Question

These are multiple choice questions

1.

Kevin runs a small business, supplying auto parts to local mechanics. He stores the auto parts in his warehouse, delivers them to the mechanics' shops, and provides management and merchandising assistance to his clients. Kevin is a

retailer.

manufacturer.

service provider.

wholesaler.

direct marketer.

2.

Joseph developed a new robotic home cleaning system that can mop, dust, and vacuum. To start his business, developing and selling this new technology, Joseph will need

a large office.

capital to pay the high initial startup costs.

a lot of employees.

to provide management and merchandising assistance to his clients.

a storefront to sell his product.

3.

Lorel loves to travel around the United States. To help her afford her own travel, she posts about where she is going on an online ride sharing board and offers to drive others to their destinations for $25 an hour. This is an example of

providing a service.

the sharing economy.

direct marketing.

direct selling.

being a labor broker.

4.

Cara owns a small office supply store. In her community, she must compete with Staples and Office Depot. What is one difference between Cara's small store and these larger stores?

Cara's store requires more money to start and maintain than the larger stores.

Cara does not need to multitask, while the owners of the larger stores do.

Decisions can be made and executed more quickly in the larger stores than in Cara's store.

Unlike Cara's store, the larger stores are not equipped to focus on mass markets or wide market segments.

Cara's store can develop and introduce a new product in a much shorter time than the larger stores.

5.

Marah has taught dance at large dance studios for years, but now, she wants to start her own small dance studio. All of the following are challenges she may face EXCEPT

being underfunded.

poor site selection.

inability to adapt to changing market demands.

not understanding legal and ethical responsibilities.

pricing mistakes.

6.

Which of the following is a reason why a small business may fail?

managerial inexperience

inability to adapt to changing market demands

the need to spend a lot of money on wages and salaries, rent, utilities, and other expenses

not fitting in the "corporate mold"

focusing on narrow niches

7.

Julia bought a Dunkin' Donuts franchise. She has made a financial commitment and agreed to conduct business in accordance with Dunkin' Donuts's standard of operations. In exchange, she can expect to receive all of the following from Dunkin' Donuts EXCEPT

building specifications and designs.

site recommendations.

free equipment and training.

management and accounting support.

immediate name recognition.

8.

Nancy works for a major equine outfitter. As an avid equestrian, she has struggled to find a tall riding boot that can transition from summer to winter. As a result, she developed a riding boot that comes with two removable liners. The winter liner features wool for warmth, while the summer liner features cooling gel to keep the rider's leg cool and dry. Nancy is a(n)

entrepreneur.

category captain.

micropreneur.

intrapreneur.

franchisee.

Thank You

Answer 1

Question 1

In given case, business people is storing the auto parts in his warehouse and then supply them to mechanics'shop and also provide management and merchandising assistance.

This type of work behavior coincides with work behavior of wholesalers who tends to purchase goods from manufacturers in bulk and then stores them at thier warehouses and them sell them to retailers.

Thus, Kevin is a wholesaler.

Hence, the correct answer is the option (4) [Wholesaler].