Question 1

What is the MOST important source of money for new business start-ups?

Accepted Answer

A)  banks 
B)  the SBA 
C)  personal resources 
D)  government grants 
E)  venture capital 
A)  banks 
B)  the SBA 
C)  personal resources 
D)  government grants 
E)  venture capital

Question 2

A new business should have enough capital to operate at least how many months without earning a profit?

Accepted Answer

A)  1 
B)  2 
C)  4 
D)  6 
E)  9 
A)  1 
B)  2 
C)  4 
D)  6 
E)  9

Question 3

What percent of a business is the least amount that a master partner will retain?

Accepted Answer

A)  10 percent 
B)  25 percent 
C)  50 percent 
D)  75 percent 
E)  80 percent 
A)  10 percent 
B)  25 percent 
C)  50 percent 
D)  75 percent 
E)  80 percent

Question 4

Neglect is a major factor that contributes to small business failure.

Accepted Answer

A) True 
 B)False

Question 5

Who constitutes the membership of SCORE?

Accepted Answer

A)  retired executives 
B)  venture capitalists 
C)  company officers 
D)  commercial lenders 
E)  successful entrepreneurs 
A)  retired executives 
B)  venture capitalists 
C)  company officers 
D)  commercial lenders 
E)  successful entrepreneurs

Question 6

What type of corporations are those comprised of doctors,lawyers,or accountants MOST likely to be?

Accepted Answer

A)  private 
B)  public 
C)  subchapter S 
D)  professional 
E)  multinational 
A)  private 
B)  public 
C)  subchapter S 
D)  professional 
E)  multinational

Question 7

Which of the following legal forms of business is owned and usually operated by a person who is responsible for its debts?

Accepted Answer

A)  cartel 
B)  corporation 
C)  general partnership 
D)  sole proprietorship 
E)  limited partnership 
A)  cartel 
B)  corporation 
C)  general partnership 
D)  sole proprietorship 
E)  limited partnership

Question 8

A corporation must be managed on the principles of corporate governance.Explain what this is.

Accepted Answer

Corporate governance is the role of shar

Question 9

Which of the following will force a sole proprietorship to be legally dissolved?

Accepted Answer

A)  sales exceed $1 million 
B)  the partners reorganize the firm's structure 
C)  earnings are less than $500,000 
D)  the owner donates profits 
E)  the owner dies 
A)  sales exceed $1 million 
B)  the partners reorganize the firm's structure 
C)  earnings are less than $500,000 
D)  the owner donates profits 
E)  the owner dies

Question 10

Suppose BrightLights Online Video purchases another company,QuikFlix.What is this an example of?

Accepted Answer

A)  merger 
B)  spin-off 
C)  divestiture 
D)  acquisition 
E)  collapse 
A)  merger 
B)  spin-off 
C)  divestiture 
D)  acquisition 
E)  collapse

Question 11

The Small Business Development Center program consolidates information from various disciplines and institutions for use by new and existing businesses.

Accepted Answer

A) True 
 B)False

Question 12

Which entity is defined as independent and has little influence on its market?

Accepted Answer

A)  corporation 
B)  joint venture 
C)  small business 
D)  partnership 
E)  government agency 
A)  corporation 
B)  joint venture 
C)  small business 
D)  partnership 
E)  government agency

Question 13

What is the name of the document in which an entrepreneur summarizes his or her business strategy for a proposed new venture?

Accepted Answer

A)  success chart 
B)  director's guideline 
C)  financial blueprint 
D)  business plan 
E)  balance sheet 
A)  success chart 
B)  director's guideline 
C)  financial blueprint 
D)  business plan 
E)  balance sheet

Question 14

Many new businesses are started by people who have left big corporations.

Accepted Answer

A) True 
 B)False

Question 15

Why do attitudes about entrepreneurship vary internationally?

Accepted Answer

A)  Decision making in big business can overlook local customs. 
B)  Attitudes towards risk-taking in business are culturally determined. 
C)  Consumer attitudes are influenced by economic cycles. 
D)  Foreign-owned companies can be unresponsive to local markets. 
E)  International business is creating a global village. 
A)  Decision making in big business can overlook local customs. 
B)  Attitudes towards risk-taking in business are culturally determined. 
C)  Consumer attitudes are influenced by economic cycles. 
D)  Foreign-owned companies can be unresponsive to local markets. 
E)  International business is creating a global village.

Question 16

Small businesses produce more patents per employee than large patenting firms.

Accepted Answer

A) True 
 B)False

Question 17

The Small Business Administration (SBA)may consider a business with many employees to be small as long as it has low annual revenues.

Accepted Answer

A) True 
 B)False

Question 18

Should the Miller brothers develop a business plan? Why or why not?

Accepted Answer

A business plan would help the brothers

Question 19

The Internal Revenue Service taxes partners as individuals.

Accepted Answer

A) True 
 B)False

Question 20

Olivia has found a viable business,a small furniture store,she is interested in purchasing.She has learned that the store is supplied by reliable vendors and has a steady stream of local and online buyers.What should be Olivia's next step at this point?

Accepted Answer

A)  Analyze the furniture store's past financial statements. 
B)  Start negotiating a purchase price with the current owner. 
C)  Approach a banking institution about financing her purchase. 
D)  Consult a marketing agency about ways to reach more customers. 
E)  Search for vendors that can provide similar products at lower costs. 
A)  Analyze the furniture store's past financial statements. 
B)  Start negotiating a purchase price with the current owner. 
C)  Approach a banking institution about financing her purchase. 
D)  Consult a marketing agency about ways to reach more customers. 
E)  Search for vendors that can provide similar products at lower costs.

What is the MOST important source of money for new business start-ups?

A new business should have enough capital to operate at least how many months without earning a profit?

What percent of a business is the least amount that a master partner will retain?

Neglect is a major factor that contributes to small business failure.

Who constitutes the membership of SCORE?

What type of corporations are those comprised of doctors,lawyers,or accountants MOST likely to be?

Which of the following legal forms of business is owned and usually operated by a person who is responsible for its debts?

A corporation must be managed on the principles of corporate governance.Explain what this is.

Which of the following will force a sole proprietorship to be legally dissolved?

Suppose BrightLights Online Video purchases another company,QuikFlix.What is this an example of?

The Small Business Development Center program consolidates information from various disciplines and institutions for use by new and existing businesses.

Which entity is defined as independent and has little influence on its market?

What is the name of the document in which an entrepreneur summarizes his or her business strategy for a proposed new venture?

Many new businesses are started by people who have left big corporations.

Why do attitudes about entrepreneurship vary internationally?

Small businesses produce more patents per employee than large patenting firms.

The Small Business Administration (SBA)may consider a business with many employees to be small as long as it has low annual revenues.

Should the Miller brothers develop a business plan? Why or why not?

The Internal Revenue Service taxes partners as individuals.

Olivia has found a viable business,a small furniture store,she is interested in purchasing.She has learned that the store is supplied by reliable vendors and has a steady stream of local and online buyers.What should be Olivia's next step at this point?

The U.S.Business Environment

Understanding Business Ethics and Social Responsibility

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality for Producing Goods and Services

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters

Exam 3: Entrepreneurship, New Ventures, and Business Ownership

What is the MOST important source of money for new business start-ups?

A new business should have enough capital to operate at least how many months without earning a profit?

What percent of a business is the least amount that a master partner will retain?

Neglect is a major factor that contributes to small business failure.

Who constitutes the membership of SCORE?

What type of corporations are those comprised of doctors,lawyers,or accountants MOST likely to be?

Which of the following legal forms of business is owned and usually operated by a person who is responsible for its debts?

A corporation must be managed on the principles of corporate governance.Explain what this is.

Which of the following will force a sole proprietorship to be legally dissolved?

Suppose BrightLights Online Video purchases another company,QuikFlix.What is this an example of?

The Small Business Development Center program consolidates information from various disciplines and institutions for use by new and existing businesses.

Which entity is defined as independent and has little influence on its market?

What is the name of the document in which an entrepreneur summarizes his or her business strategy for a proposed new venture?

Many new businesses are started by people who have left big corporations.

Why do attitudes about entrepreneurship vary internationally?

Small businesses produce more patents per employee than large patenting firms.

The Small Business Administration (SBA)may consider a business with many employees to be small as long as it has low annual revenues.

Should the Miller brothers develop a business plan? Why or why not?

The Internal Revenue Service taxes partners as individuals.

Olivia has found a viable business,a small furniture store,she is interested in purchasing.She has learned that the store is supplied by reliable vendors and has a steady stream of local and online buyers.What should be Olivia's next step at this point?

The U.S.Business Environment

Understanding Business Ethics and Social Responsibility

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality for Producing Goods and Services

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters