Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Management
Q:
A _____ isprivately owned byone individual or a group of individuals and hassales and assets thatare not adequate enoughto meaningfullyinfluence itsenvironment.
a. publicly held corporation
b. regulatory agency
c. non-profit organization
d. strategic business unit
e. small business
Q:
Sarah has started a day care centre of her own. She makes the major decisions about how the centre runs, what services it provides, and at what prices. She has funded the venture with her own savings and will be taking up complete responsibility of the success or failure of the venture. Sarah is most likely a(n) _____.
a. commercial financer
b. retailer
c. venture capitalist
d. angel investor
e. entrepreneur
Q:
Who among the following is most likely to be an entrepreneur?
a. Rebecca works as an operations manager at Omega Corp.
b. Kevin is a student who also writes for a magazine.
c. Anita works for a non-profit organization.
d. Jordon has invested a small amount of money in Libra Inc. which is a large corporation.
e. Mariam has taken a loan to fund her new caf.
Q:
Entrepreneurs:
a. are essentially limited partners in a business venture who assume minimal risks.
b. do not directly participate in the operation of a business venture.
c. are individuals who invest in promising start-ups established by others.
d. are involved in planning and organizing activities of a business venture.
e. are individuals who exclusively start non-profit organizations.
Q:
Which of the following statements is true about entrepreneurs?
a. Entrepreneurs hire professional managers to take care of all the business operations.
b. Professional managers who manage businesses of others are also entrepreneurs.
c. Entrepreneurs assume the risks of their business ventures.
d. Entrepreneurs do not participate in planning and organizing activities.
e. Entrepreneurs do not invest personal savings in their businesses.
Q:
Which of the following statements is true about entrepreneurs?
a. They are typically angel investors.
b. They essentially start new businesses.
c. They essentially hire professional managers.
d. They essentially manage businesses of other individuals.
e. They are essentially employees of a corporation.
Q:
Jason has started a restaurant of his own. He makes all the major operational decisions and is completely liable for the profits and losses the restaurant makes. Jason is most likely to be a(n):
a. SCORE volunteer.
b. first-line manager.
c. angel investor.
d. venture capitalist.
e. entrepreneur.
Q:
Match the following numbered items with the most correct industry.A response may be used once, more than once, or not at all.a. Serviceb. Retailingc. Constructiond. Finance and insurancee. Wholesalingf. Transportationg. ManufacturingCitibank
Q:
Match the following numbered items with the most correct industry.A response may be used once, more than once, or not at all.a. Serviceb. Retailingc. Constructiond. Finance and insurancee. Wholesalingf. Transportationg. ManufacturingEl Galindo, maker of tortilla chips
Q:
Match the following numbered items with the most correct industry.A response may be used once, more than once, or not at all.a. Serviceb. Retailingc. Constructiond. Finance and insurancee. Wholesalingf. Transportationg. ManufacturingNannies-R-Us, babysitting providers
Q:
Match the following numbered items with the most correct industry.A response may be used once, more than once, or not at all.a. Serviceb. Retailingc. Constructiond. Finance and insurancee. Wholesalingf. Transportationg. ManufacturingSix Flags Inc., theme park operator
Q:
Match the following numbered items with the most correct industry.A response may be used once, more than once, or not at all.a. Serviceb. Retailingc. Constructiond. Finance and insurancee. Wholesalingf. Transportationg. Manufacturing4Wheel Parts, seller of accessories to auto dealers
Q:
Match the following numbered items with the most correct industry.A response may be used once, more than once, or not at all.a. Serviceb. Retailingc. Constructiond. Finance and insurancee. Wholesalingf. Transportationg. ManufacturingBrannon Homes, builder of homes
Q:
Match the following numbered items with the most correct industry.A response may be used once, more than once, or not at all.a. Serviceb. Retailingc. Constructiond. Finance and insurancee. Wholesalingf. Transportationg. ManufacturingAmtrak, railroad operator
Q:
More difficult to obtain information about projected revenues, cash flow
Q:
Match the following numbered items with the most correct response.A response may be used once, more than once, or not at all.a. Starting a business from scratchb. Buying an existing businessc. Buying a franchiseProvides a proven business plan
Q:
Match the following numbered items with the most correct response.A response may be used once, more than once, or not at all.a. Starting a business from scratchb. Buying an existing businessc. Buying a franchiseObtains ongoing access to advice from experts
Q:
Match the following numbered items with the most correct response.A response may be used once, more than once, or not at all.a. Starting a business from scratchb. Buying an existing businessc. Buying a franchiseCan choose suppliers and employees without worrying about existing agreements
Q:
Match the following numbered items with the most correct response.A response may be used once, more than once, or not at all.a. Starting a business from scratchb. Buying an existing businessc. Buying a franchiseResponsible for building a customer base
Q:
Match the following numbered items with the most correct response.A response may be used once, more than once, or not at all.a. Starting a business from scratchb. Buying an existing businessc. Buying a franchiseEstablished relationships with the community
Q:
Match the following numbered items with the most correct response.A response may be used once, more than once, or not at all.a. Starting a business from scratchb. Buying an existing businessc. Buying a franchiseLess uncertainty about sales and cash flow
Q:
Match the following numbered items with the most correct response.A response may be used once, more than once, or not at all.a. Starting a business from scratchb. Buying an existing businessc. Buying a franchiseHistorical records answer questions about cash flow problems
Q:
More than half of all new businesses do not last six years. What are four general factors that cause failure of business?
Q:
Explain the first mover advantage and how it differs for small businesses and large organizations.
Q:
Discuss the concept of entrepreneurship.
Q:
Minorities and _____ are starting more small businesses than in the past.
Q:
A contract between an entrepreneur and a parent company where the entrepreneur pays the parent company for the use of its trademarks, products, formulas, and business plans is called a(n) _____.
Q:
Jos has just founded a company to develop educational software, and he has brought together a group of educators and parents to help him better understand the needs of children. This group is called a(n) _____.
Q:
A group of small investors seeking to make profits on companies with rapid growth potential is called a(n) _____.
Q:
One important part of a business plan is the entrepreneurs' estimate of the amount of business they expect, also called a(n) _____.
Q:
A firm that exploits a marketing opportunity ahead of its competitors is said to have a(n) _____.
Q:
A(n) _____ is simply a segment of a market that is not currently being exploited.
Q:
Primarily because they require few resources, _____ businesses are the fastest-growing segment of small-business enterprise.
Q:
The roles of entrepreneurial firms in our economy are innovation, _____, and importance to large business.
Q:
_____ businesses supply over half of all "innovations" introduced into the U.S. marketplace each year.
Q:
An independently owned and operated enterprise with relatively little influence over its environment is defined in the text as a(n) _____.
Q:
_____ is a general factor that contributes to the success of small businesses.
a. Escalation of commitment
b. External locus of control
c. Satisficing
d. Managerial competence
e. Self-dealing
Q:
Which of the following factors is responsible for the failure of a small business?
a. Managerial inexperience
b. Strong control systems
c. Excess capital
d. Entrepreneurial competence
e. Complacency among competitors
Q:
Which of the following is a recent business trend?
a. Better survival rates of entrepreneurial ventures
b. Emergence of brick-and-mortar ventures
c. Decline in the number of small businesses in the retail industry
d. Decline in opportunities for women
e. Increased preference for jobs in large corporations
Q:
Which of the following statements is true about franchising?
a. A franchise agreement gurantees success to the franchisee.
b. Each franchise outlet isprobably a carbon copy of every other outlet.
c. The franchisee gets to use the parent company formulas and trademarks for free.
d. The franchisee has the freedom to sell new products and modify the products of the parent company.
e. Most franchising agreements can be easily terminated.
Q:
What is a disadvantage of starting a business through a franchise agreement?
a. The franchisee does not get management consultation from the parent company.
b. The franchise agreement may be difficult to terminate.
c. The venture will have to be built step by step.
d. The risks of failure are higher for a franchisee compared to an entrepreneur who starts a business from scratch.
e. The franchisee cannot use trademarks of the parent company.
Q:
Which of the following is a disadvantage of franchising agreements?
a. The franchisee cannot use the trademarks and business plans.
b. The franchisee loses some independence in running the venture.
c. The franchiser does not get any investment from the franchisee.
d. The franchisee must establish management and operation processes from scratch.
e. The franchiser has no control over what products the franchisee sells.
Q:
Match the following numbered items with the most correct response letter.A response may be used once, more than once, or not at all.a. Advantage of individual decision makingb. Disadvantage of individual decision makingc. Advantage of group decision makingd. Disadvantage of group decision makingUndesirable compromises
Q:
Match the following numbered items with the most correct response letter.A response may be used once, more than once, or not at all.a. Advantage of individual decision makingb. Disadvantage of individual decision makingc. Advantage of group decision makingd. Disadvantage of group decision makingIn a fast-paced world, decisions are made quickly
Q:
Match the following numbered items with the most correct response letter.A response may be used once, more than once, or not at all.a. Advantage of individual decision makingb. Disadvantage of individual decision makingc. Advantage of group decision makingd. Disadvantage of group decision makingLess knowledge and information are available
Q:
Match the following numbered items with the most correct response letter.A response may be used once, more than once, or not at all.a. Advantage of individual decision makingb. Disadvantage of individual decision makingc. Advantage of group decision makingd. Disadvantage of group decision makingGroupthink
Q:
Match the following numbered items with the most correct response letter.A response may be used once, more than once, or not at all.a. Advantage of individual decision makingb. Disadvantage of individual decision makingc. Advantage of group decision makingd. Disadvantage of group decision makingMore alternatives are generated
Q:
Match the following numbered items with the most accurate options.A response may be used once, more than once, or not at all.a. Coalitionb. Intuitionc. Escalation of commitmentd. Risk propensitye. SatisficingAn alternative with minimum standard of sufficiency
Q:
Match the following numbered items with the most accurate options.A response may be used once, more than once, or not at all.a. Coalitionb. Intuitionc. Escalation of commitmentd. Risk propensitye. SatisficingOffice politics
Q:
Match the following numbered items with the most accurate options.A response may be used once, more than once, or not at all.a. Coalitionb. Intuitionc. Escalation of commitmentd. Risk propensitye. SatisficingRoll the dice
Q:
Match the following numbered items with the most accurate options.A response may be used once, more than once, or not at all.a. Coalitionb. Intuitionc. Escalation of commitmentd. Risk propensitye. SatisficingA gut feeling
Q:
Match the following numbered items with the most accurate options.A response may be used once, more than once, or not at all.a. Coalitionb. Intuitionc. Escalation of commitmentd. Risk propensitye. SatisficingA Ponzi pyramid scheme that requires more and more investment to pay earlier investors
Q:
Define interacting groups. State one advantage and disadvantage of using these groups in decision making.
Q:
In evaluating a decision alternative, the decision maker should apply three criteria. Describe the three criteria that an ideal alternative should satisfy.
Q:
Define decision making, and discuss programmed and nonprogrammed decisions.
Q:
Contrast programmed and nonprogrammed decisions.
Q:
A(n) _____ is a decision-making group or team in which members openly discuss, argue about, and agree on the best alternative.
Q:
A _____ is a form of group decision making in which a group arrives at a consensus of expert opinion.
Q:
_____ is the extent to which a decision maker is willing to gamble when making a decision.
Q:
A(n) _____ is an informal alliance formed to achieve a common goal.
Q:
Behavioral aspects of decision making include political forces, _____, escalation of commitment, risk propensity, and ethics.
Q:
The model of decision making that is prescriptive and assumes that managers make rational and logical decisions is called the _____ model.
Q:
When managers are aware of all the alternatives in a decision-making situation and the conditions associated with each alternative, they are said to be making the decision under a state of _____.
Q:
_____ decisions deal with unique situations that have never occurred before.
Q:
Sandra places orders for supplies for her bakery every month. This is an example of a(n) _____ decision.
Q:
U.S. Steel and the United Steelworkers announced an agreement for a 3-year contract. The agreement is an example of a(n) _____ decision.
Q:
Recognizing and defining the nature of a decision situation, identifying alternatives, choosing the best alternative, implementing it, and evaluating the results constitute the _____ process.
Q:
Which of the following helps a manager avoid groupthink during group decision making?
a. Assigning one person to act as devil's advocate
b. Making his or her preferences known to the group as early as possible
c. Instructing members to avoid expressing divergent viewpoints
d. Giving the group as much time as they need to make a decision, without enforcing a deadline
e. Encouraging group cohesiveness
Q:
One disadvantage of group decision making is that:
a. very little information and knowledge are available.
b. one person may dominate the group.
c. fewer alternatives are generated.
d. it reduces the chances of acceptance of the final decision.
e. it prevents groupthink from developing.
Q:
Groupthink:
a. results in more conflicts.
b. is most likely to occur in non-cohesive groups.
c. often leads to choosing a wrong alternative.
d. results in extensive brainstorming.
e. results in polarization.
Q:
Which of the following is an advantage of group decision making when compared to individual decision making?
a. The group process is less expensive.
b. Groupthink is avoided.
c. Less time is consumed.
d. More alternatives are likely to be generated.
e. Political forces are completely eliminated.
Q:
Omega Inc., a large appliances company, went bankrupt because of a series of poor managerial decisions and a downturn in the economy. In retrospect, it would seem that there was too much emphasis on the group reaching a consensus decision whenever the managers were involved in decision making. As a result, many decisions by the managers at Omega were made to avoid conflict. What disadvantage of group decision making does this scenario represent?
a. Domination
b. Groupthink
c. Irrationality
d. Satisficing
e. Coalitions
Q:
Which of the following disadvantages of group decisions typically results from the group being very cohesive?
a. Disagreement
b. Groupthink
c. Lower acceptance of the final decision
d. Minimal participation of members
e. Conflicts
Q:
Which of the following is true of nominal groups?
a. Innovative ideas are not generated in nominal groups.
b. Members of nominal groups are brought together in a face-to-face setting.
c. Members of nominal groups talk freely among themselves, argue, agree, form internal coalitions, and so forth.
d. Only one individual dominates a nominal group.
e. Nominal groups are most often used for forecasting technological breakthroughs.
Q:
_____ is a situation that occurs when a group or team's desire for consensus and cohesiveness overwhelms its desire to reach the best possible decision.
a. Groupthink
b. Groupshift
c. Brainstorming
d. Condorcet's paradox
e. Group polarization
Q:
A disadvantage of group decision making is that:
a. groupthink may occur.
b. generation of different opinions does not occur.
c. communication may be curbed.
d. knowledge available is always limited.
e. only a few alternatives are likely to be generated.
Q:
When managers want to be sure to get innovative and creative ideas, they will often create a(n) ____ group..
a. judge-advisor system
b. coalition
c. advocacy group
d. nominal group
e. political group
Q:
Macy Computers Inc. faced a major software error that brought all work in the company to a standstill. Roger, the CEO, arranged for a panel of well-known engineers in the state to estimate the time that it would take for the error to be set right. Each engineer made an estimate and sent it to the group's leader, Dr. Rajesh. Dr. Rajesh averaged the estimates and sent the average back out to the group. People who had submitted unusual estimates were asked to say why those estimates were chosen. Roger used a(n) _____to help his company get rid of the software crisis.
a. interacting group
b. Delphi group
c. standing committee
d. work group
e. unstructured group
Q:
A(n) _____ is a form of group decision making in which a group arrives at a consensus of expert opinion.
a. interacting group
b. Delphi group
c. inactive group
d. unconventional group
e. unstructured group
Q:
Which of the following is true of interacting groups?
a. They are the least common decision-making groups.
b. They effectively eliminate the possibility of groupthink.
c. They can be regular work teams.
d. They provide little scope for new ideas.
e. They do not involve political forces.