Question 1

What advice would you give Jack and Bruce as they start up their business?

Accepted Answer

Interactions with local authorities and associations dealing with small business management may be advisable for Bruce and Jack to create ties with other small-business owners.Also,Bruce and Jack should maintain a very strict management of their operations and ensure that they forecast their financial situation regularly.They should probably not hesitate to rely on outside providers (accountants or financial advisors)to perform some of the managerial tasks they may not be able to conduct themselves.

Question 2

Insufficient funds to withstand slow sales may cause a small business to fail.

Accepted Answer

A) True 
 B)False  True

Question 3

The business plan should do all of the following except

Accepted Answer

A)  explain the business. 
B)  include estimates of income and expenses. 
C)  establish a strategy for acquiring sufficient funds. 
D)  include an analysis of the competition. 
E)  act as a constraint that limits the business's flexibility and decision making. 
A)  explain the business. 
B)  include estimates of income and expenses. 
C)  establish a strategy for acquiring sufficient funds. 
D)  include an analysis of the competition. 
E)  act as a constraint that limits the business's flexibility and decision making. E

Question 4

What demographic trends will have the most impact on small business in the future?

Accepted Answer

The aging baby boom generation (those bo

Question 5

Of minority groups in the United States,________ own the most small businesses.

Accepted Answer

A)  Asians 
B)  African Americans 
C)  American Indians 
D)  Hispanics 
E)  Pacific Islanders 
A)  Asians 
B)  African Americans 
C)  American Indians 
D)  Hispanics 
E)  Pacific Islanders

Question 6

What are some of the advantages of small-business ownership?

Accepted Answer

Independence is probably one of the lead

Question 7

The entrepreneurship movement is declining because of technological advances.

Accepted Answer

A) True 
 B)False

Question 8

Any business that is independently owned and operated can be classified as a small business.

Accepted Answer

A) True 
 B)False

Question 9

Are there any concerns in connection with starting a small business that Jack and Bruce have not considered?

Accepted Answer

Jack and Bruce have not tackled the ques

Question 10

The most important source of funds for any new business is

Accepted Answer

A)  the Chamber of Commerce. 
B)  the venture capitalist. 
C)  stockholders. 
D)  the owner. 
E)  donations. 
A)  the Chamber of Commerce. 
B)  the venture capitalist. 
C)  stockholders. 
D)  the owner. 
E)  donations.

Question 11

Small businesses have a high success rate.

Accepted Answer

A) True 
 B)False

Question 12

Why would a big business want to "act small?"

Accepted Answer

Continuing success and competitiveness o

Question 13

Which of the following is an advantage of a small business?

Accepted Answer

A)  Greater flexibility to change 
B)  Highly trained staff 
C)  Better products 
D)  More diverse employees 
E)  Small businesses have no advantages over large ones 
A)  Greater flexibility to change 
B)  Highly trained staff 
C)  Better products 
D)  More diverse employees 
E)  Small businesses have no advantages over large ones

Question 14

A license to sell another's products or to use another's name in business is called a

Accepted Answer

A)  franchise. 
B)  franchisee. 
C)  venture capital. 
D)  mortgage. 
E)  franchiser. 
A)  franchise. 
B)  franchisee. 
C)  venture capital. 
D)  mortgage. 
E)  franchiser.

Question 15

The Small Business Administration

Accepted Answer

A)  was established by the U.S.Chamber of Commerce to encourage the entrepreneurial spirit. 
B)  is an independent agency of the federal government to provide managerial and financial assistance to small businesses. 
C)  is a subsidiary of the Better Business Bureau. 
D)  is a division of the federal government that is responsible for ensuring that newly formed businesses adhere to the law. 
E)  is a U.S.Congressional agency that fosters the establishment of new businesses. 
A)  was established by the U.S.Chamber of Commerce to encourage the entrepreneurial spirit. 
B)  is an independent agency of the federal government to provide managerial and financial assistance to small businesses. 
C)  is a subsidiary of the Better Business Bureau. 
D)  is a division of the federal government that is responsible for ensuring that newly formed businesses adhere to the law. 
E)  is a U.S.Congressional agency that fosters the establishment of new businesses.

Question 16

The Small Business Administration offers managerial and financial assistance to small businesses.

Accepted Answer

A) True 
 B)False

Question 17

Small businesses usually only have one layer of management,making them more ______ and able to adapt to market demands.

Accepted Answer

A)  flexible 
B)  reputable 
C)  expensive 
D)  independent 
E)  inefficient 
A)  flexible 
B)  reputable 
C)  expensive 
D)  independent 
E)  inefficient

Question 18

A key element of business success is a business plan.

Accepted Answer

A) True 
 B)False

Question 19

Which segment of the population is one of the wealthiest in the U.S.?

Accepted Answer

A)  Echo boomers 
B)  Generation Y 
C)  Baby boomers 
D)  Millennials 
E)  Generation Z 
A)  Echo boomers 
B)  Generation Y 
C)  Baby boomers 
D)  Millennials 
E)  Generation Z

Question 20

A mortgage is an example of

Accepted Answer

A)  owners' equity. 
B)  debt financing. 
C)  venture capitalism. 
D)  equity financing. 
E)  franchising. 
A)  owners' equity. 
B)  debt financing. 
C)  venture capitalism. 
D)  equity financing. 
E)  franchising.

What advice would you give Jack and Bruce as they start up their business?

Insufficient funds to withstand slow sales may cause a small business to fail.

The business plan should do all of the following except

What demographic trends will have the most impact on small business in the future?

Of minority groups in the United States,________ own the most small businesses.

What are some of the advantages of small-business ownership?

The entrepreneurship movement is declining because of technological advances.

Any business that is independently owned and operated can be classified as a small business.

Are there any concerns in connection with starting a small business that Jack and Bruce have not considered?

The most important source of funds for any new business is

Small businesses have a high success rate.

Why would a big business want to "act small?"

Which of the following is an advantage of a small business?

A license to sell another's products or to use another's name in business is called a

The Small Business Administration

The Small Business Administration offers managerial and financial assistance to small businesses.

Small businesses usually only have one layer of management,making them more ______ and able to adapt to market demands.

A key element of business success is a business plan.

Which segment of the population is one of the wealthiest in the U.S.?

A mortgage is an example of

The Dynamics of Business and Economics

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

The Nature of Management

Organization, teamwork, and Communication

Managing Service and Manufacturing Operations

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Filters

Exam 5: Small Business, entrepreneurship, and Franchising

What advice would you give Jack and Bruce as they start up their business?

Insufficient funds to withstand slow sales may cause a small business to fail.

The business plan should do all of the following except

What demographic trends will have the most impact on small business in the future?

Of minority groups in the United States,________ own the most small businesses.

What are some of the advantages of small-business ownership?

The entrepreneurship movement is declining because of technological advances.

Any business that is independently owned and operated can be classified as a small business.

Are there any concerns in connection with starting a small business that Jack and Bruce have not considered?

The most important source of funds for any new business is

Small businesses have a high success rate.

Why would a big business want to "act small?"

Which of the following is an advantage of a small business?

A license to sell another's products or to use another's name in business is called a

The Small Business Administration

The Small Business Administration offers managerial and financial assistance to small businesses.

Small businesses usually only have one layer of management,making them more ______ and able to adapt to market demands.

A key element of business success is a business plan.

Which segment of the population is one of the wealthiest in the U.S.?

A mortgage is an example of

The Dynamics of Business and Economics

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

The Nature of Management

Organization, teamwork, and Communication

Managing Service and Manufacturing Operations

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Filters