?
A. During this stage, acceptance of imitative products increases rapidly while it drops for innovative products.
B. Prices of products in this stage tend to rise as production becomes more efficient.
C. Prices of products in this stage tend to drop as competition decreases.
D. Sales and profits during this stage grow at higher rates than at any other part of the product life cycle.
Q:
During the _____, acceptance of the product (whether innovative or imitative) increases rapidly.
A. growth stage
B. emergence stage
C. decline stage
D. introduction stage
Q:
Which of the following statements describes the introduction stage of the product life cycle accurately?
A. All products survive the introduction phase of the product life cycle.
B. This stage of the product life cycle comes immediately prior to the maturity stage.
C. Providing samples or demonstration opportunities hinders the acceptance of the product during this phase.
D. Products that are successfully revised move on to the growth stage.
Q:
From a marketing standpoint, the more innovative the product:
A. the more are the customers that are comfortable with such products.
B. the slower the sales of that product.
C. the lesser the importance of relative advantage of that product over others.
D. the more is the possibility of immediate profits for that product.
Q:
Which of the following is true regarding the introduction stage of the product life cycle?
A. Traditional marketing techniques raise profits at the start more than they do at later stages.
B. The risks from competition in the introduction stage are generally high.
C. Most small businesses can only afford to launch a product on a small scale, so profits are not likely when a product emerges into the market.
D. Imitative products have a hard time gaining customer acceptance as customers are comfortable with innovative products.
Q:
Which of the following inferences can be made from the life cycle model of business?
A. Resource maturity is the first stage in the life cycle of most of the small businesses.
B. Much of the firm's development as a business is predictable within some broad terms.
C. Most of the small businesses go through the takeoff stage.
D. The study of the life cycle model of business shows that the jump from the success stage to the resource maturity stage is impossible.
Q:
Which of the following stages involves working extensively with potential sources of funding and other key resources, as well as working with markets outside and employees within the firm?
A. Survival
B. Resource maturity
C. Existence
D. Takeoff
Q:
Most small businesses never go through the _____ stage.
A. takeoff
B. resource maturity
C. emergence
D. survival
Q:
Which of the following is a key component for staving off customer complacency, as suggested by Zig Ziglar, that refers to being among the people the customers have seen in the past few days?
A. Recency
B. Urgency
C. Frequency
D. Potency
Q:
Profits which are not taken in the form of money are known as:
A. liabilities of newness.
B. slack resources.
C. takeoffs.
D. current liabilities.
Q:
For most small businesses, the _____ will follow the success stage.
A. takeoff stage
B. resource maturity stage
C. existence stage
D. survival stage
Q:
Which of the following terms refers to the profits that are available to be used to satisfy the preferences of the owner in how the business is run?
A. Slack resources
B. Liability of newness
C. Takeoff
D. Depreciated assets
Q:
Which of the following terms refers to the set of risks faced by firms early in their life cycles that come from a lack of knowledge by the owners about the business they are in and by customers about the new business?
A. Slack resource
B. Walkaway
C. Liability of newness
D. CSF
Q:
In the context of the four key components for staving off customer complacency, as suggested by Zig Ziglar, a message that is remembered and remembered for the right reasons is said to be:
A. insistent.
B. recent.
C. frequent.
D. potent.
Q:
Which of the following components, as suggested by Zig Ziglar, involves staying in touch with customers on a regular basis via visits, phone calls, e-mails, newsletters, and so on?
A. Urgency
B. Frequency
C. Potency
D. Recommendations
Q:
Which of the following profits are called flexibility for most owners?
A. Slack resources
B. Marginal resources
C. Resource maturity profits
D. Takeoff profits
Q:
Which of the following is a challenge of the resource maturity stage?
A. Developing the information, skills, and the routines to grow the business's profits
B. Collecting profits in the form of money
C. Avoiding complacency
D. Avoiding adaptation by offering competitive products or services
Q:
Which of the following statements is true regarding the success stage of the small firm life cycle?
A. Firms develop the information, skills, and the routines to grow the business's profits.
B. Profits are invariably taken in the form of money.
C. For most small business owners, this is the stage that follows takeoff.
D. Firms face the liabilities of newness in this stage.
Q:
For most owners of firms, the solution for liabilities of newness lies in:
A. ignoring the lack of information or experience in marketing, production, and management.
B. getting expertise as quickly as possible.
C. getting more experience personally, even if it takes a long time.
D. avoiding an extensive social network.
Q:
The existence stage is defined by:
A. a period of exceptional growth.
B. a stable level of sales, profits, and guarantee of sales.
C. thoughts about starting a business.
D. a lack of stability in terms of markets, operations, or finances.
Q:
In a business life cycle, _____ is the second riskiest period after emergence.
A. success
B. resource maturity
C. existence
D. takeoff
Q:
Which of the following attributes is most likely to be associated with the existence stage of a small business life cycle?
A. A business idea which is yet to begin operating
B. A clear set of overhead costs
C. Guarantee of sales
D. Absence of risk
Q:
Which of the following has been observed about the emergence stage of a small business life cycle?
A. Typically, fewer people think about starting a firm than actually take steps to do so.
B. Getting from entrepreneurial action to entrepreneurial thinking is the challenge of the emergence stage.
C. The emergence stage is characterized by a person thinking about and taking actions toward starting a firm.
D. Getting into business part time does not lead to future entrepreneurial action.
Q:
Which of the following is true of the emergence stage of a business life cycle?
A. Emergence is the stage in which a person thinks about and takes actions toward closing down a firm.
B. Getting from entrepreneurial thinking to entrepreneurial action is the challenge of the emergence stage.
C. Having the business in operation, but not yet stable in terms of markets, operations, or finances is the primary characteristic of the emergence stage.
D. In a business life cycle the emergence stage takes place after the survival stage.
Q:
Which of the following is true regarding the stages in a business life cycle for most small businesses?
A. The stage of success is followed by survival.
B. Survival is the last stage of the cycle.
C. Existence is the first stage of cycle.
D. Resource maturity follows success stage.
Q:
Which of the following is a common idea among the different models for the life cycle of the small business firm?
A. There are multiple stages in all models of the life cycle of the small business firm.
B. Every business invariably passes through the same stages of the life cycle.
C. The level of risk the business faces remains constant from stage to stage.
D. Businesses face the same issues in each stage.
Q:
Success profits are intended as a secondary income for the entrepreneur, who has another job which provides his or her main income.
Q:
Supplemental profits are intended to equal and replace the salary or wages the entrepreneur could draw working for someone else.
Q:
Businesses starting with no start-up capital and those starting with more than $50,000 are the least likely to survive long term.
Q:
CSFs are important because they come from sources external to entrepreneurs.
Q:
Critical success factors (CSF) are by definition those practices that should be avoided to succeed in a given industry.
Q:
People who open multiple businesses throughout their career are called unsatisfied entrepreneurs.
Q:
Bankruptcy is an illegal form of insolvency.
Q:
The single most typical way businesses close down is by a walkaway.
Q:
Terminations are more likely for young firms that are four years old or less.
Q:
Liquidity enhancement is an estate planning strategy which focuses on generating cash to cover likely estate taxes.
Q:
In the hierarchy of business outcomes, the worst possible outcome is leaving the firm with no debt.
Q:
Successions and business sales generally occur only among the largest small businesses.
Q:
When one firm absorbs another through a purchase, it is called a merger.
Q:
One of the ways harvests take place is through initial public offering or IPO.
Q:
All products invariably survive the introduction phase of the product life cycle.
Q:
From a marketing standpoint, in the introduction stage, the more innovative a product, the higher the sales.
Q:
Most small businesses never go through the takeoff stage.
Q:
According to the rule of thumb in the resource maturity stage, keeping an existing customer costs five times as much as getting a new customer.
Q:
The resource maturity stage is characterized by a stable level of sales and profits over several years.
Q:
For most small businesses existence will follow the success stage.
Q:
Survival is the second riskiest period after emergence.
Q:
All models for the life cycle of the small business firm have multiple stages.
Q:
Discuss lines of communication and lines of appeal in human resources of small businesses.
Q:
Compare between nepotism and meritocracy.
Q:
Explain how to develop a fair compensation and benefit plan.
Q:
Describe the role of teamwork, recognition, and training in small businesses.
Q:
Explain the three training guidelines that a small business owner should follow.
Q:
Differentiate between on-the-job and off-the-job training methods.
Q:
Elucidate the steps involved in crafting a job description.
Q:
Describe employee leasing.
Q:
Discuss the methods of employee leasing and employee referrals in recruiting.
Q:
What are the pros and cons of hiring a full-time versus a part-time employee?
Q:
_____ means having a way for the person who has failed to meet a metric, or made a mistake, or is facing firing to have their side of the story heard.
A. Job basics
B. Job metrics
C. Benchmarking
D. Line of appeal
Q:
Which of the following is a recommended fair personnel policy guideline across family and non-family members?
A. Owners should compare the family member hired to the nonfamily member who was not hired for a given position.
B. Owners should not hold expectations that their family should work longer and harder than anyone else, because it is the family's business.
C. Owners should have clearly differentiated personnel policies for family and non-family members.
D. Owners should let family and nonfamily members pick and choose from a set of privileges or benefits.
Q:
The term _____ is associated with objectively evaluating how well someone is doing their job.
A. line of appeal
B. job metrics
C. transparent procedure
D. job basics
Q:
To treat family and nonfamily employees as similarly as possible in a business, it is important to:
A. have separate personnel policies for family and nonfamily members.
B. create career ladders for nonfamily members.
C. provide favorable treatment to nonfamily members.
D. guarantee the possibility of employee ownership.
Q:
Bob has been running the Handy Hardware Store for a few years now. As the business grew, he hired several mechanics who are now middle-aged and good at their jobs. Bob's son, Billy, is just out of college. Bob would like his son to take over the business, but is concerned that the middle-aged workforce might not receive the right guidance for the execution of the business from young Billy. He is also concerned about the displeasure the other employees might have at hiring Billy to run the business. If Bob hands over the business to inexperienced Billy in spite of having several well-qualified, deserving, and experienced successors among his other staff, his management philosophy would be an example of:
A. meritocracy.
B. nepotism.
C. benchmarking.
D. hedonism.
Q:
Which of the following is a management philosophy of selecting and promoting people based solely on their being the most capable person for the job?
A. Nepotism
B. Capitalism
C. Meritocracy
D. Democracy
Q:
Which of the following management philosophies refers to selecting and promoting people based on family ties?
A. Nepotism
B. Capitalism
C. Meritocracy
D. Democracy
Q:
The rule of thumb is that perks should take no more than _____ of the annual personnel budget.
A. 3 percent
B. 15 percent
C. 50 percent
D. 75 percent
Q:
Making no distinction between sick, vacation, and personal days and allowing employees a set number of days off each year to be used at their discretion:
A. prevents employees from abusing sick days.
B. causes employees to lie more often when they need to take a day off.
C. increases absenteeism in the workplace.
D. reduces workplace satisfaction.