Question 1

Which of the following statements is true about small businesses?

Accepted Answer

A)  They constitute 2 percent of all businesses in the United States. 
B)  The vast majority of small firms are owner-operated. 
C)  Small businesses are least likely to lay off workers during economic downswings. 
D)  Small businesses hire at a slower rate than large companies. 
E)  Most small businesses in the United States have more than 500 employees. 
A)  They constitute 2 percent of all businesses in the United States. 
B)  The vast majority of small firms are owner-operated. 
C)  Small businesses are least likely to lay off workers during economic downswings. 
D)  Small businesses hire at a slower rate than large companies. 
E)  Most small businesses in the United States have more than 500 employees.

Question 2

Which of the following is a true statement about small businesses?

Accepted Answer

A)  Small businesses are the first to hire in times of economic recovery. 
B)  Small businesses provide the least scope for innovation. 
C)  Small businesses are the last to lay off workers during economic downswings. 
D)  Small businesses employ less than 2 percent of all workers in the United States. 
E)  Small businesses do not have a presence in the technology sector. 
A)  Small businesses are the first to hire in times of economic recovery. 
B)  Small businesses provide the least scope for innovation. 
C)  Small businesses are the last to lay off workers during economic downswings. 
D)  Small businesses employ less than 2 percent of all workers in the United States. 
E)  Small businesses do not have a presence in the technology sector.

Question 3

Which of the following statements is true about the service industry?

Accepted Answer

A)  The service industry provides no scope for developing niche strategies. 
B)  The service sector is dominated by large companies that prevent small businesses from entering the industry. 
C)  The service industry provides low returns on the time invested. 
D)  Service businesses require more resources than any other industry. 
E)  Service businesses are the fastest-growing segment of small-business enterprise. 
A)  The service industry provides no scope for developing niche strategies. 
B)  The service sector is dominated by large companies that prevent small businesses from entering the industry. 
C)  The service industry provides low returns on the time invested. 
D)  Service businesses require more resources than any other industry. 
E)  Service businesses are the fastest-growing segment of small-business enterprise.

Question 4

Match the following numbered items with the most correct response.
A response may be used once, more than once, or not at all.
-Obtains ongoing access to advice from experts

Accepted Answer

A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise 
A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise

Question 5

Pet care salons, skin clinics, and day care centres are all examples of businesses operating in the _____ industry.

Accepted Answer

A)  retail 
B)  service 
C)  manufacturing 
D)  construction 
E)  finance 
A)  retail 
B)  service 
C)  manufacturing 
D)  construction 
E)  finance

Question 6

Entrepreneurs:

Accepted Answer

A)  are essentially limited partners in a business venture who assume minimal risks. 
B)  do not directly participate in the operation of a business venture. 
C)  are individuals who invest in promising start-ups established by others. 
D)  are involved in planning and organizing activities of a business venture. 
E)  are individuals who exclusively start non-profit organizations. 
A)  are essentially limited partners in a business venture who assume minimal risks. 
B)  do not directly participate in the operation of a business venture. 
C)  are individuals who invest in promising start-ups established by others. 
D)  are involved in planning and organizing activities of a business venture. 
E)  are individuals who exclusively start non-profit organizations.

Question 7

Edinberg Animal Hospital is a veterinary clinic. It operates in the _____ industry.

Accepted Answer

A)  wholesale 
B)  service 
C)  retailing 
D)  manufacturing 
E)  finance 
A)  wholesale 
B)  service 
C)  retailing 
D)  manufacturing 
E)  finance

Question 8

Nokia and Samsung make cell phones. They operate in the ____ industry.

Accepted Answer

A)  construction 
B)  manufacturing 
C)  finance 
D)  service 
E)  wholesale 
A)  construction 
B)  manufacturing 
C)  finance 
D)  service 
E)  wholesale

Question 9

Which of the following is a disadvantage of buying an existing business?

Accepted Answer

A)  Potential buyers have less clarity on what to expect from the venture. 
B)  The entrepreneur may suffer the ill effects of a prior owner's errors. 
C)  The task of predicting sales becomes more difficult. 
D)  The task of identifying customers becomes more difficult. 
E)  The risks involved are higher. 
A)  Potential buyers have less clarity on what to expect from the venture. 
B)  The entrepreneur may suffer the ill effects of a prior owner's errors. 
C)  The task of predicting sales becomes more difficult. 
D)  The task of identifying customers becomes more difficult. 
E)  The risks involved are higher.

Question 10

A firm that exploits a marketing opportunity ahead of its competitors is said to have a(n) _____.

Accepted Answer

first-mover advantage
A firm t

Question 11

Johnson recently launched a new electronics store in Fremont. The store sells smartphones, laptops, and mobile accessories from companies like Apple, Samsung, Sony, and Philips. The store operates in the _____ industry.

Accepted Answer

A)  manufacturing 
B)  wholesale 
C)  finance 
D)  service 
E)  retail 
A)  manufacturing 
B)  wholesale 
C)  finance 
D)  service 
E)  retail

Question 12

Which of the following is a recent business trend?

Accepted Answer

A)  Better survival rates of entrepreneurial ventures 
B)  Emergence of brick-and-mortar ventures 
C)  Decline in the number of small businesses in the retail industry 
D)  Decline in opportunities for women 
E)  Increased preference for jobs in large corporations 
A)  Better survival rates of entrepreneurial ventures 
B)  Emergence of brick-and-mortar ventures 
C)  Decline in the number of small businesses in the retail industry 
D)  Decline in opportunities for women 
E)  Increased preference for jobs in large corporations

Question 13

Match the following numbered items with the most correct industry.
A response may be used once, more than once, or not at all.
-Six Flags Inc., theme park operator

Accepted Answer

A) Service 
B) Retailing 
C) Construction 
D) Finance and insurance 
E) Wholesaling
F)Transportation
G)Manufacturing 
A) Service 
B) Retailing 
C) Construction 
D) Finance and insurance 
E) Wholesaling
F)Transportation
G)Manufacturing

Question 14

Match the following numbered items with the most correct industry.
A response may be used once, more than once, or not at all.
-4Wheel Parts, seller of accessories to auto dealers

Accepted Answer

A) Service 
B) Retailing 
C) Construction 
D) Finance and insurance 
E) Wholesaling
F)Transportation
G)Manufacturing 
A) Service 
B) Retailing 
C) Construction 
D) Finance and insurance 
E) Wholesaling
F)Transportation
G)Manufacturing

Question 15

The _____ boasts a total membership of more than 10,000 small-business owner largest number in the country; it offers its members not only networking possibilities but also educational programs and services tailored to their needs.

Accepted Answer

A)  Small Business Development Center 
B)  Active Corps of Executives 
C)  Council of Smaller Enterprises of Cleveland 
D)  Historically Underutilized Business Zone 
E)  Small Business Investment Company 
A)  Small Business Development Center 
B)  Active Corps of Executives 
C)  Council of Smaller Enterprises of Cleveland 
D)  Historically Underutilized Business Zone 
E)  Small Business Investment Company

Question 16

Match the following numbered items with the most correct response.
A response may be used once, more than once, or not at all.
-Can choose suppliers and employees without worrying about existing agreements

Accepted Answer

A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise 
A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise

Question 17

Which of the following statements is true about wholesalers?

Accepted Answer

A)  They sell products to the general public. 
B)  They need fewer employers than manufacturers or retailers. 
C)  They have more customers than service businesses. 
D)  They buy raw materials and process them into products. 
E)  They require higher investment costs than manufacturers. 
A)  They sell products to the general public. 
B)  They need fewer employers than manufacturers or retailers. 
C)  They have more customers than service businesses. 
D)  They buy raw materials and process them into products. 
E)  They require higher investment costs than manufacturers.

Question 18

Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. The best way for Dan to gain knowledge is to:

Accepted Answer

A)  take advice about the market from his friends and relatives. 
B)  conduct a consumer survey. 
C)  study the history of the world's famous supermarkets to get an idea of how to go about the business. 
D)  work in a supermarket before starting his own. 
E)  start the business on a small scale and test the market, and then expand the business by selling more of the products with greater demand. 
A)  take advice about the market from his friends and relatives. 
B)  conduct a consumer survey. 
C)  study the history of the world's famous supermarkets to get an idea of how to go about the business. 
D)  work in a supermarket before starting his own. 
E)  start the business on a small scale and test the market, and then expand the business by selling more of the products with greater demand.

Question 19

Venture capital companies:

Accepted Answer

A)  exchange money for partial ownership in the new business. 
B)  exclusively fund not-for-profit organizations. 
C)  grant no-interest loans to small business firms. 
D)  are federally licensed to grant loans to businesses with more than 20 employees. 
E)  provide management consulting services to small businesses. 
A)  exchange money for partial ownership in the new business. 
B)  exclusively fund not-for-profit organizations. 
C)  grant no-interest loans to small business firms. 
D)  are federally licensed to grant loans to businesses with more than 20 employees. 
E)  provide management consulting services to small businesses.

Question 20

A(n) _____ is a market in which several large firms compete according to relatively well-defined criteria.

Accepted Answer

A)  emerging market 
B)  niche 
C)  merged market 
D)  established market 
E)  frontier market 
A)  emerging market 
B)  niche 
C)  merged market 
D)  established market 
E)  frontier market

Which of the following statements is true about small businesses?

Which of the following is a true statement about small businesses?

Which of the following statements is true about the service industry?

Match the following numbered items with the most correct response. A response may be used once, more than once, or not at all. -Obtains ongoing access to advice from experts

Pet care salons, skin clinics, and day care centres are all examples of businesses operating in the _____ industry.

Entrepreneurs:

Edinberg Animal Hospital is a veterinary clinic. It operates in the _____ industry.

Nokia and Samsung make cell phones. They operate in the ____ industry.

Which of the following is a disadvantage of buying an existing business?

A firm that exploits a marketing opportunity ahead of its competitors is said to have a(n) _____.

Johnson recently launched a new electronics store in Fremont. The store sells smartphones, laptops, and mobile accessories from companies like Apple, Samsung, Sony, and Philips. The store operates in the _____ industry.

Which of the following is a recent business trend?

Match the following numbered items with the most correct industry. A response may be used once, more than once, or not at all. -Six Flags Inc., theme park operator

Match the following numbered items with the most correct industry. A response may be used once, more than once, or not at all. -4Wheel Parts, seller of accessories to auto dealers

The _____ boasts a total membership of more than 10,000 small-business owner largest number in the country; it offers its members not only networking possibilities but also educational programs and services tailored to their needs.

Match the following numbered items with the most correct response. A response may be used once, more than once, or not at all. -Can choose suppliers and employees without worrying about existing agreements

Which of the following statements is true about wholesalers?

Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. The best way for Dan to gain knowledge is to:

Venture capital companies:

A(n) _____ is a market in which several large firms compete according to relatively well-defined criteria.

Understanding the Managers Job

The Environment of Organizations and Managers

Planning and Strategic Management

Managing Decision Making

Organization Structure and Design

Organization Change and Innovation

Managing Human Resources in Organizations

Basic Elements of Individual Behavior in Organizations

Managing Employee Motivation and Performance

Leadership and Influence Processes

Communication in Organizations

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, Quality, and Productivity

Filters

Exam 5: Entrepreneurship and New Venture Management

Which of the following statements is true about small businesses?

Which of the following is a true statement about small businesses?

Which of the following statements is true about the service industry?

Match the following numbered items with the most correct response. A response may be used once, more than once, or not at all. -Obtains ongoing access to advice from experts

Pet care salons, skin clinics, and day care centres are all examples of businesses operating in the _____ industry.

Entrepreneurs:

Edinberg Animal Hospital is a veterinary clinic. It operates in the _____ industry.

Nokia and Samsung make cell phones. They operate in the ____ industry.

Which of the following is a disadvantage of buying an existing business?

A firm that exploits a marketing opportunity ahead of its competitors is said to have a(n) _____.

Johnson recently launched a new electronics store in Fremont. The store sells smartphones, laptops, and mobile accessories from companies like Apple, Samsung, Sony, and Philips. The store operates in the _____ industry.

Which of the following is a recent business trend?

Match the following numbered items with the most correct industry. A response may be used once, more than once, or not at all. -Six Flags Inc., theme park operator

Match the following numbered items with the most correct industry. A response may be used once, more than once, or not at all. -4Wheel Parts, seller of accessories to auto dealers

The _____ boasts a total membership of more than 10,000 small-business owner largest number in the country; it offers its members not only networking possibilities but also educational programs and services tailored to their needs.

Match the following numbered items with the most correct response. A response may be used once, more than once, or not at all. -Can choose suppliers and employees without worrying about existing agreements

Which of the following statements is true about wholesalers?

Dan wants to start a supermarket in his hometown, and wants to get into the business only after finding out about the market and how successful his business might be. The best way for Dan to gain knowledge is to:

Venture capital companies:

A(n) _____ is a market in which several large firms compete according to relatively well-defined criteria.

Understanding the Managers Job

The Environment of Organizations and Managers

Planning and Strategic Management

Managing Decision Making

Organization Structure and Design

Organization Change and Innovation

Managing Human Resources in Organizations

Basic Elements of Individual Behavior in Organizations

Managing Employee Motivation and Performance

Leadership and Influence Processes

Communication in Organizations

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, Quality, and Productivity

Filters