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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:

Answer

  • 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:

Answer

  • 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:

Answer

  • 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?

Answer

  • 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?

Answer

  • 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 ________.

Answer

  • 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) ________.

Answer

  • manager
  • entrepreneur
  • stockholder
  • venture capitalist

 

Question 8

Financial success ________.

Answer

  • 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.

Answer

  • technology
  • political stability
  • population
  • infrastructure

 

Question 10

A trade deficit occurs when ________.

Answer

  • 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 ____________.

Answer

  • 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.

Answer

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

 

Question 13

Dumping _________ domestic consumers and _________ domestic producers.

Answer

  • 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 ________.

Answer

  • 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.

Answer

  • political
  • physical
  • cultural
  • legal

 

Question 16

An absolute advantage occurs when a country can maintain ________.

Answer

  • 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 ________.

Answer

  • 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 ____________.

Answer

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

 

Question 19

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

Answer

  • 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:

Answer

  • 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?

Answer

  • 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?

Answer

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

 

Question 23

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

Answer

  • Finance
  • Service
  • Retail
  • transportation

 

Question 24

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

Answer

  • 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.

Answer

  • government owned
  • Large
  • partnerships
  • Small

 

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