Question 1

Match the term with its definition. Some terms may not be used.
-The official, vertical channel of communication in an organization

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 2

The consulting resources of universities are made available to small business firms by

Accepted Answer

A)  student consulting team programs. 
B)  SCORE. 
C)  business incubators. 
D)  management consultants. 
A)  student consulting team programs. 
B)  SCORE. 
C)  business incubators. 
D)  management consultants.

Question 3

Paul has decided to start a musical venue that also includes a restaurant and an art gallery. His brother suggested he talk to a consultant to develop his business plan. What should Paul look for when searching? What issues should be determined before the consultant is hired?

Accepted Answer

Paul should look for consultants who are

Question 4

Match the term with its definition. Some terms may not be used.
-A document that expresses future plans in monetary terms

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 5

Vivian would like to improve two-way communication with her subordinates. Which of these ideas would be most helpful her?

Accepted Answer

A)  Post daily updates on the bulletin board. 
B)  Announce daily production requirements over the public address system. 
C)  Engage employees in conversations to discuss their ideas and problems 
D)  Manage by walking around. 
A)  Post daily updates on the bulletin board. 
B)  Announce daily production requirements over the public address system. 
C)  Engage employees in conversations to discuss their ideas and problems 
D)  Manage by walking around.

Question 6

The maximum number of employees who can be supervised effectively by a capable manager is four.

Accepted Answer

A) True 
 B)False

Question 7

Company planning helps clarify issues and how these issues can be faced, provides focus and increases credibility with outsiders.

Accepted Answer

A) True 
 B)False

Question 8

A hesitancy by an entrepreneur to move through the various organizational stages can

Accepted Answer

A)  limit the rate of business growth. 
B)  be interpreted as evidence of creativity. 
C)  normally provide a competitive edge to the firm. 
D)  provide a spark to the business because of the spontaneity it introduces. 
A)  limit the rate of business growth. 
B)  be interpreted as evidence of creativity. 
C)  normally provide a competitive edge to the firm. 
D)  provide a spark to the business because of the spontaneity it introduces.

Question 9

Individuals who are launching promising startups need to have a "tolerance for ambiguity".

Accepted Answer

A) True 
 B)False

Question 10

Having more than one supervisor is a violation of the:

Accepted Answer

A)  span of control 
B)  delegating 
C)  controlling 
D)  chain of command 
A)  span of control 
B)  delegating 
C)  controlling 
D)  chain of command

Question 11

Scott, a printing shop owner, believes that his business is running rather haphazardly and wants to get it under control. The first step he should take is to

Accepted Answer

A)  take corrective action. 
B)  set standards. 
C)  increase inspection. 
D)  increase two-way communication. 
A)  take corrective action. 
B)  set standards. 
C)  increase inspection. 
D)  increase two-way communication.

Question 12

Some colleges and universities offer training directly to aspiring small business owners.

Accepted Answer

A) True 
 B)False

Question 13

John, a small business operations manager, is confronted with a quality problem. A typical small business handicap that will hamper his efforts to solve the problem is a lack of

Accepted Answer

A)  time. 
B)  chain of command. 
C)  accounting data. 
D)  specialized staff assistance. 
A)  time. 
B)  chain of command. 
C)  accounting data. 
D)  specialized staff assistance.

Question 14

Describe the four stages of small business growth and how the owner would function.

Accepted Answer

Stage 1: One-Person Operation: While som

Question 15

The formal organization stage of business growth is a turning point because the entrepreneur must learn to rise above direct management and work through an intermediate level of managers.

Accepted Answer

A) True 
 B)False

Question 16

The greatest time saver is the effective use of time.

Accepted Answer

A) True 
 B)False

Question 17

Barry's expectation that employees will complete his requests immediately is typical of ______ leaders.

Accepted Answer

A)  democratic 
B)  commanding 
C)  pacesetting 
D)  affiliative 
A)  democratic 
B)  commanding 
C)  pacesetting 
D)  affiliative

Question 18

For six leadership styles, briefly state how each type of leader operates.

Accepted Answer

1. Visionary leaders mobilize people tow

Question 19

SCORE refers to

Accepted Answer

A)  the grade assigned to a small firm by the SBA. 
B)  the management knowledge possessed by an entrepreneur. 
C)  a group of retired executives who act as consultants to small firms. 
D)  an alliance of small firms for the purpose of bidding on government contracts. 
A)  the grade assigned to a small firm by the SBA. 
B)  the management knowledge possessed by an entrepreneur. 
C)  a group of retired executives who act as consultants to small firms. 
D)  an alliance of small firms for the purpose of bidding on government contracts.

Exam 19: Professional Management and the Small Business

Match the term with its definition. Some terms may not be used. -The official, vertical channel of communication in an organization

The consulting resources of universities are made available to small business firms by

Paul has decided to start a musical venue that also includes a restaurant and an art gallery. His brother suggested he talk to a consultant to develop his business plan. What should Paul look for when searching? What issues should be determined before the consultant is hired?

Match the term with its definition. Some terms may not be used. -A document that expresses future plans in monetary terms

Vivian would like to improve two-way communication with her subordinates. Which of these ideas would be most helpful her?

The maximum number of employees who can be supervised effectively by a capable manager is four.

Company planning helps clarify issues and how these issues can be faced, provides focus and increases credibility with outsiders.

A hesitancy by an entrepreneur to move through the various organizational stages can

Individuals who are launching promising startups need to have a "tolerance for ambiguity".

Having more than one supervisor is a violation of the:

Scott, a printing shop owner, believes that his business is running rather haphazardly and wants to get it under control. The first step he should take is to

Some colleges and universities offer training directly to aspiring small business owners.

John, a small business operations manager, is confronted with a quality problem. A typical small business handicap that will hamper his efforts to solve the problem is a lack of

Describe the four stages of small business growth and how the owner would function.

The formal organization stage of business growth is a turning point because the entrepreneur must learn to rise above direct management and work through an intermediate level of managers.

The greatest time saver is the effective use of time.

Barry's expectation that employees will complete his requests immediately is typical of ______ leaders.

For six leadership styles, briefly state how each type of leader operates.

SCORE refers to

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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