Quiz 3

Which of the following is a trend that is changing in the face of entrepreneurship and small business ownership

Entrepreneurial diversity

Businesses close down for many reasons. Which of the following is not a typical reason for a business failure

Expenses were lower than the owner expected

Kathy Eliot has decided that she will start an internet company to sell reliable used cars to customers nationwide. She has decided to use the sole proprietorship business format. Eliot's next step is to write a formal _________ before she applies for a business loan

Business Plan

The ability to view an organization as a whole, to understand how the various parts fit together, and how it relates to other organizations is a(n) _______ skill

Conceptual

Management needs to be prepared to deal with problems and seize opportunities as they arise a company often identifies alternative courses of actions to be taken if events undercut a strategic or tactical plan. These are called _______ plans

Contingency

Amex inc. is a worldwide company that specializes in high growth industries. It acts as a global marketer for small manufacturers of medical products, telecommunications products, and data management products. Amex inc. is an example of a(n):

Export management company

Entrepreneurs, as a general, dislike risk taking

False

More than half of small businesses have between one and four employees

False

The first step in setting up a control process is to measure performances

False

_____________________________ help finance startup businesses?

Friends, family, fools

Leadership is:

Guiding others to achieve specific goals

When manager Mariah Pitner delivered the company's financial report to local bankers and analysts, she was acting in a(n) _______ role

Informational

No matter what the crisis, there are some basic guidelines managers should follow to minimize the negative outcomes. Which of the following is an example of one of those guidelines

Managers should ask for help if it is needed

Kirby frigo has opened a dog grooming business. Frigo, like other small business owners, probably will experience

Relief from Taxation

All of the following are characteristics of an entrepreneurial personality except:

The willingness to be a follower rather than a leader

Dividing up the tasks (division of labor) is an important part of organizing

True

It is not advisable for small businesses to use services of CPAs and lawyers because mise businesses are too small to afford expense

True

Management is the process of guiding the development, maintenance, and allocation of objectives

True

Technical skills are usually utilized at the lower levels of the organization

True

The Small Business Administration (SBA) assists small businesses by providing advice in management and financial matters

True