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Business Management & Ownership Forms: A Comprehensive Review

This review covers the different ownership forms, advantages, and characteristics of entrepreneurs in business management.

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Business Management & Ownership Forms: A Comprehensive Review

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

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

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

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

  5. 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

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

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

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

  9. 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

  10. 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

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

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

  13. 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

  14. 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

  15. 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

  16. 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

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

  18. 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

  19. 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

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

  21. 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

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