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Full download Management 13th Edition Schermerhorn Test Bank all chapter 2024 pdf
Full download Management 13th Edition Schermerhorn Test Bank all chapter 2024 pdf
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Schermerhorn & Bachrach / Management, 13th edition Test Bank
True/False
1. Classic entrepreneurs are risk-taking individuals who take action to pursue opportunities
others fail to recognize, or even view as problems or threats.
Answer: True
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
2. A first-mover advantage comes from being first to exploit a niche or enter a market.
Answer: True
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: False
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
4. Entrepreneurs’ belief that they are in control of their own destiny shows that they have an
internal locus of control.
Answer: True
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
Answer: True
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
Answer: False
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
7. Serial entrepreneurship is one way for people, including women and minorities who have
hit the “glass ceiling” in their careers or are otherwise cut off from other employment
choices, to strike out on their own and gain economic independence.
Answer: False
Learning Objective: 6.1
Difficulty: Moderate
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
Answer: False
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
9. Social enterprises have a social mission to help make lives better for underserved
populations.
Answer: True
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
10. The vast majority of small businesses employ between 100 and 150 persons.
Answer: False
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
11. One of the most common ways to get involved in a small business is to buy and run a
franchise.
Answer: True
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
12. In a franchise, the franchise parent receives a share of income or a flat fee from the
franchisee.
Answer: True
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
13. A startup is a new venture that the entrepreneur is hoping will take shape and prove
successful as things move forward.
Answer: True
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: False
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
15. Growing too fast is one of the reasons small businesses fail.
Answer: True
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
16. A family business feud is the issue of who will run the business when the current head
leaves.
Answer: False
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: True
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: True
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
Answer: False
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: True
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
21. The life cycle of an entrepreneurial firm begins with the breakthrough stage.
Answer: False
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
22. The breakthrough stage involves establishing the firm and fighting for its existence.
Answer: False
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: True
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
24. A succession plan describes the direction for a new business and the financing needed to
operate it.
Answer: False
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
25. In a business plan, the executive summary contains the mission of the company, the details
of the owners, and the legal form of the organization.
Answer: False
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: True
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
27. A sole proprietorship is the most common form of small business ownership in the United
States.
Answer: True
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: False
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Comprehension
29. A limited liability corporation combines the advantages of sole proprietorship, partnership,
and corporation.
Answer: True
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
30. Debt financing requires collateral that pledges business assets or personal assets, such as a
home, to secure the loan in case of default.
Answer: True
Learning Objective: 6.3
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Multiple Choice
31. The term _____ describes strategic thinking and risk-taking behavior that results in the
creation of new opportunities.
A. business planning
B. partnership
C. entrepreneurship
D. proxemics
E. franchising
Answer: C
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
32. A _____ entrepreneur is a risk-taking individual who takes action to pursue opportunities
others fail to recognize, or even view as problems or threats.
A. serial
B. classic
C. follow-through
D. sustainer
E. social
Answer: B
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
33. The main characteristic of _____ entrepreneurs is that they start and run new ventures over
and over again, moving from one interest and opportunity to the next.
A. sustainer
B. classic
C. serial
D. first-mover
E. necessity-based
Answer: C
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: B
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
E. They are primarily responsible for selling of shares of stock to the public at large.
Answer: D
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
36. Nadia is unemployment and is unable to pay her bills. She realizes she loves baking and
soon opens up her own bakeshop with the help of a friend. Which of the following is true
about Nadia?
A. She is a necessity-based entrepreneur.
B. She is a social entrepreneur.
C. She is a venture capitalist.
D. She is an intrapreneur.
E. She is a serial entrepreneur.
Answer: A
Learning Objective: 6.1
Difficulty: Moderate
AACSB: Application of knowledge
Bloom’s Taxonomy: Application
Answer: C
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
38. Entrepreneurs:
A. do not like situations with high degree of uncertainty.
B. thrive on performance feedback.
C. have an external locus of control.
D. are unwilling to admit problems and errors.
E. do not like autonomy.
Answer: B
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
39. Which of the following scenarios demonstrates an entrepreneur who has a tolerance for
ambiguity?
A. Jean’s decision to modify a pre-existing problem-tackling strategy in his private firm
B. Roger’s decision to hire an experienced manager to head his new branch in another state
C. Karl’s decision to expand his private firm overseas despite the risk of facing cultural
differences
D. Sasha’s decision to quit her job to enter into a partnership with a well-recognized firm
E. Giselle’s decision to join her family’s well-established business
Answer: C
Learning Objective: 6.1
Difficulty: Moderate
AACSB: Application of knowledge
Bloom’s Taxonomy: Application
40. _____ takes place because other employment options don’t exist.
A. Classic entrepreneurship
B. Serial entrepreneurship
C. Intrapreneurship
D. An initial public offering
E. Necessity-based entrepreneurship
Answer: E
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
41. Yvette has recently lost her job and has not been able to find employment elsewhere. She
has to support her children, and take care of her mortgage. She realizes a niche for
chemical-free house cleaning services. Eventually she opens her own house cleaning
service. This is an example of _____.
A. classic entrepreneurship
B. serial entrepreneurship
C. intrapreneurship
D. necessity-based entrepreneurship
E. social entrepreneurship
Answer: D
Learning Objective: 6.1
Difficulty: Moderate
AACSB: Application of knowledge
Bloom’s Taxonomy: Application
42. _____ entrepreneurship is one way for people, including women and minorities who have
hit the “glass ceiling” in their careers or are otherwise cut off from other employment
choices, to strike out on their own and gain economic independence.
A. Classic
B. Necessity-based
C. Follow-through
D. Serial
E. Sustainable
Answer: B
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: A
Learning Objective: 6.1
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
44. Barbara, a florist, realized the need for easily accessible organic compost in her
neighborhood. Her neighborhood consists mainly of senior citizens who are unable to
procure their own gardening supplies. She quickly established “We Compost,” a non-profit
organization that delivers compost to each household in her neighborhood. This is an
example of _____.
A. serial entrepreneurship
B. classic entrepreneurship
C. intrapreneurship
D. necessity-based entrepreneurship
E. social entrepreneurship
Answer: E
Learning Objective: 6.1
Difficulty: Moderate
AACSB: Application of knowledge
Bloom’s Taxonomy: Application
45. A(n) _____ necessarily has 500 or fewer employees, is independently owned and operated,
and does not dominate its industry.
A. small business
B. social organization
C. non-profit organization
D. classic entrepreneurship
E. Internet entrepreneurship
Answer: A
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
46. A _____ is a business in which the owner of a business sells to another the right to operate
the same business in another location.
A. non-profit organization
B. franchise
C. joint venture
D. family business
E. wholly-owned subsidiary
Answer: B
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: C
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: B
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
49. A(n) _____ is a new and temporary venture that is trying to discover a profitable business
model for future success.
A. family business
B. intrapreneurship
C. startup
D. business incubator
E. acquisition
Answer: C
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: D
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: A
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
52. Nailah had to quit her job to run her mother’s bookstore when her mother passed away. The
store was earning good profits and so she decided to open a new branch in another state.
What kind of a business does Nailah own?
A. Limited liability corporation
B. Social enterprise
C. Family business
D. Corporation
E. Necessity-based enterprise
Answer: C
53. In family businesses, _____ refers to the problem that arises when members of the family
have major disagreements over how the business should be run.
A. budget deficit
B. debt financing
C. an ethical dilemma
D. a reverse culture shock
E. a family business feud
Answer: E
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
54. A(n) _____ refers to the issue of who will run the business when the current head leaves.
A. family business integration
B. family business feud
C. family disagreement
D. succession problem
E. role confusion
Answer: D
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
55. Toby and William are both general managers at Alton & Sons, their father’s business. After
a heart attack, their father decides to retire. He is faced with the challenge of choosing
between one of his two equally capable sons to replace him in the business. Which type of
problem related to family businesses is the father facing?
A. Family business integration
B. Succession problem
C. Family disagreement
D. Role confusion
E. Family business feud
Answer: B
Learning Objective: 6.2
Difficulty: Moderate
AACSB: Application of knowledge
Bloom’s Taxonomy: Application
56. A(n) _____ plan describes how the leadership transition and related financial matters will
be handled when the time for changeover arrives.
A. partnership
B. startup
C. succession
D. liability
E. equity
Answer: C
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
Answer: B
Learning Objective: 6.2
Difficulty: Moderate
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
58. Stating that the failure of a small business was due to “lack of experience” implies:
A. not having expertise in the essentials of business operations, including finance, purchasing,
selling, and production.
B. not taking the time to craft a vision and mission, nor to formulate and properly implement a
strategy.
C. not keeping track of the numbers, and failure to control business finances and use existing
monies to best advantage.
D. not taking the time to consolidate a position, fine-tune the organization, and systematically
meet the challenges of growth.
E. not having sufficient know-how to run a business in the chosen market or geographical
area.
Answer: E
Learning Objective: 6.2
Difficulty: Easy
AACSB: Analytical thinking
Bloom’s Taxonomy: Knowledge
59. Daphne decided to open her first store in Dallas. Being new to the business, she was unable
to cope with the demands of running her store, and after several bad decisions, she finally
had to shut it down. What was most likely the main reason for the failure of Daphne’s
business?
A. Lack of experience
B. Insufficient financing
C. Lack of commitment
D. Ethical failure
E. Growing too fast
Answer: A
ASSASSINATIONS:
Of President Barrios.
Of President Borda.
Of Governor Goebel.
Of President Heureaux.
Of King Humbert.
Of Professor Mihaileano.
Of M. Stambouloff.
ATHENS: A. D. 1896.
The revival of Olympic games.
{28}
ATLANTA: A. D. 1895.
The Cotton States and International Exposition.
AUSGLEICH, The.
----------AUSTRALIA. Start--------
AUSTRALIA:
Recent extensions of Democracy in the Australian Colonies
and New Zealand.
Social experiments.
"One of the most hopeful signs of the day is that, with the
help of the representatives of labor in Parliament, Australian
governments have done much within recent years to mitigate the
excess of population in the large towns, and to replace the
unemployed upon the land. Of course mistakes have been made.
In some cases settlers have failed through lack of
agricultural knowledge; in others, on account of the
barrenness of the soil. In South Australia, the village
settlements, which were avowedly started as an alternative to
relief works, have been only a modified success. In New
Zealand, village settlements have produced very satisfactory
results. … In Victoria, a labor colony has been established,
with the entire support of the trades-unionists, to which the
unemployed may be sent, and at which they receive, at a very
low rate of wages, a course of instruction in agricultural
pursuits which enables them subsequently to obtain private
employment with farmers or others. In New Zealand, I found a
very strong feeling among trades-unionists that it would be to
the interest of the workingmen themselves if a penal colony
were established, on the lines of those which exist in
Germany, to which loafers might be sent, and at which they
would be compelled to work, with the alternative of
starvation."
H. De R. Walker,
Australasian Extensions of Democracy
(Atlantic Monthly, May, 1899).
"Nor does the ominous kind of hint that preceded the Jameson
Raid fail to be uttered. Only three terminations, according to
Dr. Thurston, are possible if Sir John Forrest does not modify
his Krugerite policy towards the mining settlers:
'(1) Separation of the goldfields.—This would be only fair to
the goldfields; but thousands of Outlanders have settled in
the other parts of the colony, and this step would not redress
their wrongs. The practical result of this step would be
prosperity for the goldfields, but almost ruin for the rest of
the colony.
(2) Revolution.—I fear this is much more probable than is
generally thought. Unless a material change takes place
quickly there will be bloodshed in this colony.
(3) General depression, practically equivalent to bankruptcy.'
Separation, however, and the creation of a new colony, which
would include the Goldfields district and come down to the
sea, and would immediately join the Australian Federation, is
the remedy officially proposed by the representatives of the
Outlanders. …
{30}
S. Low,
Enigmas of Empire
(Nineteenth Century, June, 1900).
"It may be well here to remark that there are a few articles,
notably raw sugar, glucose, molasses, and treacle, upon which
the duty will be removed gradually, so as not to wantonly
disturb vested interests, but, with these exceptions, the
change is a very sweeping one."
AUSTRALIA: A. D. 1897.
Conference of colonial premiers with
the British Colonial Secretary.
AUSTRALIA: A. D. 1900.
Federation of the Australian Colonies.
The steps by which the Union was accomplished.
Passage of the "Commonwealth of Australia Constitution Act" by
the Imperial Parliament.
W. G. Beach,
The Australian Federal Constitution
(Political Science Quarterly, December, 1899).
AUSTRALIA: A. D. 1900.
The question of the Federal Capital.
Majority. 261,623