(TCO 5) To ensure that a building will accommodate expansion
plans, a new business should

always build a new facility.
plan space requirements for one to two years
into the future and update the plans every six months.
buy or lease facilities that had the same type
of business in them previously.
build, buy, or lease facilities that are
50100% too big for their current operations.

Question 2. Question
:
(TCO 5) Originally created to encourage companies to locate
in economically depressed areas, ________ offer tax breaks and federal tax
breaks for hiring workers living in the immediate area.
industrial parks
small business incubators
empowerment zones
trade zones

Question 3. Question
:
(TCO 3) A competitive profile matrix

creates a road map of action for the
entrepreneur in order to fulfill his or her company’s mission, goals, and
objectives.
compares the firm’s and its competitors’ key
success factors.
permits the small business owner to divide a
mass market into smaller, more manageable segments.
identifies a firm’s core competencies.

Question 4. Question
:
(TCO 3) Which of the following best expresses the
relationship of a company vision to its mission?

The company mission statement is the verbal
expression of the written vision.
The company vision comes from the company
mission.
The mission statement is the written
expression of the company vision.
There is no relationship between the two.

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

Question 6. Question
:
(TCO 1) Money-driven and wild risk takers are both
common characteristics of entrepreneurs.
common misconceptions of entrepreneurs.
entrepreneur’s techniques to success.
None of the above

Question 7. Question
:
(TCO 3) The second essential purpose for creating a business
plan is

to attract lenders and investors.
to file with the SEC before making a public
stock offering.
to attract potential managers and employees to
run the new venture.
to guide the operation of the company by
charting its future course and devising a strategy for following it.

Question 8. Question
:
(TCO 5) Manufacturing layout decisions take into
consideration

customer buying behavior, the types of product
sold, and the physical dimensions of the building.
the status of the building; built, bought, or
leased and the type of product sold.
the product, the process, the facility, and
key economic considerations.
the employees, the customer, and the
mechanical process used to produce the product.

Question 9. Question
:
(TCO 3) How is the strategic planning process for small
companies different from that for large companies?

The planning horizon should cover at least
five years into the future.
The process should be informal and not overly
structured “a shirtsleeve approach.”
It should be conducted by top management and
provided to lower management.
The process should begin with setting
objectives and conclude with competitive analysis.

Question 10. Question
:
(TCO 3) The final step of the strategic planning process is

establishing accurate controls.
choosing a marketing strategy to pursue.
translating the strategic plan into
operational plans.
evaluating the competitive environment.

(TCO 5) To ensure that a building will accommodate expansion
plans, a new business should always build a new facility. plan space requirements for one to two years
into the future and update the plans every six months. buy or lease facilities that had the same type
of business in them previously. build, buy, or lease facilities that are
50100% too big for their current operations. Question 2. Question
: (TCO 5) Originally created to encourage companies to locate
in economically depressed areas, ________ offer tax breaks and federal tax
breaks for hiring workers living in the immediate area. industrial parks small business incubators empowerment zones trade zones Question 3. Question
: (TCO 3) A competitive profile matrix creates a road map of action for the
entrepreneur in order to fulfill his or her company’s mission, goals, and
objectives. compares the firm’s and its competitors’ key
success factors. permits the small business owner to divide a
mass market into smaller, more manageable segments. identifies a firm’s core competencies. Question 4. Question
: (TCO 3) Which of the following best expresses the
relationship of a company vision to its mission? The company mission statement is the verbal
expression of the written vision. The company vision comes from the company
mission. The mission statement is the written
expression of the company vision. There is no relationship between the two. 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 Question 6. Question
: (TCO 1) Money-driven and wild risk takers are both common characteristics of entrepreneurs. common misconceptions of entrepreneurs. entrepreneur’s techniques to success. None of the above Question 7. Question
: (TCO 3) The second essential purpose for creating a business
plan is to attract lenders and investors. to file with the SEC before making a public
stock offering. to attract potential managers and employees to
run the new venture. to guide the operation of the company by
charting its future course and devising a strategy for following it. Question 8. Question
: (TCO 5) Manufacturing layout decisions take into
consideration customer buying behavior, the types of product
sold, and the physical dimensions of the building. the status of the building; built, bought, or
leased and the type of product sold. the product, the process, the facility, and
key economic considerations. the employees, the customer, and the
mechanical process used to produce the product. Question 9. Question
: (TCO 3) How is the strategic planning process for small
companies different from that for large companies? The planning horizon should cover at least
five years into the future. The process should be informal and not overly
structured “a shirtsleeve approach.” It should be conducted by top management and
provided to lower management. The process should begin with setting
objectives and conclude with competitive analysis. Question 10. Question
: (TCO 3) The final step of the strategic planning process is establishing accurate controls. choosing a marketing strategy to pursue. translating the strategic plan into
operational plans. evaluating the competitive environment.