TestBankCh02Ed5.docx
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TestBankCh02Ed5.docx
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TestBankCh02Ed5
CHAPTER2
DEVELOPINGTHEBUSINESSIDEA
True-FalseQuestions
T.1.Forventuresthatfirstgettomarketorcreateintellectualpropertyrights,it’scommontopricenewproductsorservicesathighmarkupsorprofitmargins.
F.2.Lifestylefirmsaregrowth-drivenintermsofrevenues,profits,andcashflowsandalsoperformance-orientedasreflectedinrapidvaluecreationovertime.
T.3.“Salary-replacement”firmsprovidetheirownerswithincomelevelscomparabletowhattheycouldhaveearnedworkingformuchlargerfirms.
T.4.Anentrepreneurmaystartanumberofdifferenttypesofbusinesses,includingsalary-replacementfirms,lifestylefirms,andentrepreneurialfirmsorventures.
F.5.“Entrepreneurialventures”arefirmsthatallowownerstopursuespecificlifestyleswhilebeingpaidfordoingwhattheyliketodo.
F.6.Entrepreneurialventuresemphasizesurvivalandprovidinganacceptablelivingfortheirownerswithgrowthbeingasecondarygoal.
F.7.Asoundbusinessmodelisaplantogenerateinvestorinterest,makeprofits,andgrowassetinvestments.
T.8.Asoundbusinessmodelshouldprovideaplantogeneraterevenues,makeprofits,andproducefreecashflows.
F.9.MarkTwainsaid:
“LikeItellanybody,ifyoufailtoplan,you’replanningtofail.”
T.10.Bestpracticesofhigh-growth,high-performancefirmsappliedinthemarketingpracticesareainclude“developingnewproductsorservicesthatareconsideredtobethebest.”
F.11.Bestpracticesofhigh-growth,high-performancefirmsappliedinthemarketingpracticesareainclude“preparingdetailedmonthlyfinancialplansforthenextyearandannualfinancialplansforthenextfiveyears.
T.12.Bestpracticesofhigh-growth,high-performancefirmsappliedinthefinancialpracticesareainclude“preparingdetailedmonthlyfinancialplansforthenextyearandannualfinancialplansforthenextfiveyears.
T.13.Bestpracticesofhigh-growth,high-performancefirmsappliedinthemanagementpracticesareainclude“assemblingamanagementteamthatisbalancedinbothfunctionalareacoverageandindustry/marketknowledge.”
T.14.Businessopportunities,becausetheyexistinrealtime,havearelativelynarrowwindowofopportunitytobecomeasuccessfulbusinessventure.Howeverbeingthefirsttomarketdoesnotguaranteesuccess.
T.15.Ideasthataresaidtobe“aheadoftheirtime”aretooearlytobecomeviablebusinessopportunitiesfortheinventororinnovator.
T.16.Onceconceptualized,anewideashouldbeexaminedforitsbusinessfeasibility.
T.17.ASWOTanalysisisanexaminationofthestrengths,weaknesses,opportunities,andthreatstodeterminethebusinessopportunityviabilityofanidea.
F.18.ASWOTanalysisfocusesonstrengths(S),worries(W),opportunities(O),andtreats(T).
F.19.A“ventureopportunityscreening”isthesamethingaspreparingabusinessplan.
T.20.ASWOTanalysisshouldconsideraspotentialstrengthsorweaknesseswhetherthereareunfilledcustomerneedsandtheextenttowhichintellectualpropertyrightsexist.
F.21.ASWOTanalysisshouldconsidertheextentofexistingcompetitionandthelikelihoodofsubstituteproductsorservicesaspotentialstrengthsoropportunities.
T.22.Ventureopportunityscreeninginvolvesassessmentofanidea’scommercialpotentialtoproducerevenuegrowth,financialperformance,andvalue.
F.23.AventurewithalowscoreontheVOSIndicatorshouldalwaysbeabandoned.
T.24.TheVOSIndicatorisusefulinassessingthecommercialpotentialofaventure,butshouldnotbeusedasthesoletooltodetermineaventure’sfate.
T.25.TheVOSIndicatorprovidesbothqualitativeandquantitativeinformationaboutaventure’scommercialpotential.
T.26.Aventureopportunity-screeningguide,calledtheVOSIndicator,isusedtodeterminepotentialattractivenessofventureopportunitiesasbusinessopportunities.
F.27.Assetintensityisthenetafter-taxprofitdividedbytotalassets.
T.28.Onewaytodescribeassetintensityisthedollarinvestmentinassetsneededtogenerateadollarinsales.
F.29.BusinesschangesresultinginhighernetprofitalwaysincreasesROA.
T.30.Thecompoundrateofreturnthatequatesthepresentvalueofthecashinflowswiththeinitialinvestmentoutlayiscalledtheinternalrateofreturn(IRR).
T.31.Bootstrappingreferstotheprocessofminimizingresourcessuchastheneedforfinancialcapitalandfindinguniquesourcesforfinancinganewventure.
F.32.Freecashflowtoequityisthecashflowfromproducingandsellingaproductorprovidingaservice.
F.33.Inatypicalbusinessplan,thesectioncoveringthemanagementteamdoesnotneedtodisclosetheexpertiseandexperienceofthemanagement.
T.34.Thenon-financialoptionavailabletomanagersastheventureprogressesthroughitslifecycleisknownasrealoptions.
F.35.Theprocessofmovingfromentrepreneurialopportunitiestonewbusinesses,products,orservicesbeginswithideas,thenmovestothepreparationofabusinessplan,andfinallyendswithafeasibilitystudy.
T.36.Awell-designedentrepreneurialventurebinswithanideathatsurvivesananalysisofitsfeasibilityandresultsinabusinessmodel/plan.
F.37.Asuccessful,soundbusinessmodeldoesnothavetoultimatelyproducefreecashflows.
T.38.Thefirstcomponentofasoundbusinessmodelistheneedtogeneraterevenues.
Multiple-ChoiceQuestions
b.1.Firmsthatallowownerstopursuespecificlifestyleswhilebeingpaidfordoingwhattheyliketodoarereferredtoas:
a.salary-replacementfirms
b.lifestylefirms
c.entrepreneurialventures
d.rapidvaluecreationfirms
d.2.U.S.smallbusinessesarepredominately:
a.salary-replacementorentrepreneurialfirms
b.lifestyleorentrepreneurialfirms
c.entrepreneurialventures
d.salary-replacementorlifestylefirms
b.3.Thedefinitionofanentrepreneurialfirmis:
a.survival,highgrowth
b.highgrowth,highperformance
c.survival,averageperformance
d.high,growth,averageperformance
c.4.Asoundbusinessmodelprovidesaplanwhichincludesallofthefollowingexcept?
a.generatesrevenues
b.makesprofits
c.retainsallitsearnings
d.producesfreecashflows
e.alloftheaboveareincluded
d.5.Asoundbusinessmodelincludesaplanto:
a.generaterevenues,makeprofits
b.makeprofits,producefreecashflows
c.producefreecashflowsfortheownersoftheventure
d.generaterevenues,makeprofits,andproducefreecashflows
a.6.Whichoneofthefollowingcomponentsisnotastandardcomponentofasoundbusinessmodel?
a.producelow-costproducts
b.generaterevenues
c.makeprofits
d.producefreecashflows
b.7.Freecashflows,whichcanbepaidbacktoinvestorsoccurswhencashgeneratedfromoperationsexceedsallofthefollowingexcept?
a.borrowingcosts
b.non-cashdepreciation
c.taxes
d.investmentinassets
d.8.Aventure’svalueisdeterminedby
a.thesizeandtimingofitsfuturefreecashflows
b.timevalueofmoney
c.itsnetincome
d.aandb
e.aandc
a.9.Developingnewanddeliveringhigh-qualityproductsorservicesthatcommandhigherpricesandmarginsbestdescribesstrong
a.marketingpractices
b.financialpractices
c.operatingpractices
d.managementpractices
e.10.Effectiveentrepreneurialmanagementteamsshouldincludeallofthefollowingexcept?
a.provideexpertiseintheareasofmarketing,finance,andoperations
b.havesuccessfulexperienceintheventure’sindustryandmarkets
c.workcollaborativelywitheachother
d.sharetheentrepreneurialspirit
e.in-houseaccounting,auditing,andtaxprofessionals
b.11.Aviableventureopportunityischaracterizedbyallofthefollowingexcept?
a.creatingormeetingacustomerneed
b.hasperceivedattractiontoprospectiveinvestors
c.providesaninitialcompetitiveadvantage
d.istimelyintermsoftime-to-market
e.offerstheexpectationofaddedvaluetoinvestors
c.12.ASWOTanalysisdoesnotfocusonwhichofthefollowingcomponentsorareas?
a.strengths
b.weaknesses
c.newideas
d.opportunities
e.threats
e.13.ASWOTanalysisfocusesonwhichofthefollowingcomponentsorareas?
a.strengths
b.weaknesses
c.opportunities
d.threats
e.alloftheabove
f.a,b,andd
e.14.WhenconductingaSWOTanalysis,“unfilledcustomerneeds”areexaminedintermsof:
a.strengths
b.weaknesses
c.opportunities
d.threats
e.aorb
f.cord
e.15.SWOTanalysisshouldattheveryleastconsiderwhichofthefollowingareas:
a.experience/expertise
b.reputationvalue
c.firstmover
d.aandb
e.a,b,andc
e.16.WhichoneofthefollowingisnotapartoftheVOSindicator?
a.industry/marketconsiderations
b.pricing/profitabilityconsiderations
c.financial/harvestconsiderations
d.managementteamconsiderations
e.location/profitabilityconsiderations
a.17.Theevaluationof“entrybarriers”occursunderwhichoneofthefollowingpartsoftheVOSindicator?
a.industry/marketconsiderations
b.pricing/profitabilityconsiderations
c.financial/harvestconsiderations
d.managementteamconsiderations
a.18.AVOSindicatorstandsfor:
a.ventureopportunityscreeningindicator
b.viableopportunitystatementindicator
c.ventureonlysuccessindicator
d.viableassessmentscreeningindicator
e.19.ThefactorcategoriesinaVOSindicatorare:
a.industry/marketconsiderations
b.pricing/profitabilityconsiderations
c.financial/harvestconsiderations
d.managementteamconsiderations
e.alloftheabove
f.a,b,andd
c.20.A“score”intherangeof2.34-3.00usingtheVOSIn
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