Question 1

refers to a training program where the trainee gets increasing responsibility over a long period of time.

Accepted Answer

apprenticeship

Question 2

Which of the following is a family business?

Accepted Answer

A)  A woman owns a small garage where her four sons work as mechanics. 
B)  A man owns a delivery service where the five children of his dispatcher work. 
C)  A woman is self-employed as a writer and is the only earner in her family. 
D)  None of the above are family businesses. 
A)  A woman owns a small garage where her four sons work as mechanics. 
B)  A man owns a delivery service where the five children of his dispatcher work. 
C)  A woman is self-employed as a writer and is the only earner in her family. 
D)  None of the above are family businesses. A

Question 3

Explain several basic approaches to reducing conflict within family businesses.

Accepted Answer

The student may choose to identify either family values that reduce conflict or (preferably) specific policies that achieve this. A bonus mark should be given for the latter.

Question 4

Which of the following is not a typical family business problem?

Accepted Answer

A)  incompetent family members in positions of responsibility. 
B)  theft of the assets by family members. 
C)  battles for control among family members. 
D)  attempts to use the business as a weapon in family feuds. 
A)  incompetent family members in positions of responsibility. 
B)  theft of the assets by family members. 
C)  battles for control among family members. 
D)  attempts to use the business as a weapon in family feuds.

Question 5

On retirement, the main advisor for a family business owner should be the family member taking over the business.

Accepted Answer

A) True 
 B)False

Question 6

Creating two classes of shares, only one of which will grow in value is called:

Accepted Answer

A)  probate. 
B)  estate freeze. 
C)  bequeathing. 
D)  share succession. 
A)  probate. 
B)  estate freeze. 
C)  bequeathing. 
D)  share succession.

Question 7

A family council carries the same authority as a board of directors.

Accepted Answer

A) True 
 B)False

Question 8

A second-generation owner of a family business is not a true entrepreneur.

Accepted Answer

A) True 
 B)False

Question 9

Business owners are most likely to commit to a succession plan when they are in their fifties.

Accepted Answer

A) True 
 B)False

Question 10

Family businesses are successfully transferred to the next generation in:

Accepted Answer

A)  ninety percent of all cases. 
B)  more than two thirds of all cases. 
C)  less than one third of all cases. 
D)  less than ten percent of all cases. 
A)  ninety percent of all cases. 
B)  more than two thirds of all cases. 
C)  less than one third of all cases. 
D)  less than ten percent of all cases.

Question 11

The ability to experience the feelings and motives of others is called .

Accepted Answer

The answer of The ability to experience the feelings and...

Question 12

Generally, the most advantageous legal form, for passing a business to the next generation is .

Accepted Answer

The answer of Generally, the most advantageous legal form, for...

Question 13

Parents generally find it easy to delegate to their offspring.

Accepted Answer

A) True 
 B)False

Question 14

The process of making contacts and building relationships for mutual support is called .

Accepted Answer

The answer of The process of making contacts and building...

Question 15

Family businesses can be used to sponsor qualified relatives as immigrants when:

Accepted Answer

A)  the relative is economic distress. 
B)  when the business cannot find a skilled Canadian for the job. 
C)  when the relative is required for a position of trust. 
D)  when quotas for that country have not been filled. 
A)  the relative is economic distress. 
B)  when the business cannot find a skilled Canadian for the job. 
C)  when the relative is required for a position of trust. 
D)  when quotas for that country have not been filled.

Question 16

The key advisors for a retiring business owner are:

Accepted Answer

A)  consultant, lawyer, doctor, insurance agent. 
B)  financial planner, doctor, real estate agent, lawyer. 
C)  accountant, financial planner, lawyer, personal advisor. 
D)  lawyer, doctor, accountant, estate planner. 
A)  consultant, lawyer, doctor, insurance agent. 
B)  financial planner, doctor, real estate agent, lawyer. 
C)  accountant, financial planner, lawyer, personal advisor. 
D)  lawyer, doctor, accountant, estate planner.

Question 17

Discuss the major advantages and disadvantages of a career in the family business. .

Accepted Answer

Note that this question does n

Question 18

Customer loyalty is more likely to be retained when there is an abrupt transition of power.

Accepted Answer

A) True 
 B)False

Question 19

Outline the process of planning for retirement and identify the major advisors involved, specifying the roles of each. .

Accepted Answer

Half of the marks should be aw

Question 20

When life partners are partners in a small business, they are likely to have none of the that would be provided by an employer.

Accepted Answer

The answer of When life partners are partners in a...

refers to a training program where the trainee gets increasing responsibility over a long period of time.

Which of the following is a family business?

Explain several basic approaches to reducing conflict within family businesses.

Which of the following is not a typical family business problem?

On retirement, the main advisor for a family business owner should be the family member taking over the business.

Creating two classes of shares, only one of which will grow in value is called:

A family council carries the same authority as a board of directors.

A second-generation owner of a family business is not a true entrepreneur.

Business owners are most likely to commit to a succession plan when they are in their fifties.

Family businesses are successfully transferred to the next generation in:

The ability to experience the feelings and motives of others is called .

Generally, the most advantageous legal form, for passing a business to the next generation is .

Parents generally find it easy to delegate to their offspring.

The process of making contacts and building relationships for mutual support is called .

Family businesses can be used to sponsor qualified relatives as immigrants when:

The key advisors for a retiring business owner are:

Discuss the major advantages and disadvantages of a career in the family business. .

Customer loyalty is more likely to be retained when there is an abrupt transition of power.

Outline the process of planning for retirement and identify the major advisors involved, specifying the roles of each. .

When life partners are partners in a small business, they are likely to have none of the that would be provided by an employer.

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

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Exam 8: The Franchise Alternative: How Do I Buy a Franchise

refers to a training program where the trainee gets increasing responsibility over a long period of time.

Which of the following is a family business?

Explain several basic approaches to reducing conflict within family businesses.

Which of the following is not a typical family business problem?

On retirement, the main advisor for a family business owner should be the family member taking over the business.

Creating two classes of shares, only one of which will grow in value is called:

A family council carries the same authority as a board of directors.

A second-generation owner of a family business is not a true entrepreneur.

Business owners are most likely to commit to a succession plan when they are in their fifties.

Family businesses are successfully transferred to the next generation in:

The ability to experience the feelings and motives of others is called .

Generally, the most advantageous legal form, for passing a business to the next generation is .

Parents generally find it easy to delegate to their offspring.

The process of making contacts and building relationships for mutual support is called .

Family businesses can be used to sponsor qualified relatives as immigrants when:

The key advisors for a retiring business owner are:

Discuss the major advantages and disadvantages of a career in the family business. .

Customer loyalty is more likely to be retained when there is an abrupt transition of power.

Outline the process of planning for retirement and identify the major advisors involved, specifying the roles of each. .

When life partners are partners in a small business, they are likely to have none of the that would be provided by an employer.

The Concept: What Business Will I Be in

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

Filters