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Exam 6: Entrepreneurship and Starting a Small Business

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Question 101

Multiple Choice

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Ming's three employees have been with her since she started Employment Recruiters,Inc. ,nearly 10 years ago.As she contemplates the staffing for her new branch office,she senses that none of these three are ready to manage the office.Faced with this difficult situation,she should:

A) appoint one of the three anyway to show that she appreciates their loyalty and commitment.
B) run the new branch herself and appoint one of the three to take over the original office.
C) hire a new employee to manage the office since this could be detrimental to the business.
D) appoint all three to the new branch and let them run it using a "team" approach.

E) A) and C)
F) None of the above

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Question 102

Multiple Choice

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Due to the credit crunch during the recession of 2008,many small businesses found that _____________ were more willing to lend money to smaller operations.

A) large corporations
B) credit card companies
C) international banks
D) smaller,community banks

E) All of the above
F) None of the above

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Question 103

Multiple Choice

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Chris is an angel investor.This means that he:

A small business management course at a community college may offer entrepreneurs an opportunity to:

Potential suppliers can be an excellent source of financing for a new business since lending money to a new customer may be very much in their own interest.

As a result of corporate downsizing,Alex lost his job as an information systems manager for a large telecommunications company.A bonafide computer geek in his own right,Alex knew that several of his past company contacts often outsourced their computer problems.He decided it was a good time to test the waters and see if he could secure enough computer clients to be in business for himself.His success demonstrated that:

Business plans are necessarily a bit vague since these are prepared prior to the beginning of business operations.

As an employee of a small business,DeMonte has observed the owner's desire to retire.Since DeMonte would like to buy the business,he needs to determine how much the business is worth.In order to determine a fair price for the business,DeMonte should add up the market value of all of the firm's physical assets such as buildings,machinery,equipment,and inventory,and willingly pay this amount for the business. A fair value for a business depends not only on what the firm owns,but also on what it earns and what makes it unique.

Bankers and investors require entrepreneurs to present a well-conceived business plan.

Which of the following government agencies is responsible for encouraging the development of small business?

While only a small percentage of small businesses export,the number has increased dramatically in the last decade.

When seeking financial backing from a venture capitalist,a small business owner should realize that the venture capitalist will:

Mini-Case Peppy Roaney believes that pizza is a much more versatile dish than most people realize.As the national marketing manager for Pizza Guys,he observed how consumers were delighted with barbecue pizza,Hawaiian pizza,Mexican pizza and other unique combinations.His suggestions for other unusual pizzas,however,were met with a negative response by his superiors.Even some of his colleagues laughed at his ideas.Peppy's confidence in his ability to understand the market has led him to focus on planning a business of his own.Peppy realizes that he will take a risk when he leaves his job with Pizza Guys and embarks upon a new venture: Peppy's Pizzazzeria.Peppy is excited about the potential of profitably catering to the unmet desires of pizza consumers. -Peppy knows a lot about marketing,but not much about the legal or financial aspects of starting a new business.He wants to consult with a lawyer and accountant,but his budget is tight with all of the expenses involved in getting Peppy's Pizzazzeria up and running.Peppy should:

Which of the following statements explains one of the reasons that people in the U.S.take the entrepreneurial challenge?

One of the challenges of running a home-based business is:

Not everyone dreams of owning their own business.Identify and describe at least three attributes of successful entrepreneurs.

Enterprise zones are specific geographic areas that:

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Labels Plus,LLC,exports specialty printing equipment for the labeling,flexible packaging,and carton industry.Due to increased support from _______,this company's sales to Brazilian companies and other global opportunities have significantly increased.

Although corporate managers often exhibit the skills required of successful entrepreneurs,they seldom have the desire to give up the perks and fringe benefits of corporate life and start their own business. Many corporate managers have left their jobs to become entrepreneurs.