Question 1

Business ____ offer space, shared services, and advice to help get small businesses started.

Accepted Answer

incubators

Question 2

_____ involves going into debt by borrowing money from another person, bank, or financial institution.

Accepted Answer

A)  Debt financing 
B)  Risk management 
C)  Securitization 
D)  Debt consolidation 
E)  Equity financing 
A)  Debt financing 
B)  Risk management 
C)  Securitization 
D)  Debt consolidation 
E)  Equity financing

Question 3

In a business plan outline, the _____ provide(s) details of management skills needed and available, compensation, and human resources systems.

Accepted Answer

A)  staffing description 
B)  financial projection 
C)  capital need 
D)  milestones 
E)  operations description 
A)  staffing description 
B)  financial projection 
C)  capital need 
D)  milestones 
E)  operations description

Question 4

A(n) ____ entrepreneur starts and runs businesses and nonprofits over and over again, moving from one interest and opportunity to the next.

Accepted Answer

The answer of A(n) ____ entrepreneur starts and runs businesses...

Question 5

A family business ____ occurs when family members have major disagreements over how the business should be run.

Accepted Answer

The answer of A family business ____ occurs when family...

Question 6

Mompreneurs pursue business opportunities they spot as mothers.

Accepted Answer

A) True 
 B)False

Question 7

Social enterprises have a social mission to help make lives better for _____ populations.

Accepted Answer

The answer of Social enterprises have a social mission to...

Question 8

The term _____ describes strategic thinking and risk-taking behavior that results in the creation of new opportunities.

Accepted Answer

A)  business planning 
B)  partnership 
C)  entrepreneurship 
D)  proxemics 
E)  franchising 
A)  business planning 
B)  partnership 
C)  entrepreneurship 
D)  proxemics 
E)  franchising

Question 9

Which of the following characteristics of a corporation gives it a life of its own that can extend beyond that of its owners?

Accepted Answer

A)  It grants the organization certain legal rights. 
B)  It is a legal entity that is chartered by the state. 
C)  The cost for incorporating a corporation is very high. 
D)  The corporation becomes responsible for its own liabilities. 
E)  Incorporated businesses require complex documentation. 
A)  It grants the organization certain legal rights. 
B)  It is a legal entity that is chartered by the state. 
C)  The cost for incorporating a corporation is very high. 
D)  The corporation becomes responsible for its own liabilities. 
E)  Incorporated businesses require complex documentation.

Question 10

Julia is an entrepreneur. At the current stage in which her company is stated, her main concerns are if she will have enough customers and money. Julia's company is in the:

Accepted Answer

A)  birth stage. 
B)  breakthrough stage. 
C)  maturity stage. 
D)  stagnant stage. 
E)  failure stage. 
A)  birth stage. 
B)  breakthrough stage. 
C)  maturity stage. 
D)  stagnant stage. 
E)  failure stage.

Question 11

A(n) _____ refers to the issue of who will run the business when the current head leaves.

Accepted Answer

A)  family business integration 
B)  family business feud 
C)  family disagreement 
D)  succession problem 
E)  role confusion 
A)  family business integration 
B)  family business feud 
C)  family disagreement 
D)  succession problem 
E)  role confusion

Question 12

Before starting on his new venture, Mike writes down the specifics of his ideas, the amount of money needed, and future business operations. Mike is involved in preparing a _____.

Accepted Answer

A)  succession plan 
B)  business portfolio 
C)  business plan 
D)  competitive analysis 
E)  mission statement 
A)  succession plan 
B)  business portfolio 
C)  business plan 
D)  competitive analysis 
E)  mission statement

Question 13

A first-mover advantage comes from:

Accepted Answer

A)  making improvements to existing product lines. 
B)  being the first to exploit a niche or enter a market. 
C)  being the first to take a free-ride on the opportunity created by a pioneer. 
D)  the ability to poach trained personnel from an established business. 
E)  taking risks while strategizing to improve an existing market. 
A)  making improvements to existing product lines. 
B)  being the first to exploit a niche or enter a market. 
C)  being the first to take a free-ride on the opportunity created by a pioneer. 
D)  the ability to poach trained personnel from an established business. 
E)  taking risks while strategizing to improve an existing market.

Question 14

Which of the following is true of entrepreneurs?

Accepted Answer

A)  They believe that their destiny is beyond their control. 
B)  They like to avoid risk. 
C)  They have a high need for achievement. 
D)  They are averse to autonomy. 
E)  They have a low tolerance for ambiguity. 
A)  They believe that their destiny is beyond their control. 
B)  They like to avoid risk. 
C)  They have a high need for achievement. 
D)  They are averse to autonomy. 
E)  They have a low tolerance for ambiguity.

Question 15

In family businesses, _____ refers to the problem that arises when members of the family have major disagreements over how the business should be run.

Accepted Answer

A)  budget deficit 
B)  debt financing 
C)  an ethical dilemma 
D)  a reverse culture shock 
E)  a family business feud 
A)  budget deficit 
B)  debt financing 
C)  an ethical dilemma 
D)  a reverse culture shock 
E)  a family business feud

Question 16

_____ are wealthy individuals willing to invest in a new venture in return for an equity stake.

Accepted Answer

A)  Limited liability partners 
B)  Sole proprietors 
C)  General partners 
D)  Debt financers 
E)  Angel investors 
A)  Limited liability partners 
B)  Sole proprietors 
C)  General partners 
D)  Debt financers 
E)  Angel investors

Question 17

Stating that the failure of a small business was due to "lack of experience" implies:

Accepted Answer

A)  not having expertise in the essentials of business operations, including finance, purchasing, selling, and production. 
B)  not taking the time to craft a vision and mission, nor to formulate and properly implement a strategy. 
C)  not keeping track of the numbers, and failure to control business finances and use existing monies to best advantage. 
D)  not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth. 
E)  not having sufficient know-how to run a business in the chosen market or geographical area. 
A)  not having expertise in the essentials of business operations, including finance, purchasing, selling, and production. 
B)  not taking the time to craft a vision and mission, nor to formulate and properly implement a strategy. 
C)  not keeping track of the numbers, and failure to control business finances and use existing monies to best advantage. 
D)  not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth. 
E)  not having sufficient know-how to run a business in the chosen market or geographical area.

Question 18

A corporation is a legal entity that exists ____ from its owners.

Accepted Answer

The answer of A corporation is a legal entity that...

Question 19

Classic entrepreneurship is a form of ethical entrepreneurship that seeks novel ways to solve pressing social problems.

Accepted Answer

A) True 
 B)False

Question 20

Erik and Elsa own a pet grooming business. Erik manages the financial responsibilities while Elsa manages the customers. This is an example of a _____.

Accepted Answer

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

Business ____ offer space, shared services, and advice to help get small businesses started.

_____ involves going into debt by borrowing money from another person, bank, or financial institution.

In a business plan outline, the _____ provide(s) details of management skills needed and available, compensation, and human resources systems.

A(n) ____ entrepreneur starts and runs businesses and nonprofits over and over again, moving from one interest and opportunity to the next.

A family business ____ occurs when family members have major disagreements over how the business should be run.

Mompreneurs pursue business opportunities they spot as mothers.

Social enterprises have a social mission to help make lives better for _____ populations.

The term _____ describes strategic thinking and risk-taking behavior that results in the creation of new opportunities.

Which of the following characteristics of a corporation gives it a life of its own that can extend beyond that of its owners?

Julia is an entrepreneur. At the current stage in which her company is stated, her main concerns are if she will have enough customers and money. Julia's company is in the:

A(n) _____ refers to the issue of who will run the business when the current head leaves.

Before starting on his new venture, Mike writes down the specifics of his ideas, the amount of money needed, and future business operations. Mike is involved in preparing a _____.

A first-mover advantage comes from:

Which of the following is true of entrepreneurs?

In family businesses, _____ refers to the problem that arises when members of the family have major disagreements over how the business should be run.

_____ are wealthy individuals willing to invest in a new venture in return for an equity stake.

Stating that the failure of a small business was due to "lack of experience" implies:

A corporation is a legal entity that exists ____ from its owners.

Classic entrepreneurship is a form of ethical entrepreneurship that seeks novel ways to solve pressing social problems.

Erik and Elsa own a pet grooming business. Erik manages the financial responsibilities while Elsa manages the customers. This is an example of a _____.

Management, Managers, and Careers

Management Learning Past to Present

Ethics and Social Responsibility

Environment, Technology, and Sustainability

Global Management and Cultural Diversity

Data and Decision Making

Planning Processes and Techniques

Control Processes and Systems

Strategy and Strategic Management

Organization Structures

Organizational Culture and Change

Human Resource Management

Leading and Leadership Development

Individual Behavior

Motivation Theory and Practice

Teams and Teamwork

Communication and Collaboration

Filters

Exam 6: Entrepreneurship and New Ventures

Business ____ offer space, shared services, and advice to help get small businesses started.

_____ involves going into debt by borrowing money from another person, bank, or financial institution.

In a business plan outline, the _____ provide(s) details of management skills needed and available, compensation, and human resources systems.

A(n) ____ entrepreneur starts and runs businesses and nonprofits over and over again, moving from one interest and opportunity to the next.

A family business ____ occurs when family members have major disagreements over how the business should be run.

Mompreneurs pursue business opportunities they spot as mothers.

Social enterprises have a social mission to help make lives better for _____ populations.

The term _____ describes strategic thinking and risk-taking behavior that results in the creation of new opportunities.

Which of the following characteristics of a corporation gives it a life of its own that can extend beyond that of its owners?

Julia is an entrepreneur. At the current stage in which her company is stated, her main concerns are if she will have enough customers and money. Julia's company is in the:

A(n) _____ refers to the issue of who will run the business when the current head leaves.

Before starting on his new venture, Mike writes down the specifics of his ideas, the amount of money needed, and future business operations. Mike is involved in preparing a _____.

A first-mover advantage comes from:

Which of the following is true of entrepreneurs?

In family businesses, _____ refers to the problem that arises when members of the family have major disagreements over how the business should be run.

_____ are wealthy individuals willing to invest in a new venture in return for an equity stake.

Stating that the failure of a small business was due to "lack of experience" implies:

A corporation is a legal entity that exists ____ from its owners.

Classic entrepreneurship is a form of ethical entrepreneurship that seeks novel ways to solve pressing social problems.

Erik and Elsa own a pet grooming business. Erik manages the financial responsibilities while Elsa manages the customers. This is an example of a _____.

Management, Managers, and Careers

Management Learning Past to Present

Ethics and Social Responsibility

Environment, Technology, and Sustainability

Global Management and Cultural Diversity

Data and Decision Making

Planning Processes and Techniques

Control Processes and Systems

Strategy and Strategic Management

Organization Structures

Organizational Culture and Change

Human Resource Management

Leading and Leadership Development

Individual Behavior

Motivation Theory and Practice

Teams and Teamwork

Communication and Collaboration

Filters