Question 1

The first level of the location decision is the selection of a particular region of the country.

Accepted Answer

The first level of the location decision is to select a particular region of the country, such as the Midwest or the Southeast, which is determined by factors such as transportation and labor costs, availability of resources and raw materials, and government incentives.

Question 2

The Zip Code Atlas and Market Planner provides detailed information on sales, spendable income, etc., by census region, county, and city.

Accepted Answer

The answer of The Zip Code Atlas and Market Planner...

Question 3

The U.S. Census department's "TIGER" file is a computerized map of the entire United States that gives entrepreneurs the power to pinpoint existing and potential customers.

Accepted Answer

The statement accurately describes the TIGER file maintained by the U.S. Census department. It is a detailed map of the United States that allows entrepreneurs to identify and target specific customers and areas for business purposes.

Question 4

When conducting a regional evaluation, one of the first places an entrepreneur should turn for information is the U.S. Census Bureau.

Accepted Answer

The U.S. Census Bureau provides demographic and economic data for regions, making it a valuable resource for entrepreneurs when conducting a regional evaluation.

Question 5

Job training for workers and reduced tax rates, financial grants and loans, are examples of what some ________ offer as business ________ to locate in their jurisdictions.
A)states; motivators
B)cities; incentives
C)regions; perks
D)counties; attractions

Accepted Answer

Cities often offer incentives like job training, tax breaks, and financial assistance to attract businesses to their area. Regions and counties may also offer similar incentives, but the most common location for these types of programs is within a city's jurisdiction. States may offer grants and loans as well, but they typically aren't offered specifically to businesses looking to relocate to the state.

Question 6

The first phase in selecting a location is determining what regions of the country are experiencing substantial growth.

Accepted Answer

The first phase in selecting a location is determining what regions of the country are experiencing substantial growth. This helps in identifying potential areas for business expansion or relocation.

Question 7

The key to finding a suitable location is identifying the characteristics that can give a company a competitive edge and then searching out potential sites that meet those criteria.

Accepted Answer

This statement is true. Companies often identify specific characteristics such as availability of skilled labor, proximity to suppliers or markets, access to transportation, favorable tax rates, and quality of life for employees when selecting a location. They then search for potential sites that match those criteria to gain a competitive edge.

Question 8

Proximity to needed raw materials is critically important for a service firm.

Accepted Answer

Proximity to raw materials is not as critical for service firms as it is for manufacturing firms. Service firms do not need raw materials for their operations, as their output is often intangible and based on human expertise and labor. Factors like accessibility to customers, availability of skilled labor, and infrastructure can be more important for service firms than proximity to raw materials.

Question 9

________ is a system that divides a county or city into small cells or districts to control the use of land, buildings, and sites.
A)An enterprise zone
B)Zoning
C)Apportioning
D)Redistricting

Accepted Answer

Zoning is a system that divides a county or city into small cells or districts to control the use of land, buildings, and sites. This is typically done to ensure that certain areas are designated for residential, commercial, industrial, or other specific uses, and to regulate the size, height, and placement of structures within those areas. This helps to promote orderly growth, protect property values, and balance the needs of different types of land users within a municipality.

Question 10

When the cost of transporting a product is high relative to its value, locating close to the market a manufacturer plans to serve is critical.

Accepted Answer

When the cost of transportation is high relative to the value of the product, it becomes cost-effective for the manufacturer to locate close to the market to avoid incurring high transportation costs.

Question 11

A location in a city offering a high quality of life can be attractive to the entrepreneur and may make ________ easier.
A)financing
B)recruiting employees
C)resolving zoning issues
D)access to a trading area

Accepted Answer

A high quality of life in a location can make it easier for entrepreneurs to recruit employees who are more likely to be attracted to living in a city with a better quality of life.

Question 12

Geographic Information Systems (GIS)are powerful software programs that allow entrepreneurs to pinpoint the ideal location for their businesses.

Accepted Answer

GIS can provide valuable data and analysis for businesses looking to identify the best location based on factors such as demographics, competition, and accessibility.

Question 13

The purpose of zoning regulations is to ________.
A)restrict the growth of businesses
B)contain similar types of activities in suitable locations
C)help new businesses "incubate" in their startup period
D)build the traffic volume for retail and service businesses

Accepted Answer

Zoning regulations are designed to establish and maintain a suitable arrangement of land use in a community. This includes containing similar types of activities within specific areas, such as commercial areas, residential areas, and industrial areas, among others. This is important in promoting a more organized and efficient use of land, preventing incompatible land uses, and protecting public health and safety. Zoning regulations do not aim to restrict the growth of businesses, promote traffic volume or help startups incubate.

Question 14

The Lifestyle Market Analyst matches population demographics with age.

Accepted Answer

The Lifestyle Market Analyst matches population demographics with various lifestyle and consumer behavior data, not just age.

Question 15

When Jan and Detmar Wolcinski bought their 152-year-old house, they began remodeling it with one goal in mind - opening a bed and breakfast inn. The Chadwick Inn has exceeded the Wolcinski's expectations in its first year of operation, but now some neighbors are starting to complain about the increased traffic in their neighborhood and the late hours some of the Inn's guests keep. The Wolcinski's greatest challenge in the near future is most likely ________.
A)convincing the local historical preservation board that the modifications they made to the house are in keeping with its historical character
B)zoning laws prohibiting commercial businesses in a residentially zoned area
C)major hotel chains opening competing "bed and breakfast" hotels on adjacent lots
D)encroaching shopping centers and malls that push up real estate prices

Accepted Answer

The increased traffic and late hours of guests are likely violating zoning laws prohibiting commercial businesses in a residentially zoned area, so the Wolcinski's greatest challenge is probably addressing these complaints and ensuring they are in compliance with zoning regulations. The other options are not as immediately relevant to the situation described.

Question 16

Geographic concentrations of interconnected companies, specialized suppliers, and service providers that are present in a region are called ________.
A)zones
B)clusters
C)trading areas
D)variances

Accepted Answer

The definition given best matches the concept of clusters. Clusters refer to the geographic concentrations of interconnected companies, specialized suppliers, and services providers that are present in a region. Zones, trading areas, and variances do not accurately describe this concept.

Question 17

When analyzing the labor supply, a small business is concerned only with the level of education and training of the labor force in the area.

Accepted Answer

A small business may also be concerned with the skill level, experience, attitude, availability, and wage rates of the labor force, in addition to education and training. Other factors such as demographics, commuting distance, and competition for labor may also affect the labor supply.

Question 18

By studying the demographics of a proposed location, a small business owner can determine how well it matches the market for the owner's product or service.

Accepted Answer

Demographics provide important information about the age, gender, income, education level, and other characteristics of the population in a particular location, which can help a small business owner determine if their product or service is a good fit for that market.

Question 19

By collecting a wealth of data on possible locations, entrepreneurs will find that the location decision is made for them.

Accepted Answer

While data can certainly help inform the location decision, ultimately the entrepreneur must weigh multiple factors (such as cost, accessibility, competition, local customer base, etc.) and make a decision based on their own preferences and priorities. Data alone cannot make the decision for them.

Question 20

A(n)________ is a special exemption to a zoning ordinance.
A)variance
B)exception
C)trade area
D)cluster

Accepted Answer

A variance is a special exemption granted by a zoning board that allows a property owner to use the land in a way that violates the current zoning ordinance. A variance is typically granted when the property owner can demonstrate certain hardships or unique circumstances that make compliance with the ordinance impractical or unfair.

Quiz 14: Choosing the Right Location and Layout

The first level of the location decision is the selection of a particular region of the country.

The Zip Code Atlas and Market Planner provides detailed information on sales, spendable income, etc., by census region, county, and city.

The U.S. Census department's "TIGER" file is a computerized map of the entire United States that gives entrepreneurs the power to pinpoint existing and potential customers.

When conducting a regional evaluation, one of the first places an entrepreneur should turn for information is the U.S. Census Bureau.

Job training for workers and reduced tax rates, financial grants and loans, are examples of what some offer as business to locate in their jurisdictions.

The first phase in selecting a location is determining what regions of the country are experiencing substantial growth.

The key to finding a suitable location is identifying the characteristics that can give a company a competitive edge and then searching out potential sites that meet those criteria.

Proximity to needed raw materials is critically important for a service firm.

________ is a system that divides a county or city into small cells or districts to control the use of land, buildings, and sites.

When the cost of transporting a product is high relative to its value, locating close to the market a manufacturer plans to serve is critical.

A location in a city offering a high quality of life can be attractive to the entrepreneur and may make ________ easier.

Geographic Information Systems (GIS)are powerful software programs that allow entrepreneurs to pinpoint the ideal location for their businesses.

The purpose of zoning regulations is to ________.

The Lifestyle Market Analyst matches population demographics with age.

Geographic concentrations of interconnected companies, specialized suppliers, and service providers that are present in a region are called ________.

When analyzing the labor supply, a small business is concerned only with the level of education and training of the labor force in the area.

By studying the demographics of a proposed location, a small business owner can determine how well it matches the market for the owner's product or service.

By collecting a wealth of data on possible locations, entrepreneurs will find that the location decision is made for them.

A(n) ________ is a special exemption to a zoning ordinance.