Question 1

The profits of an S corporation are taxed as a partnership.

Accepted Answer

A) True 
 B)False

Question 2

Brandon is examining the state of the economy, the regulatory situation, social trends, and the local labor supply. This would indicate Brandon is ________.

Accepted Answer

A)  performing a SWOT analysis 
B)  exploring the entrepreneurial context 
C)  self-employed 
D)  a small business owner 
A)  performing a SWOT analysis 
B)  exploring the entrepreneurial context 
C)  self-employed 
D)  a small business owner

Question 3

In a limited liability company, profits are taxed as a partnership.

Accepted Answer

A) True 
 B)False

Question 4

One advantage of the C corporation is that the owners have complete protection from liability related to business activity.

Accepted Answer

A) True 
 B)False

Question 5

Among the more important pre-launch activities the entrepreneur must perform is the creation of a business plan.

Accepted Answer

A) True 
 B)False

Question 6

"There is absolutely no reason why I, the founder of this enterprise, should be making the choice of floor cleaner. The housekeepers know what works and what doesn't. Let them choose." So said Juan, owner of Miller's Office Cleaning. Juan's comment indicates he believes in ________.

Accepted Answer

A)  employee empowerment 
B)  self-direction 
C)  autonomy 
D)  problem solving 
A)  employee empowerment 
B)  self-direction 
C)  autonomy 
D)  problem solving

Question 7

Finding people to support growth is an important issue for entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 8

Despite their overall importance to the economy, small businesses account for fewer new jobs than large corporations.

Accepted Answer

A) True 
 B)False

Question 9

In the days before sterile adhesives, bandages were tied onto the patient. Next came adhesive tape with small squares of gauze attached, but making these in the doctors' office was tedious and time consuming. Finally Earle Dickson invented the Band-Aid for his wife, who needed a bandage she could apply to herself for small kitchen burns. Dickson saw ________.

Accepted Answer

A)  the unexpected 
B)  a new industry 
C)  new knowledge 
D)  a process need 
A)  the unexpected 
B)  a new industry 
C)  new knowledge 
D)  a process need

Question 10

Organizing an entrepreneurial venture involves, among other activities, choosing a legal form of business organization.

Accepted Answer

A) True 
 B)False

Question 11

After the venture is launched, the entrepreneur continues with the same activities as before the launch.

Accepted Answer

A) True 
 B)False

Question 12

Organizations that support innovation tend to be smaller with fewer rules and resources.

Accepted Answer

A) True 
 B)False

Question 13

A C corporation can have no more than 50 owners who agree not to sell their stock.

Accepted Answer

A) True 
 B)False

Question 14

In what ways does empowering employees benefit the entrepreneurial venture? How can employees be empowered?

Accepted Answer

When employees are motivated, they feel

Question 15

Juanita gathers her employees to solicit their opinions regarding big issues facing the young business. After considering their input, Juanita makes the final decision. Juanita is engaging in ________.

Accepted Answer

A)  employee empowerment 
B)  democratic management 
C)  participative management 
D)  autocratic management 
A)  employee empowerment 
B)  democratic management 
C)  participative management 
D)  autocratic management

Question 16

Entrepreneurship is important to a nation's economic development.

Accepted Answer

A) True 
 B)False

Question 17

Farrah has created a computer-generated mockup of her new product for inclusion in the ________ section of her business plan.

Accepted Answer

A)  supporting documentation 
B)  executive summary 
C)  analysis of the context 
D)  description of the business 
A)  supporting documentation 
B)  executive summary 
C)  analysis of the context 
D)  description of the business

Question 18

Which one of the following would most likely be a source for ideas for the would-be entrepreneur?

Accepted Answer

A)  manufacturing exhibitions 
B)  trade publications 
C)  personal interests and hobbies 
D)  pure research 
A)  manufacturing exhibitions 
B)  trade publications 
C)  personal interests and hobbies 
D)  pure research

Question 19

In a sole proprietorship, the founder keeps all the profits but must share management responsibility with investors.

Accepted Answer

A) True 
 B)False

Question 20

The main difference between an entrepreneurial venture and a small business is size.

Accepted Answer

A) True 
 B)False

The profits of an S corporation are taxed as a partnership.

Brandon is examining the state of the economy, the regulatory situation, social trends, and the local labor supply. This would indicate Brandon is ________.

In a limited liability company, profits are taxed as a partnership.

One advantage of the C corporation is that the owners have complete protection from liability related to business activity.

Among the more important pre-launch activities the entrepreneur must perform is the creation of a business plan.

"There is absolutely no reason why I, the founder of this enterprise, should be making the choice of floor cleaner. The housekeepers know what works and what doesn't. Let them choose." So said Juan, owner of Miller's Office Cleaning. Juan's comment indicates he believes in ________.

Finding people to support growth is an important issue for entrepreneurs.

Despite their overall importance to the economy, small businesses account for fewer new jobs than large corporations.

Organizing an entrepreneurial venture involves, among other activities, choosing a legal form of business organization.

After the venture is launched, the entrepreneur continues with the same activities as before the launch.

Organizations that support innovation tend to be smaller with fewer rules and resources.

A C corporation can have no more than 50 owners who agree not to sell their stock.

In what ways does empowering employees benefit the entrepreneurial venture? How can employees be empowered?

Juanita gathers her employees to solicit their opinions regarding big issues facing the young business. After considering their input, Juanita makes the final decision. Juanita is engaging in ________.

Entrepreneurship is important to a nation's economic development.

Farrah has created a computer-generated mockup of her new product for inclusion in the ________ section of her business plan.

Which one of the following would most likely be a source for ideas for the would-be entrepreneur?

In a sole proprietorship, the founder keeps all the profits but must share management responsibility with investors.

The main difference between an entrepreneurial venture and a small business is size.

Managers and You in the Workplace

Making Decisions

Managing the External Environment and the Organizations Culture

Managing in a Global Environment

Managing Diversity

Managing Social Responsibility and Ethics

Managing Change and Innovation

Planning Work Activities

Managing Strategy

Designing Organizational Structure

Managing Human Resources

Creating and Managing Teams

Managing Communication

Understanding and Managing Individual Behavior

Motivating Employees

Being an Effective Leader

Monitoring and Controlling

Filters

Exam 10: Entrepreneurial Ventures

The profits of an S corporation are taxed as a partnership.

Brandon is examining the state of the economy, the regulatory situation, social trends, and the local labor supply. This would indicate Brandon is ________.

In a limited liability company, profits are taxed as a partnership.

One advantage of the C corporation is that the owners have complete protection from liability related to business activity.

Among the more important pre-launch activities the entrepreneur must perform is the creation of a business plan.

"There is absolutely no reason why I, the founder of this enterprise, should be making the choice of floor cleaner. The housekeepers know what works and what doesn't. Let them choose." So said Juan, owner of Miller's Office Cleaning. Juan's comment indicates he believes in ________.

Finding people to support growth is an important issue for entrepreneurs.

Despite their overall importance to the economy, small businesses account for fewer new jobs than large corporations.

Organizing an entrepreneurial venture involves, among other activities, choosing a legal form of business organization.

After the venture is launched, the entrepreneur continues with the same activities as before the launch.

Organizations that support innovation tend to be smaller with fewer rules and resources.

A C corporation can have no more than 50 owners who agree not to sell their stock.

In what ways does empowering employees benefit the entrepreneurial venture? How can employees be empowered?

Juanita gathers her employees to solicit their opinions regarding big issues facing the young business. After considering their input, Juanita makes the final decision. Juanita is engaging in ________.

Entrepreneurship is important to a nation's economic development.

Farrah has created a computer-generated mockup of her new product for inclusion in the ________ section of her business plan.

Which one of the following would most likely be a source for ideas for the would-be entrepreneur?

In a sole proprietorship, the founder keeps all the profits but must share management responsibility with investors.

The main difference between an entrepreneurial venture and a small business is size.

Managers and You in the Workplace

Making Decisions

Managing the External Environment and the Organizations Culture

Managing in a Global Environment

Managing Diversity

Managing Social Responsibility and Ethics

Managing Change and Innovation

Planning Work Activities

Managing Strategy

Designing Organizational Structure

Managing Human Resources

Creating and Managing Teams

Managing Communication

Understanding and Managing Individual Behavior

Motivating Employees

Being an Effective Leader

Monitoring and Controlling

Filters