Question 1

A company run by the great-grandchildren of the founder would be considered a cousin consortium.

Accepted Answer

A) True 
 B)False

Question 2

The family endured great hardships together in the old country but vowed they would always watch out for each other in America. Together, they built a thriving business; it was the Muellers against the world. This family's commitment is based on

Accepted Answer

A)  family control and influence. 
B)  identification of family members with the firm. 
C)  binding social ties. 
D)  renewal of family bonds to the firm through dynastic succession. 
A)  family control and influence. 
B)  identification of family members with the firm. 
C)  binding social ties. 
D)  renewal of family bonds to the firm through dynastic succession.

Question 3

When hiring nonfamily employees, the owner should identify the positions, if any, that are reserved for family members.

Accepted Answer

A) True 
 B)False

Question 4

To avoid problems with nonfamily employees in a family business, the owner should

Accepted Answer

A)  consider nonfamily employees before family members when giving promotions. 
B)  avoid all special consideration for family members. 
C)  make clear the extent of opportunities for nonfamily members when hiring them. 
D)  minimize discussion about future management changes. 
A)  consider nonfamily employees before family members when giving promotions. 
B)  avoid all special consideration for family members. 
C)  make clear the extent of opportunities for nonfamily members when hiring them. 
D)  minimize discussion about future management changes.

Question 5

Match the term to its definition.
-A statement of principles intended to guide a family firm through times of crisis and change

Accepted Answer

A) co-preneurs 
B) cousin consortium 
C) family 
D) family business 
E) family business constitution
F)family council
G)family retreat
H)nepotism
I)organizational culture
J)owner-managed business
K)sibling partnership
L)socioeconomic wealth
M)transfer of ownership 
A) co-preneurs 
B) cousin consortium 
C) family 
D) family business 
E) family business constitution
F)family council
G)family retreat
H)nepotism
I)organizational culture
J)owner-managed business
K)sibling partnership
L)socioeconomic wealth
M)transfer of ownership

Question 6

One sibling dilemma in a family business has been labeled the predator/parasite conflict.

Accepted Answer

A) True 
 B)False

Question 7

A document that states the principles intended to guide a family firm through times of crisis and change, including the succession process, is called the

Accepted Answer

A)  business plan. 
B)  articles of incorporation. 
C)  family business constitution. 
D)  corporate by-laws. 
A)  business plan. 
B)  articles of incorporation. 
C)  family business constitution. 
D)  corporate by-laws.

Question 8

A family business constitution is sometimes labeled a

Accepted Answer

A)  business plan. 
B)  by-law guide. 
C)  family creed. 
D)  succession plan. 
A)  business plan. 
B)  by-law guide. 
C)  family creed. 
D)  succession plan.

A company run by the great-grandchildren of the founder would be considered a cousin consortium.

The family endured great hardships together in the old country but vowed they would always watch out for each other in America. Together, they built a thriving business; it was the Muellers against the world. This family's commitment is based on

When hiring nonfamily employees, the owner should identify the positions, if any, that are reserved for family members.

To avoid problems with nonfamily employees in a family business, the owner should

Match the term to its definition. -A statement of principles intended to guide a family firm through times of crisis and change

One sibling dilemma in a family business has been labeled the predator/parasite conflict.

A document that states the principles intended to guide a family firm through times of crisis and change, including the succession process, is called the

A family business constitution is sometimes labeled a

The Entrepreneurial Lifethe Entrepreneurial Life

Integrity, Ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Business Plan: Visualizing the Dream

The Marketing Plan

The Organizational Plan: Teams, Legal Structures, Alliances, and Directors

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 Businesses

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

Filters

Exam 5: The Family Business

A company run by the great-grandchildren of the founder would be considered a cousin consortium.

The family endured great hardships together in the old country but vowed they would always watch out for each other in America. Together, they built a thriving business; it was the Muellers against the world. This family's commitment is based on

When hiring nonfamily employees, the owner should identify the positions, if any, that are reserved for family members.

To avoid problems with nonfamily employees in a family business, the owner should

Match the term to its definition. -A statement of principles intended to guide a family firm through times of crisis and change

One sibling dilemma in a family business has been labeled the predator/parasite conflict.

A document that states the principles intended to guide a family firm through times of crisis and change, including the succession process, is called the

A family business constitution is sometimes labeled a

The Entrepreneurial Lifethe Entrepreneurial Life

Integrity, Ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Business Plan: Visualizing the Dream

The Marketing Plan

The Organizational Plan: Teams, Legal Structures, Alliances, and Directors

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 Businesses

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

Filters