Question 1

The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

Accepted Answer

A) True 
 B)False

Question 2

The main problems are producing the product or service and obtaining customers in the survival stage of growth.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following are high-energy people who enjoy handling every detail of their own businesses?

Accepted Answer

A)  Jugglers 
B)  Idealists 
C)  Sustainers 
D)  Optimizers 
E)  Hard workers 
A)  Jugglers 
B)  Idealists 
C)  Sustainers 
D)  Optimizers 
E)  Hard workers

Question 4

Sole proprietorships are the fastest growing segment of small business.

Accepted Answer

A) True 
 B)False

Question 5

Which of these is true about the business incubator?

Accepted Answer

A)  It gives up control since every business is run the same way. 
B)  It provides shared office space, management support services, and management advice. 
C)  It develops an international business. 
D)  It provides an established name and advertising. 
E)  All of these. 
A)  It gives up control since every business is run the same way. 
B)  It provides shared office space, management support services, and management advice. 
C)  It develops an international business. 
D)  It provides an established name and advertising. 
E)  All of these.

Question 6

A domain name gives a company an address on the Web and a unique identity.

Accepted Answer

A) True 
 B)False

Question 7

One of the first characteristics or points of a successful business plan is

Accepted Answer

A)  a profile of potential customers and market needs. 
B)  demonstrate a clear, compelling vision that creates an air of excitement. 
C)  the key ingredient of the business that will attract million of customers. 
D)  the entrepreneur's background and role in the company. 
E)  essential information about funding received so far. 
A)  a profile of potential customers and market needs. 
B)  demonstrate a clear, compelling vision that creates an air of excitement. 
C)  the key ingredient of the business that will attract million of customers. 
D)  the entrepreneur's background and role in the company. 
E)  essential information about funding received so far.

Question 8

The fastest growing segment of small business in both the U.S. and Canada is partnerships.

Accepted Answer

A) True 
 B)False

Question 9

Lauren Dean strongly believes in her abilities and feels that she controls her own destiny. She can be described as having a(n)

Accepted Answer

A)  tolerance for ambiguity. 
B)  internal locus of control. 
C)  external locus of control. 
D)  low energy level. 
E)  awareness of passing time. 
A)  tolerance for ambiguity. 
B)  internal locus of control. 
C)  external locus of control. 
D)  low energy level. 
E)  awareness of passing time.

Question 10

A business opportunity that provides shared office space, shared secretarial assistance, management support services, and management advice to entrepreneurs is a franchise.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is a popular small business form because it is easy to start and has few legal requirements?

Accepted Answer

A)  A partnership 
B)  A proprietorship 
C)  A corporation 
D)  An association 
E)  A trade alliance 
A)  A partnership 
B)  A proprietorship 
C)  A corporation 
D)  An association 
E)  A trade alliance

Question 12

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 13

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

Accepted Answer

A) True 
 B)False

Question 14

Every time Tina Faye does poorly on an exam and blames some outside factor, she can be described as having an external locus of control.

Accepted Answer

A) True 
 B)False

Question 15

____ combines creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for better.

Accepted Answer

A)  Contemporary entrepreneurship 
B)  Traditional entrepreneurship 
C)  Modern-day entrepreneurship 
D)  Social entrepreneurship 
E)  Conventional entrepreneurship 
A)  Contemporary entrepreneurship 
B)  Traditional entrepreneurship 
C)  Modern-day entrepreneurship 
D)  Social entrepreneurship 
E)  Conventional entrepreneurship

Question 16

At the success stage, the company's substantial financial gains may come at the cost of losing its advantages of small size.

Accepted Answer

A) True 
 B)False

Question 17

The takeoff stage is the last of the five stages of growth for an entrepreneurial company.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is the process of starting a business venture, organizing the resources, and taking the risks?

Accepted Answer

A)  Intrapreneurship 
B)  Entrepreneurship 
C)  Small business administration 
D)  Venture capital 
E)  Equity financing 
A)  Intrapreneurship 
B)  Entrepreneurship 
C)  Small business administration 
D)  Venture capital 
E)  Equity financing

Question 19

Entrepreneurs are in more control of their environment, generally speaking, and can be expected to have an external locus of control.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

The first stage is the start-up stage. D

The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

The main problems are producing the product or service and obtaining customers in the survival stage of growth.

Which of the following are high-energy people who enjoy handling every detail of their own businesses?

Sole proprietorships are the fastest growing segment of small business.

Which of these is true about the business incubator?

A domain name gives a company an address on the Web and a unique identity.

One of the first characteristics or points of a successful business plan is

The fastest growing segment of small business in both the U.S. and Canada is partnerships.

Lauren Dean strongly believes in her abilities and feels that she controls her own destiny. She can be described as having a(n)

A business opportunity that provides shared office space, shared secretarial assistance, management support services, and management advice to entrepreneurs is a franchise.

Which of the following is a popular small business form because it is easy to start and has few legal requirements?

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

Every time Tina Faye does poorly on an exam and blames some outside factor, she can be described as having an external locus of control.

____ combines creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for better.

At the success stage, the company's substantial financial gains may come at the cost of losing its advantages of small size.

The takeoff stage is the last of the five stages of growth for an entrepreneurial company.

Which of the following is the process of starting a business venture, organizing the resources, and taking the risks?

Entrepreneurs are in more control of their environment, generally speaking, and can be expected to have an external locus of control.

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

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

The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

The main problems are producing the product or service and obtaining customers in the survival stage of growth.

Which of the following are high-energy people who enjoy handling every detail of their own businesses?

Sole proprietorships are the fastest growing segment of small business.

Which of these is true about the business incubator?

A domain name gives a company an address on the Web and a unique identity.

One of the first characteristics or points of a successful business plan is

The fastest growing segment of small business in both the U.S. and Canada is partnerships.

Lauren Dean strongly believes in her abilities and feels that she controls her own destiny. She can be described as having a(n)

A business opportunity that provides shared office space, shared secretarial assistance, management support services, and management advice to entrepreneurs is a franchise.

Which of the following is a popular small business form because it is easy to start and has few legal requirements?

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

Every time Tina Faye does poorly on an exam and blames some outside factor, she can be described as having an external locus of control.

____ combines creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for better.

At the success stage, the company's substantial financial gains may come at the cost of losing its advantages of small size.

The takeoff stage is the last of the five stages of growth for an entrepreneurial company.

Which of the following is the process of starting a business venture, organizing the resources, and taking the risks?

Entrepreneurs are in more control of their environment, generally speaking, and can be expected to have an external locus of control.

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

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