Management

Q: Most ___________ are set up with legal and written agreements that document what each party contributes as well as how profits and losses are to be shared.

Q: The document that describes the goals of a firm, outlines how it intends to operate, and lays out the financial strategies is called a(n) __________.

Q: __________ offer guidance to entrepreneurs and small business owners on how to set up and manage business operations.

Q: A facility that offers services to help new businesses get established is called a(n) _____________.

Q: In addition to the normal operational challenges of small businesses, family businesses face the risk of __________.

Q: __________ involves developing a business to solve pressing societal needs at home or abroad.

Q: When an entrepreneur is forced to open a business due to conditions like layoffs from previous jobs, a low likelihood of employment, the inability to grow in the current career, or simply to put food on the table, he or she is engaged in __________.

Q: The __________ in entrepreneurship includes strong organizational skills and tolerance for risk.

Q: A(n) __________ occurs when a firm moves faster than its competitors in spotting and exploiting a new market or previously unrecognized niche in an existing one.

Q: A(n) __________ starts and runs businesses and nonprofits over and over again, moving from one interest and opportunity to the next.

Q: __________ pursue business opportunities they spot as mothers.

Q: Equity financing provides finance to a business owner that has to be repaid eventually.

Q: A limited liability corporation (LLC) is a hybrid structural form that has the advantages of sole proprietorships and partnerships for taxes and of corporations for liability protection.

Q: In a limited partnership, only the general manager is involved in the day-to-day operations; however, all partners share in the profits.

Q: In the maturity stage of business development, an entrepreneur experiences market success and financial stability but also has to face competitive challenges in a dynamic environment.

Q: A small business is one with 500 or fewer employees.

Q: Research shows that entrepreneurs are born, not made.

Q: Research suggests that a college degree is necessary to be a successful entrepreneur.

Q: When it comes to finance, women have far more access to capital than men.

Q: Women-owned businesses in the U.S. have declined in recent years.

Q: Sadie is the president of Sadie's Stuff LLC. She owns 200,000 shares of the company. Sadie will earn a huge profit if the company has a successful __________. a) general partnership b) joint venture c) equity investor d) initial public offering

Q: The payoff for venture capitalists is during the __________. a) maturity of the investment b) commencement of the venture c) business closure d) initial public offering

Q: A(n) __________ is the first time that a company sells its shares of stock to the public. a) stock exchange b) initial public offering c) private exchange d) stock auction

Q: An angel investor who invests in a new venture is involved in __________. a) debt financing b) partnership financing c) restricted financing d) equity financing

Q: A wealthy private individual who invests in return for equity in a new venture is called a(n) __________. a) equity investor b) angel investor c) new venture manager d) banker

Q: __________ make large investments in new ventures in return for an equity stake in the business. a) Venture capitalists b) Equity investors c) Bankers d) Start-up managers

Q: The form of financing called __________ requires collateral that pledges business assets or personal assets as security in case of default. a) equity financing b) venture capital c) debt financing d) initial public offering

Q: _______________ gives ownership shares to outsiders in return for their financial investments. a) Debt financing b) Initial public financing c) Asset financing d) Equity financing

Q: Leela wants to raise money for her business. However, she does not want to give its ownership shares to outsiders. Which of the following ways of financing should Leela choose for her business? a) Angel investor b) Venture capitalist c) Debt financing d) Initial public offering

Q: Borrowing money from another person, a bank, or a financial institution to start a business is called __________. a) equity financing b) initial public financing c) debt financing d) leasing

Q: John wants to start a new business and prefers to keep the paperwork simple and avoid large legal fees. Further, he does not want his personal property attached to the business. In this scenario, John should start his business as a __________. a) corporation b) partnership c) limited liability corporation d) sole proprietorship

Q: A __________ combines the advantages of the sole proprietorship, partnership, and corporation. a) partnership b) limited liability corporation c) proprietorship d) limited liability partnership

Q: A _________ is a business entity that exists separately from its owners. a) corporation b) general partnership c) proprietorship d) limited partnership

Q: In a __________, owners share profits, but responsibility for losses is limited to original investments. a) general partnership b) limited partnership c) proprietorship d) limited liability corporation

Q: A partnership in which owners share management and responsibility for debts and losses is called a __________. a) limited liability partnership b) specific partnership c) general partnership d) limited partnership

Q: The two types of partnerships are __________ and __________. a) proprietorship; corporation b) specific; general c) general; limited d) limited; specific

Q: When two or more people agree to contribute resources to start and operate a business together, it is called a __________. a) partnership b) limited liability company c) sole proprietorship d) corporation

Q: A _________ is the most common form of U.S. small business ownership. a) corporation b) sole proprietorship c) general partnership d) limited partnership

Q: A ____________ is an individual pursuing business for profit. a) partnership b) general partnership c) sole proprietorship d) corporation

Q: A business plan should consist of all of the following EXCEPT: a) an executive summary. b) business fundamentals. c) a marketing strategy. d) a long and detailed analysis of goals.

Q: Which of the following is a reason behind the failure of several small businesses? a) Inability to find initial investment b) Inferior product ideas c) Lack of expertise d) Failure to issue an initial public offering

Q: Only three percent of family businesses are expected to survive beyond the __________ generation. a) first b) second c) third d) fourth

Q: A(n) ____________ describes how the leadership transition and related financial matters will be handled in a family business. a) corporate plan b) operations plan c) succession plan d) strategic plan

Q: The common reasons for small business failures include all of the following EXCEPT: a) a lack of experience. b) a lack of strategy. c) a poor financial control. d) a moderate growth rate.

Q: In a family business, the __________ refers to the issue of who will run the business when the current head leaves. a) follow-through problem b) succession problem c) follow-up problem d) resignation problem

Q: A small business in the birth stage of its life cycle requires: a) diversified leadership. b) corporate leadership. c) entrepreneurial leadership. d) professional strategic leadership.

Q: __________ represent the largest percentage of businesses operating worldwide. a) Family businesses b) Start-ups c) Big corporations d) Public sector industries

Q: In which of the following life-cycle stages of small businesses does an entrepreneur face competitive challenges in a dynamic environment? a) The birth stage b) The breakthrough stage c) The maturity stage d) The death stage

Q: In which of the following life-cycle stages of small businesses does an entrepreneur struggle to get the new venture established and survive long enough to test the real marketplace? a) The birth stage b) The breakthrough stage c) The maturity stage d) The death stage

Q: In which of the following life-cycle stages of small businesses does the business model begin to work well, growth take place, and the complexity of the business expand significantly? a) The maturity stage b) The breakthrough stage c) The post-maturity stage d) The birth stage

Q: In the United States, small businesses employ some __________ percent of private workers. a) 55 b) 66 c) 75 d) 90

Q: According to the U.S. Small Business Administration, a small business is a(n) __________. a) publicly held company b) new venture c) corporation d) independently owned and operated business

Q: A __________ is a new and temporary venture that is trying to discover a profitable business model for future success. a) franchise b) branch c) chain d) start-up

Q: A __________ is a plan for making a profit by generating revenues that are greater than costs. a) strategic model b) business model c) succession plan d) business plan

Q: A __________ is when one business owner sells to another the right to operate the same business in another location. a) franchise b) chain c) start-up d) branch

Q: The vast majority of small businesses employ less than __________ people. a) 5 b) 10 c) 15 d) 20

Q: The U.S. federal agency responsible for defining and supporting small businesses is the __________. a) Small Business Administration (SBA) b) National Security Agency (NSA) c) Securities and Exchange Commission (SEC) d) Limited liability corporation (LLC)

Q: Which of the following is the differentiating feature between social entrepreneurs and general business entrepreneurs? a) A high tolerance for ambiguity b) A desire to take great risks c) A high degree of self-motivation d) A drive toward a social mission

Q: Which of the following types of entrepreneurship is targeted at solving the problems of the poor and disadvantaged? a) Minority entrepreneurship b) Social entrepreneurship c) Disadvantaged entrepreneurship d) Welfare entrepreneurship

Q: The fastest growing segment in minority entrepreneurship in the United States constitutes businesses owned by __________. a) Asian Americans b) Hispanic Americans c) African Americans d) White Americans

Q: Minority entrepreneurs create almost __________ million jobs in the United States. a) 2 b) 6 c) 10 d) 20

Q: Potential entrepreneurs often possess all of the following characteristics EXCEPT: a) a high need for achievement. b) an intolerance for ambiguity. c) flexibility. d) a high energy level.

Q: When people start new businesses because they have few or no other employment options, it is called __________. a) socialism-based entrepreneurship b) capitalism-driven business c) minority-based business d) necessity-based entrepreneurship

Q: A majority of entrepreneurs are characterized by a(n): a) external locus of control. b) high need for achievement. c) intolerance for ambiguity. d) desire for dependence.

Q: Which of the following personality traits and characteristics is most likely to be shared by entrepreneurs? a) An external locus of control b) A low need for achievement c) A discomfort with uncertainty d) Self-confidence and self-reliance

Q: Which of the following statements is true of entrepreneurs? a) They avoid risk and pursue only safe business options. b) They have inborn qualities that help them succeed in new ventures. c) They use the talent gained from experience as the foundation for success. d) They start with huge amounts of money and proceed to multiply it.

Q: A(n) __________ comes from being first to exploit a niche or enter a market. a) first-mover advantage b) veteran's advantage c) government subsidized benefit d) early entry disadvantage

Q: People aged __________ are the most entrepreneurially active in the United States. a) 25"34 b) 45"54 c) 55"64 d) 75"84

Q: A(n) __________ is someone who is willing to pursue opportunities that others see as problems or threats. a) capitalist b) investor c) entrepreneur d) banker

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