Test Bank all Chapter

Small Business Management Launching & Growing Entrepreneurial Ventures, 20e Justin Longenecker, William Petty, Leslie Palich, Frank Hoy

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Chapter 01 - The Entrepreneurial Life

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True / False

• The universally accepted definition of the term small business is based solely on the number of people employed by the

firm.

• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Creation of Value

KEYWORDS: Bloom's: Understand

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:56 AM

• There is no single definition of entrepreneurship.
• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Creation of Value

KEYWORDS: Bloom's: Understand

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:56 AM

• An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Moderate

REFERENCES: 1-2 Small Business and Entrepreneurship

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QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:57 AM

• Entrepreneurs should avoid hiring mediocre people.
• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:58 AM

• Research departments of big businesses tend to focus on innovating and creating new products.
• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.03 - LO: 1-3

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:58 AM

• Managers who buy out founders of existing firms may be classified as second-stage entrepreneurs.
• True 3 / 4

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• False

ANSWER: True

POINTS: 1

DIFFICULTY: Easy

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Creation of Value

KEYWORDS: Bloom's: Remember

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 9:59 AM

• Franchisees have limited power because they have a contract and relationship with a franchising organization.
• True
• False

ANSWER: True

POINTS: 1

DIFFICULTY: Moderate

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Understand

DATE CREATED: 11/12/2021 6:41 PM

DATE MODIFIED: 4/1/2022 10:00 AM

• An entrepreneurial team consists of the owner, the financier, and one key employee.
• True
• False

ANSWER: False

POINTS: 1

DIFFICULTY: Moderate

REFERENCES: 1-2 Small Business and Entrepreneurship

QUESTION TYPE: True / False

HAS VARIABLES: False

LEARNING OBJECTIVES: LONG.SMAL.23.01.02 - LO: 1-2

NATIONAL STANDARDS: United States - BUS PROG: Promotion United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic

TOPICS: Operations Management

KEYWORDS: Bloom's: Remember

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