question

A small business are:

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a. independently owned b. operated for profit d. difficult to manage e. demanding of the owner's time and attention

question

To qualify as a small business, a retailing establishment may not exceed annual sales of:

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e. $12.5 million

question

Approximately how many small businesses are there in the United States?

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c. 27 million

question

Mary's cleaning business has several customers but is not dominant I its field. This is an example of a(n) _______ business:

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c. small

question

Businesses are generally placed into three broad categories: service, production, and ____

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c. distribution

question

The acronym SCORE stands for:

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d. Service Corps of Retired Executives

question

Dana owns and operates a catering business. This is an example of a:

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c. service business

question

An individual's desire to create a new business is referred to as:

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a. the entrepreneurial spirit

question

Joe decides to start his own business designing websites for other businesses. Joe's business would be classified as a:

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e. service business

question

What is the most popular course offered by the SBA?

answer

c. A course that surveys 8-10 areas of management

question

What is the primary reason that so many new business fail?

answer

Mismanagement resulting from lack of business know-how.

question

Business such as flower shops, restaurants, bed and breakfasts, and automobile repair are good candidates for entrepreneurs because they

answer

have a relatively low initial investment.

question

An individual's desire to create a new business is referred to as

answer

the entrepreneurial spirit.

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What is a common mistake that small-business owners make when their businesses begin growing?

answer

They invest too much of their own money.

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The fact that insulin and power steering both originated with individual inventors and small companies is testimony to the power of small businesses as providers of

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technical innovation.

question

In her small retail shop, Jocelyn knows most of her best customers by name and knows their preferences in clothing and shoes. This demonstrates which advantage of a small business?

answer

personal relationships with customers.

question

Shonta started a graphic design firm a year ago. The business has done well, but it needs a lot more equipment, computers, and employees to continue expanding. Shonta thinks she can get all the money she will need from her bank. What advice might you give her?

answer

she could consider alternative sources of financing because banks provide only a portion of the total capital to small businesses.

question

Volunteers for SCORE are

answer

retired and active businesspeople from different industries.

question

An individual or organization granting a license to operate an individually owned business as though it were part of a chain of outlets or stores is a(n)

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franchisor.

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Manju asks for your advice in opening a new business. She plans to provide tax-related services to individuals and small-business owners in her community. Of course, she wants an attractive means of starting and operating her business with a reasonable hope of succeeding in it. What will be your advice?

answer

consider purchasing a franchise.

question

Management can achieve its goals by coordinating what four types of resources?

answer

e. Material, informational, human, and financial

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Coordinating people and the other resources of an organization to achieve the goals of the organization is the process of

answer

a. management.

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An organization's most important resource is Its ______________resources.

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b. human

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Airplanes, crates, and trucks represent _____ resources for Federal Express.

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b. material

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Lawyers, accountants, and engineers are ____ resources of Microsoft.

answer

Human

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Jessica is hired to keep the books and pay the bills for a small company. She provides a(n) ____ resource for the firm.

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c. human

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Planning, organizing, leading, motivating, and controlling make up the

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c. four basic functions in the management process.

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If on January 1, 2011, Microsoft stated that by 2020 it wants to have a 85 percent share of the U.S. software market, it is stating a(n)

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a. goal.

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A(n)______ is a smaller-scale plan developed to implement a strategy.

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d. tactical plan

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A plan that outlines alternative courses of action is called a(n) _______ plan.

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d. contingency

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The process of developing a set of goals and committing an organization to them is called

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b. planning.

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Grouping resources and activities to accomplish some goal is called

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e. organizing.

question

Acme Houseware established a goal to increase its sales by 20 percent in the next year. To ensure that the firm reaches its goal, the sales reports are monitored on a weekly basis. When sales show a slight decline, the sales manager takes actions to correct the problem. Which management function is the manager using?

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b. Controlling

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Who is responsible for developing a firm's mission?

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a. Top managers

question

The chief executive officer of Southwest Airlines provides the company with leadership and overall guidance and is responsible for developing its mission and establishing its goals. Which area of management is being used?

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d. Administrative

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This manager is responsible for facilitating the exchange of products between an organization and its customers or clients.

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b. Marketing manager

question

These types of skills allow a manager to see the "big picture" and understand how the various parts of an organization or idea can fit together.

answer

b. Conceptual skills

question

Because a large part of the manager's day is spent conversing with others, it is important for the managers to have

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d. communication skills.

question

Which leadership style is task-oriented, driven, charismatic, and enthusiastic?

answer

c. Entrepreneurial leadership

question

Which of the following statements is correct about TQM?

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a. Top management must make a strong commitment to a TQM program by treating quality improvement as a top priority. b. Employees should be aware of TQM

question

The process of dividing work to be done by an entire organization into separate parts and assigning the parts to positions within the organization is called?

answer

d. Specialization

question

Who was the first to recognize the power of specialization?

answer

d. Adam Smith

question

ABC Distributors is reorganizing to better control costs. The company decided to group hospitals, schools, and churches together into one department. Which departmentalization base is the company using?

answer

e. Customer

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A narrow span of management works best when:

answer

d. New problems arise frequently

question

Many managers are reluctant to delegate. Which one of the following is not one of the reasons they are reluctant to do so?

answer

c. They are so disorganized that they simply are not able to plan and assign work

question

A supervisor assigned to Wendy, the most proficient employee in the accounting department, a project on cost control that was due in 3 weeks. For Wendy to be accountable for the project, what must Wendy be given?

answer

a. Responsibility

question

A committee is organized to review applications for scholarships. The group will award two scholarships to recent high school graduates. What type of committee would work best?

answer

a. Ad hoc committee

question

A relatively permanent committee charged with performing some recurring task is called:

answer

b. Standing committee

question

In order to best handle the grapevine, managers should:

answer

d. Recognize its existence

question

The process of dividing work to be done by an entire organization into separate parts and assigning the parts to positions within the organization is called _________

answer

d. specialization.

question

Older and larger firms that produce and sell a variety of products tend to organize by

answer

b. product

question

A supervisor assigned to Wendy, the most proficient employee in the accounting department, a project cost control that was due in three weeks. For Wendy to be accountable for the project, what must Wendy be given?

answer

a. Responsibility

question

Many managers are reluctant to delegate. Which of the following is not one of the reasons they are reluctant to do so?

answer

c. They are so disorganized that they simply are not able to plan and assign work.

question

One worker in Department A produces 45 units of work per day on a computer, whereas a co-worker produces only 40 units of work per day on a computer. Since the first worker produces more units, that worker has a

answer

b. higher productivity rate.

question

Services differ from the production of manufactured goods in all ways except that services

answer

b. aren't as important as manufactured products to the U.S. economy.

question

The goal of basic research is to

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a. uncover new knowledge without regard for its potential use.

question

Two important components of scheduling are

answer

d. place and time.

question

A common planning horizon for production activities is

answer

e. one year.

question

A ______ manufacturing system combines electronic machines and computer-integrated manufacturing in a single-production system.

answer

d. flexible.

question

The process of acquiring materials, supplies, components, and parts from other firms is known as

answer

c. purchasing.

question

Procter & Gamble uses ______ production to produce household products.

answer

d. mass.

question

If a good or service satisfies a human need, it has

answer

e. utility.

question

The American economy is now characterized as a(n) _____ economy.

answer

d. service.

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