Question 1

Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

Accepted Answer

A) True 
 B)False  False

Question 2

If a small business owner enjoys the chance to balance work and personal life, he would be considered an________ .

Accepted Answer

A)  idealist 
B)  optimizer 
C)  hard worker 
D)  juggler 
E)  sustainer 
A)  idealist 
B)  optimizer 
C)  hard worker 
D)  juggler 
E)  sustainer E

Question 3

What is the most common way that entrepreneurs finance the start-up of a new business?

Accepted Answer

A)  Self-financing from savings or credit cards 
B)  Loans from friends, family, or business associates 
C)  Bank loans 
D)  Lines of credit 
E)  Venture capital 
A)  Self-financing from savings or credit cards 
B)  Loans from friends, family, or business associates 
C)  Bank loans 
D)  Lines of credit 
E)  Venture capital A

Question 4

Andrew, a young entrepreneur, feels sure about his ability to win customers through his people skills. He is comfortable with his ability to handle technical details and feels that he is able to keep his business moving. This most closely relates to which personality trait of entrepreneurs?

Accepted Answer

A)  Need to achieve 
B)  Impatience 
C)  Tolerance for ambiguity 
D)  High energy level 
E)  Self-confidence 
A)  Need to achieve 
B)  Impatience 
C)  Tolerance for ambiguity 
D)  High energy level 
E)  Self-confidence

Question 5

The majority of the incubators are operated by:

Accepted Answer

A)  large corporations. 
B)  non-profit organizations. 
C)  small businesses. 
D)  international businesses. 
E)  college drop-outs. 
A)  large corporations. 
B)  non-profit organizations. 
C)  small businesses. 
D)  international businesses. 
E)  college drop-outs.

Question 6

_________entrepreneurs are committed to both good business and changing the world for the better.

Accepted Answer

The answer of _________entrepreneurs are committed to both good business...

Question 7

An_________ is a document specifying the business details prepared by an entrepreneur in preparation for opening a new business.

Accepted Answer

The answer of An_________ is a document specifying the business...

Question 8

What are the two principal advantages of forming a corporation?

Accepted Answer

A)  Unlimited liability and potential conflicts with partners 
B)  Freedom from debt and relatively simple structure 
C)  Continuity and limits on owner's liability 
D)  Unlimited liability and continuity 
E)  Continuity and non-tax structure 
A)  Unlimited liability and potential conflicts with partners 
B)  Freedom from debt and relatively simple structure 
C)  Continuity and limits on owner's liability 
D)  Unlimited liability and continuity 
E)  Continuity and non-tax structure

Question 9

________was one of the top 10 fastest-growing franchises in 2011.

Accepted Answer

A)  Arby's 
B)  Krispy Kreme 
C)  Subway 
D)  Wendy's 
E)  Dairy Queen 
A)  Arby's 
B)  Krispy Kreme 
C)  Subway 
D)  Wendy's 
E)  Dairy Queen

Question 10

The failure rate for high-tech business is lower than the failure rate for conventional businesses.

Accepted Answer

A) True 
 B)False

Question 11

A need to achieve is a psychological characteristic that means people are motivated to excell and pick situations in which success is likely.

Accepted Answer

A) True 
 B)False

Question 12

Since a corporation is a legal structure reserved for large firms, small businesses have two basic choices for legal structure of their company: proprietorship and partnership.

Accepted Answer

A) True 
 B)False

Question 13

Ginger likes to set her own goals, which have an intermediate level of difficulty. Which of the entrepreneurial characteristics does she probably possess?

Accepted Answer

A)  A high need for achievement 
B)  A high need for power 
C)  An external locus of control 
D)  An inability to deal with uncertainty 
E)  Intolerance for ambiguity 
A)  A high need for achievement 
B)  A high need for power 
C)  An external locus of control 
D)  An inability to deal with uncertainty 
E)  Intolerance for ambiguity

Question 14

An_________ is a group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits.

Accepted Answer

venture ca

Question 15

________refers to borrowing money that has to be repaid in order to start a business.

Accepted Answer

A)  Venture capital 
B)  Debt financing 
C)  Equity financing 
D)  Franchising 
E)  Licensing 
A)  Venture capital 
B)  Debt financing 
C)  Equity financing 
D)  Franchising 
E)  Licensing

Question 16

List and briefly describe the stages of growth for an entrepreneurial company.

Accepted Answer

The first stage is the start-up stage. D

Question 17

Which of these means that people are motivated to excel and pick situations in which success is likely?

Accepted Answer

A)  External locus of control 
B)  Tolerance for Ambiguity 
C)  Awareness of passing time 
D)  Internal locus of control 
E)  Need to achieve 
A)  External locus of control 
B)  Tolerance for Ambiguity 
C)  Awareness of passing time 
D)  Internal locus of control 
E)  Need to achieve

Question 18

Which of the following is NOT an appropriate legal structure for an entrepreneurial company?

Accepted Answer

A)  Proprietorship 
B)  Corporation 
C)  Partnership 
D)  Trade alliance 
E)  All of these are appropriate legal structures for an entrepreneurial company. 
A)  Proprietorship 
B)  Corporation 
C)  Partnership 
D)  Trade alliance 
E)  All of these are appropriate legal structures for an entrepreneurial company.

Question 19

Scenario - Holly and Trent

While many others dreamed about owning their own business, Holly Gabrel decided to do something about it. Holly knew that being self-employed required long hours and hard work, but with the help of her husband, Trent, Holly was positive that the hours and the work would be rewarded. First, she and Trent developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Holly and Trent obtained a patent on their invention, and began production and marketing.
-If the business is legally Holly's, then the business form would be:

Accepted Answer

A)  proprietorship. 
B)  partnership. 
C)  corporation. 
D)  chapter S42.5. 
E)  none of these. 
A)  proprietorship. 
B)  partnership. 
C)  corporation. 
D)  chapter S42.5. 
E)  none of these.

Question 20

Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

Accepted Answer

A) True 
 B)False

Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

If a small business owner enjoys the chance to balance work and personal life, he would be considered an________ .

What is the most common way that entrepreneurs finance the start-up of a new business?

Andrew, a young entrepreneur, feels sure about his ability to win customers through his people skills. He is comfortable with his ability to handle technical details and feels that he is able to keep his business moving. This most closely relates to which personality trait of entrepreneurs?

The majority of the incubators are operated by:

_________entrepreneurs are committed to both good business and changing the world for the better.

An_________ is a document specifying the business details prepared by an entrepreneur in preparation for opening a new business.

What are the two principal advantages of forming a corporation?

________was one of the top 10 fastest-growing franchises in 2011.

The failure rate for high-tech business is lower than the failure rate for conventional businesses.

A need to achieve is a psychological characteristic that means people are motivated to excell and pick situations in which success is likely.

Since a corporation is a legal structure reserved for large firms, small businesses have two basic choices for legal structure of their company: proprietorship and partnership.

Ginger likes to set her own goals, which have an intermediate level of difficulty. Which of the entrepreneurial characteristics does she probably possess?

An_________ is a group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits.

________refers to borrowing money that has to be repaid in order to start a business.

List and briefly describe the stages of growth for an entrepreneurial company.

Which of these means that people are motivated to excel and pick situations in which success is likely?

Which of the following is NOT an appropriate legal structure for an entrepreneurial company?

Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

Innovative Management for a Changing World

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managerial Planning and Goal Setting

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources and Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Filters

Exam 16: Managing Small Business Start-Ups

Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

If a small business owner enjoys the chance to balance work and personal life, he would be considered an________ .

What is the most common way that entrepreneurs finance the start-up of a new business?

Andrew, a young entrepreneur, feels sure about his ability to win customers through his people skills. He is comfortable with his ability to handle technical details and feels that he is able to keep his business moving. This most closely relates to which personality trait of entrepreneurs?

The majority of the incubators are operated by:

_________entrepreneurs are committed to both good business and changing the world for the better.

An_________ is a document specifying the business details prepared by an entrepreneur in preparation for opening a new business.

What are the two principal advantages of forming a corporation?

________was one of the top 10 fastest-growing franchises in 2011.

The failure rate for high-tech business is lower than the failure rate for conventional businesses.

A need to achieve is a psychological characteristic that means people are motivated to excell and pick situations in which success is likely.

Since a corporation is a legal structure reserved for large firms, small businesses have two basic choices for legal structure of their company: proprietorship and partnership.

Ginger likes to set her own goals, which have an intermediate level of difficulty. Which of the entrepreneurial characteristics does she probably possess?

An_________ is a group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits.

________refers to borrowing money that has to be repaid in order to start a business.

List and briefly describe the stages of growth for an entrepreneurial company.

Which of these means that people are motivated to excel and pick situations in which success is likely?

Which of the following is NOT an appropriate legal structure for an entrepreneurial company?

Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

Innovative Management for a Changing World

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managerial Planning and Goal Setting

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources and Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Filters