Question 1

Describe the important factors to consider in making a location decision.

Accepted Answer

When making a location decision, there are several important factors to consider. These include the cost of real estate and labor, the availability of skilled workers, proximity to suppliers and customers, transportation and infrastructure, regulatory and tax considerations, and the overall business environment of the area.

The cost of real estate and labor can significantly impact the bottom line of a business, so it's important to carefully evaluate these expenses in potential locations. Additionally, having access to a skilled workforce is crucial for many businesses, so considering the availability of qualified employees in a given area is essential.

Proximity to suppliers and customers can also play a significant role in a location decision. Being close to suppliers can reduce transportation costs and lead times, while being near customers can improve customer service and reduce shipping expenses.

Transportation and infrastructure are important factors to consider as well. Access to highways, ports, and airports can impact the ease of shipping and receiving goods, while a well-developed infrastructure can make it easier to conduct business operations.

Regulatory and tax considerations are also important when choosing a location. Different areas may have varying regulations and tax rates that can impact the cost of doing business, so it's important to carefully evaluate these factors.

Finally, the overall business environment of a location should be taken into account. This includes factors such as the local economy, the presence of other businesses in the area, and the potential for growth and development.

By carefully considering these important factors, businesses can make informed decisions about where to locate their operations, ultimately setting themselves up for success in their chosen area.

Question 2

Layout is the spatial arrangement of the physical facilities in the most efficient manner for the specific business.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following are major considerations when deciding which type of facilities are appropriate to the type of business you have?

Accepted Answer

A) Construction 
B) Design 
C) Function 
D) Price 
E) Square footage alone 
A) Construction 
B) Design 
C) Function 
D) Price 
E) Square footage alone A, B, C

Question 4

Hardly any communities offer incentives such as financial aid or tax breaks.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following are possible retail choices for business locations?

Accepted Answer

A) Downtown 
B) Stand-alone structures 
C) Small block of stores 
D) Mall 
E) Mail-order 
A) Downtown 
B) Stand-alone structures 
C) Small block of stores 
D) Mall 
E) Mail-order

Question 6

Few entrepreneurs decide to start new business ventures in their home community.

Accepted Answer

A) True 
 B)False

Question 7

A _______ is a collection of small stores that gets more auto traffic rather than foot traffic.

Accepted Answer

A) full-size mall 
B) strip mall 
C) independent store 
D) foot-friendly 
E) downtown store 
A) full-size mall 
B) strip mall 
C) independent store 
D) foot-friendly 
E) downtown store

Question 8

Wholesalers generally sell only to retail businesses for resale, and thus they must be available in a centralized location.

Accepted Answer

A) True 
 B)False

Question 9

Discuss some of the elements of conducting marketing research on which cities are suitable for location.

Accepted Answer

Conducting marketing research to determi

Question 10

A _______ market springs up not from people wanting goods for their personal use but for the use those goods have in completing a demanded product or process.

Accepted Answer

A) supply chain 
B) wholesaler 
C) derived demand 
D) contrived demand 
E) logistical 
A) supply chain 
B) wholesaler 
C) derived demand 
D) contrived demand 
E) logistical

Question 11

In a leaseback, an entrepreneur buys an asset, sells it to another party, and then leases it back, thereby no longer owning it.

Accepted Answer

A) True 
 B)False

Question 12

The _______ publishes information about the United States, dividing it into Standard Metropolitan Statistical Areas (SMSAs)

Accepted Answer

A) Internal Revenue Service 
B) U)S. Census Bureau 
C) U)S. Department of the Interior 
D) Securities and Exchange Commission 
E) Federation of Chambers of Commerce 
A) Internal Revenue Service 
B) U)S. Census Bureau 
C) U)S. Department of the Interior 
D) Securities and Exchange Commission 
E) Federation of Chambers of Commerce

Question 13

Retail locations are particularly sensitive to specific characteristics of the surrounding area.

Accepted Answer

A) True 
 B)False

Question 14

A _______ business is an organization based in the owner's home.

Accepted Answer

A) Internet 
B) friend-based 
C) freelance 
D) home-based 
E) homemade 
A) Internet 
B) friend-based 
C) freelance 
D) home-based 
E) homemade

Question 15

The economy, demographics, or other factors may dictate a change in location.

Accepted Answer

A) True 
 B)False

Question 16

Discuss what communities can offer as incentives for new businesses.

Accepted Answer

Communities can offer a variety of incen

Question 17

A retail store has most of its total space displaying its products for shoppers to select, with a much smaller area to store (or warehouse) the products until they are placed on the sales floor.

Accepted Answer

A) True 
 B)False

Question 18

Wholesale locations generally are in _______ areas as they are not dependent upon end-user consumers.

Accepted Answer

A) less expensive 
B) remote 
C) more expensive 
D) the same 
E) elevated 
A) less expensive 
B) remote 
C) more expensive 
D) the same 
E) elevated

Question 19

Which of the following are generally used for leaseback situations?

Accepted Answer

A) Inventory 
B) Real estate 
C) Small-ticket items such as office supplies 
D) Airplanes 
E) Trucks 
A) Inventory 
B) Real estate 
C) Small-ticket items such as office supplies 
D) Airplanes 
E) Trucks

Question 20

It is now much easier to obtain the appropriate zoning variances,
 licenses, and required permits because of fewer conflicting interests.

Accepted Answer

A) True 
 B)False

Describe the important factors to consider in making a location decision.

Layout is the spatial arrangement of the physical facilities in the most efficient manner for the specific business.

Which of the following are major considerations when deciding which type of facilities are appropriate to the type of business you have?

Hardly any communities offer incentives such as financial aid or tax breaks.

Which of the following are possible retail choices for business locations?

Few entrepreneurs decide to start new business ventures in their home community.

A _______ is a collection of small stores that gets more auto traffic rather than foot traffic.

Wholesalers generally sell only to retail businesses for resale, and thus they must be available in a centralized location.

Discuss some of the elements of conducting marketing research on which cities are suitable for location.

A _______ market springs up not from people wanting goods for their personal use but for the use those goods have in completing a demanded product or process.

In a leaseback, an entrepreneur buys an asset, sells it to another party, and then leases it back, thereby no longer owning it.

The _______ publishes information about the United States, dividing it into Standard Metropolitan Statistical Areas (SMSAs)

Retail locations are particularly sensitive to specific characteristics of the surrounding area.

A _______ business is an organization based in the owner's home.

The economy, demographics, or other factors may dictate a change in location.

Discuss what communities can offer as incentives for new businesses.

A retail store has most of its total space displaying its products for shoppers to select, with a much smaller area to store (or warehouse) the products until they are placed on the sales floor.

Wholesale locations generally are in _______ areas as they are not dependent upon end-user consumers.

Which of the following are generally used for leaseback situations?

It is now much easier to obtain the appropriate zoning variances, licenses, and required permits because of fewer conflicting interests.

Whats Entrepreneurship About Do You Want to Start Your Own Business

New Venture Options: Do You Want to Start a New Business, Buy One, Be a Franchisee, or a Corporate or Nonprofit Entrepreneur

What Business How Do You Find Opportunities and Develop a Business Model

How Do You Assess the Chances of Venture Success Feasibility Analysis and Protecting the Business Model Legally

Business Planning: Whats Your Legal Form and Strategy

The Marketing Plan: Who Are Your Customers

The Operations Plan: How Will You Make the Product

The Human Resource Plan: How Do You Develop the New Venture Team and Employees

The Finance Plan: How Much Money Do You Need

Sources of Funds: Where Do You Get the Money

Controls: How Do You Keep the New Venture on Track

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Exam 7: The Location and Layout Plan: What Facilities Do You Need

Describe the important factors to consider in making a location decision.

Layout is the spatial arrangement of the physical facilities in the most efficient manner for the specific business.

Which of the following are major considerations when deciding which type of facilities are appropriate to the type of business you have?

Hardly any communities offer incentives such as financial aid or tax breaks.

Which of the following are possible retail choices for business locations?

Few entrepreneurs decide to start new business ventures in their home community.

A _______ is a collection of small stores that gets more auto traffic rather than foot traffic.

Wholesalers generally sell only to retail businesses for resale, and thus they must be available in a centralized location.

Discuss some of the elements of conducting marketing research on which cities are suitable for location.

A _______ market springs up not from people wanting goods for their personal use but for the use those goods have in completing a demanded product or process.

In a leaseback, an entrepreneur buys an asset, sells it to another party, and then leases it back, thereby no longer owning it.

The _______ publishes information about the United States, dividing it into Standard Metropolitan Statistical Areas (SMSAs)

Retail locations are particularly sensitive to specific characteristics of the surrounding area.

A _______ business is an organization based in the owner's home.

The economy, demographics, or other factors may dictate a change in location.

Discuss what communities can offer as incentives for new businesses.

A retail store has most of its total space displaying its products for shoppers to select, with a much smaller area to store (or warehouse) the products until they are placed on the sales floor.

Wholesale locations generally are in _______ areas as they are not dependent upon end-user consumers.

Which of the following are generally used for leaseback situations?

It is now much easier to obtain the appropriate zoning variances, licenses, and required permits because of fewer conflicting interests.

Whats Entrepreneurship About Do You Want to Start Your Own Business

New Venture Options: Do You Want to Start a New Business, Buy One, Be a Franchisee, or a Corporate or Nonprofit Entrepreneur

What Business How Do You Find Opportunities and Develop a Business Model

How Do You Assess the Chances of Venture Success Feasibility Analysis and Protecting the Business Model Legally

Business Planning: Whats Your Legal Form and Strategy

The Marketing Plan: Who Are Your Customers

The Operations Plan: How Will You Make the Product

The Human Resource Plan: How Do You Develop the New Venture Team and Employees

The Finance Plan: How Much Money Do You Need

Sources of Funds: Where Do You Get the Money

Controls: How Do You Keep the New Venture on Track

Filters