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________ management deals with managing a company's finances in a way that achieves the highest rate of return.A.FinancialB.OperationalC.MarketingD.MissionE.Profit A company's _____ is money ow
________ management deals with managing a company's finances in a way that achieves the highest rate of return.
A.
Financial
B.
Operational
C.
Marketing
D.
Mission
E.
Profit
A company's _____ is money owed to it by its customers.
A.
accounts payable
B.
liquidity
C.
inventory
D.
accounts receivable
E.
debt
The four main financial objectives of a firm are profitability, liquidity, _____, and stability.
A.
fungibility
B.
payability
C.
affordability
D.
efficiency
E.
operatability
_____ is the strength and vigor of the firm's overall financial posture.
A.
Affordability
B.
Liquidity
C.
Efficiency
D.
Profitability
E.
Stability
The Southwest Airlines quote "Our planes don't make any money sitting on the groundlong dash
—we have to get them back into the air" relates to which of the main financial objectives?
A.
Affordability
B.
Stability
C.
Efficiency
D.
Liquidity
E.
Profitability
For a firm to be stable, it must not only earn a profit and remain liquid but also ________.
A.
keep its debt in check
B.
have a supplier focus
C.
have a business model
D.
have no debts
E.
have a mission statement
____ are an estimate of a firm's future income and expenses, based on its past performance, its current circumstances, and its future plans.
A.
Forecasts
B.
Balance sheets
C.
Financial statements
D.
Business models
E.
Income statements
_______, which depict relationships between items on a firm's financial statements, are used to discern whether a firm is meeting its financial objectives and how it stacks up against its industry peers.
A.
Standards
B.
Budgets
C.
Pro formas
D.
Financial ratios
E.
Forecasts
The ____ is a report similar to the annual report except that it contains more detailed information about the company's business.
A.
business plan
B.
financial
C.
operating
D.
10-K
E.
budget
Historical financial statements include the income statement, the balance sheet, and the statement of _______.
A.
forecasts
B.
budgets
C.
cash flows
D.
processes
E.
products
The _______ reflects the results of the operations of a firm over a specified period of time.
A.
statement of cash flows
B.
forecast
C.
balance sheet
D.
budget
E.
income statement
The ____ ratio is a simple ratio that measures the price of a company's stock against its earnings.
A.
stability
B.
current
C.
liquidity
D.
P/E
E.
efficiency
If a company earned $1.50 a share and its stock is trading at $30, its P/E ratio is ____.
A.
45
B.
20
C.
10
D.
18
E.
15
If a firm has a net income of $131,000 and net sales of $586,000, its profit margin is ___.
A.
13.6 percent
B.
22.3 percent
C.
18.8 percent
D.
20 percent
E.
17.9 percent
A(n) _____ is a snapshot of a company's assets, liabilities, and owners' equity at a specific point in time.
A.
budget
B.
income statement
C.
statement of cash flows
D.
balance sheet
E.
financial statement
_____ are assets used over a longer time frame, such as real estate and buildings.
A.
Current assets
B.
Fixed assets
C.
Entrepreneurial assets
D.
Goodwill assets
E.
Cash assets
Inventories are ____ assets.
A.
miscellaneous
B.
other
C.
current
D.
fixed
E.
corporate
_____ include(s) obligations that are payable within a year.
A.
Private equity
B.
Current assets
C.
Miscellaneous assets
D.
Current liabilities
E.
Owners' equity
A company's assets are recorded at cost rather than _______.
A.
fair market value
B.
historical price
C.
past price
D.
what was paid for
E.
profits
If a firm has a debt ratio of 40 percent, it means that 40 percent of its ____ is financed by debt.
A.
total assets
B.
liabilities
C.
sales
D.
revenues
E.
current assets
A firm's ______ provide the basis for its pro forma financial statements.
A.
revenues
B.
assets
C.
liabilities
D.
costs
E.
forecasts
A completely new firm's forecast should be preceded in its business plan by an explanation of the sources of the numbers for the forecast and the assumptions used to generate them. This explanation is called ______.
A.
the feasibility analysis
B.
an assumptions sheet
C.
a pro forma statement
D.
the business model
E.
a budget
If a firm felt that its future sales would be a function of its advertising expenditures, the number of people who participated in intramural sports at the sports complexes near its restaurants, and the prices of its drinks, it could predict future sales using ____ as long as it had historical data for each of these variables.
A.
regression analysis
B.
percentdash
–ofdash
–sales method
C.
changing ratio method
D.
estimates
E.
constant ratio method
A firm's breakdash
–even point is 60,000 units. Any units sold above 60,000 represent ____.
A.
escalating costs
B.
diminishing revenues
C.
additional costs
D.
diminishing returns
E.
profits
The pro forma ____ provides a firm a sense of how its activities will affect its ability to meet its shortdash
–term liabilities and how its finances will evolve over time.
A.
vision
B.
business model
C.
budget
D.
balance sheet
E.
mission
______ refers to the fact that companies often falter because the people who start them aren't able to adjust quickly enough to their new roles and because the firm lacks a "track record" with outside buyers and suppliers.
A.
Hubris
B.
Liability of newness
C.
Liability of foreignness
D.
Managerial overconfidence
E.
Entrepreneurial failure
Which of the following is a common mistake made in putting together a new-venture team?
A.
Hiring top managers and sharing ownership in the firm
B.
Placing qualified friends or family members in management positions
C.
Not presenting a "one-person team" philosophy
D.
Acknowledging that previous success in other industries does not automatically translate to your industry
E.
Presenting an "I am above the team" philosophy
Various people or groups form part of a newdash
–venture team; however, _____ are not one of them.
A.
lenders
B.
a board of directors
C.
suppliers
D.
a board of advisers
E.
key employees
______ early decisions significantly affect the way an entrepreneurial venture is received and the manner in which the new-venture team takes shape.
A.
Customers'
B.
Stakeholders'
C.
Suppliers'
D.
Stockholders'
E.
Founders'
Studies show that _______ percent of all new firms are started by more than one individual.
A.
20
B.
50 percent to 70
C.
100
D.
15
E.
10
A (n)_______ team means that members are diverse in terms of their abilities and experiences.
A.
heterogeneous
B.
entrepreneurial
C.
homogeneous
D.
hubris
E.
monogeneous
A founding team larger than ____ is typically too large to be practical.
A.
1
B.
10
C.
4
D.
2
E.
5
If the _____ of a firm have similar areas of expertise, it can be problematic.
A.
founders
B.
investors
C.
customers
D.
lenders
E.
suppliers
Prior entrepreneurial experience, relevant industry experience, and ____ are the attributes that strengthen the chances of a founder's success.
A.
good home life
B.
good family background
C.
a good personality
D.
networking
E.
a high school education
The results of research studies somewhat consistently suggest that _______ is one of the most consistent predictors of future entrepreneurial performance.
A.
a nurturing home life
B.
good family background
C.
innocence
D.
prior entrepreneurial experience
E.
good looks
_____ is building and maintaining relationships with people whose interests are similar to one's own or with whom relationships could bring advantages to the firm.
A.
Moderating
B.
Modulating
C.
Navigating
D.
Networking
E.
Attributing
Which of the following is NOT a preferred attribute of a firm's founder or founders?
A.
Higher education
B.
Relevant industry experience
C.
Prior academic experience
D.
Prior entrepreneurial experience
E.
Firm started by a team
Evidence suggests that important entrepreneurial skills are enhanced through ______.
A.
good family background
B.
higher education
C.
happy family life
D.
good upbringing
E.
lifestyle
One technique available to entrepreneurs to help prioritize their hiring needs is to maintain a _____.
A.
skills profile
B.
job description
C.
job bank
D.
job profile
E.
data bank
A(n)_____ is a freelancer who provides administrative, technical, or creative assistance to clients remotely from a home office.
A.
intern
B.
extern
C.
employee
D.
virtual assistant
E.
job sharer
A(n) ______ is a person who is in business for oneself, works on one's own time with one's own tools and equipment, and performs services for a number of clients.
A.
job sharer
B.
employee
C.
freeloader
D.
freelancer
E.
intern
_____ programs provide firms a chance to "look" at a potential hire before making a formal commitment to that person.
A.
Job-shadowing
B.
Internship
C.
Freelancer
D.
Job-sharing
E.
Virtual assistant
Freelancers and virtual assistants are considered _______.
A.
key employees
B.
rank-and-file employees
C.
employees
D.
independent contractors
E.
dependent contractors
If a new venture organizes as a corporation, it is legally required to have _________.
A.
suppliers
B.
a network board
C.
a board of professionals
D.
a board of directors
E.
a board of advisers
When an officer of a firm serves on the company's Board, the officer is a(n) ________.
A.
fiduciary director
B.
inside director
C.
outside director
D.
stakeholder director
E.
ex officio director
One of the responsibilities of a firm's board of directors is to _______.
A.
develop the business plan
B.
hire employees
C.
declare dividends
D.
find customers
E.
find suppliers
Which of the following is NOT an attribute of effective boards of directors?
A.
Indecisiveness
B.
Complementary mix of talents
C.
Strong communication with the CEO
D.
Strong ethics
E.
Customerdash–focused point of view
Which of the following is NOT an attribute of strong board members?
A.
A good academic record
B.
Pattern recognition skills
C.
Strong interpersonal communication skills
D.
Investment and/or operating experience
E.
Respected in the field
While a(n) ______ offers help in providing direction and advice, it possesses no legal responsibility for the firm and gives nonbinding advice.
A.
stakeholder board
B.
advisory board
C.
board of directors
D.
board of customers
E.
employee board
A(n) ____ is an individual who gives professional or expert advice.
A.
consultant
B.
stakeholder
C.
employee
D.
intern
E.
virtual assistant
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