Management 3070 - Management and Organizational Behavior » Spring 2022 » Quiz 12

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
What are the five basic issues to consider when starting up a business?
A.   Identify your motives, build clients, practice self-promotion, surround yourself with the right people, and learn the basics of accounting.
B.   Identify your clients, practice humility, network, surround yourself with people who have contrary perspectives, and identify appropriate financing institutions.
C.   Identify your motives, practice patience, determine if there is a global market, realize that the venture is an experience in solitude, and learn the basics of accounting.
D.   Realize that most startups fail, practice determination, hire the appropriate staff, and surround yourself with people who understand finance, and remember that clients will come if you do all these.
E.   Identify your motives, build clients, practice humility, surround yourself with the right people, and learn the basics of accounting.
Question #2
Who would you identify as the most likely entrepreneur? (vs. self-employed, managers, freelancers, or so on)
A.   a writer who sells her articles to various magazines
B.   a driver who uses his own car to drive the elderly to and from their appointments or social engagements
C.   a massage therapist who performs massages in people’s homes
D.   a doctor who develops a high-protein drink to sell and for each sale donates another bottle to people in developing nations
E.   a construction contractor who owns his own business and focuses on renovating landmarked homes
Question #3
How is a self-employed person different from an entrepreneur?
A.   A self-employed person seeks to influence markets or industries.
B.   A self-employed person does most of the work.
C.   A self-employed person must follow a broad set of legal requirements.
D.   A self-employed person enjoys taking risks.
E.   A self-employed person delegates responsibilities to trusted people.
Question #4
What might be a challenge for someone wanting to become a successful entrepreneur?
A.   an external locus of control
B.   a desire to control one’s own destiny
C.   emotional stability
D.   the ability to tolerate ambiguity
E.   a willingness to take risks
Question #5
A business plan does not include
A.   an executive summary.
B.   a detailed account of expenditures.
C.   sales strategies.
D.   organization and management design.
E.   funding requirements.
Question #6
Which section of a business plan includes the information on how much money is required to start the business—how much will be provided by the owner, how much from “love money,” and how much from a bank loan?
A.   Financial Projections
B.   Funding Requirements
C.   Market Analysis
D.   Executive Summary
E.   Sales Strategies
Question #7
Which person would be considered an intrapreneur?
A.   Fiona worked at many restaurants as a short-order cook; she leaves to start her own diner.
B.   John worked for the federal government in the Internal Revenue Department for 30 years, learning the ins and outs of corporate taxes. After retiring, he starts his own tax-advisory business.
C.   Cassandra works for a medical supply company as an engineer. After she perceives the medical community needs for a new surgical laser device, she designs a new product for the company.
D.   Frank is a talented drummer who starts his own band, composes his own music, and records at his own studio.
E.   Sally previously worked as a copyeditor at a national magazine. She leaves the company to begin her own small publishing company.
Question #8
A ________ is the simplest form of business structure.
A.   sole proprietorship
B.   partnership
C.   corporation
D.   limited liability company (LLC)
E.   small business
Question #9
________ was the most frequent source of financing for start-ups in 2017.
A.   “Love money”
B.   Venture capital
C.   Personal funding
D.   Bank lending
E.   Crowdfunding
Question #10
Brent made a great deal of money in the broadcasting business and has recently retired. Frances has been a producer of a local newscast but has long wanted to be a radio talk-show host. Brent, as a silent partner, invests in Frances’s dream, providing the majority of the money to help her start the show. In return, Brent receives 15 percent of all advertising sales. Frances’s talk-show is a
A.   sole proprietorship.
B.   limited partnership.
C.   limited liability company (LLC).
D.   corporation.
E.   general partnership.

Need help with your exam preparation?

Existing Quiz Clients Login here