Question 1

The fastest growing segement of small business in both the U.S. and Canada is sole proprietorships.

Accepted Answer

A) True 
 B)False

Question 2

Raj Shah started his one-man consulting business under the name Shah Associates. The legal structure for the company can best be described as a(n)

Accepted Answer

A)  proprietorship. 
B)  partnership. 
C)  trade alliance. 
D)  corporation. 
E)  one man operation. 
A)  proprietorship. 
B)  partnership. 
C)  trade alliance. 
D)  corporation. 
E)  one man operation.

Question 3

Taryn is a very good middle manager. However, she has long wanted to open her own business. Which of Taryn's characteristics is not consistent with entrepreneurship?

Accepted Answer

A)  Taryn has high self-confidence. 
B)  Taryn tends to put things off till later. 
C)  She is untroubled by uncertainty. 
D)  She has a high energy level. 
E)  She has high need to achieve. 
A)  Taryn has high self-confidence. 
B)  Taryn tends to put things off till later. 
C)  She is untroubled by uncertainty. 
D)  She has a high energy level. 
E)  She has high need to achieve.

Question 4

List five of the six characteristics of entrepreneurs.

Accepted Answer

Internal locus of control, hig

Question 5

Which of these refers to borrowing money that has to be repaid in order to start a business?

Accepted Answer

A)  Venture capital 
B)  Debt financing 
C)  Equity financing 
D)  Franchising 
E)  Licensing 
A)  Venture capital 
B)  Debt financing 
C)  Equity financing 
D)  Franchising 
E)  Licensing

Question 6

Name five of the ten characteristics of a successful business plan.

Accepted Answer

Students can name any five of the follow

Question 7

The majority of owners of new businesses work

Accepted Answer

A)  between 40 and 50 hours per week. 
B)  less than 40 hours per week. 
C)  more than 60 hours per week. 
D)  more than 75 hours per week. 
E)  more than 90 hours per week. 
A)  between 40 and 50 hours per week. 
B)  less than 40 hours per week. 
C)  more than 60 hours per week. 
D)  more than 75 hours per week. 
E)  more than 90 hours per week.

Question 8

The largest sources for new business ideas come from in-depth understanding of an industry or profession and market niches that are not being filled.

Accepted Answer

A) True 
 B)False

Question 9

In which stage of growth for an entrepreneurial company is planning almost nonexistent except for the business plan?

Accepted Answer

A)  start-up 
B)  survival 
C)  success 
D)  takeoff 
E)  resource maturity 
A)  start-up 
B)  survival 
C)  success 
D)  takeoff 
E)  resource maturity

Question 10

Entrepreneurship refers to the process of initiating a business venture, gathering and organizing the appropriate resources, and assuming the associated risks and rewards.

Accepted Answer

A) True 
 B)False

Question 11

Conchita, Kibwana, and Ravi started selling computer software on college campuses under the name Student Software Company. Each person contributed $1500 toward start-up costs and 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)  None of these. 
A)  proprietorship. 
B)  partnership. 
C)  trade alliance. 
D)  corporation. 
E)  None of these.

Question 12

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 13

Majority of entrepreneurs, according to a survey, work approximately 80 hours or more per week.

Accepted Answer

A) True 
 B)False

Question 14

If a small business owner enjoys the chance to balance work and personal life, he would be considered a(n)

Accepted Answer

A)  idealist. 
B)  optimizer. 
C)  hard worker. 
D)  juggler. 
E)  sustainer. 
A)  idealist. 
B)  optimizer. 
C)  hard worker. 
D)  juggler. 
E)  sustainer.

Question 15

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 16

A(n) ____________________ is an unincorporated business owned by two or more people.

Accepted Answer

The answer of A(n) ____________________ is an unincorporated business owned...

Question 17

A(n) ____________________ recognizes a viable idea for a business product or service and carries it out.

Accepted Answer

The answer of A(n) ____________________ recognizes a viable idea for...

Question 18

Which of these refer to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner?

Accepted Answer

A)  Franchising 
B)  Business incubation 
C)  Spinning-off 
D)  Globalization 
E)  Right offerings 
A)  Franchising 
B)  Business incubation 
C)  Spinning-off 
D)  Globalization 
E)  Right offerings

Question 19

____________________ entrepreneurs are committed to both good business and changing the world for the better.

Accepted Answer

The answer of ____________________ entrepreneurs are committed to both good...

Question 20

Generally speaking, entrepreneurs are in more control of their environment and can be expected to have an external locus of control.

Accepted Answer

A) True 
 B)False

Exam 6: Managing Small Business Start-Ups

The fastest growing segement of small business in both the U.S. and Canada is sole proprietorships.

Raj Shah started his one-man consulting business under the name Shah Associates. The legal structure for the company can best be described as a(n)

Taryn is a very good middle manager. However, she has long wanted to open her own business. Which of Taryn's characteristics is not consistent with entrepreneurship?

List five of the six characteristics of entrepreneurs.

Which of these refers to borrowing money that has to be repaid in order to start a business?

Name five of the ten characteristics of a successful business plan.

The majority of owners of new businesses work

The largest sources for new business ideas come from in-depth understanding of an industry or profession and market niches that are not being filled.

In which stage of growth for an entrepreneurial company is planning almost nonexistent except for the business plan?

Entrepreneurship refers to the process of initiating a business venture, gathering and organizing the appropriate resources, and assuming the associated risks and rewards.

Conchita, Kibwana, and Ravi started selling computer software on college campuses under the name Student Software Company. Each person contributed $1500 toward start-up costs and agreed on dividing costs and profits equally. The legal structure for the company can best be described as a

All of these are entrepreneurial characteristics EXCEPT

Majority of entrepreneurs, according to a survey, work approximately 80 hours or more per week.

If a small business owner enjoys the chance to balance work and personal life, he would be considered a(n)

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

A(n) ____________________ is an unincorporated business owned by two or more people.

A(n) ____________________ recognizes a viable idea for a business product or service and carries it out.

Which of these refer to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the product or service with help from the owner?

____________________ entrepreneurs are committed to both good business and changing the world for the better.

Generally speaking, entrepreneurs are in more control of their environment and can be expected to have an external locus of control.

Managing in Turbulent Times

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Ethics and Social Responsibility

Managerial Planning and Goal Setting

Strategy Formulation and Implementation

Managerial Decision Making

Designing Adaptive Organizations

Managing Change and Innovation

Human Resource Management

Meeting the Challenge of Diversity

Dynamics of Behavior in Organizations

Leadership

Motivation

Communication

Teamwork

Managerial and Quality Control

Information Technology and E-Business

Operations and Value Chain Management

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