Question 1 .

0 out of 4 points

The role of ________ is to serve as a buffer that protects creditors from loss in case of financial difficulty. Answer Selected Answer: a. leverage Correct Answer: b. equity financing

. Question 2 .0 out of 4 points

The highest level of ethical behavior is Answer Selected Answer: b. codes of ethics Correct Answer: c. personal ethics

. Question 3 .0 out of 4 points

What is a marketing process that involves obtaining meaningful individual level consumer information, analyzing this information, and making marketing decisions based on customer response? Answer Selected Answer: c. service marketing

Correct Answer: a. database management

. Question 4 .0 out of 4 points

Which of the following is NOT part of developing a marketing strategy? Answer Selected Answer: d. all of the other answers are part of marketing Correct Answer: a. developing an effective marketing mix strategy

. Question 5 .0 out of 4 points

In order to maintain control, the business owner should Answer Selected Answer: b. use venture capital funds Correct Answer: c. invest more personal funds thal all other sources combined

. Question 6 .4 out of 4 points

Risk _____ is refusing to undertake an activity where the risk is too costly. Answer

Selected Answer: a. avoidance Correct Answer: a. avoidance

. Question 7 .0 out of 4 points

A small business's long-lived assets, such as buildings, should be financed with Answer Selected Answer: a. short-term loans Correct Answer: c. long-term loans

. Question 8 .0 out of 4 points

SWOT analysis is Answer Selected Answer: a. used to scan the business environments Correct Answer: b. organized into the form of a matrix

. Question 9 .4 out of 4 points

A change in the number of competitors is a change in Answer Selected Answer: c. the external environment Correct Answer: c. the external environment

. Question 10 .0 out of 4 points

Employees in smaller workplaces have greater __________ than those in larger firms. Answer Selected Answer: c. chance of sharing in ownership Correct Answer: b. job satisfaction

. Question 11 .0 out of 4 points

Which of the following has the Supreme Court ruled illegal for most private employers? Answer Selected Answer: d. all 3 of the listed employment methods have been ruled illegal Correct Answer: b. polygraph testing

. Question 12 .0 out of 4 points

The greatest problem facing small businesses is Answer Selected Answer: a. inadequate management Correct Answer: b. shortage of capital

. Question 13 .0 out of 4 points

What defines the present business scope and broadly describes the organization's present capabilities, focus, and activities? Answer Selected Answer: b. a goal Correct Answer: d. a mission statement

. Question 14 .0 out of 4 points

Which form of ownership helps entrepreneurs gain some shield from personal liability with tax advantage of a partnership? Answer Selected Answer: a. proprietorship

Correct Answer: c. LLC

. Question 15 .0 out of 4 points

Which system collects, records, processes, reports, and converts data into a useable form? Answer Selected Answer: a. account system Correct Answer: b. management information system

. Question 16 .0 out of 4 points

Marketing research Answer Selected Answer: b. can be used to identify customers for the firm's products Correct Answer: e. (b) and (c) only

. Question 17 .0 out of 4 points

______ is the ability of the supervisor to influence individuals to attain objectives. Answer

Selected Answer: c. communication Correct Answer: a. leadership

. Question 18 .0 out of 4 points

A business that is independently owned and operated, is not dominant in the field, and does not engage in many new or innovative practices is known as a(n) Answer Selected Answer: c. microbusiness Correct Answer: b. small business

. Question 19 .0 out of 4 points

What are the current assets, less current liabilities, that are used by a firm to produce goods and services? Answer Selected Answer: b. equity Correct Answer: d. working capital

. Question 20 .0 out of 4 points

According to the Family Firm Institute, about what % of small family firms survive to the second generation? Answer Selected Answer: 4. 90% Correct Answer: 2. 30%

. Question 21 .0 out of 4 points

What should be the first management function performed in a small business? Answer Selected Answer: c. staffing Correct Answer: a. planning

. Question 22 .0 out of 4 points

SBIC stands for Answer Selected Answer: c. Small Business Inventory Cost Correct Answer: a. Small Business Investment Company

. Question 23 .0 out of 4 points

Financial planning involves Answer Selected Answer: a. estimating income and expenses Correct Answer: d. all of the above

. Question 24 .0 out of 4 points

Venture capitalists Answer Selected Answer: b. are a form of debt financing Correct Answer: c. prefer to back fast-growth industries

. Question 25 .0 out of 4 points

Which of the following statements regarding a business plan is (are) not true? Answer Selected Answer: b. A plan is a money-raising tool to attract venture capital

Correct Answer: a. A well written business plan always eliminates a small business owner's chances of failing