Question 1

According to the Small Business Administration, which of these defines a business?

Accepted Answer

A)  It has fewer than 500 employees. 
B)  It has sales less than $5 million a year. 
C)  It has fewer than $100 million in assets. 
D)  The SBA's definition of small business is one that is independently owned and operated and not dominant in its field of action. 
E)  It has fewer than 50 employees and $1 million in sales. 
A)  It has fewer than 500 employees. 
B)  It has sales less than $5 million a year. 
C)  It has fewer than $100 million in assets. 
D)  The SBA's definition of small business is one that is independently owned and operated and not dominant in its field of action. 
E)  It has fewer than 50 employees and $1 million in sales.

Question 2

What is the fundamental difference between the suppliers of debt and equity financing?

Accepted Answer

Suppliers of debt financing will have th

Question 3

Which of these characteristics is associated with entrepreneurship?

Accepted Answer

A)  A high need for power 
B)  A high need for affiliation 
C)  An internal locus of control 
D)  An external locus of control 
E)  Low energy level 
A)  A high need for power 
B)  A high need for affiliation 
C)  An internal locus of control 
D)  An external locus of control 
E)  Low energy level

Question 4

Small businesses represent ____ percent of all firms and employ about half of all private sector employees.

Accepted Answer

A)  86.3 
B)  21.9 
C)  99.7 
D)  54.2 
E)  72.8 
A)  86.3 
B)  21.9 
C)  99.7 
D)  54.2 
E)  72.8

Question 5

Entrepreneurs who aspire to start online businesses implement all the following steps EXCEPT:

Accepted Answer

A)  develop an inspiring business plan. 
B)  choose a legal structure. 
C)  determine financial backing. 
D)  determine physical location. 
E)  identify a profitable market niche. 
A)  develop an inspiring business plan. 
B)  choose a legal structure. 
C)  determine financial backing. 
D)  determine physical location. 
E)  identify a profitable market niche.

Question 6

Name three of the four ways entrepreneurs can become business owners.

Accepted Answer

(1) Start from scratch, (2) bu

Question 7

In the ____________________ stage, the main problems for entrepreneurial firms are producing the product or service and obtaining customers.

Accepted Answer

The answer of In the ____________________ stage, the main problems...

Question 8

Which of the following is the type of business that most entrepreneurs start?

Accepted Answer

A)  Retail 
B)  Manufacturing 
C)  Service 
D)  All of these 
E)  Retail and manufacturing only 
A)  Retail 
B)  Manufacturing 
C)  Service 
D)  All of these 
E)  Retail and manufacturing only

Question 9

The process of initiating a business venture, gathering and organizing the appropriate resources, and assuming the associated risks and rewards refers to Entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 10

A(n) ____________________ is an unincorporated business owned by two or more people.

Accepted Answer

The answer of A(n) ____________________ is an unincorporated business owned...

Question 11

Which of the following is the most cited source of new business ideas?

Accepted Answer

A)  Brainstorming 
B)  In-depth understanding of industry/profession 
C)  A hobby 
D)  Copying someone else 
E)  None of these 
A)  Brainstorming 
B)  In-depth understanding of industry/profession 
C)  A hobby 
D)  Copying someone else 
E)  None of these

Question 12

____ was one of the top 10 fastest-growing franchises in 2008.

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 13

Entrepreneurs in the ____________________ category like the idea of working on something that is new, creative, or personally meaningful.

Accepted Answer

The answer of Entrepreneurs in the ____________________ category like the...

Question 14

Vaughn Hager started his one-man consulting business under the name Hager Associates. The legal structure for the company can best be described as a(n)

Accepted Answer

A)  proprietorship. 
B)  partnership. 
C)  trade alliance. 
D)  corporation. 
E)  one man operation. 
A)  proprietorship. 
B)  partnership. 
C)  trade alliance. 
D)  corporation. 
E)  one man operation.

Question 15

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 16

____ refers to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

Accepted Answer

A)  Franchising 
B)  Business incubation 
C)  Spinning-off 
D)  Globalization 
E)  Right offerings 
A)  Franchising 
B)  Business incubation 
C)  Spinning-off 
D)  Globalization 
E)  Right offerings

Question 17

List five of the six characteristics of entrepreneurs.

Accepted Answer

Internal locus of control, hig

Question 18

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 19

Borrowing money that has to be repaid at a later date in order to start a business is ____________________.

Accepted Answer

The answer of Borrowing money that has to be repaid...

Question 20

The ____ is the driving force during the early stages of development of a business.

Accepted Answer

A)  financial support 
B)  leader's vision 
C)  leader's personality 
D)  competitive threat 
E)  government pressure 
A)  financial support 
B)  leader's vision 
C)  leader's personality 
D)  competitive threat 
E)  government pressure

According to the Small Business Administration, which of these defines a business?

What is the fundamental difference between the suppliers of debt and equity financing?

Which of these characteristics is associated with entrepreneurship?

Small businesses represent ____ percent of all firms and employ about half of all private sector employees.

Entrepreneurs who aspire to start online businesses implement all the following steps EXCEPT:

Name three of the four ways entrepreneurs can become business owners.

In the ____________________ stage, the main problems for entrepreneurial firms are producing the product or service and obtaining customers.

Which of the following is the type of business that most entrepreneurs start?

The process of initiating a business venture, gathering and organizing the appropriate resources, and assuming the associated risks and rewards refers to Entrepreneurship.

A(n) ____________________ is an unincorporated business owned by two or more people.

Which of the following is the most cited source of new business ideas?

____ was one of the top 10 fastest-growing franchises in 2008.

Entrepreneurs in the ____________________ category like the idea of working on something that is new, creative, or personally meaningful.

Vaughn Hager started his one-man consulting business under the name Hager Associates. The legal structure for the company can best be described as a(n)

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.

____ refers to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

List five of the six characteristics of entrepreneurs.

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

Borrowing money that has to be repaid at a later date in order to start a business is ____________________.

The ____ is the driving force during the early stages of development of a business.

Innovative Management for Turbulent Times

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managerial Planning and Goal Setting

Strategy Formulation and Implementation

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Dynamics of Behavior in Organizations

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Managing the Value Chain, Information Technology, and E-Business

Filters

Exam 20: Managing Small Business Start-Ups

According to the Small Business Administration, which of these defines a business?

What is the fundamental difference between the suppliers of debt and equity financing?

Which of these characteristics is associated with entrepreneurship?

Small businesses represent ____ percent of all firms and employ about half of all private sector employees.

Entrepreneurs who aspire to start online businesses implement all the following steps EXCEPT:

Name three of the four ways entrepreneurs can become business owners.

In the ____________________ stage, the main problems for entrepreneurial firms are producing the product or service and obtaining customers.

Which of the following is the type of business that most entrepreneurs start?

The process of initiating a business venture, gathering and organizing the appropriate resources, and assuming the associated risks and rewards refers to Entrepreneurship.

A(n) ____________________ is an unincorporated business owned by two or more people.

Which of the following is the most cited source of new business ideas?

____ was one of the top 10 fastest-growing franchises in 2008.

Entrepreneurs in the ____________________ category like the idea of working on something that is new, creative, or personally meaningful.

Vaughn Hager started his one-man consulting business under the name Hager Associates. The legal structure for the company can best be described as a(n)

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.

____ refers to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner.

List five of the six characteristics of entrepreneurs.

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

Borrowing money that has to be repaid at a later date in order to start a business is ____________________.

The ____ is the driving force during the early stages of development of a business.

Innovative Management for Turbulent Times

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managerial Planning and Goal Setting

Strategy Formulation and Implementation

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Dynamics of Behavior in Organizations

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Managing the Value Chain, Information Technology, and E-Business

Filters