Bus/MKT/Fin Final Exam Review

Tressie's niece wants to open a boutique household goods store. Tressie has read her business plan and is quite impressed. She is considering acting as an angel investor and giving her niece the $10,000 she needs to secure the retail space and some of the inventory for her store. What kind of budget should Tressie ask to see before making her final decision?

• cash budget

• start-up budget

• operating budget

• sales forecast budget

Which describes the difference between a start-up budget and an operating budget?

• The start-up budget is usually more accurate than the operating budget.

• The start-up budget is based on projections while the operating budget has data.

Teamwork is an important part of global marketing.

• True

• False

Patience is a junior in high school and is looking for a summer job. What would be the best place to look online for a job?

• a job board for internships

• any professional job board

• a summer camp hiring service

• her city's human resource page

An individual who has taxes taken out of their paycheck has paid their entire tax liability.

• True

• False

An audit is almost always a bad sign for a business.

• True

• False

Being an entrepreneur is often a combination of experience and passion.

• True

• False

Global marketing is simpler than marketing within one culture.

• True

• False

What skills would a college admissions representative and a business educator most need to share?

• They both requires solid people skills.

• They both require advance math skills.

• They both require a lot of risk assessment.

• The both require preparing complex reports.

Lara owns a mid-sized company that has been in business for 10 years. The business has always covered its expenses, but it has never made the kind of profit that Lara anticipated when she started it. She decides to hire a management consultant to review her company. What should she expect from this consultant?

• A review of her company's operations and recommendations for improvement.

• A financial investment in her company.

• A guarantee of increased profits.

• A new business partner.