Chapter 2 & 3
Chapter 16 & 17
Chapter 18
Chapter 19
Chapter 20
100
All of the following are true of social capital EXCEPT A. it includes characteristics like trust, consistency, and networks. B. it can be accumulated or spent. C. it is not associated with the concept of "goodwill." D. it is capital in the same sense that cash or land can be.
What is C. it is not associated with the concept of "goodwill."
100
Which of these is true about providing credit? A. It usually results in lower sales revenues. B. It accelerates the receipt of cash. C. It reduces the cost of selling. D. It forces all the customers to pay.
What is C. It reduces the cost of selling.
100
Which of the following is an advantage of corporations? A. Personal in nature B. Low incorporation fees and taxes C. Ease of conducting business in another state D. Relatively permanent
What is D. Relatively permanent
100
The match between the needs, expectations, and culture of the small business with the expectations and the skills of the individual employees is called A. employee referral. B. employee fit. C. job description. D. job analysis.
What is B. employee fit.
100
For most small businesses, which of these represent the usual sequence of stages in the business life cycle? A. Emergence, existence, survival, success, and resource maturity B. Existence, survival, financing, success, and maturity C. Emergence, success, financing, marketing, and maturity D. Existence, growth, survival, and decline
What is A. Emergence, existence, survival, success, and resource maturity
200
Having trademarks, service marks, patents, or copyrights are product-based legitimacy indicators of A. certifications. B. customer service. C. intellectual property. D. quality standards.
What is C. intellectual property.
200
The purchase of inventory, very typical with Internet firms, only after a sale is made is called: A. microinventory. B. periodic inventory. C. perpetual inventory. D. point-of-sale system.
What is A. microinventory.
200
Which among the following is a disadvantage of sole proprietorships? A. No specific tax advantages B. Difficult to organize, operate, and dissolve C. Owner has to share profits D. Inadequate management and employee skills
What is D. Inadequate management and employee skills
200
Independent contractors who provide specialized business services or support from a distance, through different methods of communication are known as A. virtual employees. B. temporary employees. C. job share employees. D. leased employees.
What is A. virtual employees.
200
The existence stage is defined by A. a period of exceptional growth. B. a stable level of sales and profits. C. thoughts about starting a firm. D. a lack of stability in terms of markets, operations, or finances.
What is D. a lack of stability in terms of markets, operations, or finances.
300
_____ occurs when a person's values are in conflict, making it unclear whether a particular decision is the right thing to do. A. Modeling B. Social networking C. Ethical dilemma D. Mutuality
What is C. Ethical dilemma
300
The two most commonly used financial ratios for comparing investment alternatives are: A. current and quick ratios. B. return on sales and return on investment. C. operating profit margin and net profit margin. D. payback period and ROI.
What is D. payback period and ROI.
300
Persons working to achieve a certain goal without being subjected to substantial controls by another are called A. independent contractors. B. partners. C. corporate owners. D. lawyers.
What is A. independent contractors.
300
_____ refers to the concept that key employees should be able to see and understand a firm's financials, that they should have a part in moving the numbers in the right direction, and that they should have a direct stake in the strategy and success of the firm. A. Open-book policy B. Autonomy C. Work facilitation D. Psychological contract
What is A. Open-book policy
300
Of the four generic growth strategies, most small businesses are A. traditional small businesses. B. lifestyle or part-time firms. C. high-performing small businesses. D. high-growth ventures.
What is B. lifestyle or part-time firms.
400
_____ entrepreneurs are owners for a lifetime, sometimes in one business, and sometimes across several firms. A. Habitual B. Harvest C. Growth D. Spiral
What is A. Habitual
400
Restaurants, clothing retailers, barbers, and beauticians face relatively low risks of loss from nonpayment because A. most customers prefer making upfront payments for such products and services. B. few people have credit cards that have charge limits big enough to buy such things. C. giving credit to customers increases sales. D. the amount that any one customer charges is unlikely to be big enough to threaten the business if it is not paid.
What is D. the amount that any one customer charges is unlikely to be big enough to threaten the business if it is not paid.
400
Exclusive rights given to the creator of a literary or artistic work to make use of that work is called a A. trade secret. B. copyright. C. trademark. D. patent.
What is B. copyright.
400
_____ means letting employees make on-the-spot decisions for the companies' best interest. It requires giving employees permission to act, the knowledge to act, and the skill to act. A. Recognition B. Training C. Empowerment D. Teamwork
What is C. Empowerment
400
A _____ is a firm started with the intent of eventually going public, following the pattern of growth and operations of a big business. A. lifestyle firm B. traditional small business C. high-performing small business D. high-growth venture
What is D. high-growth venture
500
Being a contemporary classic entrepreneur, Brad would exhibit all of the following traits EXCEPT being A. a hard worker. B. socially isolated. C. an average income seeker. D. a fast learner.
What is C. an average income seeker.
500
This is a set of rules and procedures that work to limit the opportunity for employee theft or malfeasance. A. Internal audit B. Internal control C. Tip D. Whistle blowing rewards
What is B. Internal control
500
A partnership where all partners are equally and fully responsible for the business's obligations is called a(n) A. LLC. B. limited partnership. C. general partnership. D. S corporation.
What is C. general partnership.
500
Identify the management philosophy of selecting and promoting people based on family ties. A. Nepotism B. Capitalism C. Meritocracy D. Democracy
What is A. Nepotism
500
This represents the owner's last major return from the firm and a key pool of money for retirement or further businesses. A. Transfer B. Harvest C. Termination D. Consolidation
What is B. Harvest
M
e
n
u