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business
business essentials

Questions and Answers of Business Essentials

One of the first things someone needs to do before starting a business is to write which of the following?a. A business planb. A loan applicationc. A partnership statementd. A franchise agreement
Which of the following is not a characteristic of a small business?a. They have less than 500 employees.b. On average, the annual revenue is no more than $7 million.c. It is independently owned
Steven Ye wants to start a company. He has a rough draft of his business plan and some tentative funding but needs some additional advice and guidance to help him through the start-up process. The
Kazuto is interested in starting a new business. Which is a reason Kazuto should consider buying an existing business versus starting one from scratch?a. He will operate a tried and tested
Wayland wants to buy a deli that is for sale, but the owner has put too high a value on the business’s goodwill. Goodwill isa. the value of the leftover products the deli gives to the local food
Rebecca has been operating a pet grooming business for several years and has already maxed out her personal credit and savings. She has designed a device that will make the pet grooming process more
Which of the following factors commonly leads to the failure of a small business?a. Not enough planningb. Too much accumulated debtc. Unanticipated personal sacrificesd. All of the above
Rashid is starting a consulting business. He needs a receptionist, a place to meet clients, and other aspects of an office. A good solution for Rashid to consider would be a(n)a. mentoring
Small businesses can have a positive impact on large businesses. True or False
A social intrapreneur is someone who provides funding for those in Third World countries who want to begin their own businesses but have no capital with which to do so. True or False
Although most small businesses have annual revenues less than $39 million, there is no specific revenue limit set by the SBA for small businesses. True or False
A franchisee is usually required to pay the franchiser an ongoing fee. True or False
Crowdfunding is putting a request for funds on your Facebook page. True or False
Companies that encouraged their employees to pursue entrepreneurial activities within an existing business created products such as Post-It Notes and Sony PlayStation. What aspects of the corporate
Discuss how social media has affected small businesses at all stages of their development, such as financing, marketing, and communications.
You want to start a business but not from scratch. Go to Entrepreneur.com and research three franchise opportunities you would consider pursuing. Make sure these franchises are within your financial
Congratulations! You just won the lottery! You are looking for some start-up businesses in which to invest some of your winnings. Go to Angel List (https:// angel.co) and research the types of
What does it take to create a socially conscious business? Play The New Heroes game on PBS to see if you have what it takes. Go to PBS.org and click on “The New Heroes” under the “Programs”
If you were a new small business owner, where would you go for help? Many colleges have a small business development center (SBDC). These centers, which are affiliated with the SBA, provide
Omar and Sam are physical therapists who work together. Their office is on the first floor of a building Omar owns. They need protection of their personal assets as well as to protect themselves from
Why might a potential business owner want to establish a business as a sole proprietorship?a. The owner can use personal assets to satisfy any business liabilities.b. The owner can take into
Trudy and Yvonne have come together to run Salford Children’s Center. The center receives state and federal grants, and whatever is left over is put back into the center to improve and expand its
Jackson Eats is a partnership owned by Jesse and Robert Jackson. They need additional capital to expand to a new location, so they have decided to bring in Sean, who will only contribute capital.Sean
Which of the following is not an advantage of a C corporation?a. The owner’s personal assets are protected.b. The owner can raise greater sources of funds by selling shares of ownership.c. The
Warren Buffet runs Berkshire Hathaway, which owns companies such as GEICO insurance, Dairy Queen, Fruit of the Loom, and Helzberg Diamonds. Berkshire Hathaway is considered to be which of the
A group of people elected by a firm’s shareholders to oversee the operation of a corporation area. the firm’s CEO, CFO and COO.b. the firm’s board of directors.c. the firm’s line managers.d.
Which is a benefit of cooperatives?a. The power of the group enables them to negotiate for goods and services at favorable prices.b. They are exempt from paying federal and state taxes.c. They are
Dad’s Camping Equipment Co. buys tents from Son’s Outdoor Tent Co. If Dad’s company merges with Son’s company to form Family Outdoor Equipment Store, which of the following best describes the
The management team of Company A has contacted the shareholders of Company B encouraging them to replace their current managers with a new group who are more in line with the goals of Company A.
Any business can elect to be an S corporation.True or False
Liabilities include losses associated with breaches of contract or from damages.True or False
A small, privately owned company can be structured as a corporation.True or False
A significant disadvantage of forming a partnership is the amount of paperwork and reporting it requires.True or False
A partnership agreement should include procedures that outline how a partner’s departure from the business will be handled as well as how new partners are to be brought in.True or False
What are the similarities and differences between a general partnership and a limited partnership?
Approximately 70 percent of all businesses are sole proprietorships. Why is sole proprietorship a popular form of business ownership? What are the circumstances when it might be important to consider
Research other codes of ethics from three different organizations. List any common values sited in these codes. Note any differences between organizations and comment on why you think the unique
Do you think establishing a code of ethics is sufficient to ensure ethical behavior in an organization? What other forms of action or behavior might be necessary to ensure ethical business behavior?
Look on the Internet for a current example of a business merger, takeover, or acquisition. Explain the circumstances of the event. What companies are involved? Was the event friendly or unfriendly?
You want it to be something you can do while you’re still a student. Research on the Web ideas for small businesses for students. Describe at least three different ideas and include what form of
Search the Web for information on how to pick the perfect business partner. Write a list of rules for picking the perfect business partner based on what you have learned. What factors should be taken
Beginning a business requires a lot of planning, but even still, the business often fails. However, most business owners do not have an “exit plan” in mind when they start the venture. Research
Can you identify and or manage a cooperative?Go to www.coops.wisc.edu and play the “Find the Co-op” and “You’re the Boss!” games. Write a brief summary of what you learned while playing
The four primary processes of management area. planning, optimizing, leading, and controlling.b. organizing, controlling, planning, and leading.c. prioritizing, leading, controlling, and
A SWOT analysisa. is an important part of developing a strategic plan.b. is one type of contingency planning.c. helps translate the tactical plan in instructions for employees.d. guarantees that
A well-defined corporate vision benefits a company bya. keeping managers focused on strategies that are consistent with the company’s goals.b. illustrating the company’s values to investors.c.
The mission statement is a description of an organization’sa. financial health.b. current purpose, basic goals, and philosophies.c. philanthropy goals.d. tactical plan.
The focus of a strategic plan is different than a tactical plan becausea. a strategic plan is has a long-term focus and a tactical plan looks just a few years ahead.b. it is not written down but
The controlling function of management is best described asa. keeping employees in line.b. watching employees carefully by monitoring their e-mail and phone usage.c. measuring the firm’s
The span of control of a specific position is found bya. counting the number of employees that person supervises.b. considering how many e-mails that person receives each day.c. calculating the
The seven basic tools for monitoring a business include all of the following excepta. Pareto analysis.b. Monte Carlo statistical simulations.c. scatter plots.d. cause-and-effect diagrams.
Positions that would be considered middle managers includea. sales manager.b. marketing manager.c. operations manager.d. all the above.
A corporation with a matrix organizational systema. pools people into groups by skills.b. makes sure teams have more responsibility for the outcome of their work.c. organizes based on functional
A company with a vertical organization cannot use an inverted organization.True or False
A SWOT analysis is used to determine the strategic fit between an organization and its internal and external environments.True or False
Conceptual skills mean a person has the ability to think abstractly.True or False
Contingency planning helps a business weather a disruption or a crisis.True or False
The Six Sigma initiative is focused on improving communication.True or False
Would you prefer to work in an organization with a vertical structure or a flat, horizontal structure? Would your answer change if you were the CEO instead of a new hire? How would you feel about
Review the tools presented for monitoring quality. How would this kind of data-driven decision making help managers make decisions?Could too much data make it difficult to decide on a course of
Google invested a great deal of time mining its own internal data to determine what type of person makes a good Google manager. Dubbed Project Oxygen, researchers made more than 10,000 observations
Using online resources like YouTube and Lynda.comsee if you can teach yourself to create a Pareto chart in Excel. Can you create a histogram? A scatter plot?Can you find a PowerPoint template for a
Time management skills are important for a manager to have to work efficiently and accomplish all the tasks a manager is expected to handle on any given day. How are your time management skills? As a
Visit the Ted.com website and search for the 20-minute video “Are We in Control of Our Own Decisions?” by Dan Ariely, a behavioral economist. Watch the video and concentrate on the example of the
The acronym SMARTER reminds us that goals should be specific, measurable, acceptable, realistic, timely, extending, and rewarding. Do some research on the Web to see how other people have implemented
Which of the following are types of leadership styles?a. visionary, affiliativeb. laissez-faire, democraticc. autocraticd. all the above
The corporate culture isa. is a set of rules written down and distributed.b. the values and behaviors shared by managers and workers.c. defined by the country where the corporate headquarters are
Maslow’s hierarchy of needsa. is a theory of why people are motivated.b. uses three factors to compute the motivation of a person in a situation.c. was developed to address the Hawthorne effect.d.
With creative and abstract work, studies find that the principal motivators area. financial incentives.b. autonomy, mastery, and purpose.c. competitive push for advancement.d. reduction in hours
Teams improve creativitya. when the phenomenon of groupthink sets in.b. no matter what the makeup of the team.c. when best practices for selecting the team members and roles are followed.d. when
An example of Herzberg’s hygiene factors isa. feeling of belonging.b. creativity.c. safe working environment.d. respect.
Theory Z is different than Theory X or Theory Y becausea. it relies heavily on collaborative decision making.b. it is authoritarian and hard line.c. it is often seen in mass-manufacturing settings.d.
Virtual teams are teams thata. are incomplete and need to be dissolved.b. communicate only through face-to-face meetings.c. primarily focus on technology-based projects.d. work in different physical
A laissez-faire leader woulda. challenge every decision.b. take a hands-off approach to management.c. believe in strong involvement in employee teams.d. be very important to a company experiencing a
Extrinsic motivators include such things asa. doing work that you enjoy.b. believing your opinion matters.c. knowing there is a large financial bonus for good work.d. working for a company whose
Corporate culture is the set of sports and extracurricular activities promoted at work.True or False
Great leaders exhibit a high degree of emotional intelligence.True or False
Intrinsic motivators come from a sense of purpose and value in the work employees are doing.True or False
Strength-based management believes the best way to develop talent is to help employees add skills and knowledge that build on their existing strengths.True or False
Groupthink is the convergence of the group on the best idea.True or False
When in your life have you been motivated by external factors like rewards, money, or promotion? In what kind of setting would the combination of autonomy, mastery, and purpose be more successful in
Consider the traits of effective leaders presented on (p. 237) in the chapter. Then consider your own personality traits. How could you strengthen the leadership traits you do not currently see in
You have just been assigned a position on a virtual team. What specific strategies would you focus on to be a strong, contributing member of the team? Are there specific skills you would need to
How would you handle this situation? Would you voice your objection or go along with the team?
If you decide to voice your objection, do you address the entire team or speak to members individually? Why?
How would you reconcile your role as a loyal employee and team player with your need to uphold ethical standards?
Find three online leadership, team roles, or personality assessment tools. Go to testyourself.psychtests.com for examples. How consistent are the results in describing your personality or tendencies?
Do an online search for the “20th Century American Leaders Database,” which is a database maintained by the Harvard University Business School (www.hbs.edu). Select one leader from your state,
Go to YouTube and view Daniel Pink’s animated video on intrinsic motivation titled “Drive.” Describe the presentation in terms of what motivates you in school and in your free time. Then watch
Review the materials published by Susan Cain on the value of being introverted. Cain argues that some people are more creative and productive when given the space to work alone. Has our culture
Consider a team that you are part of and complete the Team Effectiveness Assessment form at www.mindtools.com. Submit the form and examine the summary for your score. Do you agree with the analysis
Human resource management requires expertise ina. managing staffing needs as a company evolves.b. training and evaluating employees.c. compensation, disciplinary actions, and promotion of
A company that gives employees an amount of stock based on the time the person has worked there is running a(n)a. ESOPb. AESOPc. 401kd. IRA
Types of training required in some careers includea. an on-the-job mentor.b. time spent as an apprentice.c. programmed learning.d. All of the above.
The performance review process often includes all of the following excepta. an evaluation of the employee’s social standing in the work environment.b. an assessment of the employee’s relative to
Amit Patel, as part of his compensation package, was offered an opportunity to purchase his company’s stock at a later date at its current, lower price.Which of the following was Amit given?a. A
James Rodriguez wants to spend more time at home with his two-year-old granddaughter and is considering leaving his company. He could receive three months’ pay and the same retirement package he
Which one of the following is not a good reason to hire a contingent worker?a. To fill in for absent employeesb. Keeping employees for shorter periods of time keeps salary costs lowc. To supplement
Which of the following are benefits that companies experience by employing a diverse workforce?a. Cultural differences result in alternative perspectives and lead to better problem solving.b. They
The AFL-CIO, the UAW, and the Teamsters are examples ofa. illegal organizations.b. labor unions.c. labor relations theories.d. contingent workers.

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