EOPA ENTREPRENEURSHIP REVIEW EXAM QUESTIONS WITH CORRECT ANSWERS

If a business conducts a SWOT analysis to decide whether or not to expand, which of the following would be categorized as an "O"? There is the potential for increased profits The North American Free Trade Agreement (NAFTA) created a free-trade area for Mexico, the U.S., and Canada Two types of business partnerships are general and limited The planning, pricing, promoting, and distribution of goods and services is known as marketing The main purpose of an effective performance evaluation is to help workers develop their strengths and work on their weaknesses A mission statement describes an organization's purpose or goal The best way to motivate workers to do a good job is providing positive feedback to reinforce what they do correctly The term for research to determine factors, conditions, and characteristics of a market is market analysis One difference between strategic and tactical planning is that strategic planning tends to be longer term and more broadly defined Motivational praise from an employer should be specific and work related To gain employee acceptance of new changes in an organization, the owner should provide adequate training and provide advance notice of the new changes Which of the following sentences is grammatically correct? Ann missed the meeting because she was lying in bed with the flu. If a worker's gross pay is $750.00 and 1.25 percent of the workers' earnings are withheld for Medicare tax, what dollar amount of Medicare tax is being withheld? $9.38 According to the law of supply and demand, when high winds in Hawaii damage the coffee plants, coffee will be in short supply, and therefore higher in price A country exported $689,269 worth of goods and imported $3,465,029 worth of goods. What is the trade surplus or deficit? -$2,775,760 In order to increase sales, a company hired a telemarketing firm. Telemarketers logged 3,496 hours, making 46,397 presentations and 6,350 sales, and increasing the company's revenues by $295,300. The telemarketing firm charged $45 per hour for their services. How successful was the business venture? a good investment with a profit of over $137,000