Question 1

History has shown that major innovations are as likely to come from small businesses (or individuals)as from big businesses.

Accepted Answer

A) True 
 B)False

Question 2

The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.

Accepted Answer

A) True 
 B)False

Question 3

According to the Small Business Administration,small businesses account for a small percentage of all U.S.exports.

Accepted Answer

A) True 
 B)False

Question 4

The first step for the entrepreneur in planning his or her business is to

Accepted Answer

A)  forecast sales revenues. 
B)  develop an organizational plan. 
C)  choose a business location. 
D)  develop an organizational chart. 
E)  engage in self-analysis. 
A)  forecast sales revenues. 
B)  develop an organizational plan. 
C)  choose a business location. 
D)  develop an organizational chart. 
E)  engage in self-analysis.

Question 5

The most important part of the small business financial plan is the

Accepted Answer

A)  income statement. 
B)  balance sheet. 
C)  inventory analysis. 
D)  cash budget. 
E)  break-even chart. 
A)  income statement. 
B)  balance sheet. 
C)  inventory analysis. 
D)  cash budget. 
E)  break-even chart.

Question 6

Special Exercises
Jennifer Laurash was a middle manager in corporate America.She switched to work as a full time mother when her children were young.Then she started the Tiny Little T-shirt Company in her basement.Her clothing line is now international.Match the following.You may use a response once,more than once,or not at all.
-She was having a problem deciding on what went in her business plan and heard of other businesses getting college business classes to design a plan for them.Where did she go to locate such a program?

Accepted Answer

A) Active Corps of Executives (AC
E)  
B) Service Corps of Retired Executives (SCOR
E)  
C) Small Business Development Center (SBD
C)  
D) Small Business Institute (SBI) 
E) Small Business Administration (SB
A) 
F)The National Association of Women Business Owners (NAWBO) 
A) Active Corps of Executives (AC
E)  
B) Service Corps of Retired Executives (SCOR
E)  
C) Small Business Development Center (SBD
C)  
D) Small Business Institute (SBI) 
E) Small Business Administration (SB
A) 
F)The National Association of Women Business Owners (NAWBO)

Question 7

Special Exercises
Jennifer Laurash was a middle manager in corporate America.She switched to work as a full time mother when her children were young.Then she started the Tiny Little T-shirt Company in her basement.Her clothing line is now international.Match the following.You may use a response once,more than once,or not at all.
-Where can she go to network?

Accepted Answer

A) Active Corps of Executives (AC
E)  
B) Service Corps of Retired Executives (SCOR
E)  
C) Small Business Development Center (SBD
C)  
D) Small Business Institute (SBI) 
E) Small Business Administration (SB
A) 
F)The National Association of Women Business Owners (NAWBO) 
A) Active Corps of Executives (AC
E)  
B) Service Corps of Retired Executives (SCOR
E)  
C) Small Business Development Center (SBD
C)  
D) Small Business Institute (SBI) 
E) Small Business Administration (SB
A) 
F)The National Association of Women Business Owners (NAWBO)

Question 8

Which of the following statements about service businesses that are classified as small businesses is TRUE?

Accepted Answer

A)  Service businesses appeal to the innovative nature of many entrepreneurs. 
B)  A service company that gift wraps gifts for people too busy to do it themselves is an example of a small business if it is privately owned and has only four employees. 
C)  A small business offering a car repair service is like other service businesses in that it offers a higher return on time invested. 
D)  The service industry attracts small business owners because it requires so few start-up resources. 
E)  All of these choices 
A)  Service businesses appeal to the innovative nature of many entrepreneurs. 
B)  A service company that gift wraps gifts for people too busy to do it themselves is an example of a small business if it is privately owned and has only four employees. 
C)  A small business offering a car repair service is like other service businesses in that it offers a higher return on time invested. 
D)  The service industry attracts small business owners because it requires so few start-up resources. 
E)  All of these choices

Question 9

Which of the following statements comparing small businesses to large businesses is FALSE?

Accepted Answer

A)  More new jobs are created by small than by large businesses. 
B)  Large businesses show better financial performance than small businesses. 
C)  Small businesses represent the majority of new businesses started each year. 
D)  Small businesses can typically produce and deliver specialty products more efficiently than large businesses. 
E)  Small businesses outnumber large businesses by nearly 100 to 1. 
A)  More new jobs are created by small than by large businesses. 
B)  Large businesses show better financial performance than small businesses. 
C)  Small businesses represent the majority of new businesses started each year. 
D)  Small businesses can typically produce and deliver specialty products more efficiently than large businesses. 
E)  Small businesses outnumber large businesses by nearly 100 to 1.

Question 10

Any start-up or new venture may succeed and grow to become a large business,succeed but remain small,fail and shut down,or be bought by an existing business.

Accepted Answer

A) True 
 B)False

Question 11

Why should a new entrepreneur,who has to be careful about how she spends every penny,join the National Federation of Independent Businesses (NFIB)?

Accepted Answer

A)  The organization offers excellent networking opportunities. 
B)  The organization is the source of financial resources. 
C)  The organization is full of venture capitalists. 
D)  The organization provides generic promotional campaigns free of charge to new businesses. 
E)  There is no good reason for wasting money on this organization. 
A)  The organization offers excellent networking opportunities. 
B)  The organization is the source of financial resources. 
C)  The organization is full of venture capitalists. 
D)  The organization provides generic promotional campaigns free of charge to new businesses. 
E)  There is no good reason for wasting money on this organization.

Question 12

Match the following.You may use a response once,more than once,or not at all.
-Historical records answer questions about cash flow problems

Accepted Answer

A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise 
D) Both starting a business from scratch and buying an existing business 
E) Both buying an existing business and buying a franchise 
A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise 
D) Both starting a business from scratch and buying an existing business 
E) Both buying an existing business and buying a franchise

Question 13

The text lists several questions that the business plan should answer for the entrepreneur who is planning to open a business.Which of the following is one of the questions?

Accepted Answer

A)  What does she or he want to accomplish? 
B)  What financing is available? 
C)  What is the demand for the product/service? 
D)  What is the most effective production strategy? 
E)  What does the competitive situation look like? 
A)  What does she or he want to accomplish? 
B)  What financing is available? 
C)  What is the demand for the product/service? 
D)  What is the most effective production strategy? 
E)  What does the competitive situation look like?

Question 14

The most common causes of small business success are hard work,____________________,managerial competence,and luck.

Accepted Answer

The answer of The most common causes of small business...

Question 15

Jane's Candy Shack has ineffective advertising.Where should she go for help with a promotion program?

Accepted Answer

A)  Active Corps of Executives (AC
E)  
B)  National Federation of Independent Businesses (NFI
B)  
C)  Small Business Development Center (SBD
C)  
D)  Small Business Institute (SBI) 
E)  Service Corps of Retired Executives (SCOR
E)  
A)  Active Corps of Executives (AC
E)  
B)  National Federation of Independent Businesses (NFI
B)  
C)  Small Business Development Center (SBD
C)  
D)  Small Business Institute (SBI) 
E)  Service Corps of Retired Executives (SCOR
E)

Question 16

Match the following.You may use a response once,more than once,or not at all.
-Less freedom to make decisions about suppliers and materials

Accepted Answer

A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise 
D) Both starting a business from scratch and buying an existing business 
E) Both buying an existing business and buying a franchise 
A) Starting a business from scratch 
B) Buying an existing business 
C) Buying a franchise 
D) Both starting a business from scratch and buying an existing business 
E) Both buying an existing business and buying a franchise

Question 17

In which of the following areas of retailing are small businesses most likely to create jobs through success?

Accepted Answer

A)  Gas station 
B)  Creating organic health products 
C)  General hardware 
D)  Department store 
E)  Factory outlet 
A)  Gas station 
B)  Creating organic health products 
C)  General hardware 
D)  Department store 
E)  Factory outlet

Question 18

Describe the role of entrepreneurship in society.

Accepted Answer

Entrepreneurship plays a crucial role in

Question 19

Rachel wants to sell products designed for churches that meet in movie theaters.She has found a(n)____________________ market.

Accepted Answer

The answer of Rachel wants to sell products designed for...

Question 20

An entrepreneur does all of the following EXCEPT

Accepted Answer

A)  organize. 
B)  plan. 
C)  hire professional managers. 
D)  assume risk. 
E)  operate. 
A)  organize. 
B)  plan. 
C)  hire professional managers. 
D)  assume risk. 
E)  operate.

History has shown that major innovations are as likely to come from small businesses (or individuals)as from big businesses.

The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.

According to the Small Business Administration,small businesses account for a small percentage of all U.S.exports.

The first step for the entrepreneur in planning his or her business is to

The most important part of the small business financial plan is the

Which of the following statements about service businesses that are classified as small businesses is TRUE?

Which of the following statements comparing small businesses to large businesses is FALSE?

Any start-up or new venture may succeed and grow to become a large business,succeed but remain small,fail and shut down,or be bought by an existing business.

Why should a new entrepreneur,who has to be careful about how she spends every penny,join the National Federation of Independent Businesses (NFIB)?

Match the following.You may use a response once,more than once,or not at all. -Historical records answer questions about cash flow problems

The text lists several questions that the business plan should answer for the entrepreneur who is planning to open a business.Which of the following is one of the questions?

The most common causes of small business success are hard work,____________________,managerial competence,and luck.

Jane's Candy Shack has ineffective advertising.Where should she go for help with a promotion program?

Match the following.You may use a response once,more than once,or not at all. -Less freedom to make decisions about suppliers and materials

In which of the following areas of retailing are small businesses most likely to create jobs through success?

Describe the role of entrepreneurship in society.

Rachel wants to sell products designed for churches that meet in movie theaters.She has found a(n)____________________ market.

An entrepreneur does all of the following EXCEPT

Managing and the Managers Job

Traditional and Contemporary Opportunities and Challenges

Understanding the Organizations Environment

Responding to the Ethical and Social Environment

Navigating the Global Environment

Basic Elements of Planning and Decision Making

Managing Strategy and Strategic Planning

Managing Decision Making and Problem Solving

Basic Elements of Organizing

Managing Organization Design

Managing Change and Innovation

Managing Human Resources

Basic Elements of Individual and Interpersonal Behavior

Managing Employee Motivation and Performance

Managing Leadership and Influence Processes

Managing Interpersonal Relations and Communication

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, quality, and Productivity

Filters

Exam 9: Managing Start-Ups and New Ventures

History has shown that major innovations are as likely to come from small businesses (or individuals)as from big businesses.

The purpose of the SBA's SCORE program is to evaluate the managerial performance of small businesses and then to assign scores that are used to determine the amount of loans that individual businesses can obtain.

According to the Small Business Administration,small businesses account for a small percentage of all U.S.exports.

The first step for the entrepreneur in planning his or her business is to

The most important part of the small business financial plan is the

Which of the following statements about service businesses that are classified as small businesses is TRUE?

Which of the following statements comparing small businesses to large businesses is FALSE?

Any start-up or new venture may succeed and grow to become a large business,succeed but remain small,fail and shut down,or be bought by an existing business.

Why should a new entrepreneur,who has to be careful about how she spends every penny,join the National Federation of Independent Businesses (NFIB)?

Match the following.You may use a response once,more than once,or not at all. -Historical records answer questions about cash flow problems

The text lists several questions that the business plan should answer for the entrepreneur who is planning to open a business.Which of the following is one of the questions?

The most common causes of small business success are hard work,____________________,managerial competence,and luck.

Jane's Candy Shack has ineffective advertising.Where should she go for help with a promotion program?

Match the following.You may use a response once,more than once,or not at all. -Less freedom to make decisions about suppliers and materials

In which of the following areas of retailing are small businesses most likely to create jobs through success?

Describe the role of entrepreneurship in society.

Rachel wants to sell products designed for churches that meet in movie theaters.She has found a(n)____________________ market.

An entrepreneur does all of the following EXCEPT

Managing and the Managers Job

Traditional and Contemporary Opportunities and Challenges

Understanding the Organizations Environment

Responding to the Ethical and Social Environment

Navigating the Global Environment

Basic Elements of Planning and Decision Making

Managing Strategy and Strategic Planning

Managing Decision Making and Problem Solving

Basic Elements of Organizing

Managing Organization Design

Managing Change and Innovation

Managing Human Resources

Basic Elements of Individual and Interpersonal Behavior

Managing Employee Motivation and Performance

Managing Leadership and Influence Processes

Managing Interpersonal Relations and Communication

Managing Work Groups and Teams

Basic Elements of Control

Managing Operations, quality, and Productivity

Filters