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Business Forms
Business Forms and Entrepreneurship
Entrepreneurship
Entrepreneurship and Management
Management
100
____________ comprise about 20% of all businesses but account for about 81% of U.S. business receipts. A. Corporations B. Partnerships C. Sole proprietorships D. Limited liability companies
What is A. Corporations
100
Which of the following is normally considered a disadvantage of the corporate form of business? A. Unlimited liability of owners. B. Difficult transfer of ownership. C. Limited life. D. Double taxation of earnings.
What is D. Double taxation of earnings.
100
The goal of an intrapreneur is: A. to improve quality control in a corporation's production process. B. to develop new products and generate new profits for the corporation. C. to implement cost control policies for existing products. D. to create smaller companies within larger companies.
What is B. to develop new products and generate new profits for the corporation.
100
A review of small business successes and failures indicates that the: A. businesses that are easiest to start offer the greatest potential for long term growth and profits. B. restaurant industry offers the least risk for entrepreneurs. C. businesses with potential of high profit levels tend to be difficult to start and hard to keep going. D. reason the service sector is rapidly growing is that these firms are easy to start and keep going, and offer high levels of security and growth potential.
What is C. businesses with potential of high profit levels tend to be difficult to start and hard to keep going.
100
Which of the following activities would be a part of the leading function of management? A. Devising a new strategic plan to enter a new foreign market currently dominated by a competing firm B. Recruiting qualified workers to join the organization and assigning them to their proper position C. Examining a financial report to see whether the firm's profits are improving and taking corrective action if they are not D. Training and coaching workers to help them understand their job and perform it effectively
What is D. Training and coaching workers to help them understand their job and perform it effectively
200
Starting a new business as a sole proprietorship: A. Requires retaining the services of an attorney. B. Is simple, but the proprietorship fee is very expensive in some states. C. Is usually simpler and less expensive than starting other forms of ownership. D. Is very similar to starting a business as a corporation.
What is C. Is usually simpler and less expensive than starting other forms of ownership.
200
The organizational structure of a corporation permits: A. The company management to elect the Board of Directors. B. Stockholders to elect the Board of Directors. C. Stockholders to elect the officers and management team. D. employees (by committee) to elect the officers of the company.
What is B. Stockholders to elect the Board of Directors.
200
Enterprise zones are: A. government owned properties that are available for entrepreneurial ventures at a reduced cost B. similar to incubator facilities but strictly run by city and state governments C. blighted areas that contained toxic materials making them unsuitable for business operations D. specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas
What is D. specific locations across the U.S. where entrepreneurs can set-up shop and receive tax breaks for operating in these areas
200
Dr. Smiley White just graduated from dental school. He is hoping to acquire the necessary funding to start his own dental practice. One advantage of this type of business is: A. above average opportunity to borrow funds at a high interest rate B. nearly unlimited growth potential C. the service is individualized and not easily mass-produced D. very low startup costs
What is C. the service is individualized and not easily mass-produced
200
A vision for a company is: A. an explanation of why the company exists and where it wants to go. B. the same thing as an objective. C. a detailed plan that outlines the major organizational structure of the firm. D. very relevant for the short-term, but less useful for the long-term.
What is A. an explanation of why the company exists and where it wants to go.
300
Unlimited liability means: A. When you own your own business you are responsible for all the business debts. B. You are only liable for the money you invest in the business. C. As a franchisee your franchisor is responsible for the debts of the franchise. D. You are liable for whatever advertising promises your firm makes.
What is A. When you own your own business you are responsible for all the business debts.
300
One reason that companies participate in mergers and acquisitions is: A. To do the same thing as the competition because it makes for a highly leveraged company. B. To convert a sole proprietorship into a partnership. C. To expand within their own field or enter new markets. D. To take the first step toward a join venture.
What is C. To expand within their own field or enter new markets.
300
Anna recently left a large insurance firm and opened a home-based business preparing medical transcriptions for doctors. Based on recent statistics, she can expect: A. a negative reaction from friends and family who wonder when she will get a "real" job. B. the emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service. C. the government will discourage her attempts to create a home-based business in the hopes that she will opt for locating in an enterprise zone. D. to find security, routine and a paycheck from her new enterprise.
What is B. the emergence of affordable technology will make it less challenging for her to compete with larger firms offering the same service.
300
Today's progressive managers: A. prefer to use the autocratic style of leadership. B. emphasize teamwork and cooperation rather than discipline and order-giving. C. face fewer challenges and problems than managers in the past. D. can rely on a much higher level of worker loyalty to the organization than in the past.
What is B. emphasize teamwork and cooperation rather than discipline and order-giving.
300
A __________ analysis is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunities. A. WISH B. SWAMP C. ASSET D. SWOT
What is D. SWOT
400
In a partnership, a(n) __________ partner (owner) actively manages the company and has unlimited liability for claims against the firm. A. unlimited B. limited C. general D. associate
What is C. general
400
Which of the following U.S. issues does entrepreneurship most directly affect? A. The political process B. The ability to create jobs for others C. Contributions of money to organizations that help people in need D. The ability to influence national macroeconomics polices
What is B. The ability to create jobs for others
400
Small businesses create about __________ percent of the new jobs in the United States. A. 5-10 B. 25-35 C. 60-80 D. 100
What is C. 60-80
400
__________ is the art of utilizing organizational resources to accomplish goals at work. A. Socialization B. Justification C. Preparation D. Management
What is D. Management
400
__________ planning prepares alternative courses of action that may be used if the primary plans are not achieving objectives. A. Strategic B. Contingency C. Tactical D. Alternative
What is B. Contingency
500
Jamie and Maria invested all their savings in a small pizzeria they opened outside the University of Western Kentucky. They operated the business as a general partnership. After 11 months, the business went broke and Jamie and Maria were left with outstanding bills of $37,500, which was more than their initial investment in the company. Jamie and Maria can: A. Lose their personal assets as the result of their company's financial problems. B. Lose only the funds they originally invested in their company. C. Lose only the total value of the assets actually used to operate the business. D. Avoid any liability for these debts since a partnership is considered to be a business entity that is separate and distinct from the partners who own it.
What is A. Lose their personal assets as the result of their company's financial problems.
500
Business owners who prefer to maintain their businesses at a manageable size are called: A. macropreneurs B. intrapreneurs C. micropreneurs D. home workers
What is C. micropreneurs
500
When comparing small businesses to their larger competitors, it is clear that: A. bigger is always better. B. small firms can always outperform big firms on a level playing field. C. small firms often can offer more personalized customer services than big firms. D. small firms are slower to respond to opportunities than are large firms.
What is C. small firms often can offer more personalized customer services than big firms.
500
When managers work on creating conditions and systems to ensure that everything and everyone works together to achieve the organization's goals, they are involved in the __________ function of management. A. controlling B. leading C. planning D. organizing
What is D. organizing
500
Jamal is part of a management group that is examining whether his company, State Engineering, should offer some important new services that would broaden its business by appealing to a different group of potential clients. Jamal's group is involved with: A. contingency planning. B. operational planning. C. strategic planning. D. tactical planning.
What is C. strategic planning.