Question 1

What steps could an entrepreneur take to improve their chances of success when forming a strategic alliance?

Accepted Answer

- Establish a healthy network of contacts to lead to other contacts.- Identify and contact individuals within a firm who are likely to return calls.- Be prepared by knowing the partner's potential financial benefits from the alliance.- Learn to speak and understand the "language" of the other company.- Make sure any alliance offer is clearly a win-win opportunity.- Monitor the progress to ensure goals and expectations are being met and to make changes as they become necessary.

Question 2

After working together for a few months,disputes begin to arise between two of the young company's leaders.Their differences seem to be irreconcilable.The owner's best action is to:

Accepted Answer

A) let one or both of the individuals go. 
B) call in an arbitrator. 
C) sell the business. 
D) form a strategic alliance with a larger company. 
A) let one or both of the individuals go. 
B) call in an arbitrator. 
C) sell the business. 
D) form a strategic alliance with a larger company. A

Question 3

Match the term with its definition.Some terms may not be used.
a.advisory board
b.corporation
c.management team
d.organizational test
e.partnership agreement
f.piercing the corporate veil
g.preemptive right
h.reciprocation
i.stock certificate
j.strategic alliance
-A situation in which the courts conclude that incorporation has been used to perpetrate a fraud

Accepted Answer

f

Question 4

Match the term with its definition.Some terms may not be used.
a.advisory board
b.corporation
c.management team
d.organizational test
e.partnership agreement
f.piercing the corporate veil
g.preemptive right
h.reciprocation
i.stock certificate
j.strategic alliance
-Managers and other key persons who give a company its general direction

Accepted Answer

The answer of Match the term with its definition.Some terms...

Question 5

A strategic alliance is:

Accepted Answer

A) an organizational relationship that links two separate businesses. 
B) an unimportant organizational form in today's business environment. 
C) an attempt to duplicate efforts between two firms. 
D) a strategy that,as a result of its unwieldy nature,is falling from practice. 
A) an organizational relationship that links two separate businesses. 
B) an unimportant organizational form in today's business environment. 
C) an attempt to duplicate efforts between two firms. 
D) a strategy that,as a result of its unwieldy nature,is falling from practice.

Question 6

Dylan has purchased stock in a new corporation.As proof of ownership,Dylan will receive:

Accepted Answer

A) a dividend 
B) a stock certificate. 
C) a corporate charter. 
D) a pre-emptive right. 
A) a dividend 
B) a stock certificate. 
C) a corporate charter. 
D) a pre-emptive right.

Question 7

Which organizational form would be best if the new company owners intend to provide extensive fringe benefits for owners or employees that would not be treated as taxable income to employees?

Accepted Answer

A) sole proprietorship 
B) partnership 
C) C corporation 
D) limited liability company 
A) sole proprietorship 
B) partnership 
C) C corporation 
D) limited liability company

Question 8

Match the terms with their definitions.Some terms may not be used.
a.advisory board
b.B corporation
c.C corporation
d.corporate bylaws
e.corporate charter
f.limited partnership
g.partnership
h.professional corporation
i.S corporation
j.sole proprietorship
k.​unlimited liability
-A form of corporation that shields owners from liability and is set up for individuals in certain professional practices

Accepted Answer

The answer of Match the terms with their definitions.Some terms...

Question 9

Abby,Adam,and Arnold are partners.They have planned to continue the partnership even after the death of any one partner.To this end,the partners have:

Accepted Answer

A) stipulated in their wills that their share of the partnership is bequeathed to the other two partners. 
B) purchased life insurance policies naming the other two partners as beneficiaries. 
C) created trust funds that can be used to pay off the heirs of the deceased partner. 
D) secretly signed documents to be opened only after the death that the deceased partner relinquishes all claims to the partnership. 
A) stipulated in their wills that their share of the partnership is bequeathed to the other two partners. 
B) purchased life insurance policies naming the other two partners as beneficiaries. 
C) created trust funds that can be used to pay off the heirs of the deceased partner. 
D) secretly signed documents to be opened only after the death that the deceased partner relinquishes all claims to the partnership.

Question 10

What advantages do small businesses have in forming a strategic alliance with another small business as opposed to a small business forming an alliance with a large company? Give an example to support the answer.

Accepted Answer

According to Inc.researchers,strategic a

Question 11

Match the term with its definition.Some terms may not be used.
a.advisory board
b.board of directors
c.general partner
d.legal entity
e.limited liability company
f.limited partner
g.nonprofit corporation
h.partnership agreement
i.social capital
j.social network
-A partner who has unlimited personal liability

Accepted Answer

The answer of Match the term with its definition.Some terms...

Question 12

Becky wants to organize her startup as a regular corporation.One of the first steps Becky should take is:

Accepted Answer

A) hire the officers (president,treasurer,etc. )of her company. 
B) file her corporate charter with the secretary of state 
C) apply for permission to incorporate in her state. 
D) obtain financing for her venture. 
A) hire the officers (president,treasurer,etc. )of her company. 
B) file her corporate charter with the secretary of state 
C) apply for permission to incorporate in her state. 
D) obtain financing for her venture.

Question 13

Stockholders have limited liability unless they:

Accepted Answer

A) are active in the management of the corporation. 
B) personally endorse company notes. 
C) own preferred stock. 
D) convert their shares to partnership status. 
A) are active in the management of the corporation. 
B) personally endorse company notes. 
C) own preferred stock. 
D) convert their shares to partnership status.

Question 14

​What form of corporate structure is used by a company that equally concerns itself with making money and doing good in the world?

Accepted Answer

A) ​limited partnership 
B) ​B corporation 
C) ​nonprofit corporation 
D) ​S corporation 
A) ​limited partnership 
B) ​B corporation 
C) ​nonprofit corporation 
D) ​S corporation

Question 15

Ralph formed a corporation as a fund manager.He accepted money from his customers,promising to invest it and build cash value for them.Instead,he kept the money for himself to enjoy a lavish lifestyle.The court removed liability protection from his corporate entity because the incorporation had been used to perpetuate fraud.This is an example of:

Accepted Answer

A) piercing the corporate veil. 
B) unlimited liability. 
C) reciprocation. 
D) a preemptive right. 
A) piercing the corporate veil. 
B) unlimited liability. 
C) reciprocation. 
D) a preemptive right.

Question 16

A risk for a small firm creating a strategic alliance with a larger company is:

Accepted Answer

A) not being able to keep up with the fast speed of a large company. 
B) not having enough creative talent to join forces effectively. 
C) being squeezed financially. 
D) being too rigid for a large company's standards. 
A) not being able to keep up with the fast speed of a large company. 
B) not having enough creative talent to join forces effectively. 
C) being squeezed financially. 
D) being too rigid for a large company's standards.

Question 17

Match the term with its definition.Some terms may not be used.
a.advisory board
b.corporation
c.management team
d.organizational test
e.partnership agreement
f.piercing the corporate veil
g.preemptive right
h.reciprocation
i.stock certificate
j.strategic alliance
-A business organization that exists as a legal entity and provides limited liability to its owners

Accepted Answer

The answer of Match the term with its definition.Some terms...

Question 18

The key to strong management in a new firm is:

Accepted Answer

A) balance,with each member having competence in at least one area. 
B) financial competence of the chief executive. 
C) a strong marketing manager who understands financial statements. 
D) close friendship among all members of the team. 
A) balance,with each member having competence in at least one area. 
B) financial competence of the chief executive. 
C) a strong marketing manager who understands financial statements. 
D) close friendship among all members of the team.

Question 19

Discuss the concept of achieving balance in a management team.

Accepted Answer

A management team consists of supervisor

Question 20

Match the terms with their definitions.Some terms may not be used.
a.advisory board
b.B corporation
c.C corporation
d.corporate bylaws
e.corporate charter
f.limited partnership
g.partnership
h.professional corporation
i.S corporation
j.sole proprietorship
k.​unlimited liability
-A document that establishes a corporation's existence

Accepted Answer

The answer of Match the terms with their definitions.Some terms...

What steps could an entrepreneur take to improve their chances of success when forming a strategic alliance?

After working together for a few months,disputes begin to arise between two of the young company's leaders.Their differences seem to be irreconcilable.The owner's best action is to:

A strategic alliance is:

Dylan has purchased stock in a new corporation.As proof of ownership,Dylan will receive:

Which organizational form would be best if the new company owners intend to provide extensive fringe benefits for owners or employees that would not be treated as taxable income to employees?

Abby,Adam,and Arnold are partners.They have planned to continue the partnership even after the death of any one partner.To this end,the partners have:

What advantages do small businesses have in forming a strategic alliance with another small business as opposed to a small business forming an alliance with a large company? Give an example to support the answer.

Becky wants to organize her startup as a regular corporation.One of the first steps Becky should take is:

Stockholders have limited liability unless they:

What form of corporate structure is used by a company that equally concerns itself with making money and doing good in the world?

A risk for a small firm creating a strategic alliance with a larger company is:

The key to strong management in a new firm is:

Discuss the concept of achieving balance in a management team.

The Entrepreneurial Lifethe Entrepreneurial Life

Integrity, ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Family Business

The Business Plan: Visualizing the Dream

The Marketing Plan

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Product Development and Supply Chain Management

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Business

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

Filters

Exam 8: The Organizational Plan: Teams, legal Structures, alliances, and Directors

What steps could an entrepreneur take to improve their chances of success when forming a strategic alliance?

After working together for a few months,disputes begin to arise between two of the young company's leaders.Their differences seem to be irreconcilable.The owner's best action is to:

A strategic alliance is:

Dylan has purchased stock in a new corporation.As proof of ownership,Dylan will receive:

Which organizational form would be best if the new company owners intend to provide extensive fringe benefits for owners or employees that would not be treated as taxable income to employees?

Abby,Adam,and Arnold are partners.They have planned to continue the partnership even after the death of any one partner.To this end,the partners have:

What advantages do small businesses have in forming a strategic alliance with another small business as opposed to a small business forming an alliance with a large company? Give an example to support the answer.

Becky wants to organize her startup as a regular corporation.One of the first steps Becky should take is:

Stockholders have limited liability unless they:

​What form of corporate structure is used by a company that equally concerns itself with making money and doing good in the world?

A risk for a small firm creating a strategic alliance with a larger company is:

The key to strong management in a new firm is:

Discuss the concept of achieving balance in a management team.

The Entrepreneurial Lifethe Entrepreneurial Life

Integrity, ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Family Business

The Business Plan: Visualizing the Dream

The Marketing Plan

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Product Development and Supply Chain Management

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Business

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

Filters

What form of corporate structure is used by a company that equally concerns itself with making money and doing good in the world?