Devry SBE420 Week 2
Quiz Latest 2016 Jan.
1. Question
: (TCO 5) Signs are important to
the small business owner because they
are a medium that is not subject to
regulation, thereby permitting maximum flexibility.
provide the maximum space for relatively
complex messages.
are easy to use and to change.
grow in effectiveness the longer they are in
place.
Instructor Explanation: Textbook page 547
Points Received: 4 of 4
Comments:
Question 2. Question
: (TCO 5) The first phase in
determining where to locate a business is
determining what regions in the country have
what the new business needs to succeed.
conducting an Internet search for information
on the cities of choice and competitors in those cities.
determining which city has the demographics
that fit the business best.
choosing to what state the business owner
wants to move.
Instructor Explanation: Textbook page 519
Points Received: 0 of 4
Comments:
Question 3. Question
: (TCO 3) A small business owner
would conduct a competitive analysis in order to
scan the environment for weaknesses and
strengths on which to capitalize.
influence customers’ perceptions of the
company and products’ image.
avoid surprises from existing competitors and
to identify potential new competitors.
divide the market into smaller, homogeneous
units.
Instructor Explanation: Textbook page 50
Points Received: 4 of 4
Comments:
Question 4. Question
: (TCO 3) A mission statement
should answer which of the following questions?
What are the needs and wants of the target
customers?
How will we finance our growth and expansion?
How much money will we make?
Who are our competitors?
Instructor Explanation: Textbook pages 43-44
Points Received: 4 of 4
Comments:
Question 5. Question
: (TCO 1) “Copreneurs”
are
business magazines targeted towards
entrepreneurs.
entrepreneurial couples who work together as
co-owners of their business.
personality traits of entrepreneurs.
None of the above
Instructor Explanation: Textbook page 25
Points Received: 4 of 4
Comments:
Question 6. Question
: (TCO 1) Which of the following
is not a common characteristic of entrepreneurs?
High energy
level
Business plan expertise
Preference for moderate risk
Desire for responsibility
Question 7. Question
: (TCO 3) A well-developed
business plan provides the entrepreneur with a number of benefits, such as
a way to identify probable financial backers.
assisting the entrepreneur in going public
with his or her new venture on the stock market.
determining the principle risks confronting
the business.
a valuable tool for recruiting management to
help in running the business.
Instructor Explanation: Textbook page 160
Question 8. Question
: (TCO 5) The value of the floor
space in a retail store depends upon
the type of store and customer.
the number of salespeople servicing the area.
its proximity to aisles and entrances.
the merchandise in that area.
Question 9. Question
: (TCO 3) Strategic management
is a process that involves
developing a vendor list.
developing a vision and mission statement.
developing goals and objectives.
both B and C.
Question 10. Question
: (TCO 3) A small business owner
needs to remember that when it comes to employee involvement in the strategic
planning process,
the delegation of authority is not as
important as communicating a clear vision.
involvement is a prerequisite for the
achievement of total employee commitment.
his or her employees look to him or her for
leadership and do not want to be involved.
employees do not need to be involved in the
strategic process, but do need to be involved in the operational process.
Instructor Explanation: Textbook page 66
