Cost of goods sold is located on which financial statement?

Question 1

Cost of goods sold is located on which financial statement?

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Question 2

Which of the following was not identified as one of the four main financial objectives of a firm?

Question 3

Which of the following is an example of a long-term liability or debt?

Question 4

Which of the financial statements used by businesses to keep track of their financial affairs is the most similar to an ordinary person’s end-of-the month bank statement?

Question 5

A firm’s working capital is its:

Question 7

________ reflect past performance and are usually prepared on a quarterly and annual basis.

Question 8

________ are an estimate of a firm’s future income and expenses, based on its past performance, its current circumstances, and its future plans.

Question 9

The strength and vigor of a firm’s overall financial posture is referred to as:

Question 11

Which of the following statements about pro forma financial statements is incorrect?

Question 12

Analyzing financial ratios could alert a business owner to which of these problems?

Question 13

Thomas has a growing and profitable Surfboard manufacturing business. Last month he received orders from two large chains. They will purchase a total of 900 boards. These orders are much larger than usual. But the retailers will require terms of 5% down and net 90 and a refund on all unsold boards is required. Thomas has been paying his vendors at the time of purchase. He does not have a lot of cash in the bank. If he takes the orders what is the danger he needs to be concerned about that can put him out of business?

Question 14

Cash plus items that are readily convertible to cash, such as accounts receivable, marketable securities, and inventories are classified as ________ on a firm’s balance sheet.

Question 15

Many entrepreneurs go about the task of raising capital haphazardly because:

Question 16

Which of the following was not identified (in class or in the book) as a common (and sound) bootstrapping strategy?

Question 17

A(n) ________ is an institution, such as Credit Suisse First Boston, that acts as an underwriter or agent for a firm engaged in an initial public offering.

Question 18

Which of the following statement is not correct regarding business angels?

Question 19

In regard to the stages (or rounds) of venture capital funding, the stage of funding that occurs when an investment is made very early in a venture’s life to fund the development of a prototype and feasibility analysis is referred to as:

Question 20

Entrepreneurs have access to two different types of capital, ________ and ________ .

Question 21

The seed money that gets a company off the ground typically comes from:

Question 22

A brief carefully constructed statement that outlines the merits of a business opportunity is called a(n):

Question 23

The main difference between the SBIR and the STTR programs is that the STTR program requires the participation of:

Question 24

Entrepreneurs needing between $100,000 and $3 million in the current financial environment will likely find acquiring financing to be:

Question 25

Bill and Megan Tempelton are planning to open a smoothie restaurant near a large soccer complex in Greeley, Colorado, and need $75,000 to get started. They have $15,000 of their own money, which leaves $60,000. After getting turned down by a couple of banks, they decided to turn to their relatives and acquaintances for help. Fortunately, they were able to raise the money through a gift from Bill’s grandfather, a loan from Megan’s parents, and a small investment by Bills best friend in college, Kevin. The money that an entrepreneur raises in this manner is referred to as:

1.5 points

Question 26

The three most common forms of equity funding are:

Question 27

A(n) ________ is when a company raises capital by selling shares of its stock to the general public for the first time.

Question 28

The most notable SBA program available to small businesses is the:

Question 29

When done correctly, the due diligence process will:

Question 30

In a ________ , a franchisee has the right to create a semi-independent organization in a particular territory to recruit, sell, and support other franchisees.

Question 31

Which of the following statements is incorrect regarding business format franchises?

Question 32

Franchisors are required by law to disclose all their costs in a document called the:

Question 33

Clark Jensen recently opened a Planet Smoothie franchise. So far, he is very satisfied with Planet Smoothie because in exchange for an initial franchise fee and an ongoing royalty payment, Planet Smoothie has provided Clark a formula for doing business along with training, advertising, and other forms of assistance. Clark purchased a ________ franchise.

Question 34

Franchising is a form of business ownership in which a firm that already has a successful product or service licenses its trademark and method of doing business to another business in exchange for:

Question 35

Which of the following is not a potential advantage of franchising for the franchisee?

Question 36

When evaluating the financial position of a business he or she is considering buying, an entrepreneur should examine:

Question 38

Clark Jensen recently opened a Smoothie King franchise. So far, he is very satisfied with Smoothie King because in exchange for an initial franchise fee and an ongoing royalty payment, Smoothie King has provided Clark a formula for doing business along with training, advertising, and other forms of assistance. Clark purchased a ________ franchise.

Question 39

Important factors to investigate regarding the business to be purchased include:

Question 41

In the majority of cases, a franchisee pays the franchisor a royalty based on:

Question 42

Brenda Berry is thinking about starting a computer company. After doing some research, she has decided that the computer industry can be divided into the following product categories: hand-held computers, laptops, PCs, minicomputers, and mainframes. She is now trying to decide which product category she is the most interested in competing in. The process that Brenda is going through is called:

Question 43

The unique selling proposition (USP) focuses on:

Question 44

Which of the following statements concerning marketing research is false?

Question 45

Entrepreneurs should make sure they do not fall victim to any of the e-commerce myths. Which of the following is not an e-commerce myth?

Question 46

Which of the following is not one of the objectives a guerrilla marketing plan should accomplish?

Question 47

________ is the process of communicating a company’s unique selling proposition to its target customers in a consistent and integrated manner.

Question 48

Which of the following guerrilla marketing tactic(s) allow a small company to utilize relationship marketing successfully?

Question 49

Small businesses can compete with larger rivals with bigger budgets by employing unconventional, low-cost creative techniques known as:

Question 50

A firm’s marketing mix consists of the following four elements:

Question 52

Andy Sanders owns a sporting goods store that appeals to hunters and fishermen. The market that Andy is trying to appeal to is called his:

Question 53

Which of the following statements concerning a company’s target market is false?

Question 54

Which of the following is an important issue that business owners should consider before launching an e-commerce effort?

Question 56

Which of the following is notone of the vital tasks small business leaders must perform?

Question 57

Which of the following is nota behavior typically exhibited by effective leaders?

Question 58

Which of the following statements is untrue regarding founding teams?

Question 59

Melissa Jones just launched a firm in the wireless communications industry. Shortly after the company was launched, Melissa announced that a prominent Silicon Valley venture capitalist had agreed to serve on her board of directors. Melissa knows that such a high quality appointment will send an important message to her potential business partners and clientele. This phenomenon is referred to as:

Question 60

Which of the following statements about a company’s culture is false?

Question 61

William Woods recently launched a printing company. One thing William is thinking about creating is a panel of experts who can provide him ongoing direction and advice regarding the future of his business. William is thinking about creating an:

Question 62

A board of directors has three formal responsibilities:

Question 63

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