It is called this because before people ventured to Black Australia, swans Swan were assumed to only be white. No one had seen a black one until then. .0w Base Rate This influences financial products and services when they set their own cost of borrowing. Balance Sheet A ‘snapshot’ of a company’s assets, liabilities and capital at a particular point in time. Creditor A person or firm that has lent your business money or to whom you owe money. Bid-Offer Spread The buying (offer) and selling (bid) price of shares, bonds or currency. Annuity This is a type of insurance policy. Upon retirement a lump sum is paid into it and the insurance company then provide a regular income. Diversification When new products, services, customers or markets are added to your company’s portfolio. Arbiitrage The process by which a person or business takes advantage of the difference in price of a share or a currency. Economic Growth This is the term used to describe an increase in the amount of goods and services produced by the county, known as gross domestic product (GDP). Assets Property that has value owned by a company. Corporate Social This is a form of self-regulation, where companies integrate social, Responsibility (CSR) environmental and ethical policies into their overall business strategy. B2B Business to business. Audit An official inspection of a company’s, or individual’s, accounts. Blue Chip This term originates from poker as blue chips are traditionally the highestvalued. Commodity This is any item which can be freely bought and sold. Examples include gold, food products and coffee beans. all of the above which of the following is/are the Elements of a Business Plan? Marketing strategy Proving that a profitable market exists by showing customer interest and documenting market claims. all of the above which of the following is/are the Elements of a Feasibility Analysis New Entrants Advantages of economic scale are not present and the capital requirements to enter are low. Suppliers They sell a commodity product to the companies in it. none of the choices Which of the following is not a disadvantage of sole proprietorship? Business and Industry Profile Existing or anticipated profitability of the industry. all of the choices Which of the following is/are the main organization? all of the above which of the following is/are the Elements of Marketing Strategy? all of the choices Why would a new business venture choose not to operate as a partnership? all of the choices What Lenders and Investors Look for in a Business Plan? all of the above which of the following is/are the Elements of a Business Plan all of the above What Lenders and Investors Look for in a Business Plan? Business and Industry Profile Overview of industry or market segment. Business and Industry Profile Company’s general business goals Executive Summary The qualification of the founders and/or key employees Rivalry Number of competitors is large or few (less than 5). cooperatives Formed by people with similar interests, such as customers and suppliers. joint venturesCost and complexity of formation Two or more companies form an alliance to pursue a specific project, usually for a specific time period. Business Plan A written summary of an entrepreneur’s proposed business venture, its operational and financial details, its marketing opportunities and strategy, and its managers’ skills and abilities. Acquisition The purchase of a corporation by another corporation or investment group. Buyers The switching costs to competitors is high Executive Summary The company’s target markets and the benefits its product or service will provide. all of the choices Why would a new business venture choose to operate as a partnership? none of the choices Which of the following is not an advantage of sole proprietorship? Feasibility Analysis The process of determining whether an entrepreneur’s idea is a viable foundation for creating a successful business. Description of Product or Service Description of production process, strategic raw materials, sources, costs. Executive Summary The company’s business model and basis for competitive edge. limited liability company A legal entity with an existence and life separate from its owners, who therefore are not personally liable for its debts. Merger The combination of 2 or more firms to form a new company, which often takes a new corporate identity. franchises The business organization in which a franchisor supplies the product concept to the franchisee, who sells the goods or services. all of the choices Choose a form of organization by evaluating _____ . substitute Quality _____ products are not readily available and the prices of which are not lower. prototype An original, functional model of a new product that entrepreneurs can put into the hands of potential customers so they can see it, test it and use it. entrepreneur One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them. All of the above Leaders of innovation has identified the following All of the above Entrepreneur can stimulate their own creativity and encourage it among All of the above Which of the following is/are the Cultural Diversity of Entrepreneurship? All of the above Which of the following is/are the Drawbacks of Entrepreneurship? All of the above Which of the following is/are the Benefits of Entrepreneurship? capital Most entrepreneurs turn to family members and friends for _________ . Creativity It involves generating something from nothing. All of the above Entrepreneurs tend to exhibit __________ . All of the above The barrier/s of creativity is/are the following: All of the above which of the following is/are Strategic Management Process? all of the above A clearly defined vision __________ . All of the above Which of the following is/are the Characteristics of Entrepreneurs? mission It is a written expression of how the company will reflect an entrepreneur’s values, beliefs, and vision – more than just “making money.” business Any activity which is undertaken with an intention to earn profit is called __________ . strengths Positive internal factors a company can draw on to strategy It is a road map of the actions an entrepreneur draws up to achieve a company’s mission, goals, and objectives. Innovation It refers to something new or to a change made to an existing product, idea, All of the above Which of the following is/are the Deadly Mistakes of Entrepreneurship? purpose The practice of gathering, organizing, and disseminating the collective wisdom and experience of a company’s employees for the purpose of strengthening its competitive position. threats Negative external factors that inhibit the firm's ability to accomplish its mission, goals, and objectives. strategic management It involves developing a game plan to guide a company as it strives to accomplish its mission, goals , and objectives, and to keep it on its desired course. competitive advantage The aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market that is superior to its competition. weaknesses Negative internal factors that inhibit a company’s ability to accomplish its mission, goals, and objectives. vision It is the result of an entrepreneur’s dream of something that does not exist yet and the ability to paint a compelling picture of that dream for everyone to see. All of the above which of the following is/are aspects of a small company? Entrepreneurship It is the ability to create new and useful ideas that solve problems and opportunities Positive external factors the company can exploit to Diversity One characteristic of entrepreneurs that stands out is __________ . All of the above Entrepreneur can stimulate their own creativity and encourage it among all of the above The step/s to consider in buying a franchise is/are _____ . all of the choices which of the following is/are the Advantages of Buying a Business? all of the choices The step/s to consider in buying a franchise is/are _____ . all of the choices Which of the following is/are the types of franchising systems? all of the choices There are some negative attributes of buying a franchise and those include? all of the choices Which of the following is/are the benefits of franchising? Poise Remain calm during the negotiation. all of the choices which of the following is/are the steps of Acquiring a Business? Contract assignment The buyer’s ability to assume rights under seller’s existing contracts. all of the choices which of the following is/are the Disadvantages of Buying a Business? Lien The creditors’ claims against an asset. Preparation Examine the needs of both parties and all of the relevant external factors affecting the negotiation before you sit down to talk. Patience Don’t be in such a hurry to close the deal that Restrictive covenant The contract in which a business seller agrees not to compete with the buyer all of the choice which of the following is/are the Disadvantages of Buying a Business? Bulk transfer It protects business buyer from the claims unpaid creditors Ability to deny financing Which of the following is/are an advantage/s of Limited Liability company? Stable business life Which of the following is/are disadvantage/s of Limited Liability company? Question text Franchises will enable the owner to be removed from day–to–day management. Select one: True False Feedback The correct answer is 'False'. 2 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the Disadvantages of Buying a Business? Select one: all of the choice Accounts receivable may be worth less than face value Inventory may be stale Changes can be difficult to implement Feedback Your answer is correct. The correct answer is: all of the choice 3 Question Correct Mark 1.00 out of 1.00 Flag question Question text It protects business buyer from the claims unpaid creditors might have against a company’s assets. Select one: Contract assignment Restrictive covenant Bulk transfer Lien Feedback Your answer is correct. The correct answer is: Bulk transfer 4 Question Correct Mark 1.00 out of 1.00 Flag question Question text In General Partnerships, each partner can co-own assets and share profits. Select one: True False Feedback The correct answer is 'True'. 5 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the Disadvantages of Buying a Business? Select one: Equipment may be obsolete or inefficient Location may have become unsatisfactory Change and innovation can be difficult to implement all of the choices Feedback Your answer is correct. The correct answer is: all of the choices 6 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the Disadvantages of Buying a Business? Select one: Inventory may be stale Accounts receivable may be worth less than face value It may be overpriced all of the choices Feedback Your answer is correct. The correct answer is: all of the choices 7 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the Advantages of Buying a Business? Select one: It may continue to be successful all of the choices It may already have the best location Employees and suppliers are established Feedback Your answer is correct. The correct answer is: all of the choices 8 Question Correct Mark 1.00 out of 1.00 Flag question Question text There are some negative attributes of buying a franchise and those include? Select one: Unsatisfactory training programs Market saturation Limited product line all of the choices Feedback Your answer is correct. The correct answer is: all of the choices 9 Question Correct Mark 1.00 out of 1.00 Flag question Question text Why would a new business venture choose not to operate as a partnership? Select one: Potential for conflict between partners Unlimited liability for general partners all of the choices Limited life Feedback Your answer is correct. The correct answer is: all of the choices 10 Question Correct Mark 1.00 out of 1.00 Flag question Question text The contract in which a business seller agrees not to compete with the buyer within a specific time and geographic area. Select one: Contract assignment Restrictive covenant Bulk transfer Lien Feedback Your answer is correct. The correct answer is: Restrictive covenant 11 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is not a disadvantage of sole proprietorship? Select one: Difficulty in attracting qualified employees none of the choices Unstable business life Large personal time commitment Feedback Your answer is correct. The correct answer is: none of the choices 12 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is/are the types of franchising systems? Select one: Pure (or comprehensive or business format) franchising Product distribution franchising Tradename franchising all of the choices Feedback Your answer is correct. The correct answer is: all of the choices 13 Question Correct Mark 1.00 out of 1.00 Flag question Question text The buyer’s ability to assume rights under seller’s existing contracts. Select one: Restrictive covenant Contract assignment Bulk transfer Lien Feedback Your answer is correct. The correct answer is: Contract assignment 14 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is/are the benefits of franchising? Select one: Greater chance for success Site selection and territorial protection all of the choices Centralized buying power Feedback Your answer is correct. The correct answer is: all of the choices 15 Question Correct Mark 1.00 out of 1.00 Flag question Question text The creditors’ claims against an asset. Select one: Lien Bulk transfer Contract assignment Restrictive covenant Feedback Your answer is correct. The correct answer is: Lien 16 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the Advantages of Buying a Business? Select one: It’s a bargain Easier financing You can use the previous owner’s experience all of the choices Feedback Your answer is correct. The correct answer is: all of the choices 17 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be “all the same”. Select one: True False Feedback The correct answer is 'False'. 18 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be taking care of my business problems. Select one: True False Feedback The correct answer is 'False'. 19 Question Correct Mark 1.00 out of 1.00 Flag question Question text The step/s to consider in buying a franchise is/are _____ . Select one: Talk to existing franchisees Ask the franchiser some tough questions all of the above Make your choice Feedback Your answer is correct. The correct answer is: all of the above 20 Question Correct Mark 1.00 out of 1.00 Flag question Question text Don’t be in such a hurry to close the deal that you end up giving up much of what you hoped to get. Select one: Preparation Patience Poise Persistence Feedback Your answer is correct. The correct answer is: Patience 21 Question Correct Mark 1.00 out of 1.00 Flag question Question text In General Partnerships, each partner is individually liable for all debts and contracts of the partnership. Select one: True False Feedback The correct answer is 'True'. 22 Question Correct Mark 1.00 out of 1.00 Flag question Question text Choose a form of organization by evaluating _____ . Select one: Owner’s liability for firm’s debts The ability to raise funds all of the choices The ease and cost of forming the business Feedback Your answer is correct. The correct answer is: all of the choices 23 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be economical. Select one: True False Feedback The correct answer is 'False'. 24 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be a business “I” can run things the way “I” want to. Select one: True False Feedback The correct answer is 'False'. 25 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is/are the benefits of franchising? Select one: Standardized quality of goods and services all of the choices Management training and support Brand name appeal Feedback Your answer is correct. The correct answer is: all of the choices 26 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the Disadvantages of Buying a Business? Select one: "Inherited” employees may be unsuitable “It’s a loser” all of the choices Previous owner may have created ill will Feedback Your answer is correct. The correct answer is: all of the choices 27 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be safer and will not fail. Select one: True False Feedback The correct answer is 'False'. 28 Question Correct Mark 1.00 out of 1.00 Flag question Question text In Limited Partnerships, the dormant partners’ liability is limited to their investment. Select one: True False Feedback The correct answer is 'True'. 29 Question Correct Mark 1.00 out of 1.00 Flag question Question text Remain calm during the negotiation. Select one: Preparation Patience Persistence Poise Feedback Your answer is correct. The correct answer is: Poise 30 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is not an advantage of sole proprietorship? Select one: none of the choices Relative freedom from government regulation Absence of special taxes Owner’s rights to all profits Ease of dissolution Feedback Your answer is correct. The correct answer is: none of the choices 31 Question Correct Mark 1.00 out of 1.00 Flag question Question text Choose a form of organization by evaluating _____ . Select one: the taxes all of the choices The aims and objectives of the various business The desire of how to/not to share profits Feedback Your answer is correct. The correct answer is: all of the choices 32 Question Correct Mark 1.00 out of 1.00 Flag question Question text There are some negative attributes of buying a franchise and those include? Select one: all of the choices Strict adherence to standardized operations Franchise fees and profit sharing Restrictions on purchasing Feedback Your answer is correct. The correct answer is: all of the choices 33 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be the cheapest business option. Select one: True False Feedback The correct answer is 'False'. 34 Question Correct Mark 1.00 out of 1.00 Flag question Question text Examine the needs of both parties and all of the relevant external factors affecting the negotiation before you sit down to talk. Select one: Patience Persistence Preparation Poise Feedback Your answer is correct. The correct answer is: Preparation 35 Question Correct Mark 1.00 out of 1.00 Flag question Question text Choose a form of organization by evaluating _____ . Select one: The ability to attract employees all of the choices The degree of operating control the owner can retain The taxes Feedback Your answer is correct. The correct answer is: all of the choices 36 Question Correct Mark 1.00 out of 1.00 Flag question Question text Why would a new business venture choose not to operate as a partnership? Select one: Sharing of profits Limited life Difficulty in leaving a partnership all of the choices Feedback Your answer is correct. The correct answer is: all of the choices 37 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is not an advantage of sole proprietorship? Select one: Owner’s rights to all profits Owner’s absolute control of the business none of the choices Ease and low cost of formation Feedback Your answer is correct. The correct answer is: none of the choices 38 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be more successful based on its size. Select one: True False Feedback The correct answer is 'False'. 39 Question Correct Mark 1.00 out of 1.00 Flag question Question text In Limited Partnerships, each partner is controlled by one or more general partners who have unlimited liability. . Select one: True False Feedback The correct answer is 'True'. 40 Question Correct Mark 1.00 out of 1.00 Flag question Question text The benefits of franchising have proven to have a positive impact on the success rate of franchises, beginning in the first year of operation, compared to nonfranchise ventures. Select one: True False Feedback The correct answer is 'True'. 41 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the steps of Acquiring a Business? Select one: all of the choices Investigate and evaluate candidate businesses and select the best one. Explore financing options. Ensure a smooth transition. Feedback Your answer is correct. The correct answer is: all of the choices 42 Question Correct Mark 1.00 out of 1.00 Flag question Question text which of the following is/are the Advantages of Buying a Business? Select one: You can “hit the ground running” Equipment is already installed all of the choices Inventory is in place and trade credit is established Feedback Your answer is correct. The correct answer is: all of the choices 43 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is/are the benefits of franchising? Select one: all of the choices Financial assistance Proven products and business formats National advertising programs Feedback Your answer is correct. The correct answer is: all of the choices 44 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be a business anyone can do. Select one: True False Feedback The correct answer is 'False'. 45 Question Correct Mark 1.00 out of 1.00 Flag question Question text Why would a new business venture choose to operate as a partnership? Select one: Diversity of managerial expertise all of the choices Relative freedom from government control Flexibility to respond to changing business conditions Feedback Your answer is correct. The correct answer is: all of the choices 46 Question Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following is not a disadvantage of sole proprietorship? Select one: Unlimited liability of the owner for debts Limited managerial expertise Difficulty in raising capital none of the choices Feedback Your answer is correct. The correct answer is: none of the choices 47 Question Correct Mark 1.00 out of 1.00 Flag question Question text The step/s to consider in buying a franchise is/are _____ . Select one: Consider your franchise options Evaluate yourself Research your market all of the choices Feedback Your answer is correct. The correct answer is: all of the choices 48 Question Correct Mark 1.00 out of 1.00 Flag question Question text Franchises will be able to have improvement potential. Select one: True False Feedback The correct answer is 'False'. 49 Question Correct Mark 1.00 out of 1.00 Flag question Question text One of the primary reasons for interest in a franchise system is that the franchisee is able to tap into the proven experience and guidance that the franchise offers. Select one: True False Feedback The correct answer is 'True'. 50 Question Correct Mark 1.00 out of 1.00 Flag question Question text In Limited Partnerships, the dormant partners’ do not participate actively in the firm’s operations. . Select one: True False Feedback The correct answer is 'True'. 窗体底端
