Question 1

Which of the following is the most cited source of new business ideas?

Accepted Answer

A)  Brainstorming 
B)  In-depth understanding of industry/profession 
C)  A hobby 
D)  Copying someone else 
E)  None of these 
A)  Brainstorming 
B)  In-depth understanding of industry/profession 
C)  A hobby 
D)  Copying someone else 
E)  None of these

Question 2

ABC company has made substantial financial gains, but may start to lose the advantages of small size. Which stage of growth is this company experiencing?

Accepted Answer

A)  Resource maturity 
B)  Takeoff 
C)  Survival 
D)  Success 
E)  Existence 
A)  Resource maturity 
B)  Takeoff 
C)  Survival 
D)  Success 
E)  Existence

Question 3

Immigrants are more likely to start small businesses than native-born Americans.

Accepted Answer

A) True 
 B)False

Question 4

Define a corporation and briefly discuss the primary advantages and disadvantages of forming a corporation.

Accepted Answer

A corporation is a business form that is

Question 5

All of these are entrepreneurial characteristics except:

Accepted Answer

A)  self-confidence. 
B)  tolerance for ambiguity. 
C)  external locus of control. 
D)  high energy level. 
E)  awareness of passing time. 
A)  self-confidence. 
B)  tolerance for ambiguity. 
C)  external locus of control. 
D)  high energy level. 
E)  awareness of passing time.

Question 6

Which of the following is an unincorporated business owned by two or more?

Accepted Answer

A)  A partnership 
B)  A proprietorship 
C)  A corporation 
D)  An association 
E)  A trade alliance 
A)  A partnership 
B)  A proprietorship 
C)  A corporation 
D)  An association 
E)  A trade alliance

Question 7

_____ financing consists of funds that are invested in exchange for ownership in the company.

Accepted Answer

The answer of _____ financing consists of funds that are...

Question 8

The drawbacks of proprietorship include unlimited liability and difficulty in obtaining financing.

Accepted Answer

A) True 
 B)False

Question 9

The psychological characteristic that allows a person to be untroubled by disorder and uncertainty is called tolerance for ambiguity.

Accepted Answer

A) True 
 B)False

Question 10

CASE
Scenario - Holly and Trent
While many others dreamed about owning their own business, Holly Gabrel decided to do something about it. Holly knew that being self-employed required long hours and hard work, but with the help of her husband, Trent, Holly was positive that the hours and the work would be rewarded. First, she and Trent developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Holly and Trent obtained a patent on their invention, and began production and marketing.
-After fully developing their new business idea, Holly and Trent recognize the need to develop a business plan. Typical business plans will include all of the following, except:

Accepted Answer

A)  mission or vision of the company. 
B)  information about the suppliers. 
C)  policy for extending credit to customers. 
D)  analysis of critical risks that threaten success. 
E)  all of these should be included. 
A)  mission or vision of the company. 
B)  information about the suppliers. 
C)  policy for extending credit to customers. 
D)  analysis of critical risks that threaten success. 
E)  all of these should be included.

Question 11

The failure rate for high-tech business is lower than the failure rate for conventional businesses.

Accepted Answer

A) True 
 B)False

Question 12

The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

Accepted Answer

A) True 
 B)False

Question 13

In the next decade, _____ and _____ businesses could end up being the emerging growth companies.

Accepted Answer

women-owne

Question 14

Jamila is a successful artist and entrepreneur who makes all of her work out of recycled goods because she believes in sustainability. She can be described as a social entrepreneur that is committed to:

Accepted Answer

A)  international human rights. 
B)  environmental protection. 
C)  children's rights. 
D)  industrial protectionism. 
E)  consumerism. 
A)  international human rights. 
B)  environmental protection. 
C)  children's rights. 
D)  industrial protectionism. 
E)  consumerism.

Question 15

In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan.

Accepted Answer

A) True 
 B)False

Question 16

Celine has an unwavering belief in her new start-up company. She possesses intense focus and takes unconventional risks to make her new company successful. These examples most closely relate to which personality trait of entrepreneurs?

Accepted Answer

A)  Need to achieve 
B)  Patience 
C)  Tolerance for ambiguity 
D)  High energy level 
E)  Self-confidence 
A)  Need to achieve 
B)  Patience 
C)  Tolerance for ambiguity 
D)  High energy level 
E)  Self-confidence

Question 17

The first stage of growth for an entrepreneurial company is the investment stage.

Accepted Answer

A) True 
 B)False

Question 18

The _____ provides shared office space, management support services, and management advice to entrepreneurs.

Accepted Answer

The answer of The _____ provides shared office space, management...

Question 19

An entrepreneur:

Accepted Answer

A)  assumes the risks of the business. 
B)  reaps the rewards of the business. 
C)  assumes the financial and legal risks of ownership. 
D)  recognizes a viable idea for a business product or service and carries it out. 
E)  all of these. 
A)  assumes the risks of the business. 
B)  reaps the rewards of the business. 
C)  assumes the financial and legal risks of ownership. 
D)  recognizes a viable idea for a business product or service and carries it out. 
E)  all of these.

Question 20

Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

Accepted Answer

A) True 
 B)False

Which of the following is the most cited source of new business ideas?

ABC company has made substantial financial gains, but may start to lose the advantages of small size. Which stage of growth is this company experiencing?

Immigrants are more likely to start small businesses than native-born Americans.

Define a corporation and briefly discuss the primary advantages and disadvantages of forming a corporation.

All of these are entrepreneurial characteristics except:

Which of the following is an unincorporated business owned by two or more?

_____ financing consists of funds that are invested in exchange for ownership in the company.

The drawbacks of proprietorship include unlimited liability and difficulty in obtaining financing.

The psychological characteristic that allows a person to be untroubled by disorder and uncertainty is called tolerance for ambiguity.

The failure rate for high-tech business is lower than the failure rate for conventional businesses.

The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

In the next decade, _ and _ businesses could end up being the emerging growth companies.

Jamila is a successful artist and entrepreneur who makes all of her work out of recycled goods because she believes in sustainability. She can be described as a social entrepreneur that is committed to:

In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan.

Celine has an unwavering belief in her new start-up company. She possesses intense focus and takes unconventional risks to make her new company successful. These examples most closely relate to which personality trait of entrepreneurs?

The first stage of growth for an entrepreneurial company is the investment stage.

The _____ provides shared office space, management support services, and management advice to entrepreneurs.

An entrepreneur:

Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

Innovative Management for a Changing World

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managerial Planning and Goal Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Filters

Exam 6: Managing Small Business Start Ups

Which of the following is the most cited source of new business ideas?

ABC company has made substantial financial gains, but may start to lose the advantages of small size. Which stage of growth is this company experiencing?

Immigrants are more likely to start small businesses than native-born Americans.

Define a corporation and briefly discuss the primary advantages and disadvantages of forming a corporation.

All of these are entrepreneurial characteristics except:

Which of the following is an unincorporated business owned by two or more?

_____ financing consists of funds that are invested in exchange for ownership in the company.

The drawbacks of proprietorship include unlimited liability and difficulty in obtaining financing.

The psychological characteristic that allows a person to be untroubled by disorder and uncertainty is called tolerance for ambiguity.

The failure rate for high-tech business is lower than the failure rate for conventional businesses.

The advantage of buying an existing business is the ability to develop and design the business in the entrepreneur's own way.

In the next decade, _____ and _____ businesses could end up being the emerging growth companies.

Jamila is a successful artist and entrepreneur who makes all of her work out of recycled goods because she believes in sustainability. She can be described as a social entrepreneur that is committed to:

In the start-up stage of an entrepreneurial business, formal planning tends to be nonexistent except for the business plan.

Celine has an unwavering belief in her new start-up company. She possesses intense focus and takes unconventional risks to make her new company successful. These examples most closely relate to which personality trait of entrepreneurs?

The first stage of growth for an entrepreneurial company is the investment stage.

The _____ provides shared office space, management support services, and management advice to entrepreneurs.

An entrepreneur:

Two principle advantages of forming a corporation are continuity and limits on the owners' liability.

Innovative Management for a Changing World

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Managerial Planning and Goal Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Individual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Filters

In the next decade, _ and _ businesses could end up being the emerging growth companies.