Question 1

Match the term with its definition. Some terms may not be used.
-An SBA-sponsored group of people who give free advice to small business owners

Accepted Answer

A) Line organization 
B) Line-and-staff organization 
C) Negotiation 
D) Networking 
E) Professional manager
F)Service Corps of Retired Executives
G)Small business development centers
H)Span of control 
A) Line organization 
B) Line-and-staff organization 
C) Negotiation 
D) Networking 
E) Professional manager
F)Service Corps of Retired Executives
G)Small business development centers
H)Span of control

Question 2

To improve employee morale, an industrial distribution business might consider __________.

Accepted Answer

A)  employee empowerment. 
B)  formulating policies after gaining employee thoughts. 
C)  soliciting employee input on the adoption of budgets. 
D)  the establishment of control standards. 
A)  employee empowerment. 
B)  formulating policies after gaining employee thoughts. 
C)  soliciting employee input on the adoption of budgets. 
D)  the establishment of control standards.

Question 3

The best feature of an organizational structure that evolves naturally is its

Accepted Answer

A)  economy. 
B)  clarity. 
C)  practicality. 
D)  use of staff positions. 
A)  economy. 
B)  clarity. 
C)  practicality. 
D)  use of staff positions.

Question 4

Nancy just added her eighth employee, a human resource manager who will be responsible for all future hiring, training, retaining, and firing decisions. The company is in a ________ organizational structure.

Accepted Answer

A)  delegated 
B)  line-and-staff 
C)  line 
D)  span of control 
A)  delegated 
B)  line-and-staff 
C)  line 
D)  span of control

Question 5

Mario has just begun to personally supervise employees. His firm likely to be in the ____________ stage of growth.

Accepted Answer

A)  formal organization 
B)  intermediate supervision 
C)  one-person operation 
D)  player-coach 
A)  formal organization 
B)  intermediate supervision 
C)  one-person operation 
D)  player-coach

Question 6

Founders are least likely to be described as a(n)

Accepted Answer

A)  analytical person. 
B)  good organizational member. 
C)  risk taker. 
D)  systematic problem solver. 
A)  analytical person. 
B)  good organizational member. 
C)  risk taker. 
D)  systematic problem solver.

Question 7

Stage 3 in the growth of a business is characterized by

Accepted Answer

A)  a one-person operation. 
B)  hands-off management practices. 
C)  multi-layered organization. 
D)  the entrepreneur as a player-coach. 
A)  a one-person operation. 
B)  hands-off management practices. 
C)  multi-layered organization. 
D)  the entrepreneur as a player-coach.

Question 8

A budget is prepared as part of a

Accepted Answer

A)  strategic plan. 
B)  short-range plan. 
C)  organizational plan. 
D)  long-range plan. 
A)  strategic plan. 
B)  short-range plan. 
C)  organizational plan. 
D)  long-range plan.

Question 9

Match the term with its definition. Some terms may not be used.
-Authorization of employees to make decisions or take actions on their own

Accepted Answer

A) Budget 
B) Chain of command 
C) Delegation of authority 
D) Empowerment 
E) Long-range plan
F)Professional manager
G)Self-managed work teams
H)Short-range plan 
A) Budget 
B) Chain of command 
C) Delegation of authority 
D) Empowerment 
E) Long-range plan
F)Professional manager
G)Self-managed work teams
H)Short-range plan

Question 10

Effective time management requires

Accepted Answer

A)  firmly established priorities. 
B)  self-discipline. 
C)  using a good time management system. 
D)  All of the above are required. 
A)  firmly established priorities. 
B)  self-discipline. 
C)  using a good time management system. 
D)  All of the above are required.

Question 11

Periodic performance review sessions for a company following two-way communication would discuss employee ideas, questions, complaints, and job expectations.

Accepted Answer

A) True 
 B)False

Question 12

Marvin has just launched a consulting business. Business has been slower than expected. What advice would you give Marvin?

Accepted Answer

A)  Post an ad in the local newspaper. 
B)  Tap into his personal and professional network. 
C)  Find a different line of work. 
D)  Take a full-time position with a company while he builds his business part-time. 
A)  Post an ad in the local newspaper. 
B)  Tap into his personal and professional network. 
C)  Find a different line of work. 
D)  Take a full-time position with a company while he builds his business part-time.

Question 13

What type of counseling is available for an entrepreneur?

Accepted Answer

1. SBA provides counseling through the S

Question 14

Stage 4 of small business growth involves the use of budgets, personnel policies, organizational charts, and computerization.

Accepted Answer

A) True 
 B)False

Question 15

Marcia, owner of Drapes by Design, has groups of employees in production and installation. If she decides to use work teams as part of her leadership approach, she may be able to:

Accepted Answer

A)  earn more in quarterly profits. 
B)  decrease the number of supervisors. 
C)  improve product quality. 
D)  reduce total compensation. 
A)  earn more in quarterly profits. 
B)  decrease the number of supervisors. 
C)  improve product quality. 
D)  reduce total compensation.

Question 16

Jenny is the owner-manager of a small accounting practice. She holds bi-weekly employee meetings to cover company goals, focus points for the future and keep the employees updated on current tax changes. She has developed significant bonds with the employees so they share work (and personal) problems with her more than in the past. Often Jenny can be found assisting new clients and aiding in paperwork completion especially around April 15th. What type of leadership style(s) does Jenny display and how?

Accepted Answer

-Visionary Leadership: By holding compan

Question 17

The SCORE program offers entrepreneurs the opportunity to enroll in college courses.

Accepted Answer

A) True 
 B)False

Question 18

Match the term with its definition. Some terms may not be used.
-An organizational structure that includes staff specialists who assist management

Accepted Answer

A) Line organization 
B) Line-and-staff organization 
C) Negotiation 
D) Networking 
E) Professional manager
F)Service Corps of Retired Executives
G)Small business development centers
H)Span of control 
A) Line organization 
B) Line-and-staff organization 
C) Negotiation 
D) Networking 
E) Professional manager
F)Service Corps of Retired Executives
G)Small business development centers
H)Span of control

Question 19

The owner of a rapidly growing small business needs to talk to a lender for additional financing. Which document would increase the company's credibility?

Accepted Answer

A)  control standards 
B)  human resource guidelines 
C)  strategic plan 
D)  All of the above would be needed. 
A)  control standards 
B)  human resource guidelines 
C)  strategic plan 
D)  All of the above would be needed.

Question 20

Match the term with its definition. Some terms may not be used.
-A simple organizational structure in which each person reports to one supervisor

Accepted Answer

A) Line organization 
B) Line-and-staff organization 
C) Negotiation 
D) Networking 
E) Professional manager
F)Service Corps of Retired Executives
G)Small business development centers
H)Span of control 
A) Line organization 
B) Line-and-staff organization 
C) Negotiation 
D) Networking 
E) Professional manager
F)Service Corps of Retired Executives
G)Small business development centers
H)Span of control

Exam 19: Professional Management and the Small Business

Match the term with its definition. Some terms may not be used. -An SBA-sponsored group of people who give free advice to small business owners

To improve employee morale, an industrial distribution business might consider __________.

The best feature of an organizational structure that evolves naturally is its

Nancy just added her eighth employee, a human resource manager who will be responsible for all future hiring, training, retaining, and firing decisions. The company is in a ________ organizational structure.

Mario has just begun to personally supervise employees. His firm likely to be in the ____________ stage of growth.

Founders are least likely to be described as a(n)

Stage 3 in the growth of a business is characterized by

A budget is prepared as part of a

Match the term with its definition. Some terms may not be used. -Authorization of employees to make decisions or take actions on their own

Effective time management requires

Periodic performance review sessions for a company following two-way communication would discuss employee ideas, questions, complaints, and job expectations.

Marvin has just launched a consulting business. Business has been slower than expected. What advice would you give Marvin?

What type of counseling is available for an entrepreneur?

Stage 4 of small business growth involves the use of budgets, personnel policies, organizational charts, and computerization.

Marcia, owner of Drapes by Design, has groups of employees in production and installation. If she decides to use work teams as part of her leadership approach, she may be able to:

The SCORE program offers entrepreneurs the opportunity to enroll in college courses.

Match the term with its definition. Some terms may not be used. -An organizational structure that includes staff specialists who assist management

The owner of a rapidly growing small business needs to talk to a lender for additional financing. Which document would increase the company's credibility?

Match the term with its definition. Some terms may not be used. -A simple organizational structure in which each person reports to one supervisor

The Entrepreneurial Life

Integrity and Ethics: Foundations for Success in Small Business

Starting a Small Business

Franchises and Buyouts

The Family Business

The Business Plan: Visualizing the Dream

The Marketing Plan

The Organizational Plan: Teams, Legal Structures, Alliances, and Directors

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Product Development and Supply Chain Management

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Business

Managing Human Resources

Managing Operations

Managing the Firms Assets

Managing Risk in the Small Business

A: Managing Risk in the Small Business

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