California BAM 418 – Small businesses thrive in every industry

Multiple Choice Questions (Enter your answers on the enclosed answersheet) 41 1. Small businesses thrive in every industry, but the majority of them are in:1. mining and manufacturing2. service industries3. the general construction industry4. retail businesses2. Forces driving the entrepreneurial trend in our economy include which of thefollowing?1. shift to a service economy2. e-commerce3. technological advancement4. all of the above3. Money driven and wild risk takers are both:1. common characteristics of entrepreneurs2. common misconceptions of entrepreneurs3. entrepreneur’s techniques to success4. none of the above4. Small businesses suffer high mortality due to which of the following?1. limited resources2. inexperienced management3. lack of financial stability4. all of the above5. The following is true regarding entrepreneurial education:1. entrepreneurship has become an extremely popular course2. more courses are being offered in entrepreneurship3. universities are not able to meet the demand for courses inentrepreneurship4. all of the above6. “Copreneurs” are:1. business magazines targeted towards entrepreneurs2. entrepreneurial couples who work together as co-owners of theirbusiness3. personality traits of entrepreneurs4. none of the above BAM 418 Small Business Management Unit 1 Examination 7. Sexual harassment is a serious problem in the workplace and:1. employers are only liable if the sexual harassment is “quid pro quo”2. more than 80% of the charges are brought by women3. about 40% of all sexual harassment in the workplace is done byfemales to males4. is especially bad in small businesses8. The ethical standards test of ethical behavior in businesses that prioritizesacting in such a way that the action taken under the circumstances could be auniversal law or rule of behavior is called:1. the golden rule2. the professional ethic3. Kant’s categorical imperative4. the family test9. Perhaps the best way to deal with the environmental challenges we facewould be to:1. conduct corporate education programs on the issues for employees2. revert society to a simpler, more environmentally friendly economy 42 3. create redesigned, “clean” manufacturing systems4. enhance efforts at recycling existing waste10. Businesses have which of the following responsibilities to their customers?1. earning a profit while being socially responsible2. the right of choosing the products they buy and use3. reducing packaging, reusing material, and recycling when possible4. properly managing a diverse workforce11. Creative thinking is no place for ________.1. conformity2. flexibility3. ambiguity4. all of the above BAM 418 Small Business Management Unit 1 Examination 43 12. The goal of the ________ stage in the creative process is to subject theinnovative idea to the test of cold, hard reality.a. investigation b. transformation c. verificationd. gestation13. While working for iRobot, Jim Lynch came up with a new product whilecleaning the gutters on his house. Lynch is an example of a(n) ________.a. managerb. intrapreneur c. entrepreneur d. disruptor14. ________ are negative internal factors that inhibit the accomplishment of afirm’s objectives.1. Strengths2. Opportunities3. Threats4. Weaknesses15. The final step in creating a knowledge management program is:1. to continue to add to the knowledge base the company has assembled2. to create company goals and objectives3. to organize the essential knowledge and disseminate it throughout thecompany to thosewho need it4. to take an inventory of the special knowledge a company possessesthat gives it acompetitive advantage16. How is the strategic planning process for small companies different from thatfor large companies?1. It should be conducted by top management and provided to lowermanagement.2. The process should begin with setting objectives and conclude withcompetitive analysis.3. The planning horizon should cover at least five years into the future.4. The process should be informal and not overly structured—”ashirtsleeve approach.” BAM 418 Small Business Management Unit 1 Examination 17. Entrepreneurial success requires both persistence and ________.a. reluctance b. resilience c. connections d. education18. Companies started by women differ from companies started by men in that:1. women’s companies start smaller 44 2. women’s companies tend to be labor-intense businesses and thereforeemploy morepeople, even though they have smaller revenues3. men tend to start their businesses with their own capital, women withothers’ capital4. men’s start-ups tend to be smaller and less well-financed thanwomen’s19. “Everybody does it.” is an example of:1. consequences and outcomes2. moral blindness3. justice4. public justification20. ________ is the ability to apply creative solutions to problems and opportunitiesto enhance or to enrich people’s lives.a. Creativityb. Showboating c. Commoditizing d. Innovation21. Which of the following is true about successful entrepreneurs and their vision?1. It is created independently of their market or their customers.2. It includes their understanding of the competition and their key marketsegments.3. They create it in cooperation with their employees.4. They are able to communicate it and their enthusiasm for it to all thosearound them. BAM 418 Small Business Management Unit 1 Examination 22. Entrepreneurs start businesses for a number of reasons including:1. having to deal with less government regulation than as an executive ofa large company2. an opportunity to make a difference3. a much lower risk of career failure due to layoff or acquisition thanworking for a largecompany4. the opportunity to get rich much quicker than if they work for a largecompany23. An entrepreneur’s ________ and ________ influence the way she leads her firmthrough every decision that is made; every policy written; and every actiontaken.1. management; family2. personal values; beliefs3. management; finances4. none of the above24. ________ is the ability to develop new ideas and to discover new ways oflooking at problems and opportunities.1. Creativity2. Showboating3. Innovation4. Commoditizing25. A strategic plan should not:1. encourage participation by employees2. begin with extensive objective setting3. be informal and not structured4. be relatively small

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