Question 1

Joint ventures are NOT ideal for international companies due to logistics and conflicting business laws.

Accepted Answer

A) True 
 B)False  False

Question 2

Compare and contrast the three forms of business ownership.

Accepted Answer

The three forms of business ownership are sole proprietorships, partnerships, and corporations. A sole proprietorship offers the advantage of being able to make changes and decisions quickly. The major disadvantage is that the sole proprietor is totally responsible for all debts. The partnership spreads out the responsibilities and allows the business to grow. However, like the sole proprietorship, each partner is totally financially responsible for his or her actions, as well as those of each other's partners. The corporation limits liability and offers expanded financial capacity, but deals with double taxation.

Question 3

Statistics show that most failures in small businesses happen because of poor management.

Accepted Answer

A) True 
 B)False  True

Question 4

If you are considering starting your own business, a key priority for you should be to

Accepted Answer

A)  learn the basics of business. 
B)  incorporate your business. 
C)  get a loan from your local bank. 
D)  apply for a Small Business Administration loan. 
A)  learn the basics of business. 
B)  incorporate your business. 
C)  get a loan from your local bank. 
D)  apply for a Small Business Administration loan.

Question 5

The advertising plan for a franchise is usually put together by the ______.

Accepted Answer

A)  franchisee 
B)  advertising agency 
C)  franchisor 
D)  co-owners 
A)  franchisee 
B)  advertising agency 
C)  franchisor 
D)  co-owners

Question 6

Which of the following is the leading cause of today's small business failures?

Accepted Answer

A)  management inexperience 
B)  poor products and/or services 
C)  no marketing plan 
D)  excess government regulation 
A)  management inexperience 
B)  poor products and/or services 
C)  no marketing plan 
D)  excess government regulation

Question 7

Franchising offers all of the following advantages EXCEPT ______.

Accepted Answer

A)  prior performance record 
B)  a recognizable company name 
C)  guaranteed level of profitability 
D)  training 
A)  prior performance record 
B)  a recognizable company name 
C)  guaranteed level of profitability 
D)  training

Question 8

Describe the benefits and drawbacks of starting a home-based business.

Accepted Answer

The primary benefit of a home-based busi

Question 9

One of the main advantages of buying a franchise is name brand recognition.

Accepted Answer

A) True 
 B)False

Question 10

In Canada, a business is classified as small if its revenue is

Accepted Answer

A)  $2 million or less. 
B)  $1 million or less. 
C)  $3 million or less. 
D)  up to $500,000. 
A)  $2 million or less. 
B)  $1 million or less. 
C)  $3 million or less. 
D)  up to $500,000.

Question 11

Strict franchise agreements help to maintain the integrity of the brand.

Accepted Answer

A) True 
 B)False

Question 12

The franchisor provides all of the following services EXCEPT ______.

Accepted Answer

A)  building plan 
B)  accounting systems 
C)  on-site management 
D)  name recognition 
A)  building plan 
B)  accounting systems 
C)  on-site management 
D)  name recognition

Question 13

Most business incubators are run by venture capital firms.

Accepted Answer

A) True 
 B)False

Question 14

If business owners in a partnership wish to limit liability, they have the option to ______.

Accepted Answer

A)  pledge funds 
B)  divide into sole proprietorships 
C)  set up a limited partnership 
D)  withhold funds 
A)  pledge funds 
B)  divide into sole proprietorships 
C)  set up a limited partnership 
D)  withhold funds

Question 15

Small business generate more than 30% of Canada's GDP.

Accepted Answer

A) True 
 B)False

Question 16

Small businesses produce fewer patents per year than large businesses.

Accepted Answer

A) True 
 B)False

Question 17

All of the following organizations are regularly and directly involved in sponsoring business incubators EXCEPT ______.

Accepted Answer

A)  the federal government 
B)  colleges and universities 
C)  not-for-profit organizations 
D)  profit-seeking businesses 
A)  the federal government 
B)  colleges and universities 
C)  not-for-profit organizations 
D)  profit-seeking businesses

Question 18

Outsourcing from a large corporation has a negative effect on small businesses.

Accepted Answer

A) True 
 B)False

Question 19

Taxes and government regulations are more significant issues for small businesses than for large businesses.

Accepted Answer

A) True 
 B)False

Question 20

Of the following industries, which is most likely to be owned by a small business owner?

Accepted Answer

A)  nursing homes 
B)  paper mills 
C)  home building 
D)  electric utilities 
A)  nursing homes 
B)  paper mills 
C)  home building 
D)  electric utilities

Joint ventures are NOT ideal for international companies due to logistics and conflicting business laws.

Compare and contrast the three forms of business ownership.

Statistics show that most failures in small businesses happen because of poor management.

If you are considering starting your own business, a key priority for you should be to

The advertising plan for a franchise is usually put together by the ______.

Which of the following is the leading cause of today's small business failures?

Franchising offers all of the following advantages EXCEPT ______.

Describe the benefits and drawbacks of starting a home-based business.

One of the main advantages of buying a franchise is name brand recognition.

In Canada, a business is classified as small if its revenue is

Strict franchise agreements help to maintain the integrity of the brand.

The franchisor provides all of the following services EXCEPT ______.

Most business incubators are run by venture capital firms.

If business owners in a partnership wish to limit liability, they have the option to ______.

Small business generate more than 30% of Canada's GDP.

Small businesses produce fewer patents per year than large businesses.

All of the following organizations are regularly and directly involved in sponsoring business incubators EXCEPT ______.

Outsourcing from a large corporation has a negative effect on small businesses.

Taxes and government regulations are more significant issues for small businesses than for large businesses.

Of the following industries, which is most likely to be owned by a small business owner?

The Changing Face of Business

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

Exam 5: Forms of Business Ownership and Organization

Joint ventures are NOT ideal for international companies due to logistics and conflicting business laws.

Compare and contrast the three forms of business ownership.

Statistics show that most failures in small businesses happen because of poor management.

If you are considering starting your own business, a key priority for you should be to

The advertising plan for a franchise is usually put together by the ______.

Which of the following is the leading cause of today's small business failures?

Franchising offers all of the following advantages EXCEPT ______.

Describe the benefits and drawbacks of starting a home-based business.

One of the main advantages of buying a franchise is name brand recognition.

In Canada, a business is classified as small if its revenue is

Strict franchise agreements help to maintain the integrity of the brand.

The franchisor provides all of the following services EXCEPT ______.

Most business incubators are run by venture capital firms.

If business owners in a partnership wish to limit liability, they have the option to ______.

Small business generate more than 30% of Canada's GDP.

Small businesses produce fewer patents per year than large businesses.

All of the following organizations are regularly and directly involved in sponsoring business incubators EXCEPT ______.

Outsourcing from a large corporation has a negative effect on small businesses.

Taxes and government regulations are more significant issues for small businesses than for large businesses.

Of the following industries, which is most likely to be owned by a small business owner?

The Changing Face of Business

Business Ethics and Social Responsibility

Economic Challenges Facing Contemporary Business

Competing in World Markets

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters