UCF MAN 3025 EXAM 1 QUESTIONS
AND ANSWERS
Entrepreneurship - Answer-the process of starting, organizing, managing, and assuming
the responsibility for a business
Small business - Answer-Owned by 1 or a small group of people
major Industry groups - Answer-Services, Retail, Construction, Financial, Insurance,
Wholesaling, transportation, Manufacturing.
Economy of scale - Answer-Relationship Between cost and production
Buying an existing business - Answer--Successful
-Established relations with vendors/suppliers etc
Buying a new business - Answer--No ill effects of previous owners
-Owner free to choose lenders, equiptment, etc
-Greater risks
To find market openings: - Answer-Who are my customers?
Where are they?
What price will they pay?
What quantities will they buy?
Who are my competitors?
How will my product differ?
Financing a new business - Answer-Personal resources, strategic alliances, lenders,
venture capital companies, small-business investment companies, SBA financial
programs
Sources of Management Advice - Answer--advisory boards
-management consultants
-small business administration (SCORE,ACE,SBI,SBICs)
-networking with others
Decision Making Process - Answer--Recognizing+defining the nature of the decision
situation.
-Identifying alternatives
-Choosing best alternative
-Putting it into practice
2 categories of decision making - Answer-Programmed decisions (relatively structured,
recurs frequently)
AND ANSWERS
Entrepreneurship - Answer-the process of starting, organizing, managing, and assuming
the responsibility for a business
Small business - Answer-Owned by 1 or a small group of people
major Industry groups - Answer-Services, Retail, Construction, Financial, Insurance,
Wholesaling, transportation, Manufacturing.
Economy of scale - Answer-Relationship Between cost and production
Buying an existing business - Answer--Successful
-Established relations with vendors/suppliers etc
Buying a new business - Answer--No ill effects of previous owners
-Owner free to choose lenders, equiptment, etc
-Greater risks
To find market openings: - Answer-Who are my customers?
Where are they?
What price will they pay?
What quantities will they buy?
Who are my competitors?
How will my product differ?
Financing a new business - Answer-Personal resources, strategic alliances, lenders,
venture capital companies, small-business investment companies, SBA financial
programs
Sources of Management Advice - Answer--advisory boards
-management consultants
-small business administration (SCORE,ACE,SBI,SBICs)
-networking with others
Decision Making Process - Answer--Recognizing+defining the nature of the decision
situation.
-Identifying alternatives
-Choosing best alternative
-Putting it into practice
2 categories of decision making - Answer-Programmed decisions (relatively structured,
recurs frequently)
