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Q:
Very small loans, often provided to entrepreneurs in developing countries
Q:
Lucien recently opened a shop to repair antique furniture. Which of the following best describes Lucien?
a. founder b. general manager
c. franchisee d. two of the above are correct.
Q:
Material assets and intangible qualities passed on to both heirs and society
Q:
Valerie has been described as a free spirit. She has tolerated but seldom appreciated parental, academic, or even job authority. The factor most likely to lure her to entrepreneurship is
a. profit opportunities. b. freedom to operate independently.
c. enjoyment of doing what she likes to do. d. satisfaction in serving the community through the business.
Q:
Carmen operates a franchise tanning salon. Negative publicity about the effects of tanning has diminished her ability to grow the business. Carmen has a(n):
a. high-potential venture. b. attractive small firm.
c. lifestyle business. d. microbusiness.
a. bootstrapping
b. entrepreneur
c. entrepreneurial legacy
d. entrepreneurial team
e. franchisee
f. gazelle
g. lifestyle business
h. mentor
i. microloans
j. paradigm shift
k. small business
l. technician personality
Q:
The daughter of the owner of a large business disliked her fathers criticism and eventually decided to quit the family business and start her own business. The daughter is a
a. corporate opportunist. b. gazelle.
c. reluctant entrepreneur. d. corporate refugee.
Q:
Devon believes now is the time to launch his welding business since the only competitor has just announced his retirement. Devon has identified:
a. an entrepreneurial opportunity. b. a bootstrap opportunity.
c. a small business opportunity. d. a lifestyle business opportunity.
Q:
Zelda worked for years in a medical clinic as a biller and coder. Now she operates her own billing service for several doctors. Zelda has a(n) ___________ personality.
a. technician b. manager
c. entrepreneur d. artisan
Q:
A camera hobbyist starts a photographic supplies store. The most obvious reward for this entrepreneur is the opportunity to:
a. serve other photography enthusiasts. b. enjoy satisfying work.
c. be independent. d. work with people.
Q:
When a Fortune 500 business lays off workers, some displaced employees may decide to start their own businesses. They are best described as
a. foreign refugees. b. welfare profiteers.
c. corporate entrepreneurs. d. reluctant entrepreneurs.
Q:
Legend holds that Abraham Lincoln walked miles to return two cents change to a customer. His actions demonstrate:
a. customer focus. b. quality performance.
c. integrity and responsibility. d. social entrepreneurship.
Q:
Ursula feels trapped in her dead-end job in a large corporation. She daydreams about opening her own boutique at the seashore. Ursula is:
a. a social entrepreneur. b. a reluctant entrepreneur.
c. a corporate refugee. d. a bureaucrat.
Q:
Pauley launched a new business designing and producing embroidered goods. Pauley is:
a. a founder. b. an entrepreneur.
c. both a founder and an entrepreneur. d. neither a founder nor an entrepreneur.
Q:
Lance has set for his business the goal of increasing revenues by 20% and profits by 15% by the end of the year. Lance is likely high in:
a. risk tolerance. b. opportunity obsession.
c. leadership. d. motivation to excel.
Q:
A corporate manager chafes under red tape and bureaucratic regulations until finally deciding to start a separate business. The apparent reward he seeks is
a. community service. b. a satisfying way of life.
c. independence. d. the satisfaction of working with people.
Q:
According to Stephen Covey, if we want to make important changes in our lives, we need to change from the inside out.
a. True
b. False
Indicate the answer choice that best completes the statement or answers the question.
Q:
Sometimes entrepreneurs spend so much time and energy building the business that relationships are destroyed. Which phrase best describes this misfortune?
a. Some sacrifices are necessary for the greater good. b. Youve got to give a little to get a little.
c. What goes around comes around. d. Its possible to score points in the wrong game.
Q:
The term bootstrapping refers to the practice of bartering rather than buying with cash or credit.
a. True
b. False
Q:
Raold operates a fast-food restaurant. He is under contract to the organization under whose name he does business. The contract limits what Raold can do with his business. Raold is a:
a. franchisor. b. franchisee.
c. contract employee. d. partner in an LLC.
Q:
Many small business owners fail to identify and capture new opportunities to grow their businesses.
a. True
b. False
Q:
A paradigm shift is:
a. when you move capital
b. a change in opportunity
c. a change in how we fundamentally see a situation
d. a reorganization of a company
Q:
The universally accepted definition of the term small business is based on the number of people employed by the firm.
a. True
b. False
Q:
Which of the following sectors is one where women-owned businesses are performing especially well?
a. real estate
b. marketing
c. financial services
d. healthcare
Q:
The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other useful products. XYZ Company is a social entrepreneurship.
a. True
b. False
Q:
Eduardo took out a second mortgage on his home to finance his new business. He makes all the decisions and keeps all the profits. Eduardo is:
a. bootstrapping. b. an entrepreneur.
c. an administrator. d. a partner.
Q:
An entrepreneurial team consists of the owner, the financier, and one key employee.
a. True
b. False
Q:
Garner places great emphasis on operating his business to the highest standards of honesty and ethics. Garner likely believes:
a. the end justifies the means. b. how you achieve is as important as what you achieve.
c. the customer is always right. d. good guys finish last.
Q:
Josies position was eliminated when the company moved its operations to another state so she started her own business. Josie is a reluctant entrepreneur.
a. True
b. False
Q:
Kevin developed a clever marketing campaign that increased his sales by 48%. Kevin is high in:
a. commitment. b. leadership.
c. creativity. d. risk tolerance.
Q:
Good customer service can be provided by a business of any size but small entrepreneurial companies do it better.
a. True
b. False
Q:
Adam has contracted with about a third of the dozens of artisans in his town in the mountains of South Carolina. His reputation has grown; he now believes the skys the limit for this web page design and maintenance business. What kind of small business does Adam have?
a. lifestyle business b. microbusiness
c. high-potential venture d. attractive small firm
Q:
Most entrepreneurs work shorter hours in their own businesses than they did when working for someone else because they have no boss to report to.
a. True
b. False
Q:
Ben seems to have the Midas touch. He can recognize opportunity where others see only problems. His focus is on creating solutions for customers. Ben has a(n) _____________ personality.
a. technician b. manager
c. entrepreneur d. opportunistic
Q:
According to the text, managers who buy out founders of existing firms may be classified as entrepreneurs.
a. True
b. False
Q:
Compared to large corporations, small businesses
a. play just as important if not a larger part in the economy. b. represent less than 1 percent of all firms with employees.
c. account for 55 percent of private payrolls. d. generated 20-40 percent of all new jobs in the last decade.
Q:
Franchisees could be considered to be limited entrepreneurs because they have a contract with a franchising organization.
a. True
b. False
Q:
Evelyn opened a small boutique catering to a very narrowly defined target market. Evelyns competitive edge is:
a. the niche market. b. customer focus.
c. quality performance. d. innovation.
Q:
According to the text, the term entrepreneur refers to small business founders only.
a. True
b. False
Q:
The first goal of an entrepreneur should be:
a. to meet financial goals. b. to maximize shareholder wealth.
c. to operate the business ethically. d. to create a product or service that improves the lives of others.
Q:
A primary reason for becoming an entrepreneur should be to create a product or service that improves the lives of customers.
a. True
b. False
Q:
Vincents business has grown; he now employs 14 people. He enjoys teaching new employees the skills they need to make his products. One of Vincents reasons for being in business for himself is:
a. personal satisfaction. b. independence.
c. financial rewards. d. being the best he can be.
Q:
An entrepreneurial legacy is limited to the tangible assets of the business.
a. True
b. False
Q:
Sally, a single mother, opened a florist shop to support her family after losing her job in a corporate layoff. She is a(n)
a. woman without a portfolio. b. parental refugee.
c. reluctant entrepreneur. d. independent refugee.
Q:
The primary motivation for starting a new business should be to make as much money as possible.
a. True
b. False
Q:
Bailey works as a self-employed golf pro at the local country club, allowing him to spend more time with his young family. Hell never earn much but he and his family are happy. Which type of small business does Bailey have?
a. gazelle b. attractive small firm
c. microbusiness d. lifestyle business
Q:
The entrepreneur personality thinks in terms of opportunities rather than skills.
a. True
b. False
Q:
Henry is well respected by his employees. He models the highest integrity and encourages teamwork. What attribute does Henry display?
a. determination b. leadership
c. risk tolerance d. motivation
Q:
Self-employed people are less likely to be millionaires than are those who work for others.
a. True
b. False
Q:
Using the criteria in the text to define a small business, Table Occasions will not be considered a small business once the company:
a. is financed by three individuals. b. has sales greater than 20% of other firms in the industry.
c. is operating in numerous states. d. has 50 employees.
Q:
Xavier had many ideas about new products but no one in his corporation seemed interested. So Xavier left and founded his own company to create these new products. Xavier is a corporate refugee.
a. True
b. False
Q:
Lydia works as a senior network administrator and is dissatisfied with the stifling bureaucratic environment of her job. She is considering venturing out on her own as a consultant. If she carries through with her intentions, she would be considered a(n)
a. corporate pariah b. entrepreneurial dilettante
c. bureaucratic emigrant d. corporate refugee
Q:
Entrepreneurs should avoid hiring mediocre people.
a. True
b. False
Q:
Geraldo often would rather go fishing than work his business. Geraldo lacks:
a. commitment. b. leadership.
c. creativity. d. tolerance of risk.
Q:
Successful entrepreneurs should be aware of their strengths and weaknesses and be willing to strive toward goals.
a. True
b. False
Q:
A firm that provides substantial profits to its owner is called a(n):
a. franchise. b. high-potential venture.
c. attractive small firm. d. lifestyle business.
Q:
Indicate whether the statement is true or false.
Q:
Isabella overheard her customers discussing their desire for more baked treats suitable for diabetics. Immediately she added sugar-free items to her inventory. Isabella has strong:
a. creativity. b. leadership.
c. opportunity obsession. d. risk tolerance.
Q:
A manager does a break-even analysis and finds that his value for BE, the break-even point, has decreased over time. Which of the following could be responsible for this event?
A) TFC has increased.
B) P has increased.
C) VC has decreased.
D) P has decreased.
Q:
For break-even analysis, which of the following is a fixed cost for a doughnut shop?
A) costs for purchasing flour and sugar
B) energy costs for ovens and heating
C) interest payments on loans
D) advertising costs
Q:
Decision trees show the profit outcomes for the plans for two doughnut stores in two different locations in a strong and a weak economy for the future. If the investor interested in building a store is pessimistic, in which location should she build? A) She should build Store 2, because it has a greater minimum profit.
B) She should build Store 2, because it has a greater maximum profit.
C) She should build Store 1, because it has a greater maximum profit.
D) She should build Store 1, because it has a greater minimum profit.
Q:
Decision trees show the profit outcomes for the plans for two doughnut stores in two different locations in a strong and a weak economy for the future. If the investor interested in building a store is optimistic, in which location should she build? A) She should build Store 1, because it has a lower minimum profit.
B) She should build Store 2, because it has a greater maximum profit.
C) She should build Store 1, because it has a greater maximum profit.
D) She should build Store 2, because it has a greater minimum profit.
Q:
Decision trees show the profit outcomes for the plans for two doughnut stores in a strong and a weak economy for the future. Which store is expected to have the greater expected profit? A) Store 1 has a $27,900 greater profit.
B) Store 1 has a $1200 greater profit.
C) Store 2 has a $26,700 greater profit.
D) Store 2 has a $1200 greater profit.
Q:
The decision tree shows the profit outcomes for a toy store in a strong and a weak economy for next year. What is the expected value of profit for the store for the year? A) $10,500
B) $20,900
C) $29,000
D) $10,400
Q:
The decision tree shows the profit outcomes for a toy store in a strong and a weak economy for next year. If the economy turns out to be weak, how much profit is the store likely to lose out? A) $14,000
B) $16,000
C) $30,000
D) $15,000
Q:
The decision tree shows the profit outcomes for a toy store in a strong and a weak economy for next year. What is the expected value of the store's profit in a strong economy? A) $10,500
B) $15,000
C) $16,000
D) $30,000
Q:
The decision tree shows the profit outcomes for a coffee shop in a strong and a weak economy for next year. Suppose a third outcome is considered in which a moderate economy is 33 percent likely to occur. With this added outcome, how does the probability of a weak economy change? A) A weak economy is now 73 percent likely.
B) A weak economy is also 33 percent likely.
C) A weak economy is now 40 percent likely.
D) A weak economy is now 0 percent likely.
Q:
The decision tree shows the profit outcomes for a coffee shop in a strong and a weak economy for next year. What is the probability that the economy will be weak in the coming year? A) 0.73
B) 27 percent
C) 50 percent
D) 7.3
Q:
In a decision tree, which of the following is true?
A) The probabilities of all of the outcomes must be equal.
B) The sum of the probabilities of all of the outcomes must equal 1.0.
C) No outcome can have a probability that is less to 1.0.
D) The sum of the probabilities of all of the outcomes must be greater than 1.0.
Q:
The second step in the control process is to ________.
A) compare a standard against an ideal
B) measure actual performance
C) compare performance against a standard
D) take action
Q:
Which of the following performance measurement categories must be measured subjectively rather than in objective or quantifiable terms?
A) budget
B) absenteeism
C) efficiency
D) job satisfaction
Q:
A state motor vehicles agency that is interested in serving the public might choose to measure ________.
A) total revenue rather than customer wait time
B) total customers rather than total revenue
C) customer wait time rather than total customers
D) employee turnover rather than customer wait time
Q:
A software company that puts almost all of its performance measurement effort into measuring the total number of units that the company and its competitors sell most likely wants to excel at ________.
A) efficiency
B) market share
C) cost per unit
D) labor per unit
Q:
A car company that puts more effort into measuring quality than total units sold most likely wants to excel at ________.
A) customer satisfaction
B) efficiency
C) employee satisfaction
D) cost per unit
Q:
What managers choose to measure is largely determined by
A) what an organization does well.
B) the organization's structure.
C) the company's image.
D) the leaders and leadership style of those in the organization.
Q:
These forms of performance measurement provide the best and most immediate forms of feedback.
A) oral report and written report
B) written report and statistical report
C) MBWA and oral report
D) statistical report and MBWA
Q:
Jessie's assigned work section consists of three work groups who were assessed by this method of performance measurement and were informally judged to be "creative, innovative, hard-working, and fun-loving."
A) MBWA
B) written report
C) statistical report
D) oral report
Q:
Steve has a taped record of a one-on-one meeting with his boss.
A) a statistical report
B) an oral report
C) MBWA
D) a written report
Q:
The most comprehensive form of performance measurement is this.
A) MBWA
B) oral report
C) graphs
D) written report
Q:
This kind of performance measurement method is fast and is a good platform for feedback, yet it can be private and scheduled for a single employee ahead of time.
A) written report
B) MBWA
C) oral report
D) statistical report
Q:
When would be the best time to deliver "bad news" to your boss?
A) when you also have good news to deliver
B) on a day when the boss is not busy and can concentrate on how to respond to the news
C) when you have no good news to deliver
D) on a day when the boss is very busy and has no time to concentrate on how to respond to the news