Question 1

Which of the following was started from scratch?

Accepted Answer

A)  Dell Computer 
B)  Wal-Mart 
C)  Microsoft 
D)  all of the above 
A)  Dell Computer 
B)  Wal-Mart 
C)  Microsoft 
D)  all of the above

Question 2

What services does SCORE provide?

Accepted Answer

SCORE is the Service Corp of R

Question 3

Lucy Zimmerman has organized her craft shop as a sole proprietorship.Her sister has warned her about ________,the legal principal holding Lucy responsible for paying off all of the debts of the business.

Accepted Answer

A)  unlimited liability 
B)  limited liability 
C)  privity 
D)  unrestricted debt 
A)  unlimited liability 
B)  limited liability 
C)  privity 
D)  unrestricted debt

Question 4

What are four reasons for small business failure cited in the text?

Accepted Answer

Small businesses fail because

Question 5

By law,each general partner is liable for all debts incurred in the name of the partnership.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is NOT a common cause of business failure?

Accepted Answer

A)  managerial incompetence and inexperience 
B)  neglect 
C)  employee theft or sabotage 
D)  insufficient capital 
A)  managerial incompetence and inexperience 
B)  neglect 
C)  employee theft or sabotage 
D)  insufficient capital

Question 7

A general partnership is legally limited to 10 partner-owners.

Accepted Answer

A) True 
 B)False

Question 8

The Internal Revenue Service taxes partners as individuals.

Accepted Answer

A) True 
 B)False

Question 9

The number of Hispanic-owned businesses now totals about 1.6 million and has grown approximately ________ percent.

Accepted Answer

A)  31 
B)  41 
C)  71 
D)  81 
A)  31 
B)  41 
C)  71 
D)  81

Question 10

Short Case Scenario 3-1
The Miller brothers (Jack, Bill, and Evan) are about to fulfill a life-long dream. They are buying a thousand-acre farm and plan to grow cotton. Seeking independence, they are not interested in bringing in any outside owners. They have obtained financing from the Farm Credit Bureau that will allow them to finance the purchase of the farm and some equipment. The brothers are realistic and expect to work very long hours. However, they have a few critical decisions left to make.
-Assuming the farm is organized as an S-corporation,what are the disadvantages?

Accepted Answer

The disadvantages of an S-corp

Question 11

Shirley Rathke is opening a flower shop and has decided to operate as a sole proprietorship.Which of the following is NOT one of the advantages of operating the business as a sole proprietorship?

Accepted Answer

A)  freedom 
B)  simple to form 
C)  limited liability 
D)  low start-up costs 
A)  freedom 
B)  simple to form 
C)  limited liability 
D)  low start-up costs

Question 12

What obstacles did Bob Williamson have to overcome in his career?

Accepted Answer

Bob Williamson was a homeless heroin add

Question 13

The Small Business Administration is the government agency charged with owning small businesses.

Accepted Answer

A) True 
 B)False

Question 14

In a franchise agreement,the franchisee is ________.

Accepted Answer

A)  the parent company 
B)  the local owner 
C)  the supplier 
D)  any of a number of customers 
A)  the parent company 
B)  the local owner 
C)  the supplier 
D)  any of a number of customers

Question 15

What are four reasons for small business success cited in the text?

Accepted Answer

Small businesses succeed becau

Question 16

People who assume the risk of business ownership with a primary goal of growth and expansion are called entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 17

Stock in UPS is not available for sale to the general public.UPS is an example of a ________.

Accepted Answer

A)  partnership 
B)  private corporation 
C)  public corporation 
D)  general partnership 
A)  partnership 
B)  private corporation 
C)  public corporation 
D)  general partnership

Question 18

Describe a general partnership.

Accepted Answer

The most common type of partnership is t

Question 19

The roles of shareholders,directors,and other managers in corporate decision-making are called ________.

Accepted Answer

A)  articles of incorporation 
B)  corporate governance 
C)  bylaws 
D)  partnership agreements 
A)  articles of incorporation 
B)  corporate governance 
C)  bylaws 
D)  partnership agreements

Question 20

Most of the products made by big manufacturers are sold to consumers by ________.

Accepted Answer

A)  large retailers 
B)  large wholesalers 
C)  small businesses 
D)  middlemen 
A)  large retailers 
B)  large wholesalers 
C)  small businesses 
D)  middlemen

Which of the following was started from scratch?

What services does SCORE provide?

Lucy Zimmerman has organized her craft shop as a sole proprietorship.Her sister has warned her about ________,the legal principal holding Lucy responsible for paying off all of the debts of the business.

What are four reasons for small business failure cited in the text?

By law,each general partner is liable for all debts incurred in the name of the partnership.

Which of the following is NOT a common cause of business failure?

A general partnership is legally limited to 10 partner-owners.

The Internal Revenue Service taxes partners as individuals.

The number of Hispanic-owned businesses now totals about 1.6 million and has grown approximately ________ percent.

Shirley Rathke is opening a flower shop and has decided to operate as a sole proprietorship.Which of the following is NOT one of the advantages of operating the business as a sole proprietorship?

What obstacles did Bob Williamson have to overcome in his career?

The Small Business Administration is the government agency charged with owning small businesses.

In a franchise agreement,the franchisee is ________.

What are four reasons for small business success cited in the text?

People who assume the risk of business ownership with a primary goal of growth and expansion are called entrepreneurs.

Stock in UPS is not available for sale to the general public.UPS is an example of a ________.

Describe a general partnership.

The roles of shareholders,directors,and other managers in corporate decision-making are called ________.

Most of the products made by big manufacturers are sold to consumers by ________.

The U.S.Business Environment

Business Ethics and Social Responsibility

The Global Context of Business

Business Management

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

The Role of Accountants and Accounting Information

Money and Banking

Managing Finances

Filters

Exam 3: Entrepreneurship, New Ventures, and Business Ownership

Which of the following was started from scratch?

What services does SCORE provide?

Lucy Zimmerman has organized her craft shop as a sole proprietorship.Her sister has warned her about ________,the legal principal holding Lucy responsible for paying off all of the debts of the business.

What are four reasons for small business failure cited in the text?

By law,each general partner is liable for all debts incurred in the name of the partnership.

Which of the following is NOT a common cause of business failure?

A general partnership is legally limited to 10 partner-owners.

The Internal Revenue Service taxes partners as individuals.

The number of Hispanic-owned businesses now totals about 1.6 million and has grown approximately ________ percent.

Shirley Rathke is opening a flower shop and has decided to operate as a sole proprietorship.Which of the following is NOT one of the advantages of operating the business as a sole proprietorship?

What obstacles did Bob Williamson have to overcome in his career?

The Small Business Administration is the government agency charged with owning small businesses.

In a franchise agreement,the franchisee is ________.

What are four reasons for small business success cited in the text?

People who assume the risk of business ownership with a primary goal of growth and expansion are called entrepreneurs.

Stock in UPS is not available for sale to the general public.UPS is an example of a ________.

Describe a general partnership.

The roles of shareholders,directors,and other managers in corporate decision-making are called ________.

Most of the products made by big manufacturers are sold to consumers by ________.

The U.S.Business Environment

Business Ethics and Social Responsibility

The Global Context of Business

Business Management

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

The Role of Accountants and Accounting Information

Money and Banking

Managing Finances

Filters