1. In your own words, describe what you have to offer to a potential employee of a company that you desire to work
Answers will vary. Potential student responses may include communication, technical,
or computer skills. They may provide speci
1. Describe the ownership, operation, and size of a sole proprietorship.
A sole proprietorship is owned by one person and usually operated by that same, one
person. While there are a few sole proprietorships that are large and have numerous
1. What is the difference between an absolute advantage and a comparative advantage?
An absolute advantage is the ability to produce a specific product more efficiently
than any other nation. A comparative advantage is the ability to produce a spe
1. Identify and describe the four major types of utility. Which one is influenced indirectly by marketing efforts?
Form utility is created by converting production inputs into finished products. Place
utility is created by making a product availab
1. How does the SBA define a small business? Approximately what percentage of all businesses in the United States
are considered small?
The Small Business Administration (SBA) defines a small business as one which is
independently owned and operat
1. In what situations would you seek short-term financing? In what situations would you seek long-term financing?
Short-term financing, money that will be used for one year or less, may be used to
offset cash-flow problems, produce speculative pro
1. Define human resources management (HRM), and discuss the overall activities involved in each of its three main
Human resources management consists of all activities that involve acquiring,
maintaining, and developing an organizations hu
1. Would a new car equipped with a bumper jack, jack handle, spare tire, and warranty be the same product as the
same car without these features? Explain.
Since a product is everything one receives in an exchange, including all tangible and
1. What is management and what resources does it involve?
Management is the process of coordinating people and other resources to achieve the
goals of an organization. Four kinds of resources are most often part of the
management function: materia
1. Describe the term digital native and explain if you think the term and the definition are accurate. Provide
examples to support your position.
Answers will vary. A digital native is someone who has grown up with technology
and social media and
1. What are the commonly used distribution channels for consumer products?
The producer to consumer channel includes no marketing intermediaries with the
product distribution coming from the producer directly to the consumer. The producer
1. In your own words, describe the relationship between information and risk and how this relationship could
impact the business decision-making process.
Answers will vary. Although risk is inherent in business, better intelligence and
1. Define an organization. Relate that definition to a local eating establishment by showing how this organization fits
Answers will vary. An organization is a group of two or more people working
together to achieve a common set of
1. What activities does operations management involve?
Operations management consists of all activities required to produce goods and
services. Research and development, planning production, controlling operations,
managing product quality, purcha
1. How does motivation differ from morale?
Motivation is defined as an individual, internal process that energizes, directs, and
sustains behavior while morale reflects the individuals attitude or feelings about the
job, superiors, and the firm it