Business Management Chapters 5 & 6 Starting and Growing Your Business Unit 2 Review Business Management Chapters 5 & 6 Starting and Growing Your Business

___ percent of all US companies are small businesses. 10-25% 26-50% 51-75% 76-100%

Limited financial liability is the most important advantage of which form of ownership? General partnership Corporation Limited partnership Sole proprietorship

Most of the businesses in the US are which form of ownership? General partnership Corporation Limited partnership Sole proprietorship

A corporation chartered in another state other than where it is doing business is called: A domestic corporation An alien corporation A national corporation A foreign corporation

The owners of a corporation are called: CEOs Partners Board of directors Stockholders

Transfer of ownership is most difficult in which type of business? Partnership Corporation Sole proprietorship

When one business purchases the property and assumes the liabilities of another company, there has been a(n): Merger Acquisition Divestiture Charter

Steve Jobs, the late CEO of Apple, helped make the company the world’s largest marketer of MP3 players, smartphones, and tablet computers. His ____ contributed to this achievement. Stubbornness Restraint Vision Intreprneurship

Ethan wants to start a business Ethan wants to start a business. He takes a personality test and discovers he possesses a trait that may reduce the likelihood he will succeed. Which of the following is that trait? Creativity Low tolerance for risk Vision Internal locus of control

Entrepreneurs possess all of the following EXCEPT: Creativity Low self-confidence Vision Internal locus of control

Anna signs a contract with SUBWAY to own and run a branch of the company. Anna is a : Franchisor Intrapreneur Visionary Franchisee

Louis works as an artist for a major textile company and created an innovation for producing designs. The company will implement Louis’s idea as part of its ____ strategy. Skunkworks Angel investment Seed capital entrepreneurship

It is suggested that entrepreneurs are a “different breed It is suggested that entrepreneurs are a “different breed.” Which of the following is a characteristic of an entrepreneur? Reliance on the way things have always been done in the past Higher than average need for achievement A tendency to avoid risk A low tolerance for failure

When trying to find an idea for a new business, it may be wise to: List your interests, abilities, values, and goals Consider the job experiences you’ve already had Look for ways to improve on existing goods and services All of these are correct

Companies that want to enhance intrapreneurship should: Remind employees that it is managers who identify new business ideas Keep goals realting to new ventures secret until the top management has approved specific ideas Discourage employees from developing new product ideas on their own Quickly move proposals for new ventures through the approval process

When entrepreneurs borrow money to finance a business venture, they are using: Debt financing Money from angel investors Money from venture capitalists Equity financing

Popular methods for entering new ventures include: Starting a business from scratch, based on an original idea Buying and existing business that has potential to be rejuvenated Buying a franchise All of these are correct

Aspiring entrepreneurs can find information by: Subscribing to magazines & reading books Using the Internet Contacting trade associations for the industry in which they have interest All of these are correct

Someone who uses entrepreneurial talent while working for a large firm is called a(n): Angel investor Intrepreneur Entrepreneur Venture capitalist

Look at page 170 – review the characteristics of entrepreneurs. Vision High Energy Level Need to Achieve Self-confidence & Optimism Tolerance of Failure Creativity Tolerance for Ambiguity Internal Locus of Control