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BUS 508 Week 5 Exam 2

BUS 508 Week 5 Exam 2

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BUS 508 Week 5 Exam 2 -

Question 1

An entrepreneur:


  • accepts the risk of starting and running a business.
  • manages a business that operates in more than one country.
  • owns controlling interest in a company.
  • manages a business for someone else.


Question 2

The primary reasons people become entrepreneurs include all of the following reasons EXCEPT:


  • to be one’s own boss.
  • to become a financial success.
  • to create employment opportunities for other people.
  • to create one’s own job security.


Question 3

All of the following are major advantages of buying an existing business over starting a new business EXCEPT:


  • obtaining financing is often easier.
  • less risk is involved.
  • product or service is not known in the marketplace.
  • existing suppliers and employees are in place.


Question 4

 Which of the following demographic/economic trends has increased the opportunities for entrepreneurs?


  • high employment
  • steady interest rates
  • aging population
  • increase in wages


Question 5

Logan is an entrepreneur who takes personal responsibility for the success or failure of his actions rather than believing in luck or fate. Which characteristic best describes Logan’s entrepreneurial philosophy?


  • internal locus of control
  • need to achieve
  • tolerance for failure
  • tolerance for ambiguity


Question 6

Collin works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Collin is most likely to become an entrepreneur in order to ________.


  • become his own boss
  • obtain job security
  • succeed financially
  • improve his quality of life


Question 7

Saul is the CEO of Summertime, Inc. He uses the resources of the firm to expand and diversify into winter sports areas. Saul would be classified as a(n) ________.


  • manager
  • entrepreneur
  • stockholder
  • venture capitalist


Question 8

Financial success ________.


  • rarely results from starting a business
  • is part of the appeal of becoming an entrepreneur
  • plays little role in motivating people to become entrepreneurs
  • is virtually guaranteed if people work hard enough starting their own businesses


Question 9

 Although people in developing nations have lower per capita incomes than more highly developed nations, their __________ represents a lucrative market for global trade.


  • technology
  • political stability
  • population
  • infrastructure


Question 10

A trade deficit occurs when ________.


  • imports are sold at low profits
  • foreign-aid payments exceed exports
  • imports exceed exports
  • there is a net flow of money into a country


Question 11

The most common first step in engaging in international business is ____________.


  • countertrade
  • foreign licensing
  • indirect exporting
  • direct exporting


Question 12

By allowing a company to purchase another existing firm in the host country, a(n) ________ permits a largely domestic business to gain an international presence very quickly.


  • joint venture
  • foreign licensing agreement
  • counter trade
  • acquisition


Question 13

Dumping _________ domestic consumers and _________ domestic producers.


  • harms, benefits
  • harms, harms
  • benefits, harms
  • benefits, benefits


Question 14

When firms develop products and marketing strategies that appeal to the customer tastes and buying habits of particular national markets, they are using a ________.


  • global strategy
  • free trade strategy
  • uniform strategy
  • multidomestic strategy


Question 15

An understanding of religious holidays is essential in order to overcome ________ international trade barriers.


  • political
  • physical
  • cultural
  • legal


Question 16

An absolute advantage occurs when a country can maintain ________.


  • a monopoly by outlawing foreign imports
  • a monopoly by levying high taxes on imports
  • a monopoly by being the lowest-cost producer of a good or service
  • its advantage by producing a good or service more efficiently


Question 17

A country raises the tariff on imported cheese in order to increase its price above the price of domestically produced cheese. This is an example of ________.


  • an exchange control
  • an import quota
  • a protective tariff
  • dumping


Question 18

McDonalds offers a contractual business arrangement in various countries around the world. McDonalds is an example of a(n) international ____________.


  • franchise
  • acquisition
  • Merger
  • not-for-profit corporation


Question 19

Which of the following is a trend in the area of franchising?


  • More franchises are opening outside the United States.
  • Franchises are becoming less expensive to fund.
  • Franchisees determining their own pricing and marketing.
  • Franchisees are able to negotiate better pricing than franchisors.


Question 20

The majority of all U.S. firms employ:


  • more than 5,000 employees
  • 1,000 to 3,000 employees
  • 3,000 to 5,000 employees
  • 500 or fewer employees


Question 21

Which of the following is the leading cause of today's small business failures?


  • management shortcomings
  • poor products and/or services
  • no marketing plan
  • excess government regulation


Question 22

Of the following industries, which is most likely to be owned by a small business owner?


  • nursing home
  • paper mill
  • home building company
  • electric utilities company


Question 23

The ________ industry represents the greatest percentage of minority-owned businesses.


  • Finance
  • Service
  • Retail
  • transportation


Question 24

The two principal parties in a franchising agreement are the ________.


  • manager and worker
  • franchiser and partners
  • franchiser and franchisee
  • venture capitalist and SBA


Question 25

Although the average farm size has increased in recent years the majority of farmers operate as ________ businesses.


  • government owned
  • Large
  • partnerships
  • Small


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