Business Final Exam - Practice Exam Summary

Secondary research involves interacting with the world by talking to people.

Mind mapping is a free and open exchange of ideas.

According to Statistics Canada's survey of electronic commerce and technology, what approximate percentage of private sector firms used internet-based systems in 2007?

Which type of marketing involves the process of identifying the specific needs of each customer, repeatedly satisfying those needs, and creating a long-term, value-added relationship?

To succeed in a mature market, you must win customers from your competitors.

A competitive test matrix will help you to develop your competitive pricing strategy.

According to the textbook, branding is a promotional technique that is too expensive for a small business.

According to the Direct Sellers Association, which of the following methods resulted in the highest sales in 2008?

An important Action Step is to "fantasize your perfect location"

According to the text, your firm's image can be affected by the types of businesses in the neighbourhood where you are located.

Which of the following types of partnerships has unlimited personal liability for any debts?

Which of the following Acts requires an annual return to be filled each year?

As an employer, you are responsible only for those situations addressed in the occupational health and safety legislation.

As described in the Chapter 10 case study, what represented the first step to financial freedom for Ray and Joan Stewart?

What amount of net profit would an owner require if he or she wanted to achieve a profit margin of 45 percent of every $100 worth of sales?

The just-in-time team is a group of individuals who are hired on a contact basis to perform a specific function.

It is not necessary to profile the businesses that compete indirectly against you.

Return on owner's investment means little if you are investing money in bonds.

Which of the following defines "Paid Reach"?

Which is an example of the "simple method" of GST accounting?

According to 90 percent of entrepreneurs, which of the following is a major characteristic of running a business?

A growth segment is an industry with an annual sales increase that is well above average.

Which statement best identifies the market research findings of Crazy Plates trio Greta and Janet Podleski and David Chilton?

Demographics is the study of population characteristics such as age, income, education, and sex.

Which stage of the competitive life cycle would be most likely to see price wars?

Which of the following is a common goal of competitive intelligence?

According to the textbook, direct mail is your best approach if your market is fragmented or diverse.

According to the textbook, personal selling can be quite expensive but it is an effective from of promotion for small business.

Your net rent will include the cost of all services and utilities.

Which statement best describes the "loss factor"?

Which of the following is required for the formation of an incorporated business?

It is advisable to request a NUANS (Newly Upgraded Automated Name Search) report if you want to protect your business name.

Which type of business insurance covers lost earnings and other indirect costs when a business is interrupted because of fire or other catastrophe?

Which of the following would you use on an application of funds statement?

Which of the following can be predicted by an income projection?

What is action step 55?

Balance sheets and income statements are not required in a business plan of you are financing the business yourself.

Return on owner's investment is calculated by dividing investing dollars by the net assets.

Which of the following defines "Impression"?

Which of the following is correct?