Reference no: EM132223793
1. When you study an opportunity or problem and brainstorm new ways to address it or accomplish it, you are demonstrating:
a. Ingenuity
b. Innovation
c. Creativity
d. Resourcefulness
2. The levels of ethical standards for an organization include (and are bounded by):
a. Legal requirements (the law), the organization's stance on ethics, and employees' morals
b. Legal requirements (the law), industry standards, employees' morals
c. Industry standards, employees' morals, customers' expectations
d. Industry standards, the organization's stance on ethics, and employees' morals
3. When managers are motivated by selfish reasons (primarily greed) they are said to be practicing:
a. Amoral management
b. Immoral management
c. Unethical management
d. Unscrupulous management
4. When teaching employees to be creative, which of the following is a good practice?
a. Encourage them to look at a product or service from a different perspective.
b. You need to permit mistakes and failures as just part of the process
c. Encourage your employees to accept their coworkers' ideas
d. All of the above help employees learn to be creative
5. ________ is the act of applying creative solutions to problems and opportunities.
a. Ingenuity
b. Innovation
c. Creativity
d. Opportunism
6. When a manager chooses the option to a dilemma/problem that offers the greatest good for the greatest number of people, they are exercising:
a. The common good approach to ethics
b. Kant's categorical imperative
c. The golden rule of ethics
d. The utilitarianism approach to ethics
7. Managers who strive for success only within the boundaries of legal and ethical standards are:
a. Often less than ambitious
b. Short-sighted by nature
c. Moral managers
d. Amoral managers
8. This individual is someone inside a firm who uses his/her entrepreneurial skills without incurring the risks that are typically associated with those activities.
a. An organizational entrepreneur
b. An intrapreneur
c. An incubator
d. An intrepreneur
9. According to an outside article we read, an entrepreneur:
a. Is a key market player
b. Takes a holistic approach to business
c. Is more interested in people than profit
d. Creates new space in existing markets.
10. True or false: The opportunity to be creative is often reserved for a select few within an organization.
a. True
b. False
11. Which of the following is true for potential franchise owners?
a. Opening a franchise is a very costly endeavor.
b. A franchise does not give you the freedom that your own business would.
c. Franchisees are independent business owners.
d. Franchises offer you an opportunity to be innovative.
12. A __________ establishes full disclosure and guidelines for the franchising company.
a. Franchise articulation agreement.
b. Franchise disclosure document
c. Franchise guideline document
d. Franchise regulation guide
13. _____________ are financial investors in a partnership who can't participate in the day-today management of it. They have limited liability; thus, if the business fails, they only lose the money they have invested in it.
a. Dormant partners
b. Silent partners
c. Limited partners
d. Protected partners
14. The majority of financing sources for starting a franchise come from:
a. Commercial bank loans
b. Family and friends
c. Small Business Association (SBA) loans
d. Personal savings or retirement funds
15. Which of the following statements is true of a franchise?
a. Franchises are safer than independent start-ups and will not fail
b. Franchises allow the owner to be removed from day-to-day management
c. Franchises almost always require the franchisee to pay royalties.
d. None of the above is a true statement.
16. True or False: When you purchase a service, such as your health care plan from the Affordable Care Act site, you are participating in e-commerce.
a. True
b. False
17. The majority of franchises are for:
a. Retail food services
b. Fitness and personal care services
c. Business services
d. Quick service restaurants
18. By far, the largest market share of business forms is the:
a. Sole proprietorship
b. Partnership
c. Limited Liability Company (LLC)
d. Corporation
19. According to an outside video we watched, __________ is essential to the success of starting a new business.
a. Prior business ownership experience
b. Significant management experience
c. Enlisting the help of a coach
d. All of the above.
20. In limited liability companies (LLCs), profits and losses can be passed through to owners without taxation of the business itself.
a. True
b. False