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Chapter 5 Practice Quiz

by: Annette Chun

Chapter 5 Practice Quiz STS 2500

Annette Chun
S&T in Social and Global Context
Douglas Muir

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About this Document

This is a set of Chapter 5's multiple choice questions with bolded answers in preparation for the quizzes in class. These questions will pop up in the mini quiz that includes Chapter 5 and possibly...
S&T in Social and Global Context
Douglas Muir
Study Guide
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This 5 page Study Guide was uploaded by Annette Chun on Monday October 5, 2015. The Study Guide belongs to STS 2500 at University of Virginia taught by Douglas Muir in Summer 2015. Since its upload, it has received 135 views. For similar materials see S&T in Social and Global Context in Engineering and Tech at University of Virginia.


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Date Created: 10/05/15
Chapter 5 Small Business Entrv P s to PartTime Entrepreneurship 1 Which of the following does NOT hold true of parttime selfemployment A It is a minor portion of all current entrepreneurship B There is tremendous volatility as individuals jump in and out of selfemployment quickly and frequently C It accounts for around half of small businesses in the United States D It is the way most people start in entrepreneurship 2 Fulltime approaches include all of the following EXCEPT A buying or inheriting existing businesses B stand retailing C franchising D opening a new fulltime business 3 Nowadays the conventional wisdom is that if you are serious about starting a business you ought to start a business full time and prepare for it by A doing a business plan B making bylaws C doing a strategic plan D creating an organizational chart 4 Which of the following statements about a business plan is false A A business plan enables you to look at every aspect of your business B Business plans are important if you intend to ask others for expertise or financial investments C Estimates suggest that a business plan may take anywhere from 10 to 20 hours or more if you are new to business D If you are new to business and need to gain basic experience you might want to obtain other types of experience before writing a business plan 5 All of the following are situations in which it might make better sense to undertake a part time business EXCEPT A when you are new to business and need to gain basic experience B when you lack resources to pursue a fullscale business C when there is a narrow window of opportunity D when there is enough time and resources to get the entire business going 10 11 Which of the following statements about the key considerations for parttime small business startups is false A You want a low cost of startup since you probably will not have a lot of money to invest B The more time and energy you spend preparing for a smallscale parttime business the shorter it takes to make a pro t C In most cases the cost to startup and the time to market are closely related D The fundamental idea of permanence is that customers want to know if the firm is likely to be around for awhile to provide customer service and future sales What is the greatest problem that homebased entrepreneurs face A Zoning challenges B Gaining customers C Insurance problems D Delivering work Permission from a government organization to act differently than the laws state is known as A a covenant B volatility C variance D bootstrapping An Internet site designed to introduce and explain a business to others is known as an A ecommerce Web site B portal Web site C advocacy Web site D informational Web site Identify the correct statement about B2B A For most of us the B2B market is visible B An example of a B2B transaction would be an individual buying a cell phone C It involves electronicallyfacilitated transactions between consumers through a third party D B2B ecommerce is larger than B2C ecommerce Identify the correct statement about RSS feeds A All Web sites push content out to customers by using an RSS feed B An RSS feed sends whatever Web material you specify to subscribers to that feed C RSS stands for quotreally simple sequencequot D RSS feeds can be read only with special readers 12 13 14 15 16 17 18 A listed live connection to a different Web site which in turn displays a similar link to the first Web site is an A sponsored link B reciprocal link C backlink D incoming link Which of the following is NOT an advantage of home businesses A Speed and ease of setting up B Low cost of getting started C Ability to do the work away from your home and employer D Always working quoton the roadquot thereby enhancing productivity All of the following are disadvantages of home retailing EXCEPT A high cost of getting started B always working quoton the roadquot C lacking a base from which you can organize and work D having a highly variable income All of the following relate to quotstand retailquot EXCEPT A they tend to be either semipermanent ones or movable ones B they need to be built in places where there is less traf c C they can be quickly established D they have a problem of building customer base The key device for managing time for parttime business individuals is A the todo list B auctioning C hiring employees D outsourcing The two key groups outside your business with whom you must deal with as parttime business owners are A the state and federal governments B the government and customers C customers and employees D employees and investors refers to information provided to the government concerning the existence of name of nature of and contact information for your business A Zoning B Franchising C Registration D Bootstrapping 19 All of the following are challenges of being a parttime entrepreneur EXCEPT A delegation and outsourcing B ethical challenges C moving from parttime to fulltime entrepreneur D the ability to make money to sustain the business 20 Delegation does NOT make sense in which of the following situations A When you want your business to operate in two places at once B When trust is low and employees lack skills C When you want your business to operate when you are not present D When others can do things better than you 21 Contracting with people or companies outside your business to do work for your business refers to A moonlighting B bootstrapping C outsourcing D licensing 22 All of the following are major concerns of moonlighting EXCEPT A con ict of interest B bootstrapping C cannibalizing sales D poisoning the well Scenario quotLight a Candlequot Working as an accountant in the local government agency Elizabeth has always had a liking for candles She collected thousands of candles over the years different shapes sizes occasions and colors After talking with a few coworkers Elizabeth decided to get a kiosk at the ea market for four weeks before Christmas to sell her candles with her business name quotLight a Candlequot 23 quotLight a Candlequot can be described as A stand retailing B mail ordering C home retailing D consignment retailing 24 If Elizabeth starts to take days off from work to staff the kiosk at the ea market she may be facing A cannibalizing B con ict of interests C poisoning the well D aggrandizing 25 If Elizabeth wants to have a fulltime sale With only parttime involvement she should consider A consignment stores B home retailing C bootstrapping D stand retailing


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