Exam (elaborations)

Test Bank For Business Foundations A Changing World 11th Edition Ferrel

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Module
Business Foundations - Test Bank

Institution
Business Foundations - Test Bank

Chapter 03 Business in a Borderless World True / False Questions 1. International business involves the buying, selling, and trading of goods and services across national boundaries. True False 2. Nations trade with other nations to obtain resources that would otherwise ...

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, Appendix A

True / False Questions

1. You are encouraged to submit your idea for approval to your instructor as soon as possible.

True False

2. A business description identifies the target market and develops a strategy for appealing to it.

True False

3. The executive summary appears first but should be written last.

True False

4. One of the decisions you will need to make, in regards to marketing strategy, is the type of
product you want to offer.

True False

5. One of the operational issues you need to resolve is determining how many personnel are needed
and what their required education and skills should be.

True False

Multiple Choice Questions

AppA-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

,6. Which of the following is the best reason that you should submit your idea to your instructor as
early as possible?

A. to get feedback on ways to improve your idea
B. to pique your instructor's interest in your idea
C. to eliminate wasted effort on unfeasible ideas
D. to request your instructor's help in researching your idea
E. to make sure your idea is completely different from what other students are doing

7. Christina's instructor asked each student in her class to develop a hypothetical business plan for a
new and unique good, service, or business. Her idea is to start a new online beauty consulting firm.
What is the first thing she should do to start this project?

A. write an executive summary for her business
B. create a marketing plan for her business
C. do some online research to see if similar businesses exist
D. talk to owners of similar businesses to make sure her idea is feasible
E. submit her idea to her instructor for approval

8. Business plan proposals will be evaluated based on

A. whether your business will ultimately succeed or fail.
B. their thoroughness and your ability to provide support for the idea.
C. the originality of your idea.
D. your ability to sell your product to your peers.
E. your ability to show proven sales results.

AppA-2
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

, 9. Joe is creating a business plan for a new robot that can do his homework for him. Which of the
following elements should his business proposal include?

A. a competitive analysis
B. a detailed product drawing
C. a detailed and final plan for producing the product
D. a comprehensive and fully developed marketing plan
E. a sample version of his product

10. Bethany is developing a business proposal for a new vegetarian frozen foods brand. Her business
description should include all of the following EXCEPT

A. an overview of the frozen vegetarian foods she wants to produce.
B. her vision for the proposed frozen vegetarian foods.
C. a reason that these frozen vegetarian foods should be produced.
D. a strategy for appealing to her target market.
E. a rationale for why she believes her business will succeed.

11. Daniel wants to start a new spin studio. He believes that spin studios that exist as part of
established gyms are not effective because spinning requires a dark room and loud music. He also
doesn't like that most gyms only have a few spin classes per day. He plans to hire enough
instructors to offer more classes throughout the day, not just during the high traffic morning and
evening time frames. His overall purpose is to provide the optimal conditions for spinning and to
start a community that works together to reach fitness goals through spinning. Which of the
following elements of a business description does this scenario best describe?

A. a rationale
B. a mission
C. an objective
D. a competitive analysis
E. a target market analysis

AppA-3
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.

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