Archive for November 2019

If Amanda has tried many ways to think the situation through and still cannot decide whether what she plans to do is ethical, she should explore the ethical model of _____ by asking herself whether she would be comfortable having her decision and name advertised for the public to see.

If Amanda has tried many ways to think the situation through and still cannot decide whether what she plans to do is ethical, she should explore the ethical model of _____ by asking herself whether she would be comfortable having her decision and name advertised for the public to see.



A. the billboard principle
B. universalism
C. utilitarianism
D. the Golden Rule


Answer: A

If she continues with her quality standard, she will lose money, but if she inserts panels of mixed lower quality wood she can remain profitable. The situation that Amanda faces can be described as a(n)

If she continues with her quality standard, she will lose money, but if she inserts panels of mixed lower quality wood she can remain profitable.
The situation that Amanda faces can be described as a(n)



A. mutuality.
B. ethical dilemma.
C. decadence.
D. discourse ethic.


Answer: B

Often, the alternative to negotiating together can be _____ if the amounts are small, or undertaking legal action if the amounts warrant legal fees or the hassles of enforcing small claims court decisions.

Often, the alternative to negotiating together can be _____ if the amounts are small, or undertaking legal action if the amounts warrant legal fees or the hassles of enforcing small claims court decisions.




A. "holding a strike"
B. "lumping it"
C. seeking a new job
D. seeking results from higher authorities


Answer: B

Which of the following observations concerning the Golden Rule is NOT true?

Which of the following observations concerning the Golden Rule is NOT true?



A. It is an ethical model.
B. It suggests that you treat others in the same manner you wish to be treated.
C. Almost every major religious tradition in the world has some version of it.
D. It suggests that there is a code of right and wrong that everyone can see and follow.


Answer: D

Which of the following statements about caveat emptor is true?

Which of the following statements about caveat emptor is true?



A. Caveat emptor is often the first line of defense by producers of mediocre merchandise.
B. As a legal principle, the phrase "caveat emptor" has been routinely approved.
C. Using it as a defense puts the entrepreneur who uses it in a positive light.
D. If you find a business using caveat emptor as a principle, accept them.


Answer: A

The first step of ethical decision-making is

The first step of ethical decision-making is



A. creating options for action.
B. defining the moral problem.
C. conducting ethical tests.
D. obtaining employee approval on planning.


Answer: B

Green retailing is

Green retailing is



A. is at the core of exchange in the BRIE model.
B. another term for sustainable entrepreneurship taken from the belief that green is the color of a healthy environment.
C. minimizing waste and environmental degradation.
D. selling products that have a better environmental footprint.


Answer: D

____ is an approach to operating a firm or a line of business which identifies, creates and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment.

____ is an approach to operating a firm or a line of business which identifies, creates and exploits opportunities to make a profit in a way that can minimize the depletion of natural resources, maximize the use of a recycled material, or improve the environment.



A. Business entrepreneurship
B. Economic entrepreneurship
C. Sustainable entrepreneurship
D. Intrapreneurship


Answer: C

Electronic social networks

Electronic social networks



A. often have membership costs.
B. offer the all-important personal touch.
C. are usually fast and easy to develop.
D. offer the all-important local connections.


Answer: C

Which of the following is NOT a key to success in electronic networking?

Which of the following is NOT a key to success in electronic networking?



A. Making it easy for people to contact you
B. Taking initiative to ask others on the network to link with you
C. Taking time to develop networks
D. Finding and linking up with network mavens


Answer: C

According to the text, what is the most important part of social networking that would make a difference in how you would conduct business every day?

According to the text, what is the most important part of social networking that would make a difference in how you would conduct business every day?



A. Asking for help when you need it
B. Respecting the other person's time
C. Respecting the other person's expertise
D. Being willing to reciprocate if asked


Answer: D

Which of the following statements about legitimacy indicators is true?

Which of the following statements about legitimacy indicators is true?



A. Across the three types of legitimacy indicators, there are 15 characteristics.
B. Part of legitimacy and building trust comes from the consistency of a firm's actions over time.
C. Most small businesses incorporate all the elements of the different types of legitimacy indicators.
D. Changing the legitimacy characteristics daily does more to build social capital than repeating one legitimacy characteristic stressed by the firm.


Answer: B

Following rules and orders, not swearing, and dressing appropriately would be examples of which class of ethical standards?

Following rules and orders, not swearing, and dressing appropriately would be examples of which class of ethical standards?



A. Employees should be dependable organizational citizens
B. Employees should not do anything that will harm the organization
C. Employees should be good to customers
D. Employees should protect confidential information


Answer: A

The _____ is given by the U.S. Government to businesses and nonprofit organizations that have been judged outstanding in quality leadership; strategic planning; customer and market focus; measurement, analysis, and knowledge management; human resource focus; process management; and results.

The _____ is given by the U.S. Government to businesses and nonprofit organizations that have been judged outstanding in quality leadership; strategic planning; customer and market focus; measurement, analysis, and knowledge management; human resource focus; process management; and results.



A. Economic Times Award
B. Ron Brown Award
C. Malcolm Baldrige National Quality Award
D. Deming Prize


Answer: C

The three general forms of legitimacy that you can develop are based on

The three general forms of legitimacy that you can develop are based on



A. products, people, and organization.
B. individuals, teams, and industry views.
C. universalism, utilitarianism, and the Golden Rule.
D. integration, distribution, and universalism.


Answer: A

The two ways to build social capital are through

The two ways to build social capital are through



A. consistency and visibility.
B. legitimacy and social networking.
C. culture and personal ethics.
D. individuals and teams.


Answer: B

All of the following are true of social capital EXCEPT

All of the following are true of social capital EXCEPT



A. it includes characteristics like trust, consistency, and networks.
B. it can be accumulated or spent.
C. it is not associated with the concept of "goodwill."
D. it is capital in the same sense that cash or land can be.


Answer: C

According to the text, the goal of any small business owner is to

According to the text, the goal of any small business owner is to



A. manage external relations in order to create social capital.
B. make sure the customer knows about the details of its products.
C. generate alternatives that could meet ethical, legal, and economic goals.
D. to keep track of social and business contacts.


Answer: A

The general description for the processes and skills used in the management of a firm's interactions with people, organizations and institutions outside of its boundary is

The general description for the processes and skills used in the management of a firm's interactions with people, organizations and institutions outside of its boundary is



A. external relations.
B. community planning partnerships.
C. organizational culture.
D. utilitarianism.


Answer: A

The economic sector includes

The economic sector includes



A. trends in the mix of ages, races, and gender in society.
B. innovation, invention, and modernization.
C. the availability of equity and credit.
D. cultures often based on things such as nationality


Answer: C

Which of the following statements about the task environment is true?

Which of the following statements about the task environment is true?



A. The economic sector includes the trends and current conditions of the overall market for goods and services.
B. This part of the environment is made up of those people the firm deals with every day, as well as important groups you may deal with directly less often, but that are always on your mind.
C. The technological sector includes innovation, invention, and modernization.
D. It is a part of the external environment made up of sectors of major forces that shape the people and institutions, such as the economic sector or the demographic sector.


Answer: B

Following the BRIE model in starting a business, the entrepreneur creates a boundary within the environment, setting his firm apart from the rest of the environment. In doing this, the entrepreneur gives the firm a(n)

Following the BRIE model in starting a business, the entrepreneur creates a boundary within the environment, setting his firm apart from the rest of the environment. In doing this, the entrepreneur gives the firm a(n)



A. identity.
B. bootstrap.
C. organizational culture.
D. network.


Answer: A

Jamie should be aware that all of the following are myths about a small business EXCEPT

Jamie should be aware that all of the following are myths about a small business EXCEPT



A. there is not enough financing to start businesses.
B. you need to make something if you are going to make money.
C. you can never try again if you fail.
D. the biggest hurdle facing an individual considering a business opportunity is inaction.


Answer: D

Where can Jamie go to get some help with his business idea?

Where can Jamie go to get some help with his business idea?



A. Small Business Development Center
B. U.S. Department of Commerce office
C. Incubator
D. Small Business Administration Center


Answer: A

Social entrepreneurship

Social entrepreneurship



A. involves creating new charitable and civic organizations which are financially self-sufficient.
B. involves bringing new products or services to market.
C. involves a person or group who owns their own for-profit business.
D. involves revitalizing government agencies.


Answer: A

Which of the following best describes a corporate form of entrepreneurship?

Which of the following best describes a corporate form of entrepreneurship?



A. It is a form of entrepreneurship involving the creation of self-sustaining charitable and civic organizations.
B. It is a form of entrepreneurship that involves revitalizing government agencies.
C. It is a form of entrepreneurship in which a person or group owns their own for-profit business.
D. It is a form of entrepreneurship which takes place in existing businesses around new products, services or markets.


Answer: D

Public entrepreneurship

Public entrepreneurship



A. focuses typically on customer-focus and innovation, bringing new products or services to market, or opening up new markets to your firm.
B. involves creating new charitable and civic organizations which are financially self-sufficient.
C. requires all four elements, and that is what makes small business so important as the role model for the other forms.
D. involves revitalizing government agencies, so it tends to focus on the customer-focus and efficiency aspects of entrepreneurship.


Answer: D

Which of the following statements about virtual instant global entrepreneurship (VIGE) is false?

Which of the following statements about virtual instant global entrepreneurship (VIGE) is false?



A. VIGE depends on using Web sites like eBay for products to quickly establish a global presence.
B. Many VIGE sites offer procedures, services, and Web page templates which incorporate best practices for global trading.
C. The VIGE approach produces large numbers of smaller-scale exporters.
D. VIGE sites replace institutional procedures with personal contacts to help even the smallest small businesses go global.


Answer: D

Innovation-driven economies

Innovation-driven economies



A. are those where entrepreneurship becomes a key way to build the middle class.
B. are nations where industrialization is becoming the major force providing jobs, revenues and taxes.
C. are focused on high-value-added manufacturing but are marked by a very large service sector.
D. are those where entrepreneurship is essential to helping build personal wealth and break the cycle of low-wage jobs.


Answer: C

A nation where industrialization is becoming the major force providing jobs, revenues and taxes, and where minimizing costs while maximizing productivity is a major goal is a(n)

A nation where industrialization is becoming the major force providing jobs, revenues and taxes, and where minimizing costs while maximizing productivity is a major goal is a(n)



A. factor-driven economy.
B. efficiency-driven economy.
C. innovation-driven economy.
D. dynamic-driven economy.


Answer: A

Mandarin is a restaurant which has opened recently. People from all over town flock to Mandarin to find out how good it is. This gives a big boost to the restaurant's initial business. But it causes the other restaurants in the area to lose business temporarily. The way in which Mandarin hurts existing restaurants is an example of

Mandarin is a restaurant which has opened recently. People from all over town flock to Mandarin to find out how good it is. This gives a big boost to the restaurant's initial business. But it causes the other restaurants in the area to lose business temporarily. The way in which Mandarin hurts existing restaurants is an example of



A. creative destruction.
B. efficiency.
C. innovative disruption.
D. market penetration.


Answer: A

Resources

Resources



A. include a business name or government registration.
B. refer to moving goods or service to others in exchange for money.
C. are the most frequently occurring element of the BRIE model.
D. include the product or service to be offered.


Answer: D

A business name or government registration, a phone or e-mail address dedicated to the business, or a specific location for the firm in a home, commercial space, or on the Internet are examples of a(n)

A business name or government registration, a phone or e-mail address dedicated to the business, or a specific location for the firm in a home, commercial space, or on the Internet are examples of a(n)



A. exchange.
B. resource.
C. boundary.
D. intention.


Answer: C

Which of the following is NOT a myth about small businesses?

Which of the following is NOT a myth about small businesses?



A. There is not enough financing to start businesses.
B. You need to make something if you are going to make money.
C. You can never try again if you fail once.
D. There is no flexibility when you own your own business.


Answer: D

The resource constrained sector

The resource constrained sector



A. are firms that have low to moderate levels of innovation and growth.
B. are high growth and high innovation firms.
C. are firms that have lots of innovative ideas but lack the funds to bring them to market.
D. are generally not very innovative, but are designed for high levels of growth.


Answer: C

All of the following relate to firms in the ambitious firm sector EXCEPT

All of the following relate to firms in the ambitious firm sector EXCEPT



A. they are mostly franchises and multisite firms.
B. they are characterized by low to moderate innovation.
C. they are made up of inventors and research and development firms.
D. they are designed for high levels of growth.


Answer: C

According to the Dynamic Capitalism Typology, the glamorous sector

According to the Dynamic Capitalism Typology, the glamorous sector



A. consists of firms with high growth and high innovation.
B. consists of the most numerous and most widely available type of firms.
C. consists of franchises and multisite firms, with low to moderate innovation and high levels of growth.
D. consists of firms high in innovation but low in growth rate due to a lack of resources.


Answer: A

Why are small businesses considered the economic core of society?

Why are small businesses considered the economic core of society?



A. They are high growth and high innovation firms.
B. They are made up of franchises and multisite firms, who are generally not very innovative, but are designed for high levels of growth.
C. They have lots of innovative ideas but lack the funds to bring them to market.
D. They are the most numerous and most widely available type of firms.


Answer: D

Identify the characteristic of a high-tech venture.

Identify the characteristic of a high-tech venture.



A. Owner's own money is the preferred funding source
B. Focus is on efficiency
C. Delegation is essential
D. Sales are more important than marketing


Answer: C

Identify the characteristic of a small business.

Identify the characteristic of a small business.



A. When the firm is in trouble, it focuses on selling more products/services
B. Approach to human resources is to professionalize
C. Focus is on effectiveness
D. Metastrategy is imitation


Answer: D

Which of the following is an attribute of a high-growth venture?

Which of the following is an attribute of a high-growth venture?



A. When the firm is in trouble, it cuts costs
B. Metastrategy is novelty
C. High-growth ventures grow when necessary
D. Delegation is difficult


Answer: B

Which of the following is a characteristic of a small business?

Which of the following is a characteristic of a small business?



A. Preferred funding source is other people's money
B. Focus is on efficiency
C. Approach to human resource is to professionalize
D. Delegation is essential


Answer: B

The key market knowledge for a small business

The key market knowledge for a small business



A. is to know how to seek and obtain external financing.
B. focuses on its immediate marketplace and communities.
C. is to know how to cash out through the sale of an initial public offering of stock or through the sale of the company to a larger company.
D. focuses on the need to know how to dominate the market and grow dramatically and quickly.


Answer: B

People starting high-growth ventures

People starting high-growth ventures



A. require key market knowledge that focuses on their immediate marketplace and communities.
B. focus on how to start small, with resources from the owner, family, and friends.
C. need to know how to seek and obtain external financing.
D. require a key type of knowledge of how to grow on the schedule set by and for the purposes of the owner.


Answer: C

Small businesses are

Small businesses are



A. imitative in nature.
B. characterized by novelty.
C. described as being unique and distinctive.
D. prepackaged businesses you buy or lease from a franchisor.


Answer: A

The U.S. government agency that helps people start business is the

The U.S. government agency that helps people start business is the



A. Small Business Administration.
B. U.S. Department of Business Development.
C. Department of Business Development.
D. U.S. Entrepreneurial Administration


Answer: A

According to the Small Business Administration, about two-thirds of new firms with employees survive four years, and for owner-only firms, this rate is __50___ percent surviving four years.

According to the Small Business Administration, about two-thirds of new firms with employees survive four years, and for owner-only firms, this rate is __50___ percent surviving four years.



A. one-fourth; 30
B. one-half; 75
C. two-thirds; 50
D. two-fifths; 60


Answer: C

Identify the two hurdles that people need to overcome to move from thinking about owning their own business to achieving it.

Identify the two hurdles that people need to overcome to move from thinking about owning their own business to achieving it.



A. Moving from inaction to action and taking the right action.
B. Financing the business and government regulation.
C. Experience from large corporations for needed skill sets and organization abilities.
D. Family support and finding the right people for the organization.


Answer: A
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