Question 1

An unincorporated business owned by an individual for profit is known as a(n) ____________________.

Accepted Answer

The answer of An unincorporated business owned by an individual...

Question 2

In the survival stage of growth, the main problems are producing the product or service and obtaining customers.

Accepted Answer

A) True 
 B)False

Question 3

The process of initiating a business venture, organizing it, and assuming its risks is known as ____________________.

Accepted Answer

The answer of The process of initiating a business venture,...

Question 4

The last of the five stages of growth for an entrepreneurial company is the resource maturity stage.

Accepted Answer

A) True 
 B)False

Question 5

The drawback(s) of proprietorship include

Accepted Answer

A)  the unlimited liability of the partners. 
B)  conflicts with partners. 
C)  existence regardless of whether the owners live or dies. 
D)  difficulty in obtaining financing. 
E)  complexity and cost. 
A)  the unlimited liability of the partners. 
B)  conflicts with partners. 
C)  existence regardless of whether the owners live or dies. 
D)  difficulty in obtaining financing. 
E)  complexity and cost.

Question 6

During which stage, the company will need to make greater use of budgets, standard cost systems, and statistical reports?

Accepted Answer

A)  Existence 
B)  Survival 
C)  Takeoff 
D)  Success 
E)  Maturity 
A)  Existence 
B)  Survival 
C)  Takeoff 
D)  Success 
E)  Maturity

Question 7

Someone who recognizes a viable idea for a business product or service and carries it out is referred to as a(n)

Accepted Answer

A)  intrapreneur. 
B)  entrepreneur. 
C)  manager. 
D)  leader. 
E)  introvert. 
A)  intrapreneur. 
B)  entrepreneur. 
C)  manager. 
D)  leader. 
E)  introvert.

Question 8

The key problem, at the __________ stage of growth, is how to grow rapidly and finance that growth.

Accepted Answer

A)  existence 
B)  survival 
C)  takeoff 
D)  resource maturity 
E)  success 
A)  existence 
B)  survival 
C)  takeoff 
D)  resource maturity 
E)  success

Question 9

____________________ 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 10

Being interested in computers, Jim Johnson came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jim started marketing this service to neighbors and area businesses. Jim's activities can be described as a(n)

Accepted Answer

A)  entrepreneurship. 
B)  intrapreneurship. 
C)  useless idea. 
D)  large business. 
E)  partnership. 
A)  entrepreneurship. 
B)  intrapreneurship. 
C)  useless idea. 
D)  large business. 
E)  partnership.

Question 11

Sebastian Anderson is providing consumers with a new, unique business. The stage of the growth where his business has demonstrated that it is a workable business entity is considered the

Accepted Answer

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

Question 12

Women and minorities who have found their opportunities limited in the corporate world are seeing intrapreneurship as the only way to go.

Accepted Answer

A) True 
 B)False

Question 13

The most cited source of new business ideas is

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 14

A business plan is a document specifying the business details prepared by an entrepreneur prior to opening a new business.

Accepted Answer

A) True 
 B)False

Question 15

A(n) ____________________ is an artificial entity created by the state and existing apart from its owners.

Accepted Answer

The answer of A(n) ____________________ is an artificial entity created...

Question 16

A(n) _________________________ is a document specifying the business details prepared by an entrepreneur in preparation for opening a new business.

Accepted Answer

The answer of A(n) _________________________ is a document specifying the...

Question 17

Currently, __________ out of every 12 businesses in the U.S. is franchised.

Accepted Answer

A)  one 
B)  three 
C)  five 
D)  seven 
E)  nine 
A)  one 
B)  three 
C)  five 
D)  seven 
E)  nine

Question 18

Every time Patricia Fuller does poorly on an exam and blames some outside factor, she can be described as having an external locus of control.

Accepted Answer

A) True 
 B)False

Question 19

____________________ is 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

The answer of ____________________ is an arrangement by which the...

Question 20

An artificial entity created by the state and existing apart from its owners is known as

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.

Exam 6: Managing Small Business Start-Ups

An unincorporated business owned by an individual for profit is known as a(n) ____________________.

In the survival stage of growth, the main problems are producing the product or service and obtaining customers.

The process of initiating a business venture, organizing it, and assuming its risks is known as ____________________.

The last of the five stages of growth for an entrepreneurial company is the resource maturity stage.

The drawback(s) of proprietorship include

During which stage, the company will need to make greater use of budgets, standard cost systems, and statistical reports?

Someone who recognizes a viable idea for a business product or service and carries it out is referred to as a(n)

The key problem, at the __________ stage of growth, is how to grow rapidly and finance that growth.

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

Being interested in computers, Jim Johnson came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jim started marketing this service to neighbors and area businesses. Jim's activities can be described as a(n)

Sebastian Anderson is providing consumers with a new, unique business. The stage of the growth where his business has demonstrated that it is a workable business entity is considered the

Women and minorities who have found their opportunities limited in the corporate world are seeing intrapreneurship as the only way to go.

The most cited source of new business ideas is

A business plan is a document specifying the business details prepared by an entrepreneur prior to opening a new business.

A(n) ____________________ is an artificial entity created by the state and existing apart from its owners.

A(n) _________________________ is a document specifying the business details prepared by an entrepreneur in preparation for opening a new business.

Currently, __________ out of every 12 businesses in the U.S. is franchised.

Every time Patricia Fuller does poorly on an exam and blames some outside factor, she can be described as having an external locus of control.

____________________ is 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.

An artificial entity created by the state and existing apart from its owners is known as

Managing in Turbulent Times

The Evolution of Management Thinking

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