Question 1

A family council carries the same authority as a board of directors.

Accepted Answer

A) True 
 B)False  False

Question 2

Family businesses can be used to sponsor qualified relatives as immigrants when:

Accepted Answer

A) the relative is economic distress. 
B) when the business cannot find a skilled Canadian for the job. 
C) when the relative is required for a position of trust. 
D) when quotas for that country have not been filled. 
A) the relative is economic distress. 
B) when the business cannot find a skilled Canadian for the job. 
C) when the relative is required for a position of trust. 
D) when quotas for that country have not been filled. C

Question 3

Leading the family business requires a deep involvement with family politics.

Accepted Answer

A) True 
 B)False  False

Question 4

Which of the following is not one of the plans for retiring business owners?

Accepted Answer

A) retirement plan. 
B) estate plan. 
C) succession plan. 
D) tax plan. 
A) retirement plan. 
B) estate plan. 
C) succession plan. 
D) tax plan.

Question 5

Creating two classes of shares, only one of which will grow in value is called:

Accepted Answer

A) probate. 
B) estate freeze. 
C) bequeathing. 
D) share succession. 
A) probate. 
B) estate freeze. 
C) bequeathing. 
D) share succession.

Question 6

"Family Business" is not available as a field of study in any major
North American business school.

Accepted Answer

A) True 
 B)False

Question 7

Explain several basic approaches to reducing conflict within family businesses.

Accepted Answer

The student may choose to iden

Question 8

A well-run family business has:

Accepted Answer

A) a single family member in control. 
B) formal lines of authority. 
C) competitive industry pay rates. 
D) all of the above. 
A) a single family member in control. 
B) formal lines of authority. 
C) competitive industry pay rates. 
D) all of the above.

Question 9

There are no formal educational requirements for taking over a family business.

Accepted Answer

A) True 
 B)False

Question 10

Business owners are most likely to commit to a succession plan when they are in their fifties.

Accepted Answer

A) True 
 B)False

Question 11

Discuss the major advantages and disadvantages of a career in the family business..

Accepted Answer

Note that this question does not specify

Question 12

The increase in value of an investment is subject to:

Accepted Answer

A) capital gain tax. 
B) retirement tax. 
C) estate tax. 
D) probate tax. 
A) capital gain tax. 
B) retirement tax. 
C) estate tax. 
D) probate tax.

Question 13

Customer loyalty is more likely to be retained when there is an abrupt transition of power.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is not a typical family business problem?

Accepted Answer

A) incompetent family members in positions of responsibility. 
B) theft of the assets by family members. 
C) battles for control among family members. 
D) attempts to use the business as a weapon in family feuds. 
A) incompetent family members in positions of responsibility. 
B) theft of the assets by family members. 
C) battles for control among family members. 
D) attempts to use the business as a weapon in family feuds.

Question 15

Which of the following is a family business?

Accepted Answer

A) A woman owns a small garage where her four sons work as mechanics. 
B) A man owns a delivery service where the five children of his dispatcher work. 
C) A woman is self-employed as a writer and is the only earner in her family. 
D) None of the above are family businesses. 
A) A woman owns a small garage where her four sons work as mechanics. 
B) A man owns a delivery service where the five children of his dispatcher work. 
C) A woman is self-employed as a writer and is the only earner in her family. 
D) None of the above are family businesses.

Question 16

Siblings close in age and of the same gender are more likely to continue rivalries into adulthood.

Accepted Answer

A) True 
 B)False

Question 17

Parents generally find it easy to delegate to their offspring.

Accepted Answer

A) True 
 B)False

Question 18

Outline the process of planning for retirement and identify the major advisors involved, specifying the roles of each..

Accepted Answer

Half of the marks should be aw

Question 19

Family businesses are successfully transferred to the next generation in:

Accepted Answer

A) ninety percent of all cases. 
B) more than two thirds of all cases. 
C) less than one third of all cases. 
D) less than ten percent of all cases. 
A) ninety percent of all cases. 
B) more than two thirds of all cases. 
C) less than one third of all cases. 
D) less than ten percent of all cases.

Question 20

A second-generation owner of a family business is not a true entrepreneur.

Accepted Answer

A) True 
 B)False

A family council carries the same authority as a board of directors.

Family businesses can be used to sponsor qualified relatives as immigrants when:

Leading the family business requires a deep involvement with family politics.

Which of the following is not one of the plans for retiring business owners?

Creating two classes of shares, only one of which will grow in value is called:

"Family Business" is not available as a field of study in any major North American business school.

Explain several basic approaches to reducing conflict within family businesses.

A well-run family business has:

There are no formal educational requirements for taking over a family business.

Business owners are most likely to commit to a succession plan when they are in their fifties.

Discuss the major advantages and disadvantages of a career in the family business..

The increase in value of an investment is subject to:

Customer loyalty is more likely to be retained when there is an abrupt transition of power.

Which of the following is not a typical family business problem?

Which of the following is a family business?

Siblings close in age and of the same gender are more likely to continue rivalries into adulthood.

Parents generally find it easy to delegate to their offspring.

Outline the process of planning for retirement and identify the major advisors involved, specifying the roles of each..

Family businesses are successfully transferred to the next generation in:

A second-generation owner of a family business is not a true entrepreneur.

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

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Exam 9: The Family Firm Alternative: How Do I Take Over My Familys Business

A family council carries the same authority as a board of directors.

Family businesses can be used to sponsor qualified relatives as immigrants when:

Leading the family business requires a deep involvement with family politics.

Which of the following is not one of the plans for retiring business owners?

Creating two classes of shares, only one of which will grow in value is called:

"Family Business" is not available as a field of study in any major North American business school.

Explain several basic approaches to reducing conflict within family businesses.

A well-run family business has:

There are no formal educational requirements for taking over a family business.

Business owners are most likely to commit to a succession plan when they are in their fifties.

Discuss the major advantages and disadvantages of a career in the family business..

The increase in value of an investment is subject to:

Customer loyalty is more likely to be retained when there is an abrupt transition of power.

Which of the following is not a typical family business problem?

Which of the following is a family business?

Siblings close in age and of the same gender are more likely to continue rivalries into adulthood.

Parents generally find it easy to delegate to their offspring.

Outline the process of planning for retirement and identify the major advisors involved, specifying the roles of each..

Family businesses are successfully transferred to the next generation in:

A second-generation owner of a family business is not a true entrepreneur.

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

Filters