Management 1: Chapter 6 Quiz

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses. True False

False

A __________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management. a. business plan b. marketing plan c. statement of intent d. feasibility product

a

A new business that sets up a(n) _____________ from the start is saving itself time and grief later. a. good accounting system b. angel investment network c. vertical marketing system d. detailed supplier network

a

Business incubators are usually government-funded facilities intended to: a. offer startup firms low-cost office space and basic business services. b. provide health care benefits for small business owners and their families. c. assist foreign investors in identifying business opportunities in the U.S. d. help rebuild the nation's infrastructure.

a

Increased participation in small business exporting owes credit to ________. a. technological advances such as the Internet and PayPal for safely fulfilling orders b. large events such as the Olympics that have brought attention to the potential in world markets c. political constituents who have made in-roads abroad d. partnerships that small businesses have formed with large businesses

a

Small business owners often struggle in attracting qualified workers. Which of the following contributes to this problem? a. Many jobs in small firms have low pay and few benefits. b. Owners will not often listen to ideas suggested by the workers. c. Bosses in small firms tend to be disrespectful to the workers. d. Employee relations are especially poor in small firms.

a

Two key management functions that need particular attention when starting a business are: a. planning and financing. b. human relations and accounting. c. staffing and controlling. d. marketing and public relations.

a

A creative person working within a corporation to launch new products and generate new profits is known as a(n): a. macropreneur. b. intrapreneur. c. arbitrator. d. micropreneur.

b

Which of the following explains why individuals accept the risks of business ownership? a. The challenge of seeking power b. The desire to work fewer hours c. The sense of self-satisfaction and independence d. The potential for learning how to be self-disciplined

c

________ are private individuals who invest their own money in potentially hot new companies before these firms become larger, publicly traded companies. a. Leveraged buyout specialists b. Venture investors c. Angel investors d. Corporate raider investors

c