The management function of _________ is being activated when a bookstore manager measures daily sales in the magazine section and compares them with daily sales targets.

The management function of _________ is being activated when a bookstore manager measures daily sales in the magazine section and compares them with daily sales targets.

(a) planning
(b) agenda setting
(c) controlling
(d) delegating







Answer: C

If a sales department supervisor is held accountable by a middle manager for the department's performance, on whom is the department supervisor dependent in making this performance possible?

If a sales department supervisor is held accountable by a middle manager for the department's performance, on whom is the department supervisor dependent in making this performance possible?

(a) Board of directors
(b) Top management
(c) Customers or clients
(d) Department salespersons








Answer: D

Which form of financing would give you the most control, but less flexibility in cash flows?

Which form of financing would give you the most control, but less flexibility in cash flows?

a) equity financing

b) money from a venture capitalist

c) debt financing

d) an IPO

e) funds from a angel investor







Answer: C

The two types of partnerships are _________ and _____________.

The two types of partnerships are _________ and _____________.

a) S corporation / corporation

b) specific / general

c) general / limited

d) limited / specific








Answer: C

A small business that consists of an individual or man and wife only is called a ________.

A small business that consists of an individual or man and wife only is called a ________.

a) partnership

b) general partnership

c) sole proprietorship

d) corporation






Answer: C

Most of the failures of small start-up companies can be related to __________.

Most of the failures of small start-up companies can be related to __________.

a) finding the money to start the business

b) inferior product ideas

c) lack of professional management skills

d) failing to do an IPO







Answer: C

According to the U.S. government, at least __________ percent of small businesses fail in their first five years.

According to the U.S. government, at least __________ percent of small businesses fail in their first five years.

a) 60

b) 70

c) 80

d) 90







Answer: A

The ________ stage of the life cycle of an entrepreneurial firm involves refining the strategy, investing wisely and staying flexible.

The ________ stage of the life cycle of an entrepreneurial firm involves refining the strategy, investing wisely and staying flexible. 

a) birth

b) breakthrough

c) mature

d) all of the above








Answer: C

At what stage in the lifecycle of a business is professional management experience the most important?

At what stage in the lifecycle of a business is professional management experience the most important?

a) birth

b) breakthrough

c) maturity

d) all of the above









Answer: B

Small business employs over _______ percent of America's private workers.

Small business employs over _______ percent of America's private workers.

a) 50

b) 60

c) 70

d) 80









Answer: A

Small business makes up at least___________ percent of U.S. companies.

Small business makes up at least___________ percent of U.S. companies.

a) 60

b) 70

c) 80

d) 90






Answer: D

The U.S. government defines a small business as a __________.

The U.S. government defines a small business as a __________. 

a) publicly held company

b) new venture

c) corporation

d) privately owned and operated business








Answer: D

Small businesses are defined as having less than _______ employees.

Small businesses are defined as having less than _______ employees.

a) 25

b) 50

c) 100

d) 250

e) 500








Answer: E

Entrepreneurship that is targeted at solving the problems of the poor and disadvantaged is called _______________ entrepreneurship.

Entrepreneurship that is targeted at solving the problems of the poor and disadvantaged is called _______________ entrepreneurship.

a) minority

b) social

c) disadvantaged

d) welfare







Answer: B

Small business ownership offers great opportunities, with the fastest growing segment being ____________ owned businesses.

Small business ownership offers great opportunities, with the fastest growing segment being ____________ owned businesses.

a) women

b) Hispanic-American

c) African-American

d) Asian-American






Answer: C

Research indicates that while not absolutely required, most entrepreneurs have the following trait(s):

Research indicates that while not absolutely required, most entrepreneurs have the following trait(s):

a) external locus of control

b) low need for achievement

c) uncomfortable with uncertainty

d) self-confident and self-reliant

e) inflexible








Answer: D

Employees in large corporations who take significant risk and display entrepreneurial behavior are called _________.

Employees in large corporations who take significant risk and display entrepreneurial behavior are called _________.

a) entrepreneurs

b) senior managers

c) intrapreneurs

d) venture capitalists






Answer: C

Catherine has been asked by her company to gain international experience by working in Europe for two years. If she accepts the offer, Catherine will become a(n) ___________.

Catherine has been asked by her company to gain international experience by working in Europe for two years. If she accepts the offer, Catherine will become a(n) ___________. 

a) expatriate

b) foreign employee

c) traveling salesperson

d) corporate citizen








Answer: A

Corporations, for tax purposes may decide to keep their profits in a foreign country or to transfer them to their corporate headquarters in their home country. The decision of what to do is often a matter of ______________.

Corporations, for tax purposes may decide to keep their profits in a foreign country or to transfer them to their corporate headquarters in their home country. The decision of what to do is often a matter of ______________.

a) national interest

b) currency risks

c) banking practices

d) competitive actions







Answer: B

The concept that corporations should participate in development that meets present needs without compromising the ability of future generations to meet their needs is called ______________.

The concept that corporations should participate in development that meets present needs without compromising the ability of future generations to meet their needs is called ______________.

a) environmental protection

b) green development

c) sustainable development

d) environmental absolutism






Answer: C