Question 1

In a franchise, the franchise parent receives a share of income or a flat fee from the franchisee.

Accepted Answer

A) True 
 B)False

Question 2

Insufficient financing implies:

Accepted Answer

A)  not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth. 
B)  not having enough money available to maintain operations while still building the business and gaining access to customers and markets. 
C)  not having expertise in the essentials of business operations, including finance. 
D)  not keeping track of the numbers, and failure to keep business finances to best advantage. 
E)  not making the best use of existing monies. 
A)  not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth. 
B)  not having enough money available to maintain operations while still building the business and gaining access to customers and markets. 
C)  not having expertise in the essentials of business operations, including finance. 
D)  not keeping track of the numbers, and failure to keep business finances to best advantage. 
E)  not making the best use of existing monies.

Question 3

For liability purposes, a limited liability corporation functions like a _____ and protects the assets of owners against claims made against the company.

Accepted Answer

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

Question 4

_____ leadership brings the venture into being and sees it through the early stages of an enterprise.

Accepted Answer

A)  Transactional 
B)  Entrepreneurial 
C)  Bureaucratic 
D)  Transformational 
E)  Democratic 
A)  Transactional 
B)  Entrepreneurial 
C)  Bureaucratic 
D)  Transformational 
E)  Democratic

Question 5

Lean startups are permanent, cost-intensive organizations.

Accepted Answer

A) True 
 B)False

Question 6

Entrepreneurs are born, not made.

Accepted Answer

A) True 
 B)False

Question 7

Emma, Heidi, and Hilda have opened a new cafe. Each of them have contributed $1,500 toward start-up costs and have agreed on dividing costs and profits equally. The legal structure for the company can best be described as a:

Accepted Answer

A)  proprietorship. 
B)  partnership. 
C)  trade alliance. 
D)  corporation. 
E)  benefit corporation. 
A)  proprietorship. 
B)  partnership. 
C)  trade alliance. 
D)  corporation. 
E)  benefit corporation.

Question 8

According to the life cycle of entrepreneurial firms, the maturity stage signifies the stage in which the:

Accepted Answer

A)  entrepreneur struggles to get the new venture established and survive long enough to test the viability of the underlying business model in the marketplace. 
B)  business model begins to work well, growth is experienced, and the complexity of managing the business operation expands significantly. 
C)  entrepreneur recognizes a niche in the market and formulates an idea to take advantage of it. 
D)  entrepreneur experiences the advantages of market success and financial stability while facing the continuing management challenge of remaining competitive in a changing environment. 
E)  entrepreneur formulates a plan for making a profit by generating revenues that are greater than the costs of doing business. 
A)  entrepreneur struggles to get the new venture established and survive long enough to test the viability of the underlying business model in the marketplace. 
B)  business model begins to work well, growth is experienced, and the complexity of managing the business operation expands significantly. 
C)  entrepreneur recognizes a niche in the market and formulates an idea to take advantage of it. 
D)  entrepreneur experiences the advantages of market success and financial stability while facing the continuing management challenge of remaining competitive in a changing environment. 
E)  entrepreneur formulates a plan for making a profit by generating revenues that are greater than the costs of doing business.

Question 9

A _____ plan describes how the leadership transition and related financial matters will be handled.

Accepted Answer

The answer of A _____ plan describes how the leadership...

Question 10

List and describe five ways to finance a new venture.

Accepted Answer

1) Debt financing - going into debt by b

Question 11

A(n) _____ plan describes how the leadership transition and related financial matters will be handled when the time for changeover arrives.

Accepted Answer

A)  partnership 
B)  startup 
C)  succession 
D)  liability 
E)  equity 
A)  partnership 
B)  startup 
C)  succession 
D)  liability 
E)  equity

Question 12

The vast majority of small businesses employ between 100 and 150 persons.

Accepted Answer

A) True 
 B)False

Question 13

Debt financing requires collateral that pledges business assets or personal assets, such as a home, to secure the loan in case of default.

Accepted Answer

A) True 
 B)False

Question 14

You and a few of your friends want to help improve the lives of people who are homeless. You decide to start a non-profit organization to connect cooks with homeless shelters. You are classified as what kind of entrepreneur?

Accepted Answer

A)  Minority 
B)  Ethical 
C)  Serial 
D)  Social 
A)  Minority 
B)  Ethical 
C)  Serial 
D)  Social

Question 15

Which of the following scenarios demonstrates an entrepreneur who has a tolerance for ambiguity?

Accepted Answer

A)  Jean's decision to modify a pre-existing problem-tackling strategy in his private firm 
B)  Roger's decision to hire an experienced manager to head his new branch in another state 
C)  Karl's decision to expand his private firm overseas despite the risk of facing cultural differences 
D)  Sasha's decision to quit her job to enter into a partnership with a well-recognized firm 
E)  Giselle's decision to join her family's well-established business 
A)  Jean's decision to modify a pre-existing problem-tackling strategy in his private firm 
B)  Roger's decision to hire an experienced manager to head his new branch in another state 
C)  Karl's decision to expand his private firm overseas despite the risk of facing cultural differences 
D)  Sasha's decision to quit her job to enter into a partnership with a well-recognized firm 
E)  Giselle's decision to join her family's well-established business

Question 16

In a business plan outline, the marketing strategy contains the:

Accepted Answer

A)  description of the size of market, competitor strengths and weaknesses, and five-year sales goals. 
B)  overview of the business purpose and the business model for making money. 
C)  description of the management and staffing skills needed and available, compensation, and human resource systems. 
D)  details of the product characteristics, distribution, promotion, pricing, and market research. 
E)  description of cash flow projections for one to five years, breakeven points, and phased investment capital. 
A)  description of the size of market, competitor strengths and weaknesses, and five-year sales goals. 
B)  overview of the business purpose and the business model for making money. 
C)  description of the management and staffing skills needed and available, compensation, and human resource systems. 
D)  details of the product characteristics, distribution, promotion, pricing, and market research. 
E)  description of cash flow projections for one to five years, breakeven points, and phased investment capital.

Question 17

Self-management is an ability to use objective understanding of personal strengths and weaknesses to keep growing-individually and career-wise.

Accepted Answer

A) True 
 B)False

Question 18

Nadia is unemployment and is unable to pay her bills. She realizes she loves baking and soon opens up her own bakeshop with the help of a friend. Which of the following is true about Nadia?

Accepted Answer

A)  She is a necessity-based entrepreneur. 
B)  She is a social entrepreneur. 
C)  She is a venture capitalist. 
D)  She is an intrapreneur. 
E)  She is a serial entrepreneur. 
A)  She is a necessity-based entrepreneur. 
B)  She is a social entrepreneur. 
C)  She is a venture capitalist. 
D)  She is an intrapreneur. 
E)  She is a serial entrepreneur.

Question 19

One of the most common ways to get involved in a small business is to buy and run a franchise.

Accepted Answer

A) True 
 B)False

Question 20

Joe has started his one-man audio consulting business under the name Sound Wiz. The legal structure for the company can best be described as a _____.

Accepted Answer

A)  sole proprietorship 
B)  partnership 
C)  trade alliance 
D)  corporation 
E)  benefit corporation 
A)  sole proprietorship 
B)  partnership 
C)  trade alliance 
D)  corporation 
E)  benefit corporation

In a franchise, the franchise parent receives a share of income or a flat fee from the franchisee.

Insufficient financing implies:

For liability purposes, a limited liability corporation functions like a _____ and protects the assets of owners against claims made against the company.

_____ leadership brings the venture into being and sees it through the early stages of an enterprise.

Lean startups are permanent, cost-intensive organizations.

Entrepreneurs are born, not made.

Emma, Heidi, and Hilda have opened a new cafe. Each of them have contributed $1,500 toward start-up costs and have agreed on dividing costs and profits equally. The legal structure for the company can best be described as a:

According to the life cycle of entrepreneurial firms, the maturity stage signifies the stage in which the:

A _____ plan describes how the leadership transition and related financial matters will be handled.

List and describe five ways to finance a new venture.

A(n) _____ plan describes how the leadership transition and related financial matters will be handled when the time for changeover arrives.

The vast majority of small businesses employ between 100 and 150 persons.

Debt financing requires collateral that pledges business assets or personal assets, such as a home, to secure the loan in case of default.

You and a few of your friends want to help improve the lives of people who are homeless. You decide to start a non-profit organization to connect cooks with homeless shelters. You are classified as what kind of entrepreneur?

Which of the following scenarios demonstrates an entrepreneur who has a tolerance for ambiguity?

In a business plan outline, the marketing strategy contains the:

Self-management is an ability to use objective understanding of personal strengths and weaknesses to keep growing-individually and career-wise.

Nadia is unemployment and is unable to pay her bills. She realizes she loves baking and soon opens up her own bakeshop with the help of a friend. Which of the following is true about Nadia?

One of the most common ways to get involved in a small business is to buy and run a franchise.

Joe has started his one-man audio consulting business under the name Sound Wiz. The legal structure for the company can best be described as 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

In a franchise, the franchise parent receives a share of income or a flat fee from the franchisee.

Insufficient financing implies:

For liability purposes, a limited liability corporation functions like a _____ and protects the assets of owners against claims made against the company.

_____ leadership brings the venture into being and sees it through the early stages of an enterprise.

Lean startups are permanent, cost-intensive organizations.

Entrepreneurs are born, not made.

Emma, Heidi, and Hilda have opened a new cafe. Each of them have contributed $1,500 toward start-up costs and have agreed on dividing costs and profits equally. The legal structure for the company can best be described as a:

According to the life cycle of entrepreneurial firms, the maturity stage signifies the stage in which the:

A _____ plan describes how the leadership transition and related financial matters will be handled.

List and describe five ways to finance a new venture.

A(n) _____ plan describes how the leadership transition and related financial matters will be handled when the time for changeover arrives.

The vast majority of small businesses employ between 100 and 150 persons.

Debt financing requires collateral that pledges business assets or personal assets, such as a home, to secure the loan in case of default.

You and a few of your friends want to help improve the lives of people who are homeless. You decide to start a non-profit organization to connect cooks with homeless shelters. You are classified as what kind of entrepreneur?

Which of the following scenarios demonstrates an entrepreneur who has a tolerance for ambiguity?

In a business plan outline, the marketing strategy contains the:

Self-management is an ability to use objective understanding of personal strengths and weaknesses to keep growing-individually and career-wise.

Nadia is unemployment and is unable to pay her bills. She realizes she loves baking and soon opens up her own bakeshop with the help of a friend. Which of the following is true about Nadia?

One of the most common ways to get involved in a small business is to buy and run a franchise.

Joe has started his one-man audio consulting business under the name Sound Wiz. The legal structure for the company can best be described as 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