MGT 576 Wk 6 – Practice: Formative Assessment

The ________ is filed to establish a date of conception of an invention and replaces what used to be known as a disclosure document.

Multiple Choice

• provisional patent
• defensive document
• trademark
• copyright

To apply for a trademark:

Multiple Choice

• intent to use the mark is required.
• the mark must actually have been used on goods.
• the mark must be copyrighted.
• the mark must have been used on goods that are already traded.

It takes approximately ________ to obtain a trademark.

Multiple Choice

• 12 months
• 13 months
• 14 months
• 18 months

Trade secrets can be protected for:

Multiple Choice

• an unlimited period of time.
• 20 years according to federal law.
• 14 years according to state law.
• 50 years if renewed to the maximum allowed, five 10-year renewable terms.

The depth and detail of a business plan depend on:

Multiple Choice

• the target audience.
• the size and scope of the new venture.
• the experience of the entrepreneur.
• the amount of capital needed.

Which source of financial information is a compilation of 260,000 financial statements of banking customers with ratios and benchmarks?

Multiple Choice

• RMA eStatement Studies
• Market Share Reporter
• U.S. Census Statistical Abstracts
• Encyclopedia for American Industries and Mintel Reports

An assessment of external uncontrollable variables that may impact the business plan is known as:

Multiple Choice

• an environmental analysis.
• a description of the venture.
• a trend analysis.
• an executive summary.

Which of the following is not a common reason why business plans fail?

Multiple Choice

• Objectives are not measurable
• No customer need was established
• The entrepreneur has no experience in the planned business
• The promotional strategy was not taken seriously

Information that already exists is called:

Multiple Choice

• secondary data.
• primary data.
• marketing data.
• target data.

Which of the following is not a major question that should be addressed by the marketing plan?

Multiple Choice

• Where have we been?
• Where do we want to go in the short term?
• Where do we want to go in the long term?
• How do we get there?

All efforts to develop an effective social media plan start with:

Multiple Choice

• Google.
• the company website.
• Facebook.
• Twitter.

Which of the following is true of budgeting the marketing strategy?

Multiple Choice

• The marketing budget will depend on one factor—the size of the business.
• Budgeting the marketing strategy is easier for new ventures than for established companies.
• A marketing budget should be somewhere between 12 and 20 percent of projected overhead costs.
• The budgeting of marketing action and strategy decisions will be useful in preparing the financial plan.