Question 1

Describe some of the current trends challenging small business owners.

Accepted Answer

Exploding technology-the primary challenge of exploding technology for small companies will be to improve the selection and training of workers and overcome their resistance to change. Therefore, owners and managers must keep up to date themselves on the latest technologies so they can effectively train their people to use these technologies, including telecommuting.
Occupational and industry shifts -Occupational and industry shifts from "smokestack" industries toward more people-orientated activities (demand for employees will become an issue). Among these shifts, reinvention, particularly including a reduction in the size and markets for businesses, has led to fewer job opportunities for those who are less well-trained and educated.
Global challenges-The trend in business is to become more active globally, and those interested in small business management need to understand at least what the challenge is and what the rewards may be.

Question 2

A small business is one that is independently owned and operated and is dominant in its field of operation.

Accepted Answer

A) True 
 B)False  False

Question 3

Which of the following refers to introspective personal analysis that can help a small business owner determine whether the combination of qualities he or she has will help him or her succeed as a small business owner?

Accepted Answer

A)  Analyze one's attitude. 
B)  Analyze if one has enough money to start and to run the business. 
C)  Analyze the value of the products to be sold. 
D)  Analyze the capacity of the facility to be used. 
A)  Analyze one's attitude. 
B)  Analyze if one has enough money to start and to run the business. 
C)  Analyze the value of the products to be sold. 
D)  Analyze the capacity of the facility to be used. A

Question 4

Not all small business owners and managers make a lot of money, nor do they all intend to.

Accepted Answer

A) True 
 B)False

Question 5

Growth depends on attaining both profit and social objectives, which are not necessarily incompatible.

Accepted Answer

A) True 
 B)False

Question 6

John opened All-for-Shop, a small retail outlet in his neighborhood. He could not sustain it for more than a year because of huge losses and chose to shut it down. Fortunately, he did not have any creditors. Which of the following does the situation describe?

Accepted Answer

A)  Formal failure 
B)  Foreclosure 
C)  Chapter 7 bankruptcy 
D)  Personal failure 
A)  Formal failure 
B)  Foreclosure 
C)  Chapter 7 bankruptcy 
D)  Personal failure

Question 7

Which of the following is a reason for the drastic changes in small business management trends?

Accepted Answer

A)  Accounting departments become independent of computer support 
B)  Diverse shift toward less people-related activities 
C)  Improvements in communications and computer technology 
D)  Excess supply of managerial talent 
A)  Accounting departments become independent of computer support 
B)  Diverse shift toward less people-related activities 
C)  Improvements in communications and computer technology 
D)  Excess supply of managerial talent

Question 8

Which of the following does a business incubator do to help small business owners succeed?

Accepted Answer

A)  Find out the competition and make deals for cooperation 
B)  Provide management assistance & shared office services 
C)  Hire their employees and train them 
D)  Keep their financial records up-to-date 
A)  Find out the competition and make deals for cooperation 
B)  Provide management assistance & shared office services 
C)  Hire their employees and train them 
D)  Keep their financial records up-to-date

Question 9

Mention the causes or reasons of discontinuance or failure.

Accepted Answer

Discontinuance or failure results from o

Question 10

Most creative entrepreneurs are very good managers.

Accepted Answer

A) True 
 B)False

Question 11

Explain why people start small businesses.

Accepted Answer

People start small businesses to:
1) Sat

Question 12

Employees in large workplaces have higher job satisfaction than those in smaller firms.

Accepted Answer

A) True 
 B)False

Question 13

Mark had opened a café in his neighborhood. Soon his café became very popular and his revenues started increasing. Steve, the owner of a popular restaurant saw Mark's success and asked him to join the restaurant. The financial incentive Steve offered Mark was more than what he earned at his café, and he would not have to face the daily hassles of managing everything on his own. He decided to shut down his café and join the restaurant. This is an example of:

Accepted Answer

A)  foreclosure. 
B)  formal failure. 
C)  discontinuance. 
D)  bankruptcy. 
A)  foreclosure. 
B)  formal failure. 
C)  discontinuance. 
D)  bankruptcy.

Question 14

The reality that small businesses train people to become better leaders and managers and to develop their talents and energies more effectively has led more college graduates to seek full-time jobs with small businesses.

Accepted Answer

A) True 
 B)False

Question 15

Those interested in small business management need to understand what the challenge of being active globally is and what the rewards may be.

Accepted Answer

A) True 
 B)False

Question 16

Small business owners expect quick and concrete results from their investment of time and capital instead of engaging in the long-range planning.

Accepted Answer

A) True 
 B)False

Question 17

What are the repeated areas that create problems for small business owners and entrepreneurs?

Accepted Answer

These areas include inadequate financing

Question 18

Personal failures are failures ending up in court with some kind of loss to creditors.

Accepted Answer

A) True 
 B)False

Question 19

Explain how a poorly planned growth and the threat of failure limit the success of small firms.

Accepted Answer

Poorly planned growth appears to be a bu

Question 20

One result of the current trends in business is the decreasing number of large and small U.S. businesses that are or become foreign owned.

Accepted Answer

A) True 
 B)False

Describe some of the current trends challenging small business owners.

A small business is one that is independently owned and operated and is dominant in its field of operation.

Which of the following refers to introspective personal analysis that can help a small business owner determine whether the combination of qualities he or she has will help him or her succeed as a small business owner?

Not all small business owners and managers make a lot of money, nor do they all intend to.

Growth depends on attaining both profit and social objectives, which are not necessarily incompatible.

John opened All-for-Shop, a small retail outlet in his neighborhood. He could not sustain it for more than a year because of huge losses and chose to shut it down. Fortunately, he did not have any creditors. Which of the following does the situation describe?

Which of the following is a reason for the drastic changes in small business management trends?

Which of the following does a business incubator do to help small business owners succeed?

Mention the causes or reasons of discontinuance or failure.

Most creative entrepreneurs are very good managers.

Explain why people start small businesses.

Employees in large workplaces have higher job satisfaction than those in smaller firms.

The reality that small businesses train people to become better leaders and managers and to develop their talents and energies more effectively has led more college graduates to seek full-time jobs with small businesses.

Those interested in small business management need to understand what the challenge of being active globally is and what the rewards may be.

Small business owners expect quick and concrete results from their investment of time and capital instead of engaging in the long-range planning.

What are the repeated areas that create problems for small business owners and entrepreneurs?

Personal failures are failures ending up in court with some kind of loss to creditors.

Explain how a poorly planned growth and the threat of failure limit the success of small firms.

One result of the current trends in business is the decreasing number of large and small U.S. businesses that are or become foreign owned.

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters

Exam 1: Starting Your Small Business

Describe some of the current trends challenging small business owners.

A small business is one that is independently owned and operated and is dominant in its field of operation.

Which of the following refers to introspective personal analysis that can help a small business owner determine whether the combination of qualities he or she has will help him or her succeed as a small business owner?

Not all small business owners and managers make a lot of money, nor do they all intend to.

Growth depends on attaining both profit and social objectives, which are not necessarily incompatible.

John opened All-for-Shop, a small retail outlet in his neighborhood. He could not sustain it for more than a year because of huge losses and chose to shut it down. Fortunately, he did not have any creditors. Which of the following does the situation describe?

Which of the following is a reason for the drastic changes in small business management trends?

Which of the following does a business incubator do to help small business owners succeed?

Mention the causes or reasons of discontinuance or failure.

Most creative entrepreneurs are very good managers.

Explain why people start small businesses.

Employees in large workplaces have higher job satisfaction than those in smaller firms.

The reality that small businesses train people to become better leaders and managers and to develop their talents and energies more effectively has led more college graduates to seek full-time jobs with small businesses.

Those interested in small business management need to understand what the challenge of being active globally is and what the rewards may be.

Small business owners expect quick and concrete results from their investment of time and capital instead of engaging in the long-range planning.

What are the repeated areas that create problems for small business owners and entrepreneurs?

Personal failures are failures ending up in court with some kind of loss to creditors.

Explain how a poorly planned growth and the threat of failure limit the success of small firms.

One result of the current trends in business is the decreasing number of large and small U.S. businesses that are or become foreign owned.

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters