Entrepreneurship/FMC- TSA Final Exam Study Guide 2024

Telemarketing and selling on the Internet are both examples of direct marketing. - True Although entrepreneurs frequently earn huge profits for themselves, their effect on society as a whole is quite small. - False In general, entrepreneurs are more interested in personal achievement than in power. - True To be classified as a small business, a firm must have fewer than 100 employees. - False Because it is written before the business even begins to operate, a business plan by its very nature is vague. - False Efforts by the Federal Reserve System to control the money supply and interest rates are known as monetary policy. - True The intent of the Sherman Antitrust Act of 1890 was to encourage the growth of large business organizations in the United States in order to compete with the more established firms in Europe. - False Demographic studies - Provide businesses and individuals key insight into business and career opportunities of the future The quantity of a good or service that manufacturers or owners are willing to sell at different prices during a specific time period is known as the - Supply of that product Pepsi Cola has entered into a long-term contract with a South African beverage business. The contract calls for the South African firm to produce and market Pepsi Cola in South Africa. Pepsi will receive a royalty on each case of soda sold. This is an example of - Licensing Which theory states that a nation should produce and sell goods that it produces most efficiently to other countries, and buy goods produced more efficiently by other countries? - Comparative advantage Obeying the law is _______________ ethical behavior - The first step towards The social movement designed to increase and strengthen the rights and powers of buyers in business transactions is called - Consumerism One advertising strategy used by McDonald's is to convince potential buyers that their products are different from those of their competitors. The goal of this strategy is to achieve - Product differentiation Enterprise Computers attempts, where possibly, to communicate the same promotional message about their product everywhere in the world their product is sold. This is an example of - Global marketing Attempting to misrepresent your income when calculating your tax liability is an example of - Illegal behavior People who can affect or are affected by the achievement of an organization's objectives are referred to as - Stakeholders The NBC peacock and the Golden Arches of McDonald's are examples of a - Trademark The position a firm takes on issues that affect the corporation as well as society is known as its - Corporate policy Consistently being on time for work and appointments is one way a person can show their ____________________. - professionalism Understanding and sharing of feelings with another person. - empathy The act of analyzing problems and using critical thinking to make decisions that result in solutions to the problem - problem-solving skills What are the 4 phases of problem solving? - 1.Understand what the problem is. 2.Make a plan to resolve. 3.Carry out the plan. 4.Look back to verify that the problem was actually solved. Professionally accepted standard of personal and business behavior, values, and guiding principles. - professionalism The right or license granted by a company to an individual or group to market its products or services in a specific location. - franchise He wanted to buy and operate a _______________ of the restaurant, but the fees to get it started were just too rich for his blood. - franchise The ability to change (or be changed) to fit changed circumstances. - adaptability