Question 1

The principle of reanalysis requires the entrepreneur to categorize his or her tasks by their degree of importance and then to allocate time to tasks based on this categorization.

Accepted Answer

The principle of reanalysis typically involves reviewing and assessing strategies, processes, or information to identify areas for improvement or adjustment, rather than categorizing tasks by importance for time allocation, which is more closely related to time management principles like prioritization.

Question 2

To implement participative management the entrepreneur should have open communication with employees.

Accepted Answer

Participative management involves actively involving employees in decision-making processes, and this requires open communication between the entrepreneur and employees. Without open communication, employees may not feel comfortable sharing their ideas or concerns, which can hinder the effectiveness of participative management.

Question 3

Most entrepreneurs could benefit from implementing time management techniques.

Accepted Answer

Time management is an essential aspect of entrepreneurship. Entrepreneurs have a lot of responsibility and tasks to accomplish, and they need to manage their time effectively to be successful. Implementing time management techniques such as prioritizing tasks, setting goals, delegating tasks, and using productivity tools can help entrepreneurs save time and be more productive.

Question 4

Transport mode selection can be important in inventory management.

Accepted Answer

Transport mode selection can affect delivery times and costs, which can impact inventory levels and management. For example, choosing a slower but cheaper mode of transport may result in longer lead times and require a higher safety stock level to ensure adequate inventory levels.

Question 5

The grocery and pharmaceutical industries have developed a computerized system to link chain members together and manage demand,distribution,and marketing.

Accepted Answer

The statement is true. The grocery and pharmaceutical industries have implemented computerized systems to manage their supply chain and marketing efforts. These systems help to link different chain members together, manage demand, distribution, and optimize inventory management.

Question 6

A recognition of the need to change personal attitudes and habits regarding the allocation of time is known as the principle of desire.

Accepted Answer

The answer of A recognition of the need to change...

Question 7

Growing ventures tie up more cash in their inventory than in any other part of the business.

Accepted Answer

This is because growing ventures often need to purchase more inventory to meet increasing demand, and inventory is typically one of the largest expenses for businesses in the retail and manufacturing industries.

Question 8

Financial reporting to shareholders,bankers,and other investors give the marketing cost for each product and highlight the performance of managers in controlling costs.

Accepted Answer

Financial reporting to shareholders, bankers, and other investors focuses on providing information on the financial performance of the company, including revenue, expenses, profits, and other key financial metrics. While marketing costs and performance of managers in controlling costs may be included in the report, they are not the primary focus. The report is intended to provide a comprehensive overview of the company's financial health and help investors make informed decisions about investing in the company.

Question 9

The principle of reanalysis requires the entrepreneur to focus on the most important issues,even when under pressure.

Accepted Answer

The answer of The principle of reanalysis requires the entrepreneur...

Question 10

A cash sensitivity analysis is used to provide a pessimistic and an optimistic cash estimate.

Accepted Answer

A cash sensitivity analysis is used to determine the potential impact of changes in variables such as sales, costs, and other factors on a company's cash flow. By providing a range of cash estimates, both pessimistic and optimistic scenarios can be analyzed.

Question 11

In managing fixed assets,the entrepreneur should buy,instead of lease,whenever possible.

Accepted Answer

The decision to buy or lease fixed assets depends on various factors such as the company's financial situation, the asset's expected use and lifespan, maintenance costs, tax implications, and the need for flexibility. Leasing can offer advantages like preserving cash flow, flexibility, and potential tax benefits, making it a better option in some cases.

Question 12

Time management is the process of improving an individual's productivity through more efficient use of time.

Accepted Answer

Time management involves strategies and techniques that aim to optimize the way an individual uses their time, in order to achieve specific goals or objectives. By managing time more effectively, individuals can prioritize tasks, reduce procrastination, and achieve a greater sense of control over their work and personal lives. Ultimately, effective time management can lead to increased productivity, improved performance, and greater satisfaction with one's accomplishments.

Question 13

The principle of teamwork states that an entrepreneur spends too much time with employees and should try to become less accessible to them in order to increase their efficiency.

Accepted Answer

The principle of teamwork emphasizes on the importance of collaboration and communication among team members, including the entrepreneur. By becoming less accessible, the entrepreneur may hinder the team's progress and limit their ability to seek guidance and support. It is important for the entrepreneur to strike a balance between being available for their team and delegating responsibilities.

Question 14

The entrepreneur is required to withhold federal and state taxes for employees and then deposit payments monthly or quarterly.

Accepted Answer

It is the responsibility of the employer (entrepreneur) to withhold federal and state taxes for their employees and then deposit those payments with the respective government agencies on a regular basis, typically monthly or quarterly. Failure to do so can result in penalties and fines.

Question 15

When compared to the costs of carrying excess inventory,the cost of lost sales is insignificant and should be ignored.

Accepted Answer

Both excess inventory and lost sales have significant costs that should be managed and balanced. Ignoring either one can have negative impacts on a company's financial performance and customer satisfaction.

Question 16

Even when cash flow problems are discovered,the pro forma budgeted amounts should never be changed.

Accepted Answer

If cash flow problems are discovered, it may be necessary to adjust the pro forma budgeted amounts to ensure that the company has enough cash to meet its obligations. Failing to adjust the budgeted amounts could exacerbate the problem and lead to more severe cash flow issues.

Question 17

The principle of prioritized planning requires the entrepreneur to categorize his or her tasks by their degree of importance and then to allocate time to tasks based on this categorization.

Accepted Answer

The statement accurately describes the principle of prioritized planning.

Question 18

One advantage of leasing equipment is that lease payments represent an expense and can be used as a tax deduction.

Accepted Answer

Lease payments are considered as an operating expense, which can be deducted from taxes as a business expense. This makes leasing equipment attractive to businesses as it helps to minimize tax liabilities.

Question 19

Effective time management can increase an entrepreneur's job satisfaction.

Accepted Answer

Effective time management can help an entrepreneur to achieve their goals efficiently and reduce stress levels, leading to increased job satisfaction.

Question 20

Developing standardized forms and procedures for recurring events would be an example of the principle of reanalysis.

Accepted Answer

Developing standardized forms and procedures for recurring events is an example of the principle of standardization, not reanalysis. Standardization aims to create uniformity and efficiency, while reanalysis involves reviewing and analyzing processes or data again to find new insights or improvements.

Quiz 13: Strategies for Growth and Managing the Implication of Growth