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Exam: 986110RR Keys to Success

1. Earl’s Health Emporium, a sole proprietorship, has a mission that includes promoting health and harmony through organic foods and meditation. The statement is evidence of

A. a mature business.

B. its intention to expand its services.

C. the CEO’s short-term goals.

D. the owner’s goals and values.

 

2. Your business plan is a

A. brief description of your business.

B. strategy for opening your business.

C. selection of your best business ideas.

D. blueprint for the achievement of your goals.

 

3. Your business plan is a tool that can

A. clarify your business strategy for investors.

B. be used to get your business license.

C. double as an office manual for new employees.

D. be useful only in the start-up stage.

 

4. Choosing firm goals for your business

A. allows you to diversify as opportunities develop.

B. eliminates other options.

C. prevents you from staying focused.

D. allows you to be more flexible.

 

5. What is the primary purpose of a mission statement?

A. To state the reason for the existence of a business

B. To list the immediate goals of the business

C. To promote the growth of a business

D. To explore the options for a business

 

6. One of the goals you have set for your company is “to expand our product line.” This statement is

A. a valuable addition to your mission statement.

B. a slow-growth option.

C. a short-term goal.

D. not clear and not measurable.

 

7. Owens Finest Mattress Co., Inc. decided to employ an anti-mission statement. Which of the following

phrases did they use?

A. We’ll strive to outsell every other mattress manufacturer.

B. We’ll decrease production to save money.

C. We’ll destroy Sealy.

D. We’ll make the finest even finer.

 

8. If you most enjoy the start-up stage of business, you may consider selling when you reach the _______

stage, and plan to start another business.

A. successful

B. mature

C. final

D. stability

 

9. As little as _______ percent of privately owned businesses ever move from the start-up stage to the success stage.

A. 6

B. 10

C. 15

D. 2

 

10. One way to make it easier to track your progress toward success is

A. to keep adapting to the changing business environment.

B. to set very specific short- and long-term goals.

C. offer stock to the public.

D. improve your product.

 

11. A business usually becomes listed in the Fortune 500 during its _______ stage.

A. stability

B. final

C. mature

D. successful

 

12. What is one of the best ways to determine what kind of business you’ll enjoy?

A. Make small investments in several diverse ideas.

B. Get advice from a professional.

C. Buy an established business.

D. Create one related to what you do in your free time.

 

13. Betty Brown is currently developing a mission statement for her boutique. In what stage of growth is Betty’s business?

A. Start-up

B. Success

C. Stability

D. Maturity

 

14. A mission statement that concentrates on how your business will affect your competitors, rather than focusing on your goals is called a/an _______ statement.

A. anti-mission

B. commercial image

C. social values

D. grand scale

 

15. “To get out the vote” is an example of what type of mission statement?

A. The partisan statement

B. The anti-mission statement

C. The grand scale statement

D. The social values statement

 

16. The bullet points beneath a one-line mission statement often serve as

A. lesser goals to consider for the future.

B. a reminder of the one-line statement.

C. value statements to show how the mission will be achieved.

D. a timeline for achieving the company’s goals.

 

17. Consider this mission statement: “To make the world a bright clean place by making our products a household name worldwide.” This statement is an example of a/an _______ mission statement.

A. innovative

B. social values

C. grand scale

D. anti 

18. The mission statement of your business should contain all of the following elements except the

A. business of your organization.

B. purpose of your business.

C. expected profit margin.

D. values of your organization.

 

19. At what stage of growth is a business profitable, with enough money to reinvest into the company?

A. Mature

B. Successful

C. Stability

D. Start-up

 

20. Which of the following is an example of a grand scale mission statement?

A. “To build a better mousetrap.”

B. “To prepare for any eventuality.”

C. “To make better cars.”

D. “To bring the world into the jet age.”

Exam: 986111RR Business Connections

 

1. At a busy meeting of the International Sprout Growers, you want to make contact with as many people

as possible. Luckily, you remember the eight-minute rule and the importance of

A. eliminating contacts within minutes.

B. spending only a brief time with each contact.

C. keeping your pitch under ten minutes.

D. handing out your business cards quickly.

 

2. You’ve been introduced to Amy at a local Business and Professional Women’s meeting. After you’ve

chatted with her for a few minutes, what can you do to find out if she will be a valuable new business

contact?

A. Ask questions about her business and tell her what you need.

B. Find out if she’s in the same business as you are.

C. Use your gut instinct.

D. Ask yourself if Amy is someone you would want for a friend.

 

3. All of the following are good ways to follow up with a new business contact, except

A. offering to help them with something.

B. inviting them to a social function such as a ballgame.

C. spending a lot of time at their place of business.

D. referring someone to their business.

 

4. A thank-you note with a business card enclosed or an e-mail saying how glad you were to meet someone

are examples of

A. contact follow-up.

B. assessment.

C. collaboration.

D. exchange of information.

 

5. What is the most important thing about meeting new contacts?

A. Building your Rolodex

B. Getting referrals

C. Forming relationships

D. Overcoming shyness

 

6. Making a good first impression is vital, since we tend to form an opinion in about

A. thirty seconds.

B. thirty minutes.

C. ten seconds.

D. two minutes.

 

7. If you try not to spend more than _______ minutes with each new contact, you can network easily and

successfully through a large crowd.

A. 15

B. 30

C. 8

D. 5

 

8. A good way of remembering your newest contact’s name is to

A. repeat it at the end of every sentence as you speak to him or her.

B. write it on your hand.

C. make up a jingle for it.

D. repeat it silently in your head.

 

9. One of the best networking traits you can develop is

A. a modest attitude.

B. fearlessness.

C. cheeriness.

D. the ability to listen.

 

10. You’ve spoken with Chris at several local meetings. You met again recently and received some

important advice. Which of the following is an inappropriate method for staying in touch with Chris?

A. Calling once a week to ask for referrals

B. Inviting Chris to a concert

C. Sending an article related to Chris’s interests

D. Sending a thank-you note after your meeting

 

11. You’ve arrived at the Pecan Shellers conference—your first networking opportunity. Naturally, you’re

feeling nervous, but to avoid seeming insecure or uncertain, you’ve decided to

A. square your shoulders before entering the room.

B. hold an empowered image of yourself in your mind.

C. talk on your cell phone as you walk around.

D. speak a little louder than you would normally.

 

12. Holding your coffee cup in your left hand is a good way to

A. show your sophistication.

B. keep your left hand warm.

C. eliminate embarrassing spills.

D. make contacts with greater poise.

 

13. Which one of the following approaches would not make it easier to network with new business contacts

at a social gathering?

A. Always introducing yourself in the same comfortable way

B. Keeping business cards handy in your pocket

C. Keeping your drink in your left hand

D. Talking only to those you think can help you

 

14. Small businesses account for approximately _______ percent of the gross domestic product in the

United States.

A. 70

B. 30

C. 60

D. 15

 

15. You, Joanne, and David have had a very valuable conversation and have exchanged business cards.

The next thing you should do is

A. take a moment of silence to regain your composure.

B. make a few cell phone calls to offset your nervous energy.

C. make notes about the meeting on the backs of their business cards.

D. move on quickly to meet the next person.

 

16. Estelle has 30 years of experience in your field, and has answered your questions, given you advice,

and helped you make contacts. She is your

A. notary.

B. referral.

C. coach.

D. mentor.

 

17. At the business expo, you’ve introduced yourself to Andrea, a packaging supplier from your city. The

next thing you should do is

A. describe your business using three or four lines you’ve prepared in advance.

B. ask her for several referrals.

C. ask for her phone number.

D. find out quickly whether she has anything you need.

 

18. You’ve told Dan, a new contact, that you’re looking for a qualified sales representative. Now you want

to find out if there’s any way you can help his business. What’s an effective way to approach the question?

A. Tell him you’ve heard his field has some major problems and offer to help.

B. Hint that you might be willing to help him in return for referrals.

C. Ask him if he has any challenging problems in his business.

D. Give him your business card and tell him to call if he ever needs anything.

 

19. When choosing to use the products or services of a business, most people place the highest value on

A. extensive research.

B. referrals from friends.

C. impressive advertising.

D. branding.

 

20. Exchange of information, assessment, and collaboration are important stages of making a good business

connection. What comes next?

A. Following up with a phone call

B. Finding investors

C. Asking about the person’s family

D. Exchange of business cards