Question 1

Teresa Walsh and Bonnie Kelly started Silpada Designs, jewelry sold through home parties. They are best classified as

Accepted Answer

A)  intrapreneurs. 
B)  franchisers. 
C)  venture capitalists. 
D)  entrepreneurs. 
E)  franchisees. 
A)  intrapreneurs. 
B)  franchisers. 
C)  venture capitalists. 
D)  entrepreneurs. 
E)  franchisees.

Question 2

The overall purpose of a business plan is to

Accepted Answer

A)  identify all actions required up to the point when the firm opens its doors. 
B)  outline activities for the business in its first year of operation. 
C)  provide prospective lenders with a blueprint for action. 
D)  determine potential demand for the firm's product or service. 
E)  determine the most appropriate form of ownership. 
A)  identify all actions required up to the point when the firm opens its doors. 
B)  outline activities for the business in its first year of operation. 
C)  provide prospective lenders with a blueprint for action. 
D)  determine potential demand for the firm's product or service. 
E)  determine the most appropriate form of ownership.

Question 3

Which of the following is NOT generally considered to be a role performed by small businesses?

Accepted Answer

A)  Creation of new jobs 
B)  Development of new products 
C)  Manufacture of materials for large businesses 
D)  Distribution of products made by large businesses 
E)  Provision of capital for expansion of large businesses 
A)  Creation of new jobs 
B)  Development of new products 
C)  Manufacture of materials for large businesses 
D)  Distribution of products made by large businesses 
E)  Provision of capital for expansion of large businesses

Question 4

Which of the following is NOT an example of an entrepreneur?

Accepted Answer

A)  Madeline runs a neighborhood lemonade stand by herself. 
B)  Diane Molberg started By Request, a successful home bakery business that guarantees that any item it sells is no more than 24 hours old. 
C)  Elmer Olsen created the successful Bayfield Apple Jam Company using a recipe from his wife and some investment capital. 
D)  Cindy has a yard sale once a year. 
E)  Donna Cook wanted to start a little home business 10 years ago; now she has a company that produces and markets more than 150 dry cooking mixes. 
A)  Madeline runs a neighborhood lemonade stand by herself. 
B)  Diane Molberg started By Request, a successful home bakery business that guarantees that any item it sells is no more than 24 hours old. 
C)  Elmer Olsen created the successful Bayfield Apple Jam Company using a recipe from his wife and some investment capital. 
D)  Cindy has a yard sale once a year. 
E)  Donna Cook wanted to start a little home business 10 years ago; now she has a company that produces and markets more than 150 dry cooking mixes.

Question 5

You have a great idea for a new children's toy. Describe your financing options.

Accepted Answer

There are several financing options avai

Question 6

When the business plan is finished, the entrepreneur must choose a structure. What does that mean?

Accepted Answer

When the business plan is finished and a

Question 7

Rachel wants to sell products designed for churches that meet in movie theaters. She has found a(n) ____________________ market.

Accepted Answer

The answer of Rachel wants to sell products designed for...

Question 8

A(n) ____________________ business sells directly to consumers products manufactured by other firms.

Accepted Answer

The answer of A(n) ____________________ business sells directly to consumers...

Question 9

Four general factors contribute to the failure rate of small businesses. Which of the following is NOT one of those factors?

Accepted Answer

A)  Insufficient capital 
B)  Managerial incompetence or inexperience 
C)  Low start-up costs 
D)  Weak control systems 
E)  Owner neglect 
A)  Insufficient capital 
B)  Managerial incompetence or inexperience 
C)  Low start-up costs 
D)  Weak control systems 
E)  Owner neglect

Question 10

Market research is a key step in building a business plan.

Accepted Answer

A) True 
 B)False

Question 11

The idea of a business plan is not new. What is new is the growing use of specialized business plans by entrepreneurs, mostly because creditors and investors demand them for use in deciding whether to help finance a small business.

Accepted Answer

A) True 
 B)False

Question 12

Imagine you are working for 3M, a company known for supporting innovation. In your private time you create a new product. Will you start your own company? Why or why not?

Accepted Answer

As an employee of 3M, a company known fo

Question 13

Starting a new business requires an overwhelming time commitment.

Accepted Answer

A) True 
 B)False

Question 14

The SBA program that is designed to help small businesses that cannot afford consultants is called ____________________.

Accepted Answer

The answer of The SBA program that is designed to...

Question 15

The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.

Accepted Answer

A) True 
 B)False

Question 16

____________________ systems are needed to keep a business on track and to help alert entrepreneurs to potential trouble.

Accepted Answer

The answer of ____________________ systems are needed to keep a...

Question 17

Few successful entrepreneurs succeed alone or straight out of college.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following statements about service businesses that are classified as small businesses is TRUE?

Accepted Answer

A)  Service businesses appeal to the innovative nature of many entrepreneurs. 
B)  A service company that gift wraps gifts for people too busy to do it themselves is an example of a small business if it is privately owned and has only four employees. 
C)  A small business offering a car repair service is like other service businesses in that it offers a higher return on time invested. 
D)  The service industry attracts small business owners because it requires so few start-up resources. 
E)  All of these choices 
A)  Service businesses appeal to the innovative nature of many entrepreneurs. 
B)  A service company that gift wraps gifts for people too busy to do it themselves is an example of a small business if it is privately owned and has only four employees. 
C)  A small business offering a car repair service is like other service businesses in that it offers a higher return on time invested. 
D)  The service industry attracts small business owners because it requires so few start-up resources. 
E)  All of these choices

Question 19

In which of the following industries are you LEAST likely to find a small business owner performing well due to a lack of economies of scale?

Accepted Answer

A)  Construction 
B)  Transportation 
C)  Service 
D)  Retailing 
E)  Manufacturing 
A)  Construction 
B)  Transportation 
C)  Service 
D)  Retailing 
E)  Manufacturing

Question 20

The most common causes of small business success are hard work, ____________________, managerial competence, and luck.

Accepted Answer

The answer of The most common causes of small business...

Teresa Walsh and Bonnie Kelly started Silpada Designs, jewelry sold through home parties. They are best classified as

The overall purpose of a business plan is to

Which of the following is NOT generally considered to be a role performed by small businesses?

Which of the following is NOT an example of an entrepreneur?

You have a great idea for a new children's toy. Describe your financing options.

When the business plan is finished, the entrepreneur must choose a structure. What does that mean?

Rachel wants to sell products designed for churches that meet in movie theaters. She has found a(n) ____________________ market.

A(n) ____________________ business sells directly to consumers products manufactured by other firms.

Four general factors contribute to the failure rate of small businesses. Which of the following is NOT one of those factors?

Market research is a key step in building a business plan.

The idea of a business plan is not new. What is new is the growing use of specialized business plans by entrepreneurs, mostly because creditors and investors demand them for use in deciding whether to help finance a small business.

Imagine you are working for 3M, a company known for supporting innovation. In your private time you create a new product. Will you start your own company? Why or why not?

Starting a new business requires an overwhelming time commitment.

The SBA program that is designed to help small businesses that cannot afford consultants is called ____________________.

The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.

____________________ systems are needed to keep a business on track and to help alert entrepreneurs to potential trouble.

Few successful entrepreneurs succeed alone or straight out of college.

Which of the following statements about service businesses that are classified as small businesses is TRUE?

In which of the following industries are you LEAST likely to find a small business owner performing well due to a lack of economies of scale?

The most common causes of small business success are hard work, ____________________, managerial competence, and luck.

Managing and the Managers Job

Traditional and Contemporary Opportunitieschallenges

Understanding the Organizations Environment

Responding to the Ethical and Social Environment

Navigating the Global Environment

Basic Elements of Planning and Decision Making

Managing Strategy and Strategic Planning

Managing Decision Making and Problem Solving

Basic Elements of Organizing

Managing Organization Design

Managing Organization Change and Innovation

Managing Human Resources

Basic Elements of Individual and Interpersonal Behavior

Managing Employee Motivation and Performance

Managing Leadership and Influence Process

Managing Interpersonal Relations and Communication

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, Quality and Productivity

Filters

Exam 9: Managing Start-Ups and New Ventures

Teresa Walsh and Bonnie Kelly started Silpada Designs, jewelry sold through home parties. They are best classified as

The overall purpose of a business plan is to

Which of the following is NOT generally considered to be a role performed by small businesses?

Which of the following is NOT an example of an entrepreneur?

You have a great idea for a new children's toy. Describe your financing options.

When the business plan is finished, the entrepreneur must choose a structure. What does that mean?

Rachel wants to sell products designed for churches that meet in movie theaters. She has found a(n) ____________________ market.

A(n) ____________________ business sells directly to consumers products manufactured by other firms.

Four general factors contribute to the failure rate of small businesses. Which of the following is NOT one of those factors?

Market research is a key step in building a business plan.

The idea of a business plan is not new. What is new is the growing use of specialized business plans by entrepreneurs, mostly because creditors and investors demand them for use in deciding whether to help finance a small business.

Imagine you are working for 3M, a company known for supporting innovation. In your private time you create a new product. Will you start your own company? Why or why not?

Starting a new business requires an overwhelming time commitment.

The SBA program that is designed to help small businesses that cannot afford consultants is called ____________________.

The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.

____________________ systems are needed to keep a business on track and to help alert entrepreneurs to potential trouble.

Few successful entrepreneurs succeed alone or straight out of college.

Which of the following statements about service businesses that are classified as small businesses is TRUE?

In which of the following industries are you LEAST likely to find a small business owner performing well due to a lack of economies of scale?

The most common causes of small business success are hard work, ____________________, managerial competence, and luck.

Managing and the Managers Job

Traditional and Contemporary Opportunitieschallenges

Understanding the Organizations Environment

Responding to the Ethical and Social Environment

Navigating the Global Environment

Basic Elements of Planning and Decision Making

Managing Strategy and Strategic Planning

Managing Decision Making and Problem Solving

Basic Elements of Organizing

Managing Organization Design

Managing Organization Change and Innovation

Managing Human Resources

Basic Elements of Individual and Interpersonal Behavior

Managing Employee Motivation and Performance

Managing Leadership and Influence Process

Managing Interpersonal Relations and Communication

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, Quality and Productivity

Filters