BUS 402 QUIZ 1 - 100068

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  • Posted on: Tue 16 Jul, 2019
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Question 1 1. Which of the following is true about avoiding business failure? You must understand financial statements. You need to learn how to manage others. You must differentiate your product from the competition. You must do all of these. 2 points Question 2 1. Potential drawbacks of small business ownership include: a relatively low guaranteed income. a significantly freer personal schedule but less personal income and assets with which to enjoy the more relaxed schedule. a high likelihood of a lower quality of life while starting and establishing the small business. relatively limited potential for further personal development. 2 points Question 3 1. "Copreneurs" are marked by: a division of labor by expertise. their similarity to the traditional mom-and-pop operation. a decline in the number of businesses. a greater success at raising venture capital than sole proprietorship-type businesses. 2 points Question 4 1. Entrepreneurial success requires both persistence and ________. education connections resilience reluctance 2 points Question 5 1. Forces driving the entrepreneurial trend in our economy include which of the following? Technological advancement Shift to a service economy e-commerce All of the above 2 points Question 6 1. Regarding sexual harassment, employers should realize that they: can be held responsible for third-party sexual harassment. are protected from liability if they are aware of a harassment problem, even if they don't take action. are not liable for sexual harassment in the workplace if they have a formal policy against it. are not liable if they didn't know it was taking place, even if one could reasonably expect them to know. 2 points Question 7 1. Which one of the following is a company's stakeholder? Employees Unions Investors All of the above 2 points Question 8 1. The various groups who affect and are affected by the decisions and actions of a small business are called: suppliers. stakeholders. minorities. intermediaries. 2 points Question 9 1. If a manager is made aware of a sexual harassment problem, he/she should: immediately fire the person accused of the harassment. ask the complainant to approach the harasser and try to work it out. listen carefully and investigate quickly and thoroughly. make all and any findings public to protect all parties. 2 points Question 10 1. ________ is any unwelcome sexual advance, request for sexual favors, and other verbal or physical sexual conduct made explicitly or implicitly as a condition of employment. Hostile harassment Quid pro quo harassment Non-employee sexual harassment Sexual harassment 2 points Question 11 1. ________ is the ability to apply creative solutions to problems and opportunities to enhance or to enrich people's lives. Showboating Commoditizing Creativity Innovation 2 points Question 12 1. ________ is (are) a valuable part of the creative process, especially when evaluating ideas and implementing them. Rules Unequivocality Logic All of the above 2 points Question 13 1. To avoid myopic thinking, creative companies include ________ in creative problem solving or idea generation sessions. nonexperts experts industry specialists industry generalists 2 points Question 14 1. In the creative process, ________ occurs while the individual is away from the problem, often engaging in some totally unrelated activity. investigation incubation transformation verification 2 points Question 15 1. Which one of the following is a barrier to creativity? Searching for the one "right" answer Focusing on being "logical" Blindly following the rules All of the above 2 points Question 16 1. The primary output of the strategic management process should be: a matching of its strengths and weaknesses to the opportunities and threats in the environment. an enticement to outside investors and lenders to put money into the business. a complete explanation of the company's product or service. a description of the company's competitive situation. 2 points Question 17 1. A small business owner needs to remember that when it comes to employee involvement in the strategic planning process: involvement is a prerequisite for the achievement of total employee commitment. his/her employees look to him/her for leadership and do not want to be involved. the delegation of authority is not as important as communicating a clear vision. employees do not need to be involved in the strategic process but do need to be involved in the operational process. 2 points Question 18 1. A small firm's ability to identify and manipulate the ________ in its business determines its ability to compete effectively. key success factors corporate vision and mission opportunities and threats market environment 2 points Question 19 1. ________ focuses everyone's attention and efforts on the same target market. It is an expression of what the owner believes in. The mission statement The company vision The strategic plan The operational plan 2 points Question 20 1. The strategic planning process for small businesses is: market-focused. the same as it is for a large company. generally done by top management with little or no participation by employees. product-focused and similar to that for large companies.
Solution Description

·  Question 1

2 out of 2 points

   
 

Which of the following is true about avoiding business failure?

     

Selected Answer:

Correct

You must do all of these.

Correct Answer:

Correct

You must do all of these.

 

Response Feedback:

Good work

     

·  Question 2

2 out of 2 points

   
 

Potential drawbacks of small business ownership include:

     

Selected Answer:

Correct

a high likelihood of a lower quality of life while starting and establishing the small business.

Correct Answer:

Correct

a high likelihood of a lower quality of life while starting and establishing the small business.

 

Response Feedback:

Good work

     

·  Question 3

2 out of 2 points

   
 

"Copreneurs" are marked by:

     

Selected Answer:

Correct

a division of labor by expertise.

Correct Answer:

Correct

a division of labor by expertise.

 

Response Feedback:

Good work

     

·  Question 4

2 out of 2 points

   
 

Entrepreneurial success requires both persistence and ________.

     

Selected Answer:

Correct

resilience

Correct Answer:

Correct

resilience

 

Response Feedback:

Good work

     

·  Question 5

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