Alexandra Hudson, owner of a company that manufactures high quality wood

Alexandra Hudson, owner of a company that manufactures high quality wood


Q1. Alexandra Hudson, owner of a company that manufactures high quality wood furniture has forged a long-term partnership with an upscale furniture wholesaler in Denmark to sell her company’s products in that country. The Danish wholesaler has agreed to handle the distribution details and to provide design ideas to help Hudson’s company create new styles that will appeal to Danish customers in exchange for some price concessions. The relationship between the two companies began when a representative of the Danish furniture wholesaler contacted Hudson through Hudson’s World Wide Web site. Hudson and the Danish company have formed a:

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a. foreign joint venture.

b. a domestic joint venture.

c. countertrading relationship.

d. foreign licensing arrangement.

Q2. Shopping malls typically average __________ parking spaces per 1,000 square feet of shopping space.

a. 2

b. 5

c. 10

d. 16

Q3. A movie theater with 8 screens recently opened in Knoxville, Tennessee. A short time later, two restaurants, a coffee shop, and a frozen yogurt store opened within walking distance of the theater. These businesses are using the location principle of:

a. retail consolidation

b. retail complexity

c. retail compatibility

d. retail consortium

4. To obtain needed space for a company, ________ is a common choice because it is economical.

a. leasing

b. building

c. renovating

d. designing

Q5. For which of the following businesses would clustering be an effective location strategy?

a. a car dealership

b. a flower shop

c. a sporting goods store

d. a dry cleaner

Q6. Online newsletters should be kept to about:

a. 600 words

b. 2000 words

c. 6 pages

d. 20 pages

Q7. A _________ is an agreement between an exporter’s bank and a foreign buyer’s bank that guarantees payment to the exporter for a specific shipment of goods.

a. bank draft

b. letter of credit

c. promissory note

d. freight draft

Q8. Which of the following countries represents the top market for U.S. small business exporters?

a. Japan

b. Mexico

c. Canada

d. Germany

Q9. In a performance appraisal, a manger should:

a. keep comments as general as possible to avoid upsetting workers.

b. use the time to spring several “surprises” (both good and bad) on employees about their performances over the past year.

c. critique employees’ attitudes and abilities rather than their actions.

d. spend about 20 percent of the time discussing past performance and use the remaining 80 percent of the time to develop goals and plans for the future.

Q10. Experts draw an analogy between today’s successful small business leader and:

a. the conductor of a symphony orchestra.

b. the leader of a jazz band.

c. a member of a rock and roll band.

d. a chamber music concert group.

Q11. Web-based businesses invest ____ percent of revenue in marketing, compared to _____ percent for off-line businesses.

a. 65, 4

b. 55, 8

c. 45, 16

d. 35, 32

Q12. Under NAFTA, companies have greater protection of their patents, trademarks, and copyrights across national borders.

a. true

b. false

Q13. A foreign sales company is a shell company created in an approved U.S. territory or a foreign country that allows a business to reduce its U.S. income tax liability by _____ on earnings from foreign trade.

a. 5% to 15%

b. 15% to 30%

c. 30% to 50%

d. More than 30%

Q14. A(n) __________ minimizes estate taxes on a business by creating two classes of stock: preferred voting stock (the value of which remains constant) for the parents, and nonvoting common stock (the value of which reflects the increased value of the business) for the children.

a. family limited partnership

b. estate freeze

c. buy/sell agreement

d. grantor retained annuity trust

Q15. Domain names can be registered with the U.S. Patent and Trademark Office.

a. true

b. false

Q16. A(n) __________ is a tax or a duty that a government imposes on goods and services shipped into that country.

a. tariff

b. quota

c. embargo

d. lateral agreement

Q17. Experts estimate that __________ of the products U.S. companies export to other nations require little modification to sell in foreign markets.

a. one-tenth

b. one-fourth

c. one-third

d. one-half

Q18. A __________ layout arranges displays in a rectangular fashion so that aisles are parallel; it is a formal layout that controls the traffic flow through the store and is often used in supermarkets and drugstores.

a. Grid

b. free-form

c. boutique

d. spiral

Q19. What can e-businesses do to enhance customers’ trust in their Web sites?

a. post a privacy policy on their sites and stick to it.

b. clearly explain shipping costs and return policies.

c. protect and respect their customers’ privacy online.

d. all of the above.

Q20. When a speaker sends conflicting verbal and nonverbal messages, listeners are most likely to believe

a. the verbal message

b. the nonverbal message

c. neither one

d. none of the above.

Q21. Effective leaders:

a. create a set of values and beliefs for employees and passionately pursue them.

b. communicate with their employees.

c. value the diversity of their workers.

d. All of the above.

Q22. Which of the following is an effort by the Small Business Administration (SBA) to speed up processing times and streamline the process for its loan applications?

a. Preferred Lender Program

b. Low Doc Loan Program

c. SBAExpress Program

d. All of the above

Q23. A __________ is a written statement of the duties, responsibilities, reporting relationships, working conditions, and materials and equipment used in a job.

a. job specification

b. job title

c. job description

d. work order

Q24. A business owner seeking money to purchase a building and the equipment needed to launch a welding shop would need which kind of capital?

a. Fixed

b. working

c. growth

d. disposable

Q25. A __________ is a specially designated area that allows resident companies to import materials and components from foreign countries; assemble, process, package, or manufacture them; and then ship finished products out while incurring lower tariffs and duties, or in some cases, eliminating them altogether.

a. enterprise zone

b. business incubator

c. foreign trade zone

d. export zone

Q26. The simplest way for entrepreneurs to get their business online is to:

a. rent space at an online shopping mall.

b. hire an Internet service provider (ISP).

c. hire professionals to create a custom site.

d. build a site in-house.

Q27. The best websites use a variety of fancy typefaces and varying font sizes.

a. true

b. false

Q28. A privacy policy is a critical component of a well-designed Internet business strategy.

a. true

b. false

Q29. Which of the following statements about shopping malls is true?

a. The average length of shoppers’ mall visits has climbed steadily over the past decade.

b. To keep shoppers coming back, malls are adding a mix of entertainment attractions and a fresh mix of specialty shops to their retail mix.

c. Nearly half of the malls in the United States are less than five years old.

d. All of the above.

Q30. The most popular estate planning technique among business owners is the:

a. buy/sell agreement.

b. grantor retained annuity trust

c. estate freeze

d. family limited partnership

Q31. A small company using factoring would prefer which type of factoring arrangement?

a. with recourse

b. without recourse

c. exempted

d. None of the above.

Q32. Created in 1947, this became the first global tariff agreement, and, today, it includes 124 countries that account for nearly 90 percent of world trade.


b. WTO



Q33. __________ are privately-owned financial institutions that are licensed and regulated by the Small Business Administration; they use a combination of private and federally-guaranteed debt to provide long-term capital to small businesses.

a. SBICs

b. SBDCs

c. LDCs

d. UDAGs

Q34. When searching for a location, a company that develops computer software for the entertainment industry would be interested in studying which of the following factors about the labor supply in a particular area?

a. the number of workers available

b. the level of education, training, and experience of the workforce

c. the prevailing wage rate in the area

d. All of the above

Q35. When a bank becomes a __________ lender under the Small Business Administration’s loan program, the bank makes the final decision on a small company’s loan application (subject only to review by the SBA) but still receives the security of the SBA’s loan guarantee.

a. certified

b. preferred

c. authorized

d. conferred

Q36. Business incubators:

a. combine low-cost, flexible rental space with a multitude of support services for their small business residents.

b. give small companies a greater chance for success by offering them valuable business services as well as connections to funding sources and management consulting.

c. improve their residents’ survival rates;

d. All of the above.

Q37. The first and foremost obstacle an entrepreneur must overcome to become a truly global business is:

a. finding the financing to establish an export program.

b. learning to think globally.

c. locating a foreign partner to help navigate the market successfully.

d. adapting the product or service to suit the tastes, preferences, and customs of foreign markets.

Q38. Small companies that operate globally are able to:

a. offset sales declines in the domestic market.

b. extend their products’ life cycles.

c. raise their levels of quality and customer-orientation.

d. All of the above.

Q39. Small companies can attract and retain high-quality workers by:

a. looking inside the company first with a promotion-from-within policy.

b. making their employment advertisements stand out.

c. forging relationships with schools, colleges, and other sources of workers.

d. all of the above.

Q40. __________ items are best suited for selling on the World Wide Web.

a. high-volume

b. low-margin

c. commodity

d. all of the above.

Q41. The most important ingredient in the recipe for a successful joint venture is:

a. negotiating an iron-clad contract that binds both parties.

b. choosing the right partner.

c. seeing the joint venture for what it really is: a chance for both parties to make large profits by joining forces.

d. to build a monopoly in the target country.

Q42. In a _________ layout, a manufacturer groups workers and equipment according to their general function.

a. process

b. product or line

c. fixed position

d. functional

Q43. A company must file a __________ describing both the company and the stock offering with the Securities and Exchange Commission (SEC) before making an initial public offering.

a. lockup agreement

b. letter of intent

c. statement of corporate standing

d. registration statement

Q44. The average Web user spends nearly __________ hours online each week.

a. 2

b. 6

c. 16

d. 25

Q45. The Arthur Andersen/MassMutual Survey of American Family Businesses reports that _________ percent of small business owners have written estate plans.

a. 25

b. 40

c. 55

d. 75

Q46. The most popular loan program sponsored by the Small Business Administration (SBA) is:

a. Low Doc Program

b. Export Working Capital Program

c. 7(a) Loan Guaranty Program

d. All of the above

Q47. When Blue Fish Clothing decided to raise money for growth and expansion by selling shares of company stock straight to investors without relying on an investment banker (or underwriter), the company was making which kind of stock offering?

a. Rule 147

b. direct stock offering

c. Regulation S-B

d. Best-efforts stock offering

Q48. Which of the following statements concerning asset-based loans is false?

a. The most common types of asset-based loans are discounting accounts receivable and inventory financing.

b. Because of its efficiency and low cost, asset-based loans are an ideal source of long-term financing.

c. A small company that qualifies for a $1 million line of credit would be able to borrow as much as $3 million using asset-based loans.

d. All of the above

Q49. Regular special offers that are available only to Web customers will annoy most shoppers.

a. true

b. false

Q50. A(n) __________ is a combination of hardware and software operating between the Internet and a company?s computer network that allows employees to have access to the Internet but keeps unauthorized users from entering the company?s network and the programs and the data it contains.

a. virus detection program

b. firewall

c. intrusion detection program

d. hacker block