Question 1

Professional managers often have more sophisticated methods of management than entrepreneurs.

Accepted Answer

A) True 
 B)False  True

Question 2

Compared to  empowerment, w ork teams require a lower level of employee participation.

Accepted Answer

A) True 
 B)False  False

Question 3

The personal shopper business Jeff and Christy have developed has grown so they are busy 50 hours weekly. This schedule leaves little time for them as a couple. They have decided to hire outside employees to take over some of their business responsibilities. What suggestions should they follow to ease this transition?

Accepted Answer

Jeff and Christy should complete the following tasks. 
* Accept the fact that they will not be able to make all of the decisions anymore. 
*Prepare themselves emotionally for the loss of control. 
*Manage carefully the process of finding, selecting, hiring, and retaining employees who are trustworthy enough to handle greater responsibility. 
*Start by delegating those functions that they are most comfortable giving up and continue to provide reasonable oversight. 
*Coach those who are taking over new responsibilities so that they can master required skills detailed in job descriptions. 
*Focusing on results and give employees the flexibility to carry out assignments.

Question 4

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 5

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

Accepted Answer

A)  creative. 
B)  good organizational member. 
C)  innovative. 
D)  risk-taking. 
A)  creative. 
B)  good organizational member. 
C)  innovative. 
D)  risk-taking.

Question 6

It is critical for entrepreneurs to set aside time to work undisturbed.

Accepted Answer

A) True 
 B)False

Question 7

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 8

Susan has seen her retail shop grow to the point that she has designated supervisors for the office and two selling areas. Her shop's stage of growth is

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 9

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 10

A small company's culture unfolds over the lifetime of the business..

Accepted Answer

A) True 
 B)False

Question 11

A small business that has expanded beyond the comfort zone of its entrepreneur will end in bankruptcy.

Accepted Answer

A) True 
 B)False

Question 12

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 13

Jo Ann serves as the CEO of her company and currently works 60 hours a week at a minimum. What issues does she face?

Accepted Answer

This schedule may lead to an inefficient

Question 14

When a firm reaches Stage 2, the entrepreneur engages extensively in both the coordination of the efforts of others as well as performing basic work activities.

Accepted Answer

A) True 
 B)False

Question 15

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 comp

Question 16

Linda's high standards and expectations of employee excellence is typical of ____ leaders.

Accepted Answer

A)  team builder 
B)  general 
C)  populist 
D)  paragon 
A)  team builder 
B)  general 
C)  populist 
D)  paragon

Question 17

If a company successfully creates properly functioning self-managed teams among employees, the supervisors will

Accepted Answer

A)  feel threatened by her leadership approach to teams. 
B)  likely become fewer in number. 
C)  may attempt to delegate mundane tasks to the teams. 
D)  need to maintain closer supervision. 
A)  feel threatened by her leadership approach to teams. 
B)  likely become fewer in number. 
C)  may attempt to delegate mundane tasks to the teams. 
D)  need to maintain closer supervision.

Question 18

Entrepreneurs can get management assistance from peers through

Accepted Answer

A)  outside consultants. 
B)  SCORE advisors. 
C)  volunteer work in the community. 
D)  networking. 
A)  outside consultants. 
B)  SCORE advisors. 
C)  volunteer work in the community. 
D)  networking.

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Professional managers often have more sophisticated methods of management than entrepreneurs.

Compared to empowerment, w ork teams require a lower level of employee participation.

Effective time management requires

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

It is critical for entrepreneurs to set aside time to work undisturbed.

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

Susan has seen her retail shop grow to the point that she has designated supervisors for the office and two selling areas. Her shop's stage of growth is

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.

A small company's culture unfolds over the lifetime of the business..

A small business that has expanded beyond the comfort zone of its entrepreneur will end in bankruptcy.

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.

Jo Ann serves as the CEO of her company and currently works 60 hours a week at a minimum. What issues does she face?

When a firm reaches Stage 2, the entrepreneur engages extensively in both the coordination of the efforts of others as well as performing basic work activities.

Linda's high standards and expectations of employee excellence is typical of ____ leaders.

If a company successfully creates properly functioning self-managed teams among employees, the supervisors will

Entrepreneurs can get management assistance from peers through

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

SCORE refers to

The Entrepreneurial Life

Integrity Ethics and Social Entrepreneurship

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 Firm S Financial Statements

Forecasting Financial Requirements

A Firm S 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 Small Business Operations

Managing the Firm S Assets

Managing Risk

Filters