BUSN 115 Final Exam

BUSN 115 Final Exam

Author: Christine Farr


1. (TCO 1) A(n) _____ is a framework of how a business intends to generate revenue. (Points : 5)

business model
strategic management tool
profitability analysis
competitive advantage
entrepreneurial mindset
Question 2.2. (TCO 1) People who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address include which of the following? (Points : 5)

Government employees
Surrounding/competing businesses
Foreign business leaders
Domestic business leaders
Question 3.3. (TCO 1) You are fairly good at various and sundry home repairs. You aren’t very good at electrical things, or anything having to do with plumbing. But you’re great with painting, patching, and general maintenance on a home. You’re contemplating starting a home repair business in your town. What are some issues that you can influence and should be concerned with in launching a new small business start-up? (Points : 5)

Current local council actions
Local school board policies
Government control
Collecting and remitting sales and use taxes
Training for what you don’t know how to do
Question 4.4. (TCO 3) A small business is defined as a company that _____. (Points : 5)

is newly launched and has fewer than 100 shareholders
is dominant in its field and employs fewer than 1,500 employees
has a revenue of less than $750,000
is independently owned and operated and not dominant in its field
is funded through personal lines of credit and has fewer than 1,000 employees
Question 5.5. (TCO 1) You own Wash This Way Laundromat in a busy part of town. ABC Laundry, a chain store competitor, opened across the street in a busy shopping strip. You decide to improve your business by adding an internet café offering free Wi-Fi. Why? (Points : 5)

To promote private ownership of businesses
To improve quality of life
To exceed customer expectations
To expand your market
Question 6.6. (TCO 2) These are government policies aimed at shielding a country's industries from foreign competition. (Points : 5)

Free-market capitalism
Import quotas
Question 7.7. (TCO 3) One advantage of offshore outsourcing is _____. (Points : 5)

less strategic tasks can be sourced so that companies can focus on sales and marketing
communication among company members, suppliers, and customers is problematic.
outsourced work allows companies to create efficiencies that in fact let them fire more workers
consumers benefit from lower prices generated by effective use of global resources and developing nations
offshore outsourcing may reduce product quality and can therefore cause damage to a company’s reputation
Question 8.8. (TCO 3) The reason(s) a company pursues a strategic alliance is to _____. (Points : 5)

enhance the ability to expand internationally
gain access to new technologies and know-how
increase credibility or brand awareness
All of the above
Question 9.9. (TCO 2) It can be difficult to balance ethics and other goals, such as pleasing stakeholders or advancing your career. According to management writer Ken Blanchard and religious leader Norman Vincent Peale, it helps to ask oneself which one of the following questions when facing an ethical dilemma? (Points : 5)

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