Question 1

In order to limit your financial risk, it's usually advisable to pour limited financial resources into a new business.

Accepted Answer

A) True 
 B)False  False

Question 2

Innovators at large businesses are the primary driving force behind the discovery of new ways of doing old things.

Accepted Answer

A) True 
 B)False  False

Question 3

Starbucks' Howard Schultz is an example of a person who came up with a business idea as a result of a hobby.

Accepted Answer

A) True 
 B)False  False

Question 4

It is unlikely that you'd decide to set up a new company to make cars.

Accepted Answer

A) True 
 B)False

Question 5

What does a mission statement do?

Accepted Answer

The mission statement describes the purp

Question 6

Among the disadvantages of business ownership, Jacob would probably balk at the prospect of_____.

Accepted Answer

A) financial risk 
B) time commitment 
C) stress 
D) unlimited liability 
A) financial risk 
B) time commitment 
C) stress 
D) unlimited liability

Question 7

A survey conducted by the Wall Street Journal indicates that _____ have a more satisfying business experience.

Accepted Answer

A) top-level executives 
B) small business owners 
C) franchise owners 
D) team members 
A) top-level executives 
B) small business owners 
C) franchise owners 
D) team members

Question 8

The _____

Accepted Answer

A) "Executive Summary" 
B) "Core Values" 
C) "Mission Statement" 
D) "Justification Analysis" 
A) "Executive Summary" 
B) "Core Values" 
C) "Mission Statement" 
D) "Justification Analysis"

Question 9

Howard Schultz, a New York executive for a housewares company, came up with his great business idea when he:

Accepted Answer

A) Was encouraged by his boss to start a business 
B) Decided he needed to run a coffee shop to provide stability for his family 
C) Visited the coffee shop of one of his smaller customers and discovered why it ordered so many coffeemaker filters 
D) Found that his family wanted to move to Seattle 
A) Was encouraged by his boss to start a business 
B) Decided he needed to run a coffee shop to provide stability for his family 
C) Visited the coffee shop of one of his smaller customers and discovered why it ordered so many coffeemaker filters 
D) Found that his family wanted to move to Seattle

Question 10

Buying a franchise is the most common, though riskiest, option for starting a new business.

Accepted Answer

A) True 
 B)False

Question 11

The _____

Accepted Answer

A) "Goods, Services and the Production Process" 
B) "Industry Analysis" 
C) "Management Plan" 
D) "Financial Plan" 
A) "Goods, Services and the Production Process" 
B) "Industry Analysis" 
C) "Management Plan" 
D) "Financial Plan"

Question 12

If you were a business advisor, what would you probably recommend for Ronnie?

Accepted Answer

A) Start a business from scratch. 
B) Buy an existing business. 
C) Buy a franchise. 
D) Go into business with his brother. 
A) Start a business from scratch. 
B) Buy an existing business. 
C) Buy a franchise. 
D) Go into business with his brother.

Question 13

The _____

Accepted Answer

A) "Mission Statement" 
B) "Executive Summary" 
C) "Description of Proposed Business" 
D) "Management Plan" 
A) "Mission Statement" 
B) "Executive Summary" 
C) "Description of Proposed Business" 
D) "Management Plan"

Question 14

The goods-producing sector is home to only 20 percent of all small businesses, the majority of which are in _____.

Accepted Answer

A) construction and manufacturing 
B) food service 
C) direct marketing 
D) retailing 
A) construction and manufacturing 
B) food service 
C) direct marketing 
D) retailing

Question 15

Which of the following is an advantage of buying an existing business?

Accepted Answer

A) You can identify competitors. 
B) You have access to current cash flow. 
C) You can identify suppliers. 
D) You will inherit employees. 
A) You can identify competitors. 
B) You have access to current cash flow. 
C) You can identify suppliers. 
D) You will inherit employees.

Question 16

Clarke Santiago and his wife Teresa, parents of two children, opened a buffet restaurant last year.They've been so successful with their family-style atmosphere that some investor friends have offered funding to expand into two additional locations.The investors also want to consider opening several more restaurants each year.After thinking it over, the Santiagos decided to stick with one restaurant and add catering services-a move that should provide them with a satisfactory income.The Santiagos' business is a good example of a _____.

Accepted Answer

A) lifestyle business 
B) start-up business 
C) sole proprietorship 
D) franchise 
A) lifestyle business 
B) start-up business 
C) sole proprietorship 
D) franchise

Question 17

A rewarding aspect of being a business owner is that you can't get fired-an advantage that comes under the heading of "Creative Freedom and Personal Satisfaction."

Accepted Answer

A) True 
 B)False

Question 18

Gonzalez's business is not a small business because it's unique in the flower-shop industry.

Accepted Answer

A) True 
 B)False

Question 19

Many small firms provide _____ services to large firms-that is, they hire themselves out to help with special projects or to handle certain business functions.

Accepted Answer

A) franchising 
B) entrepreneurial 
C) supplemental 
D) outsourcing 
A) franchising 
B) entrepreneurial 
C) supplemental 
D) outsourcing

Question 20

When you believe in what you're doing and make a strong personal commitment to your business, you are displaying:

Accepted Answer

A) a creative commitment to business management. 
B) a proper attitude toward business ownership. 
C) basic business know-how. 
D) an ethical attitude toward business conduct. 
A) a creative commitment to business management. 
B) a proper attitude toward business ownership. 
C) basic business know-how. 
D) an ethical attitude toward business conduct.

In order to limit your financial risk, it's usually advisable to pour limited financial resources into a new business.

Innovators at large businesses are the primary driving force behind the discovery of new ways of doing old things.

Starbucks' Howard Schultz is an example of a person who came up with a business idea as a result of a hobby.

It is unlikely that you'd decide to set up a new company to make cars.

What does a mission statement do?

Among the disadvantages of business ownership, Jacob would probably balk at the prospect of_____.

A survey conducted by the Wall Street Journal indicates that _____ have a more satisfying business experience.

The _____

Howard Schultz, a New York executive for a housewares company, came up with his great business idea when he:

Buying a franchise is the most common, though riskiest, option for starting a new business.

The _____

If you were a business advisor, what would you probably recommend for Ronnie?

The _____

The goods-producing sector is home to only 20 percent of all small businesses, the majority of which are in _____.

Which of the following is an advantage of buying an existing business?

A rewarding aspect of being a business owner is that you can't get fired-an advantage that comes under the heading of "Creative Freedom and Personal Satisfaction."

Gonzalez's business is not a small business because it's unique in the flower-shop industry.

Many small firms provide _____ services to large firms-that is, they hire themselves out to help with special projects or to handle certain business functions.

When you believe in what you're doing and make a strong personal commitment to your business, you are displaying:

The Foundations of Business

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Exam 2: Entrepreneurship

In order to limit your financial risk, it's usually advisable to pour limited financial resources into a new business.

Innovators at large businesses are the primary driving force behind the discovery of new ways of doing old things.

Starbucks' Howard Schultz is an example of a person who came up with a business idea as a result of a hobby.

It is unlikely that you'd decide to set up a new company to make cars.

What does a mission statement do?

Among the disadvantages of business ownership, Jacob would probably balk at the prospect of_____.

A survey conducted by the Wall Street Journal indicates that _____ have a more satisfying business experience.

The _____

Howard Schultz, a New York executive for a housewares company, came up with his great business idea when he:

Buying a franchise is the most common, though riskiest, option for starting a new business.

The _____

If you were a business advisor, what would you probably recommend for Ronnie?

The _____

The goods-producing sector is home to only 20 percent of all small businesses, the majority of which are in _____.

Which of the following is an advantage of buying an existing business?

A rewarding aspect of being a business owner is that you can't get fired-an advantage that comes under the heading of "Creative Freedom and Personal Satisfaction."

Gonzalez's business is not a small business because it's unique in the flower-shop industry.

Many small firms provide _____ services to large firms-that is, they hire themselves out to help with special projects or to handle certain business functions.

When you believe in what you're doing and make a strong personal commitment to your business, you are displaying:

The Foundations of Business

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters