Question 1

Which of the following BEST defines those who assume the risk of business ownership?

Accepted Answer

A)  Entrepreneurs 
B)  Customers 
C)  Corporate partners 
D)  The Small Business Administration 
E)  Banks 
A)  Entrepreneurs 
B)  Customers 
C)  Corporate partners 
D)  The Small Business Administration 
E)  Banks

Question 2

The least common type of partnership is the general partnership.

Accepted Answer

A) True 
 B)False

Question 3

The Small Business Administration (SBA)may consider a business with as many as 1500 employees to be small as long as it has low annual revenues.

Accepted Answer

A) True 
 B)False

Question 4

Who are the owners of a corporation?

Accepted Answer

A)  Board of directors 
B)  Financial officers 
C)  Stockholders 
D)  Top managers 
E)  Entrepreneurs 
A)  Board of directors 
B)  Financial officers 
C)  Stockholders 
D)  Top managers 
E)  Entrepreneurs

Question 5

Where can a new business owner go to seek help and learn from other institutions and disciplines?

Accepted Answer

A)  The Service Corps of Retired Executives (SCOR
E)  
B)  The Small Business Development Center (SBD
C)  
C)  Small business investment companies (SBICs) 
D)  Venture capitalist 
E)  Minority Enterprise Small Business Investment Companies (MESBICs) 
A)  The Service Corps of Retired Executives (SCOR
E)  
B)  The Small Business Development Center (SBD
C)  
C)  Small business investment companies (SBICs) 
D)  Venture capitalist 
E)  Minority Enterprise Small Business Investment Companies (MESBICs)

Question 6

What is the biggest advantage of incorporating?

Accepted Answer

A)  Limited liability 
B)  Increased profits 
C)  Tax advantage 
D)  Increased talent pool 
E)  Limited tender offers 
A)  Limited liability 
B)  Increased profits 
C)  Tax advantage 
D)  Increased talent pool 
E)  Limited tender offers

Question 7

Which entity is defined as independent and has little influence on its market?

Accepted Answer

A)  Corporation 
B)  Joint venture 
C)  Small business 
D)  Partnership 
E)  Government agency 
A)  Corporation 
B)  Joint venture 
C)  Small business 
D)  Partnership 
E)  Government agency

Question 8

Describe the three distinct bodies of corporate governance that are specified in a corporation's bylaws.

Accepted Answer

Stockholders are the owners of a corpora

Question 9

To raise revenue,what can a business issue and sell to those wishing to own some of the organization?

Accepted Answer

A)  Bonds 
B)  Profits 
C)  Stocks 
D)  Dividends 
E)  Loans 
A)  Bonds 
B)  Profits 
C)  Stocks 
D)  Dividends 
E)  Loans

Question 10

Discuss the advantages and disadvantages of corporations.

Accepted Answer

The advantages include limited liability

Question 11

Which of the following describes an investor in a business who is liable for some of its debt,but has no active role in its operation?

Accepted Answer

A)  General partners 
B)  Unlimited partners 
C)  Master partners 
D)  Limited partners 
E)  Minority partners 
A)  General partners 
B)  Unlimited partners 
C)  Master partners 
D)  Limited partners 
E)  Minority partners

Question 12

What type of business has two or more owners who share in the operation of the firm and are financially responsible for its debts?

Accepted Answer

A)  Corporation 
B)  Partnership 
C)  Cooperative 
D)  Conglomerate 
E)  Nonprofit 
A)  Corporation 
B)  Partnership 
C)  Cooperative 
D)  Conglomerate 
E)  Nonprofit

Question 13

Which of the following types of venue is favored by small-business retailers?

Accepted Answer

A)  Superstore 
B)  Catalog showroom 
C)  Specialty shop 
D)  Department store 
E)  Studio workroom 
A)  Superstore 
B)  Catalog showroom 
C)  Specialty shop 
D)  Department store 
E)  Studio workroom

Question 14

Who is responsible for the day-to-day management and overall performance of an organization?

Accepted Answer

A)  Officers 
B)  President 
C)  Chief Executive Officer 
D)  Board of Directors 
E)  Vice President 
A)  Officers 
B)  President 
C)  Chief Executive Officer 
D)  Board of Directors 
E)  Vice President

Question 15

Which key element of a business plan will determine inventory,size of space required,and number of employees needed?

Accepted Answer

A)  Financial planning 
B)  Comparing existing businesses 
C)  Sales forecasting 
D)  Setting goals and objectives 
E)  Identifying strategies and how to implement them 
A)  Financial planning 
B)  Comparing existing businesses 
C)  Sales forecasting 
D)  Setting goals and objectives 
E)  Identifying strategies and how to implement them

Question 16

The contribution a small business on the U.S.economy is measured based on its impact to which economic systems?

Accepted Answer

A)  Bank loans, and contributions to big business 
B)  International trade, interest rates, and the service industry 
C)  Bank loans and innovation 
D)  The service industry, the stock market, and job creation 
E)  Job creation, contributions to big business, and innovation 
A)  Bank loans, and contributions to big business 
B)  International trade, interest rates, and the service industry 
C)  Bank loans and innovation 
D)  The service industry, the stock market, and job creation 
E)  Job creation, contributions to big business, and innovation

Question 17

What type of ownership is created when a firm buys another outright?

Accepted Answer

A)  Merger 
B)  Acquisition 
C)  Spin-off 
D)  Divestiture 
E)  Institutional 
A)  Merger 
B)  Acquisition 
C)  Spin-off 
D)  Divestiture 
E)  Institutional

Question 18

Why is it difficult to compare relative job growth for different-sized businesses?

Accepted Answer

A)  Sourcing up-to-date employment figures is difficult. 
B)  Many small businesses experience rapid unreported growth. 
C)  Spheres of influence overlap between the small and big business sectors. 
D)  Staff size of small businesses tends to change faster than staff size of big businesses. 
E)  It is hard to determine the cutoff point at which a small business becomes a large business. 
A)  Sourcing up-to-date employment figures is difficult. 
B)  Many small businesses experience rapid unreported growth. 
C)  Spheres of influence overlap between the small and big business sectors. 
D)  Staff size of small businesses tends to change faster than staff size of big businesses. 
E)  It is hard to determine the cutoff point at which a small business becomes a large business.

Question 19

If a business owner needs money for expansion,but does not want to give up sole control over the business,what type of partnership would be best?

Accepted Answer

A)  General partnership 
B)  Limited partnership 
C)  Active partnership 
D)  Master limited partnership 
E)  Cooperatives 
A)  General partnership 
B)  Limited partnership 
C)  Active partnership 
D)  Master limited partnership 
E)  Cooperatives

Question 20

An S corporation has stock that is widely held and available for sale to the general public.

Accepted Answer

A) True 
 B)False

Which of the following BEST defines those who assume the risk of business ownership?

The least common type of partnership is the general partnership.

The Small Business Administration (SBA)may consider a business with as many as 1500 employees to be small as long as it has low annual revenues.

Who are the owners of a corporation?

Where can a new business owner go to seek help and learn from other institutions and disciplines?

What is the biggest advantage of incorporating?

Which entity is defined as independent and has little influence on its market?

Describe the three distinct bodies of corporate governance that are specified in a corporation's bylaws.

To raise revenue,what can a business issue and sell to those wishing to own some of the organization?

Discuss the advantages and disadvantages of corporations.

Which of the following describes an investor in a business who is liable for some of its debt,but has no active role in its operation?

What type of business has two or more owners who share in the operation of the firm and are financially responsible for its debts?

Which of the following types of venue is favored by small-business retailers?

Who is responsible for the day-to-day management and overall performance of an organization?

Which key element of a business plan will determine inventory,size of space required,and number of employees needed?

The contribution a small business on the U.S.economy is measured based on its impact to which economic systems?

What type of ownership is created when a firm buys another outright?

Why is it difficult to compare relative job growth for different-sized businesses?

If a business owner needs money for expansion,but does not want to give up sole control over the business,what type of partnership would be best?

An S corporation has stock that is widely held and available for sale to the general public.

The US Business Environment

Understanding Business Ethics and Social Responsibility

Understanding the Global Context of Business

Managing the Business

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

Developing and Pricing Products

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters

Exam 3: Entrepreneurship, New Ventures, and Business Ownership

Which of the following BEST defines those who assume the risk of business ownership?

The least common type of partnership is the general partnership.

The Small Business Administration (SBA)may consider a business with as many as 1500 employees to be small as long as it has low annual revenues.

Who are the owners of a corporation?

Where can a new business owner go to seek help and learn from other institutions and disciplines?

What is the biggest advantage of incorporating?

Which entity is defined as independent and has little influence on its market?

Describe the three distinct bodies of corporate governance that are specified in a corporation's bylaws.

To raise revenue,what can a business issue and sell to those wishing to own some of the organization?

Discuss the advantages and disadvantages of corporations.

Which of the following describes an investor in a business who is liable for some of its debt,but has no active role in its operation?

What type of business has two or more owners who share in the operation of the firm and are financially responsible for its debts?

Which of the following types of venue is favored by small-business retailers?

Who is responsible for the day-to-day management and overall performance of an organization?

Which key element of a business plan will determine inventory,size of space required,and number of employees needed?

The contribution a small business on the U.S.economy is measured based on its impact to which economic systems?

What type of ownership is created when a firm buys another outright?

Why is it difficult to compare relative job growth for different-sized businesses?

If a business owner needs money for expansion,but does not want to give up sole control over the business,what type of partnership would be best?

An S corporation has stock that is widely held and available for sale to the general public.

The US Business Environment

Understanding Business Ethics and Social Responsibility

Understanding the Global Context of Business

Managing the Business

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

Developing and Pricing Products

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters