Multiple Choice Qps

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Name:___________________Favorite Snack:___________________Introduction to BusinessPart 2 and 3: Starting and Growing Your Business and Management: EmpoweringPeople to Achieve Business ObjectiveChapter 5-11(Email to: Dr. Luis Ortiz at lortiz@nmhu.edu)Multiple Choice and Essay Exam
MULTIPLE CHOICE
Chapter 5
1. What percentage of all small businesses are owned by women?a. 17b. 25c. 34d. 522. If you are considering starting your own business, what should you do first?a. Learn the basics of business.b. Recognize your limitations.c. Write up a business plan.d. Apply for a Small Business Administration (SBA) loan.3. Apple Computer, FedEx, Staples, and many other well-known companies used ________ when theywere start-ups.a. active capitalb. Small Business Investment Company (SBIC) financingc. joint venturesd. microloan financing4. A person who seeks a profitable opportunity and takes the necessary risks to set up and operate abusiness is a(n) ________.a. wealth generatorb. entrepreneurc. stockholderd. business executive with a plan5. Which of the following best describes an entrepreneur?a. The owner of a small businessb. An individual who creates a new productc. The investors in a new businessd. A risk taker who seeks a profitable opportunity
 
6. Dell Computer founder Michael Dell and Microsoft co-founder Bill Gates are two well-knownexamples of ________.a. intrapreneursb. change agentsc. atypical entrepreneursd. classic entrepreneurs7. An entrepreneurially oriented person who develops innovations within the context of a largeorganization is a(n) ________.a. change agentb. intrapreneurc. managerd. classic entrepreneur8. 3M Co. encourages its employees to develop innovative new products, ideas, and commercialventures. 3M encourages its employees to be ________.a. classic entrepreneursb. change agentsc. intrapreneursd. innovative associates9. Concerning education and entrepreneurs, all of the following statements are correct EXCEPT:a. Hundreds of colleges and universities offer classes in entrepreneurship.b. Some colleges and universities sponsor business plan contests.c. Colleges and universities cannot allow students to start their own businesses due toliability issues.d. Some colleges and universities offer entrepreneurship courses outside the usual businesscurriculum.
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10. Which demographic/economic trend has increased the opportunities for entrepreneurs?a. Aging populationb. Increase in wagesc. Surplus of college graduatesd. Steady interest rates11. Entrepreneurs possess all of the following traits EXCEPT ________.a. tolerance for ambiguityb. creativityc. lack of tolerance for failured. self-confidence12. Studies indicate that the average entrepreneur works ________ per week.a. more than 68 hours per week b. six or seven hours per dayc. weekends onlyd. between 52 and 56 hours per week 13. .Entrepreneurs rely LEAST on _________ to fund their companies (start ups).a. personal savingsb. bank loansc. credit cardsd. family members14. Price auctions on eBay are an example of ________.a. e-businessb. communicationc. informationd. entertainment15. Management is the process of achieving ________ through (and with) people and other resources.a. Profitsb. Statusc. organizational objectivesd. societal objectives16. Most top executives began their careers as which type of expert?a. Technicalb. Financialc. Human relationsd. Marketing17. Human skills involve ________.a. directing and controlling operationsb. understanding knowledge and tools of a specific disciplinec. leading and motivating workersd. seeing the organization as a unified whole18. Conceptual skills are ________.a. not as important at the top management levelb. very important for supervisorsc. skills that allow a person to understand how all the pieces of an organization fit together toaccomplish its objectivesd. very important in understanding human motivation
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19. What is the first step toward an organization's path to success?a. Financial planb. Visionc. Strategic pland. Hiring the best peopleANS: DIF: 2 REF: p. 259 OBJ: TYPE: KNTOP: AACSB Analytic20. Generally, which type of manager needs vision the most?a. Supervisory managersb. Staff managersc. Middle managersd. Members of top management21. Senior management usually spends the majority of their time on ________ plans.a. tacticalb. contingencyc. strategicd. operational22. By using a(n) ________, Starbucks addressed the threat of fluctuating consumer trends by offeringa variety of beverages and merchandise beyond coffee.a. mission statementb. contingency planc. matrixd. SWOT analysis23. .________ is the act of directing or inspiring others to perform activities designed to achieveorganizational objectives.a. Controllingb. Communicatingc. Organizingd. Leadership24. Leadership is most often associated with the ability to ________.a. communicate well with large groups of peopleb. arrange activities that have to be performed in a systematic wayc. determine the most effective course of actiond. inspire others toward high levels of achievement25. An organization's system of principles, beliefs, and values is called ________.a. corporate cultureb. democratic leadership systemc. free-rein systemd. organizational structure26. Which of the following groups is typically most responsible for shaping a corporate culture?a. Current senior managementb. Current middle managementc. The company's foundersd. Long-time employees
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