BZ 450 BZ450 EXAM 8 ANSWERS - ASHWORTH

BZ 450 BZ450 EXAM 8 ANSWERS - ASHWORTH

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BZ450 Being an Entrepreneur Exam 8 Answers (Ashworth)
Question 1

5 / 5 points
Jeremy Westbrook owns an organic food company which has increased both its profits and revenues over an extended period of time. Jeremy's firm is experiencing ________ growth.
Question options:
a) 
persistent

b) 
unremitting

c) 
sustained

d) 
unbroken

Question 2

5 / 5 points
When a firm's managerial resources are insufficient to take advantage of its new product and service opportunities, the subsequent bottleneck is referred to as the ________ problem.
Question options:
a) 
commercial capacity

b) 
entrepreneurial aptitude

c) 
managerial capacity

d) 
business capacity

Question 3

5 / 5 points
Internally generated growth is often called organic growth because it does not rely on:
Question options:
a) 
outside intervention.

b) 
its own skills and capabilities.

c) 
external funding.

d) 
internal leadership.

Question 4

5 / 5 points
________ costs are the costs a company incurs as it makes sales.
Question options:
a) 
Static

b) 
Irregular

c) 
Balanced

d) 
Variable

Question 5

5 / 5 points
With __________, the advantage a firm accrues comes through the range of a firm's operations rather than from its scale of production.
Question options:
a) 
economies of scope.

b) 
market leadership.

c) 
influence, power, and survivability.

d) 
economies of scale.

Question 6

5 / 5 points
__________ occurs when a firm holds the number one or the number two position in an industry or niche market in terms of sales volume.
Question options:
a) 
Business scalability

b) 
Economies of scale

c) 
Reaching for scale

d) 
Market leadership

Question 7

5 / 5 points
Qualcomm, a high-tech company headquartered in San Diego, owns the rights to several of the key components that permit cell phones to work. Instead of selling cell phones itself, Qualcomm grants permission to many companies to use specific forms of its intellectual property in exchange for monetary compensation. Qualcomm is engaging in an external growth strategy referred to as:
Question options:
a) 
licensing.

b) 
strategic alliances.

c) 
acquisitions.

d) 
new product development.

Question 8

5 / 5 points
Trevor Kimble owns a firm that sells products to the publishing industry. Trevor is currently evaluating a set of opportunities that he feels his firm is capable of pursuing. According to the text, Trevor is evaluating his firm's:
Question options:
a) 
prolific potential.

b) 
dynamic opportunity options.

c) 
productive opportunity set.

d) 
passionate opportunity set.

Question 9

5 / 5 points
Shelby Collins owns a firm that designs and sells women's clothing. She is currently trying to grow her firm by developing new product lines. Shelby is pursuing a(n) ________ growth strategy.
Question options:
a) 
in-house

b) 
domestic

c) 
internal

d) 
external

Question 10

5 / 5 points
The ________ stage of the organizational life cycle is the startup phase, where a business determines what its core strengths and capabilities are and starts selling its initial product or service.
Question options:
a) 
introduction

b) 
launch

c) 
ramp-up

d) 
early growth

Question 11

5 / 5 points
Which of the following is an example of an external growth strategy?
Question options:
a) 
New product development

b) 
Mergers and acquisitions

c) 
Market penetration

d) 
Product line extension

Question 12

5 / 5 points
________ costs are costs that a company incurs whether it sells something or not.
Question options:
a) 
Fixed

b) 
Consistent

c) 
Steady

d) 
Variable

Question 13

5 / 5 points
________ means that as the number of employees a firm needs increases, it becomes increasingly difficult for it to find the right employees, place them in appropriate positions, and provide adequate supervision.
Question options:
a) 
Difficult hazard

b) 
Adverse hazard

c) 
Adverse selection

d) 
Moral selection

Question 14

5 / 5 points
________ licensing is the licensing of proprietary technology that the licensor typically controls by virtue of a utility patent.
Question options:
a) 
Skill

b) 
Intellectual property

c) 
Utility

d) 
Technology

Question 15

5 / 5 points
________ is/are generated when increasing production lowers the average cost of each unit produced.
Question options:
a) 
Business scalability

b) 
Economies of scale

c) 
Reaching for scale

d) 
Market leadership

Question 16

5 / 5 points
Which of the following is an advantage of internal growth strategies?
Question options:
a) 
Need to develop new resources

b) 
Get quality and pricing right

c) 
Investment in a failed internal effort can be difficult to recoup

d) 
Provides maximum control

Question 17

5 / 5 points
Which of the following is a disadvantage of growth by means of external growth strategies?
Question options:
a) 
Diversification of business risk

b) 
Economies of scale

c) 
Getting access to proprietary products or services

d) 
Loss of organizational flexibility

Question 18

5 / 5 points
Which of the following is an example of an external growth strategy?
Question options:
a) 
Geographic expansion

b) 
Improving an existing product or service

c) 
Increasing the market penetration of an existing product or service

d) 
Strategic alliances

Question 19

5 / 5 points
The majority of businesses go through a discernable set of stages of growth referred to as the:
Question options:
a) 
business life cycle.

b) 
business existence cycle.

c) 
organizational sequence.

d) 
organizational life cycle.

Question 20

5 / 5 points
Zack Shields leases a manufacturing facility that produces computer monitors. Zack tries to keep production high, because his lease payments are $10,500 a month, regardless of whether he produces one computer monitor a month or 10,000. Zach's lease payment is a ________ cost.
Question options:
a) 
variable

b) 
secondary

c) 
fixed

d) 
marginal


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