IT364 Midterm 2023 PDF

IT-364: IT Entrepreneurship and Innova | Mid 5/2023 In a(an)_________________, the co-owners (partners) legally share a business’s assets, liabilities, and profits according to the terms of an established partnership agreement. A. Partnership B. C corporation C. Joint venture D. Sole proprietorship...

IT-364: IT Entrepreneurship and Innova | Mid 5/2023 In a(an)_________________, the co-owners (partners) legally share a business’s assets, liabilities, and profits according to the terms of an established partnership agreement. A. Partnership B. C corporation C. Joint venture D. Sole proprietorship The UPA stands for _______________________________. A. Uniform Partnership Act B. Unified Privacy Act C. Unique Personal Act D. Universal Property Act ___________ offer some of the same products and services. A. Significant competitors B. Direct competitors C. Indirect competitors D. Core competitors A corporation that conducts business in the state in which it is incorporated is a ____________. A. Foreign corporation B. Publicly held corporations C. Alien corporations D. Domestic corporation Which of the following are methods for preparing an advertising budget? A. Sales representative's opinion, weather forecast, market trends, customer's feedback B. CEO's hobbies, social media followers, office location, logo design C. CEO's preference, random selection, competitor's method, last year's budget D. Affordable, competitor matching, percentage of sales, objective-and-task What factors determine the right price for a product or service? A. Logo size, CEO's book, mission statement B. Social media following, likes, CEO hobbies C. Cost structure, market assessment, desired image D. Color, weather, gold One advantage of buying an existing business can be _____: A. Leverage the experience of the previous owner B. Obsolete or inefficient equipment and facilities C. Cash requirements D. Business is losing money In___________________, semi-independent business owners pay fees and royalties to a parent company in return for the right to become identified with its trademark, to sell its products or services, and often to use its business format and system. A. Corporation B. Franchising C. Joint venture D. Partnership What is the purpose of promotion in marketing? A. To increase the price of a product or service B. To lower the quality of a product or service C. To decrease the demand for a product or service D. To inform consumers about a product or service and influence them to make a purchase One disadvantage of buying an existing business can be _____: A. Installed Equipment with known production capacity B. Low price C. Easier access to financing D. Paying for “ill will” _________ is the aggregation of factors that differentiates a small business from its competitors and gives it a unique and superior position in the market. A. Experience B. Competitive advantage C. Strengths D. Creativity Describe at least three potential drawbacks of owning a small business? ( Open Question ) Uncertainty of Income Risk of losing your entire invested capital Long hours and hard work Lower quality of life until the business gets established High levels of stress Complete responsibility Discouragement What are the three types of information commonly used in data mining? A. Geometric, Demographic, and Psychotic B. Geographic, Demographic, and Psychographic C. Geothermal, Demographic, and Psychotic D. Geopolitical, Demographic, and Psychographic List out the various Franchising types and explain each in detail ( Open Question ) Three basic types: 1. Trade-name franchising 2. Product distribution franchising 3. Pure franchising (or comprehensive franchising or business format franchising ) ________ is a method for determining the value of a business that use the price/earnings ratios of similar businesses to establish the value of a company. A. Balance Sheet Technique B. Earnings approach C. Asset Approach D. Marketing approach _____________ is thinking new things, and _____________ is doing new things. A. Creativity, Innovation B. Invention, Creativity C. Innovation, Creativity D. Creativity, Invention __________ refers to a business that employs less than 100 people. A. Small business B. Startup C. Medium business D. Mid-market Which of the following is NOT correct regarding the benefits of owning a small business? A. Opportunity to gain control over your own destiny. B. Opportunity to do what you enjoy doing. C. Opportunity to reap impressive profits. D. Opportunity to be more stressed. The _____ form of business ownership is designed for a business owned and managed by one individual. A. S corporation B. Joint venture C. Sole proprietorship D. Limited liability company refers to the knowledge and information a company acquires and uses to create a competitive advantage in its market segment. A. Financial capital B. Human capital C. Intellectual capital D. Structural capital What is the price range for a product or service? A. The difference between the price of the product and the cost of production B. The highest possible price a customer is willing to pay C. The difference between the price floor and the price ceiling D. The average price of similar products or services in the market Which of the following are questions that a company should consider when selecting advertising media. A. CEO's personal hobbies, number of social media followers B. CEO's favorite color, number of employees C. Trading area size, customer characteristics D. Company's logo design, office location The _________________ is a hybrid structure that features elements of a partnership and a corporation. A. Limited liability company (LLC) B. Closely held corporation C. Foreign corporation D. S corporation ____________ is a natural part of the creative process. A. Thinking B. Failure C. Innovation D. Success Which of the following areas should a business plan presentation cover? A. Your favourite colour and hobbies B. Your company's mission statement C. The latest celebrity gossip D. The problem your product or service solves A(An) __________ is a distinction that is made only for federal income tax purposes and is, in terms of its legal characteristics, no different from any other corporation. A. S corporation B. C corporation C. Publicly held corporations D. Closely held corporation ___________ is a road map an entrepreneur draws up of the actions necessary to fulfill a company's mission, goals, and objectives. A. Business plan B. Vision C. Strategy D. Strategic management _________ refers to the ability of developing new ideas and discovering new ways of looking at problems and opportunities. A. Invention B. Creativity C. Innovation D. Entrepreneurship In negotiating the deal, one goal of the seller can be ____________ A. Sell the business at the lowest price possible B. Minimize the amount of cash paid up front C. Avoid unreasonable contract terms that might limit future opportunities D. Maximize the tax burden from the sale are those who create multiple companies and usually run more than one business simultaneously. A. Scalable entrepreneurs B. Social entrepreneurs C. Serial entrepreneurs D. Scalable startups Sami