Question 1

In an "on-line" or "web-based" business, the location is usually irrelevant.

Accepted Answer

A) True 
 B)False  True

Question 2

The terms "location" and "site" are totally interchangeable.

Accepted Answer

A) True 
 B)False  False

Question 3

Discuss the major considerations for the "site" of a retail business.

Accepted Answer

Traffic volume, traffic times, visibility, accessibility, parking, surrounding businesses and lease issues are major points which should be explained for full marks.

Question 4

The decision on whether to work from your home should be based on your personal convenience.

Accepted Answer

A) True 
 B)False

Question 5

A patent gives protection for:

Accepted Answer

A) an invention. 
B) a creative work. 
C) an ornamental design. 
D) all of the above. 
A) an invention. 
B) a creative work. 
C) an ornamental design. 
D) all of the above.

Question 6

Identify and explain the major types of protection a business can use for intellectual property.

Accepted Answer

Patent, copyright and trademar

Question 7

A new business will generally make sales forecasts for at least five years.

Accepted Answer

A) True 
 B)False

Question 8

The sales forecast for a brand new business is not based on:

Accepted Answer

A) industry statistics. 
B) how long it takes to get new customers. 
C) expert opinion. 
D) past sales of the company. 
A) industry statistics. 
B) how long it takes to get new customers. 
C) expert opinion. 
D) past sales of the company.

Question 9

A company's customers may, themselves, represent a form of competition.

Accepted Answer

A) True 
 B)False

Question 10

Extrapolation means:

Accepted Answer

A) projecting new values based on facts known about similar situations. 
B) obtaining money by threats. 
C) using more good manners than necessary. 
D) making up numbers out of thin air. 
A) projecting new values based on facts known about similar situations. 
B) obtaining money by threats. 
C) using more good manners than necessary. 
D) making up numbers out of thin air.

Question 11

Commonly, for a manufacturing business, the first priority for location is:

Accepted Answer

A) being close to customers. 
B) being close to wholesalers. 
C) being close to sources of supply. 
D) being close to service industries. 
A) being close to customers. 
B) being close to wholesalers. 
C) being close to sources of supply. 
D) being close to service industries.

Question 12

Leasehold Improvements are usually paid for by the:

Accepted Answer

A) landlord. 
B) lessee. 
C) real estate agent. 
D) business broker. 
A) landlord. 
B) lessee. 
C) real estate agent. 
D) business broker.

Question 13

A separate estimate of market potential is required for each different customer group a business is targeting.

Accepted Answer

A) True 
 B)False

Question 14

A new business should use several methods of estimating sales forecast.

Accepted Answer

A) True 
 B)False

Question 15

Generally, new firms are better to:

Accepted Answer

A) lease the property where the business is situated. 
B) buy the property where the business is situated. 
C) have a short-term rental with no contract. 
D) always start a home-based business. 
A) lease the property where the business is situated. 
B) buy the property where the business is situated. 
C) have a short-term rental with no contract. 
D) always start a home-based business.

Question 16

It is best to be situated right next to your competition if you are selling something:

Accepted Answer

A) that is basically a "convenience" item. 
B) that is not particularly expensive. 
C) that is particularly expensive. 
D) that customers tend to "shop" before buying. 
A) that is basically a "convenience" item. 
B) that is not particularly expensive. 
C) that is particularly expensive. 
D) that customers tend to "shop" before buying.

Question 17

A visual symbol is generally protected by copyright.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is a source of primary marketing research information?

Accepted Answer

A) government statistics. 
B) business publications. 
C) trade journals. 
D) a questionnaire survey. 
A) government statistics. 
B) business publications. 
C) trade journals. 
D) a questionnaire survey.

Question 19

It is generally better for a new business to lease, rather than own, their premises.

Accepted Answer

A) True 
 B)False

Question 20

Traffic analysis has little importance for a retail type of business.

Accepted Answer

A) True 
 B)False

In an "on-line" or "web-based" business, the location is usually irrelevant.

The terms "location" and "site" are totally interchangeable.

Discuss the major considerations for the "site" of a retail business.

The decision on whether to work from your home should be based on your personal convenience.

A patent gives protection for:

Identify and explain the major types of protection a business can use for intellectual property.

A new business will generally make sales forecasts for at least five years.

The sales forecast for a brand new business is not based on:

A company's customers may, themselves, represent a form of competition.

Extrapolation means:

Commonly, for a manufacturing business, the first priority for location is:

Leasehold Improvements are usually paid for by the:

A separate estimate of market potential is required for each different customer group a business is targeting.

A new business should use several methods of estimating sales forecast.

Generally, new firms are better to:

It is best to be situated right next to your competition if you are selling something:

A visual symbol is generally protected by copyright.

Which of the following is a source of primary marketing research information?

It is generally better for a new business to lease, rather than own, their premises.

Traffic analysis has little importance for a retail type of business.

The Concept: What Business Will I Be in

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

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Exam 2: Feasibility: How Do I Know It Will Work

In an "on-line" or "web-based" business, the location is usually irrelevant.

The terms "location" and "site" are totally interchangeable.

Discuss the major considerations for the "site" of a retail business.

The decision on whether to work from your home should be based on your personal convenience.

A patent gives protection for:

Identify and explain the major types of protection a business can use for intellectual property.

A new business will generally make sales forecasts for at least five years.

The sales forecast for a brand new business is not based on:

A company's customers may, themselves, represent a form of competition.

Extrapolation means:

Commonly, for a manufacturing business, the first priority for location is:

Leasehold Improvements are usually paid for by the:

A separate estimate of market potential is required for each different customer group a business is targeting.

A new business should use several methods of estimating sales forecast.

Generally, new firms are better to:

It is best to be situated right next to your competition if you are selling something:

A visual symbol is generally protected by copyright.

Which of the following is a source of primary marketing research information?

It is generally better for a new business to lease, rather than own, their premises.

Traffic analysis has little importance for a retail type of business.

The Concept: What Business Will I Be in

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

Filters