Question 1

Discuss the advantages and disadvantages of partnerships.

Accepted Answer

Advantages of partnerships include their

Question 2

Describe a cooperative.

Accepted Answer

In a cooperative,groups of pro

Question 3

________ corporations are most likely comprised of doctors,lawyers,accountants,or other professionals.

Accepted Answer

A)  Private 
B)  Public 
C)  S- 
D)  Professional 
A)  Private 
B)  Public 
C)  S- 
D)  Professional

Question 4

Corporations enjoy significant tax benefits when compared to sole proprietorships or partnerships.

Accepted Answer

A) True 
 B)False

Question 5

By definition,a small business cannot be part of a larger business.

Accepted Answer

A) True 
 B)False

Question 6

Franchises are less likely to fail than new businesses.

Accepted Answer

A) True 
 B)False

Question 7

Describe corporations.List their advantages and disadvantages.

Accepted Answer

A corporation is a business that is lega

Question 8

Explain the concept of double taxation as it relates to a corporation.

Accepted Answer

Double taxation begins when a

Question 9

The most striking advantage of general partnerships is ________.

Accepted Answer

A)  the unlimited liability of the partnership 
B)  their ability to grow with the addition of new talent and money 
C)  the lack of continuity 
D)  their lack of legal standing 
A)  the unlimited liability of the partnership 
B)  their ability to grow with the addition of new talent and money 
C)  the lack of continuity 
D)  their lack of legal standing

Question 10

Both sole proprietorship and partnerships lack ________.

Accepted Answer

A)  trust 
B)  clarification 
C)  continuity 
D)  profits 
A)  trust 
B)  clarification 
C)  continuity 
D)  profits

Question 11

Entrepreneurs often enjoy working for large organizations.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following are recent trends in small business startups?

Accepted Answer

A)  entrepreneurs who cross over from big business 
B)  increased opportunities for minorities 
C)  increased opportunities for women 
D)  all of the above 
A)  entrepreneurs who cross over from big business 
B)  increased opportunities for minorities 
C)  increased opportunities for women 
D)  all of the above

Question 13

A ________ is independent and does not dominate its market.

Accepted Answer

A)  corporation 
B)  sole proprietorship 
C)  small business 
D)  partnership 
A)  corporation 
B)  sole proprietorship 
C)  small business 
D)  partnership

Question 14

Entrepreneurs have more than one goal for starting a business and becoming self-employed.Which of the following reasons is NOT mentioned in the text?

Accepted Answer

A)  to seek independence and be their own boss 
B)  to earn a comfortable living for a period of time 
C)  to grow and expand a current business 
D)  to meet community or social obligations 
A)  to seek independence and be their own boss 
B)  to earn a comfortable living for a period of time 
C)  to grow and expand a current business 
D)  to meet community or social obligations

Question 15

A sole proprietor legally dissolves when ________.

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

Question 16

The failure rate among small businesses has been increasing in recent years.

Accepted Answer

A) True 
 B)False

Question 17

A business plan develops and describes an entrepreneur's business strategy and demonstrates how it will be implemented.

Accepted Answer

A) True 
 B)False

Question 18

American Business Machines is organized as a corporation.Its income will be taxed first at the corporate level and also on shareholder returns as dividends.This situation is known as ________.

Accepted Answer

A)  dual costs 
B)  double taxation 
C)  regulatory costs 
D)  double ownership 
A)  dual costs 
B)  double taxation 
C)  regulatory costs 
D)  double ownership

Question 19

Loans are the most important source of money for a new business.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following factors contribute to small business failure?

Accepted Answer

A)  managerial incompetence or inexperience 
B)  neglect 
C)  weak control systems 
D)  any of the above 
A)  managerial incompetence or inexperience 
B)  neglect 
C)  weak control systems 
D)  any of the above

Discuss the advantages and disadvantages of partnerships.

Describe a cooperative.

________ corporations are most likely comprised of doctors,lawyers,accountants,or other professionals.

Corporations enjoy significant tax benefits when compared to sole proprietorships or partnerships.

By definition,a small business cannot be part of a larger business.

Franchises are less likely to fail than new businesses.

Describe corporations.List their advantages and disadvantages.

Explain the concept of double taxation as it relates to a corporation.

The most striking advantage of general partnerships is ________.

Both sole proprietorship and partnerships lack ________.

Entrepreneurs often enjoy working for large organizations.

Which of the following are recent trends in small business startups?

A ________ is independent and does not dominate its market.

Entrepreneurs have more than one goal for starting a business and becoming self-employed.Which of the following reasons is NOT mentioned in the text?

A sole proprietor legally dissolves when ________.

The failure rate among small businesses has been increasing in recent years.

A business plan develops and describes an entrepreneur's business strategy and demonstrates how it will be implemented.

American Business Machines is organized as a corporation.Its income will be taxed first at the corporate level and also on shareholder returns as dividends.This situation is known as ________.

Loans are the most important source of money for a new business.

Which of the following factors contribute to small business failure?

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

Discuss the advantages and disadvantages of partnerships.

Describe a cooperative.

________ corporations are most likely comprised of doctors,lawyers,accountants,or other professionals.

Corporations enjoy significant tax benefits when compared to sole proprietorships or partnerships.

By definition,a small business cannot be part of a larger business.

Franchises are less likely to fail than new businesses.

Describe corporations.List their advantages and disadvantages.

Explain the concept of double taxation as it relates to a corporation.

The most striking advantage of general partnerships is ________.

Both sole proprietorship and partnerships lack ________.

Entrepreneurs often enjoy working for large organizations.

Which of the following are recent trends in small business startups?

A ________ is independent and does not dominate its market.

Entrepreneurs have more than one goal for starting a business and becoming self-employed.Which of the following reasons is NOT mentioned in the text?

A sole proprietor legally dissolves when ________.

The failure rate among small businesses has been increasing in recent years.

A business plan develops and describes an entrepreneur's business strategy and demonstrates how it will be implemented.

American Business Machines is organized as a corporation.Its income will be taxed first at the corporate level and also on shareholder returns as dividends.This situation is known as ________.

Loans are the most important source of money for a new business.

Which of the following factors contribute to small business failure?

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