4. (TCO 3) A small business is defined as a company that _____.

is newly launched and has fewer than 100 shareholders is dominant in its field and employs fewer than 1,500 employees has a revenue of less than $750,000 is independently owned and operated and not dominant in its field is funded through personal lines of credit and has fewer than 1,000 employees

Question 5.5. (TCO 1) Performing a SWOT analysis is part of the _____.

planning function organizing function leading function controlling function

Question 6.6. (TCO 2) One advantage of globalization is _____.

all government regulations are eliminated all trade barriers are eliminated production costs are reduced because of reduced labor cost oppressive governments benefit

Question 7.7. (TCO 3) A strategy for reaching a global market is _____.

licensing importing direct marketing disenfranchisement contract labor

Question 8.8. (TCO 3) What is not a disadvantage of a corporation?

Initial cost Extensive paperwork Ability to raise money for investment Possible conflict with stakeholders and board of directors

Question 9.9. (TCO 2) _____ are long-term partnerships between two or more companies to jointly develop, produce, or sell products.

Strategic alliances Global franchises Joint ventures Strategic mergers Incorporated partnerships

Question 10.10. (TCO 3) Starting your own business

is an alternative to unemployment. is not risky. allows others to control your future. is not difficult and does not require sacrifice.

Question 11.11. (TCO 4) Small business owners usually invest little money into new marketing strategies because

marketing is not important. consumers are not interested in marketing ads. marketing is expensive. many small business owners invest money into other areas of the business.

Question 12.12. (TCO 4) The rapid spread of brand communities has been one of the major impacts of social media. The Harley Davidson Owners Group is one example of an informal network of people with similar interests who use social media to bond and share information. Why are these brand communities effective?

The cost of consumer-oriented publications is too expensive. Consumers now trust their peers more than any source for product information. Consumers no longer trust salespeople. State and local consumer protection agencies no longer review products.

Question 13.13. (TCO 4) Successfully distributing goods to customers involves low cost and customer satisfaction. Several steps must take place in order to reach this goal. Which step need NOT be considered in the physical distribution of goods?

Order processing Market segmentation Inventory control Transportation

Question 14.14. (TCO 5) The steps to Mining Group Gold include

defining the behavioral parameters of a unique subset of cultures. establishing a zone of proximal development. setting expectations for reasonableness of the ideas presented. establishing clear and concise expectations of factual information. conducting a series of time-checks throughout the meeting.

Question 15.15. (TCO 6) Which of the following departments would be responsible for manufacturing?

Marketing Human Resources Production Research and Development

Question 16.16. (TCO 7) Financial accounting includes which one of the following?

The preparation and distribution of an a periodic report A summarization of the costs of production The preparation of departmental budgets Compliance with the Financial Accounting Standards Board (FASB) guidelines Reviewing and evaluating the information used to prepare a companys financial statements

Question 17.17. (TCO 7) _____ is a financial management function and a part of financial planning.

Understanding and allocating operational needs Disestablishing a capital budget Creating a long-term forecast Establishing a strategic planning vision Creating a short-term shipping forecast