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Challenge 1
Which of the following actions differentiates an entrepreneur from other small business owners?
·       a.)
Uses creative and inventive methods to build a business
·       b.)
Focuses on providing freedom of choice
·       c.)
Starts a business to improve local communities
·       d.)
Starts a business to satisfy an unmet need
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Which of the following goals differentiates entrepreneurs from other small business owners?
·       a.)
Develop the business to satisfy a need
·       b.)
Primary goal is growth and expansion
·       c.)
Develop the business to provide a quality of life
·       d.)
Primary goal is to make a profit
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Entrepreneurs take on businesses with the main goal of creating __________.
·       a.)
choice and opportunities
·       b.)
needs and wants
·       c.)
profit and loss
·       d.)
growth and expansion
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Which of the following considerations is related to domestic environment?
·       a.)
The programmers needed to develop the app are known to change jobs often.
·       b.)
Congress enacted legislation to increase the minimum wage by $2 per hour.
·       c.)
Many local resources about geographic landmarks are available to use for app development.
·       d.)
Interest rates for borrowing money are low, which can help fund startup operations.
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Which of the following considerations is related to sociocultural environment?
·       a.)
There's a major tablet manufacturer developing a device that utilizes a new operating system.
·       b.)
More people are going out and traveling since the overall economy has improved.
·       c.)
It will be easier to hire a couple of app developers part time since that type of work has become more flexible.
·       d.)
A new business decides to begin with the city its owners live in since they are familiar with the local geography and tax issues.
Which of the following considerations is related to economic environment?
·       a.)
More countries have improved technology infrastructures, which makes using apps around the world easier.
·       b.)
Mobile usage has increased, which means more people will be interested in downloading apps.
·       c.)
State officials have suggested legislation to simplify regulations that small businesses must follow.
·       d.)
Employment levels are up, which means more people are spending money by visiting attractions in the city.
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Which of the following is an example of a physical resource?
·       a.)
Cash register used by clerks to make sales
·       b.)
Janitorial service hired to clean the coffee house after hours
·       c.)
Loans taken to fund a new Tarheel Coffee location in a nearby town
·       d.)
Patent for a new coffee press sold only at Tarheel Coffee locations
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Which of the following is an example of capital?
·       a.)
Money needed for day-to-day operations
·       b.)
Espresso machines used to make coffee drinks
·       c.)
The baristas that make and serve the beverages sold at Tarheel Coffee
·       d.)
Secret recipe for the custom tea blend sold in the store
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Which of the following is an example of a human resource?
·       a.)
Indoor and outdoor furniture available for customers to enjoy the atmosphere
·       b.)
Cash used to pay monthly operating expenses at each location
·       c.)
An idea for a new summer drink that will be unique to Tarheel Coffee's menu
·       d.)
The manager of Tarheel Coffee, who oversees the day-to-day operations
Which of the following is an example of a physical resource?
·       a.)
Patent for a new coffee press sold only at Tarheel Coffee locations
·       b.)
Loans taken to fund a new Tarheel Coffee location in a nearby town
·       c.)
Janitorial service hired to clean the coffee house after hours
·       d.)
Cash register used by clerks to make sales
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Which of the following is true in an oligopoly?
·       a.)
Focus on telling customers how the features of a product are different from other products.
·       b.)
Marketing is not needed since demand exists for the product and no one else supplies it.
·       c.)
Advertising will have little effect on the success of a product and is not needed.
·       d.)
Determining the best price of a product is more important than its marketing.
Which of the following is true in a perfect economy?
·       a.)
Determining the best price for a product is more important than its marketing.
·       b.)
Business owners should focus on pricing their products correctly so customers choose it over a competitor's product.
·       c.)
Business owners should focus on telling customers how the features of their products are different from other available products.
·       d.)
Advertising will have little effect on the success of a product and is not needed.
Which of the following is true in a monopoly?
·       a.)
Business owners should focus on pricing products correctly so customers will choose it over other products.
·       b.)
Business owners should bring their products to market quickly, before another company can create a similar product.
·       c.)
Business owners should use marketing to emphasize the unique features offered by their products.
·       d.)
Business owners should focus on other business functions, since advertising will not impact the success of their products.
Challenge 2
Why are small businesses important?
·       a.)
Small businesses attempt to earn a profit.
·       b.)
Over 50% of sales go to small businesses.
·       c.)
Small businesses are primarily involved in expansion and innovation.
·       d.)
Small businesses are independently owned.
What is the main difference between a small business owner and an entrepreneur?
·       a.)
Small business owners usually do not last more than two years.
·       b.)
Small business owners lack innovation and creativity.
·       c.)
Entrepreneurs are interested in generating profit.
·       d.)
Entrepreneurs take on businesses with the goal of growth and expansion.
Which of the following is a trait of small businesses?
·       a.)
They dominate their markets.
·       b.)
They are independently owned.
·       c.)
They rarely influence big business.
·       d.)
They have more than 500 employees.
Select the best reason below why Oliver should form a partnership with Kyle instead of starting a business as a sole proprietor.
·       a.)
Oliver may want to keep all of the profits the company earns.
·       b.)
Kyle may have experience managing business operations.
·       c.)
Oliver may want to make all final decisions on how they will operate the business.
·       d.)
Kyle may have personality traits that make working with him difficult.
Select the statement below that supports Luis starting a business as a partnership with Derick.
·       a.)
Luis has secured the funding needed to start the business.
·       b.)
Luis needs someone to work with him that has business skills.
·       c.)
Luis wants to keep any profits earned and reinvest them in the business.
·       d.)
Luis has the technology background needed to design the app features.
Which of the following statements best supports the decision to form a partnership rather than a sole proprietorship?
·       a.)
A partner would want a portion of the profits if the business is successful.
·       b.)
A partner could increase the likelihood investments could be frozen.
·       c.)
A partner could have ideas that would interrupt the business continuity.
·       d.)
A partner would contribute specific skills to make the business successful.
Which of the following statements confirms that Global Hotel Group (GHG) is a corporation rather than another type of business?
·       a.)
GHG implemented a social responsibility program.
·       b.)
GHG shares its profits with its investors.
·       c.)
GHG can be sued by a disgruntled former employee.
·       d.)
GHG is taxed solely on earnings from sales.
Which of the following makes corporations unique from other types of businesses?
·       a.)
A corporation is legally considered a person.
·       b.)
A corporation has unlimited liability.
·       c.)
A corporation can only be formed in certain states.
·       d.)
A corporation usually has over 500 employees.
Which of the following statements is characteristic of a corporation?
·       a.)
It keeps company information from being publicly disposed.
·       b.)
It is owned by a defined group of investors.
·       c.)
It exists for a defined period of time when established.
·       d.)
It lends money to other groups and organizations.
Which of the following is an example of goals and objectives?
·       a.)
Includes the specific milestones or outcomes that Tarheel Coffee hopes to achieve as a business
·       b.)
Includes current market research and predictions about how Tarheel Coffee will fare in the marketplace
·       c.)
Includes a summary of the amount of investment needed to start Tarheel Coffee as well as a break-even analysis and revenue projections
Which of the following is an example of a sales forecast?
·       a.)
Tarheel Coffee intends to implement a social responsibility program aimed at community youth within the first six months of business.
·       b.)
Tarheel Coffee needs an investment of $125,000 to open and is estimated to break even within the first eight months of opening.
·       c.)
Market research shows that six similar coffee shops in the surrounding areas profited an average of $150,000 during year one. Tarheel Coffee expects to earn a profit of $170,000 during the first year of business.
Which of the following is an example of a financial plan?
·       a.)
Tarheel Coffee intends to implement a social responsibility program aimed at community youth within the first six months of business.
·       b.)
Market research shows that six similar coffee shops in the surrounding areas profited an average of $150,000 during year one. Tarheel Coffee expects to earn a profit of $170,000 during the first year of business.
·       c.)
Tarheel Coffee needs an investment of $125,000 to open and is estimated to break even within the first eight months of opening.
Which of the following is an advantage to starting a new business rather than a franchise?
·       a.)
The owner can benefit from a well-known brand association.
·       b.)
It is easier to obtain funding from banks when starting a business from scratch.
·       c.)
The owner may have fewer start-up fees to pay.
·       d.)
The owner has access to marketing and operation assistance.
Which of the following is an advantage to starting a franchise?
·       a.)
The customer base is already established.
·       b.)
Success is guaranteed by the franchiser.
·       c.)
The cost of franchise license is inexpensive.
·       d.)
The franchisee has freedom to incorporate his/her own ideas into the business.
Which of the following is an advantage to starting a franchise?
·       a.)
A franchisee has creative rights and freedom to modify their store.
·       b.)
A franchisee can utilize proven methods for doing business.
·       c.)
A franchisee can determine what products to sell.
·       d.)
Franchising a business offers the least amount of start-up fees.
If a business does not audit its decisions, it might fail due to __________.
·       a.)
managerial failure
·       b.)
uncontrolled resources
·       c.)
lack of focus
·       d.)
not enough money
If an owner makes effective use of people and funds, a business may succeed because of __________.
·       a.)
checks and balances
·       b.)
hard work and effort
·       c.)
auditing decisions
·       d.)
management of resources
Through correct analysis of demand, a business may succeed due to __________.
·       a.)
hard work
·       b.)
leadership
·       c.)
planning and organization
·       d.)
luck
Challenge 3
Which of the following best describes managerial ethics?
·       a.)
Consideration of moral principles by decision-makers in an organization
·       b.)
The application of morality and the principles of right and wrong in businesses
·       c.)
The cultivation of a business environment that encourages and rewards participation
·       d.)
Organizational rules designed to encourage responsible, ethical behavior
Which of the following is a concern employees of an expanding business would have?
·       a.)
Ensure sensitive information about specialty offerings remains undisclosed until the new location opens.
·       b.)
Ensure that fair hiring and firing practices are incorporated at the new location.
·       c.)
Ensure the team develops strongly in new locations.
·       d.)
Ensure that customer requests are responded to promptly and professionally.
Greyson Hotel Group (GHG) was formed as a corporation to provide several hotel brands in major cities across the United States.
Which of the following ethical issues at GHG would directly impact the organization?
·       a.)
A GHG manager refuses to pay new staff members for working extra hours at the new site.
·       b.)
GHG management decides to wait to implement its social responsibility program at the new location.
·       c.)
A GHG Board of Directors member accepts fees for providing advice to one of its biggest competitors.
·       d.)
GHG management withholds its international expansion plans from its stockholders.
Which statement applies to the economic model of social responsibility?
·       a.)
Businesses have the resources to help solve social problems.
·       b.)
Businesses cannot ignore social issues.
·       c.)
Business does not create problems in society.
·       d.)
When businesses focus on profits, society benefits.
Which stakeholders of business benefit the most from safe products?
·       a.)
Communities
·       b.)
Customers
·       c.)
Employees
·       d.)
Investors
Which statement is true regarding the overlap between ethics and social responsibility?
·       a.)
Ethics and social responsibility have little relationship to one another.
·       b.)
Ethics considers profit as a factor in decision making.
·       c.)
Ethics and social responsibility are basically the same thing.
·       d.)
Ethics considers an individual's choices, while social responsibility takes a more big picture view.
Which of the following represents ongoing leadership?
·       a.)
Victoria and her committee decided what their goal was for the program and also discussed the scope of the program.
·       b.)
Victoria appointed specific responsibilities to each member of the program committee to ensure a clear organization of duties.
·       c.)
Victoria's friend worked at the local youth group and mentioned to Victoria that they were always looking for more volunteers.
·       d.)
Victoria checked in on the program to make sure it was being followed appropriately. She conducted an audit and refined a few of the practices based upon her findings.
Which of the following is an example of the results step?
·       a.)
The program was implemented and employees were encouraged to begin volunteering with local youth groups in the community.
·       b.)
Susan and her committee decided on the program's goals and objectives and determined how the program would be funded.
·       c.)
Susan and her committee collected feedback from participants of the program in order to measure progress and outcomes.
·       d.)
An audit was conducted to ensure that the program was being followed in the way that the committee envisioned. Processes were updated based upon audit results.
Which of the following is an example of need recognition?
·       a.)
The program was implemented and staff members volunteered and tutored youth at a local homeless shelter.
·       b.)
Ted worked with managers on ways to increase program participation.
·       c.)
Ted worked with managers to determine the scope of their program and plan out the program details.
·       d.)
An employee mentioned many local kids were homeless and hungry and that something had to be done to address the issue.
Paula suggested a fundraiser to help raise money for a community awareness program. Kevin loved the idea, but told Paula that they should focus on getting their business up and running. Like Paula, Kevin wanted the company to support a social initiative. However, he believed that the first year of operation was not the right time.
Kevin felt that their current focus should be on meeting legal requirements and ethical standards related to starting a business. They could promote their belief in walking as part of a healthy lifestyle when the company was well-established.
Based on Kevin’s statements, he feels the company should take a(n) __________ stance towards social responsibility.
·       a.)
ethical
·       b.)
obstructionist
·       c.)
proactive
·       d.)
accommodative
Jake told Oliver that walking should be promoted as a part of a healthy lifestyle. Since they were developing a walking app, he wanted to promote exercise in their community. Jake explained his idea in which users could participate in a walking scavenger hunt. The registration fees could be donated to physical education programs at local schools.
Oliver loved the idea, and told Jake that they should implement that program when the app was introduced. They both wanted the company to provide a service and to be a leader in raising health awareness in the community. Social responsibility would be a priority for their company from its beginning.
Based on Oliver and Jake's conversation, the company will take a(n) __________ stance towards social responsibility.
·       a.)
accommodative
·       b.)
ethical
·       c.)
proactive
·       d.)
disruptive
Luis and Derick were discussing how they wanted the company they currently work for to be socially responsible and to attract potential employees. Luis told Derick about his first job interview with a major corporation. Just as he was about to accept the job, he learned on the news that the corporation had been found guilty of accounting fraud and corruption and were not appealing the verdict. He decided that he did not want to be associated with that kind of employer.
Luis told Derick about his experience with a company that had taken a(n) __________ stance towards social responsibility.
·       a.)
combative
·       b.)
unethical
·       c.)
proactive
·       d.)
defensive
__________ consist(s) of right and wrong and the morality of choices.
·       a.)
Consequences
·       b.)
Ethics
·       c.)
Ethical decisions
·       d.)
Business culture
Which of the following was an aspect of the Enron scandal?
·       a.)
Overstatement of profits
·       b.)
International clothing market
·       c.)
Poor quality construction
·       d.)
General labor conditions
What was one of the consequences of the Bangladesh factory collapse of 2013?
·       a.)
The arrest of Sohel Rana
·       b.)
Poor quality construction
·       c.)
The Sarbanes-Oxley Act
·       d.)
Bankruptcy
Which of the following is an example of a trade deficit?
·       a.)
China can produce clothing more efficiently than the United States.
·       b.)
The United States imports more goods from China than China does from the United States.
·       c.)
China exports more goods to the United States than the US does to China.
·       d.)
China and the United States both import and export the same amount of goods to one another.
Which of the following must a business consider when entering the international marketplace?
·       a.)
What amount of local content the business will be required to use by its operations
·       b.)
What types of goals to include in the overview of the business plan
·       c.)
Whether the business will begin to offer franchising options internationally
·       d.)
When to introduce its domestic social responsibility programs in China
Which of the following options might a business have to consider when entering the international marketplace?
·       a.)
Issues with business continuity with current brands
·       b.)
When to create an ethical code of content
·       c.)
Licensing requirements for building in a foreign city
·       d.)
Need for a social responsibility program in the new location
The World Bank uses __________ to divide countries.
·       a.)
per capita income
·       b.)
physical geography
·       c.)
three main marketplaces
·       d.)
GNI
Developing countries have a GNI per capita of:
·       a.)
$1,036 to $4,085
·       b.)
$1,035 or less
·       c.)
$4,086 to $12,615
·       d.)
$12,616 or more
Which statement is true regarding global markets?
·       a.)
There are very few opportunities in low income markets.
·       b.)
The three main marketplaces are North America, Europe and South America.
·       c.)
The World Bank is an agency of the UN.
·       d.)
The UN method is used to calculate GNI per capita.
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What would it be called if the United States government set a specific limit for the amount of coffee that can be imported into the country?
·       a.)
Import tariff
·       b.)
Import embargo
·       c.)
Import tax
·       d.)
Import quota
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