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

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Question #1
What are the five basic issues to consider when starting up a business?
A.   Identify your motives, build clients, practice humility, surround yourself with the right people, and learn the basics of accounting.
B.   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.
C.   Identify your motives, build clients, practice self-promotion, surround yourself with the right people, 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 clients, practice humility, network, surround yourself with people who have contrary perspectives, and identify appropriate financing institutions.
Question #2
Who would you identify as the most likely entrepreneur? (vs. self-employed, managers, freelancers, or so on)
A.   a driver who uses his own car to drive the elderly to and from their appointments or social engagements
B.   a construction contractor who owns his own business and focuses on renovating landmarked homes
C.   a writer who sells her articles to various magazines
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 massage therapist who performs massages in people’s 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.   emotional stability
B.   a desire to control one’s own destiny
C.   the ability to tolerate ambiguity
D.   an external locus of control
E.   a willingness to take risks
Question #5
A business plan does not include
A.   an executive summary.
B.   organization and management design.
C.   funding requirements.
D.   sales strategies.
E.   a detailed account of expenditures.
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.   Executive Summary
B.   Sales Strategies
C.   Financial Projections
D.   Funding Requirements
E.   Market Analysis
Question #7
Which person would be considered an intrapreneur?
A.   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.
B.   Sally previously worked as a copyeditor at a national magazine. She leaves the company to begin her own small publishing company.
C.   Frank is a talented drummer who starts his own band, composes his own music, and records at his own studio.
D.   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.
E.   Fiona worked at many restaurants as a short-order cook; she leaves to start her own diner.
Question #8
A ________ is the simplest form of business structure.
A.   small business
B.   partnership
C.   sole proprietorship
D.   limited liability company (LLC)
E.   corporation
Question #9
________ was the most frequent source of financing for start-ups in 2017.
A.   Personal funding
B.   “Love money”
C.   Crowdfunding
D.   Venture capital
E.   Bank lending
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.   limited liability company (LLC).
B.   sole proprietorship.
C.   limited partnership.
D.   general partnership.
E.   corporation.

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