Starting a New Business MCQ
Objectives during a sales call include making the customer ________.
Answer
Correct Answer:
All of the above.
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Changes in work processes, methods, and equipment are a part of ________ changes.
Answer
Correct Answer:
Technological
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During the ______ stage in the product life cycle, the window of opportunity is wide open because little or no competition exists.
Answer
Correct Answer:
Introduction
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In the beginning of a new business, the only thing the new business person has is ______.
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The primary advantages of operating a home-based business are which of the following?
Answer
Correct Answer:
Schedule flexibility and low overhead
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The primary advantages of operating a home-based business are which of the following?
Answer
Correct Answer:
Schedule flexibility and low overhead
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The stages that products in the marketplace go through are known as ______.
Answer
Correct Answer:
The product life cycle
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A company that strives to offer good products at the lowest prices possible is operating with which competitive advantage?
Answer
Correct Answer:
Operational excellence
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Finding something valuable that was not looked for is known as ______.
Answer
Correct Answer:
Serendipity
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Which of the following provides the greatest percentage of business ideas to prospective business owners?
Answer
Correct Answer:
Competitors
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Most high-growth firms are in which industry?
Answer
Correct Answer:
High-tech
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Which of the following is a source for business ideas that results in avoiding many errors and establishing competitive advantages early on?
Answer
Correct Answer:
Prior work experience
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Before a new businessperson can develop a competitive edge, it must determine its own uniqueness by evaluating ______.
Answer
Correct Answer:
The competition
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Which of the following is likely to be the most capital intensive?
Answer
Correct Answer:
A Ford manufacturing facility
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Which of the following questions can give a potential business owner insight on future and current demand?
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Correct Answer:
Does the idea solve a consumer’s want or need?
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Many ideas for new products or businesses do not add value for the customer or user and consequently are not ______.
Answer
Correct Answer:
Business opportunities
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Service businesses are more ______.
Answer
Correct Answer:
Labor intensive
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The risk of failure is greater with ______.
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Window of Opportunity is a period of time in which an opportunity is available.
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Serendipity is a fortunate discovery made by _____ means.
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Correct Answer:
Unplanned
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Product life cycles are the stages that products in a marketplace pass through over time.
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Product leaders is a business that creates a competitive advantage based on providing the _____ products possible.
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Correct Answer:
Highest-Quality
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Operational Excellence creates a competitive advantage by _____ costs to provide customers with the lowest-priced products.
Answer
Correct Answer:
Holding Down
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Online business is a business that :
Answer
Correct Answer:
All of the above
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Labor Intensive is a business that is not dependent on the services of people rather than on money and equipment.
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Labor Intensive is a business that is more dependent on the services of people than on _____ .
Answer
Correct Answer:
Both a and b
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Select the Incorrect statement for Independent Contractor:
Answer
Correct Answer:
A person who is employed by a business
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Independent contractor is a person who is employed by a business and, unlike employees, is not eligible for a benefit package.
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_____ is the key for creating Hypergrowth?.
Answer
Correct Answer:
Scalability
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Businesses that are unintentionally structured to grow at exceptional rates are called Hypergrowth.
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A popular type of business that operates from the
Answer
Correct Answer:
Owner’s home
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In a business context, disruption is making _____ to the way business is done in a specific industry.
Answer
Correct Answer:
Significant Changes
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Customer intimacy is maintaining a _____ relationship with customers through superior service that results in a competitive advantage.
Answer
Correct Answer:
Long-term
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Corridor is the idea that opportunities become available to an entrepreneur after and before the entrepreneur has started a business.
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A business that depends greatly upon _____ for its operations.
Answer
Correct Answer:
All of them
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