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."