Question 1

The Internal Revenue Service taxes partners as individuals.

Accepted Answer

A) True 
 B)False

Question 2

Most businesses in the United States are large businesses with more than 500 employees.

Accepted Answer

A) True 
 B)False

Question 3

General partnerships generate a substantial percentage of total sales revenue in the United States.

Accepted Answer

A) True 
 B)False

Question 4

Who invests all of the funds needed for a business but plays no role in its management?

Accepted Answer

A)  silent partner 
B)  sole proprietor 
C)  general partner 
D)  principal 
E)  director 
A)  silent partner 
B)  sole proprietor 
C)  general partner 
D)  principal 
E)  director

Question 5

Which of the following, if True, would weaken the case for Short and Shearer buying an existing business?

Accepted Answer

A)  Short and Shearer could more easily obtain financing for the purchase. 
B)  Buying an existing business involves fewer legal hurdles than starting a new one. 
C)  Franchises have more potential for success than single-facility businesses. 
D)  Short and Shearer have limited funds to start with. 
E)  Existing businesses cost less to purchase than new ones. 
A)  Short and Shearer could more easily obtain financing for the purchase. 
B)  Buying an existing business involves fewer legal hurdles than starting a new one. 
C)  Franchises have more potential for success than single-facility businesses. 
D)  Short and Shearer have limited funds to start with. 
E)  Existing businesses cost less to purchase than new ones.

Question 6

Which form of business ownership generates the most sales in the United States?

Accepted Answer

A)  sole proprietorship 
B)  general partnership 
C)  cooperative 
D)  corporation 
E)  limited partnership 
A)  sole proprietorship 
B)  general partnership 
C)  cooperative 
D)  corporation 
E)  limited partnership

Question 7

In which business sector are cooperatives still important?

Accepted Answer

A)  manufacturing 
B)  automotive 
C)  public utilities 
D)  agriculture 
E)  health care 
A)  manufacturing 
B)  automotive 
C)  public utilities 
D)  agriculture 
E)  health care

Question 8

What is the most effective way for an entrepreneur to become a competent manager?

Accepted Answer

A)  working alone 
B)  relying on luck 
C)  getting a college degree 
D)  being open to opportunities 
E)  working for a successful company first 
A)  working alone 
B)  relying on luck 
C)  getting a college degree 
D)  being open to opportunities 
E)  working for a successful company first

Question 9

What resources does a sole proprietorship primarily depend on?

Accepted Answer

A)  the corporation 
B)  foreign investors 
C)  capital markets 
D)  those of the owner 
E)  a committed clientele 
A)  the corporation 
B)  foreign investors 
C)  capital markets 
D)  those of the owner 
E)  a committed clientele

Question 10

Which form of business ownership would you recommend for the Miller brothers? Why?

Accepted Answer

Answers will vary and should b

Question 11

What is the most important advantage of general partnerships?

Accepted Answer

A)  the unlimited liability of the partnership 
B)  the ability to grow with the addition of new talent and money 
C)  the ease of implementing an effective control system 
D)  the increased role of luck 
E)  the need for minority partners 
A)  the unlimited liability of the partnership 
B)  the ability to grow with the addition of new talent and money 
C)  the ease of implementing an effective control system 
D)  the increased role of luck 
E)  the need for minority partners

Question 12

Assuming the farm is organized as a general partnership, what are the advantages?

Accepted Answer

The advantages of a general partnership

Question 13

Explain sole proprietorships and partnerships. Discuss the advantages and disadvantages of each.

Accepted Answer

The sole proprietor is owned and usually

Question 14

Today, what percent of all businesses in the United States are registered as sole proprietors?

Accepted Answer

A)  94 percent 
B)  72 percent 
C)  54 percent 
D)  28 percent 
E)  10 percent 
A)  94 percent 
B)  72 percent 
C)  54 percent 
D)  28 percent 
E)  10 percent

Question 15

Which of the following is the most significant disadvantage of starting a business from scratch?

Accepted Answer

A)  having few employees 
B)  inability to franchise 
C)  having competition 
D)  coming up with new ideas 
E)  the risk of failure 
A)  having few employees 
B)  inability to franchise 
C)  having competition 
D)  coming up with new ideas 
E)  the risk of failure

Question 16

Answers to which of the following questions would be LEAST relevant to determining whether Christina has located a good opportunity in starting Redenda Pizza?

Accepted Answer

A)  Are there other pizza restaurants in the immediate vicinity of the planned location? 
B)  Is the business of other pizza restaurants in the city growing? 
C)  Does the planned location of the restaurant have competitive rent? 
D)  Will Redenda Pizza offer unique ingredients in its food offerings? 
E)  Would Christina bring unique talents and ideas to a restaurant business? 
A)  Are there other pizza restaurants in the immediate vicinity of the planned location? 
B)  Is the business of other pizza restaurants in the city growing? 
C)  Does the planned location of the restaurant have competitive rent? 
D)  Will Redenda Pizza offer unique ingredients in its food offerings? 
E)  Would Christina bring unique talents and ideas to a restaurant business?

Question 17

The Small Business Development Center program consolidates information from various disciplines and institutions for use by new and existing businesses.

Accepted Answer

A) True 
 B)False

Question 18

Describe the business plan and the start-up decisions made by small businesses. Identify sources of financial aid available to small businesses.

Accepted Answer

The starting point for virtually every n

Question 19

What is the most significant disadvantage of owning a franchise?

Accepted Answer

A)  start-up costs 
B)  operational guidelines 
C)  difficulty obtaining loans 
D)  double taxation 
E)  competition 
A)  start-up costs 
B)  operational guidelines 
C)  difficulty obtaining loans 
D)  double taxation 
E)  competition

Question 20

Should the Miller brothers develop a business plan? Why or why not?

Accepted Answer

A business plan would help the brothers

The Internal Revenue Service taxes partners as individuals.

Most businesses in the United States are large businesses with more than 500 employees.

General partnerships generate a substantial percentage of total sales revenue in the United States.

Who invests all of the funds needed for a business but plays no role in its management?

Which of the following, if True, would weaken the case for Short and Shearer buying an existing business?

Which form of business ownership generates the most sales in the United States?

In which business sector are cooperatives still important?

What is the most effective way for an entrepreneur to become a competent manager?

What resources does a sole proprietorship primarily depend on?

Which form of business ownership would you recommend for the Miller brothers? Why?

What is the most important advantage of general partnerships?

Assuming the farm is organized as a general partnership, what are the advantages?

Explain sole proprietorships and partnerships. Discuss the advantages and disadvantages of each.

Today, what percent of all businesses in the United States are registered as sole proprietors?

Which of the following is the most significant disadvantage of starting a business from scratch?

Answers to which of the following questions would be LEAST relevant to determining whether Christina has located a good opportunity in starting Redenda Pizza?

The Small Business Development Center program consolidates information from various disciplines and institutions for use by new and existing businesses.

Describe the business plan and the start-up decisions made by small businesses. Identify sources of financial aid available to small businesses.

What is the most significant disadvantage of owning a franchise?

Should the Miller brothers develop a business plan? Why or why not?

The Us Business Environment

Business Ethics and Social Responsibility

The Global Context of Business

Business Management

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

Information Technology for Business

The Role of Accountants and Accounting Information

Money and Banking

Managing Finances

Filters

Exam 3: Entrepreneurship, New Ventures, and Business Ownership

The Internal Revenue Service taxes partners as individuals.

Most businesses in the United States are large businesses with more than 500 employees.

General partnerships generate a substantial percentage of total sales revenue in the United States.

Who invests all of the funds needed for a business but plays no role in its management?

Which of the following, if True, would weaken the case for Short and Shearer buying an existing business?

Which form of business ownership generates the most sales in the United States?

In which business sector are cooperatives still important?

What is the most effective way for an entrepreneur to become a competent manager?

What resources does a sole proprietorship primarily depend on?

Which form of business ownership would you recommend for the Miller brothers? Why?

What is the most important advantage of general partnerships?

Assuming the farm is organized as a general partnership, what are the advantages?

Explain sole proprietorships and partnerships. Discuss the advantages and disadvantages of each.

Today, what percent of all businesses in the United States are registered as sole proprietors?

Which of the following is the most significant disadvantage of starting a business from scratch?

Answers to which of the following questions would be LEAST relevant to determining whether Christina has located a good opportunity in starting Redenda Pizza?

The Small Business Development Center program consolidates information from various disciplines and institutions for use by new and existing businesses.

Describe the business plan and the start-up decisions made by small businesses. Identify sources of financial aid available to small businesses.

What is the most significant disadvantage of owning a franchise?

Should the Miller brothers develop a business plan? Why or why not?

The Us Business Environment

Business Ethics and Social Responsibility

The Global Context of Business

Business Management

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

Information Technology for Business

The Role of Accountants and Accounting Information

Money and Banking

Managing Finances

Filters