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Exam 5: Small Business, Entrepreneurship, and Franchises

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Question 31

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By age 26, Tom was a plant manager in the snack-foods division. By 33, he headed the division, one of the most profitable in the corporation. Eventually, however, the company decided to move its corporate offices. Although he loved the job and thought the work was great, Tom's lifestyle was awful. He was on the road so often that he was giving up much of his family life. Tom had also become disenchanted with corporate life. He saw that the closer one got to the top, the more vulnerable one's position became. Thus, Tom left the corporation to start his own snack-foods company. His thoughts and actions most clearly reveal his

A) entrepreneurial spirit.
B) need for independence.
C) desire to determine his own destiny.
D) willingness to find and accept a challenge.
E) lack of self-confidence.

F) A) and D)
G) A) and C)

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Question 32

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What is the Small Business Administration? Who created it?

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The Small Business Administration (SBA) ...

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Question 33

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Ronald is the director of a university-based group that provides individual counseling, specialized training, and research data to owners of small businesses. Ronald's group is called a

What is a small-business institute? How does it help small-business owners?

According to Census Bureau and Federal Reserve surveys, about 50 percent of all new businesses begin with less than ____ in total capital.

To qualify as a small business, an agricultural company's maximum annual receipts must be no more than

Steven Jobs and David Wozniak, the founders of Apple Computer, Inc., are creative, free-spirited individuals who decided that being corporate underlings was not what they wanted from a career. They had an innovative idea for a product and desired to create their own business based on this idea. All of the following are factors that could have led them to go into business except

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

International trade will become more important to small-business owners in the new century.

Few Americans take advantage of their freedom to start a business.

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

David Fisher, a recently retired corporate executive, is becoming restless in his new role and would like to make this transition smoother by participating in the business community in some limited manner. Since David is financially secure and primarily interested in some sort of volunteer work, he should consider becoming involved with which of the following SBA programs?

What are the disadvantages of owning a small business?

Lauren starts a business that sells personal computers. Within the first year she discovers that computer technology becomes outdated very quickly, and she has not been able to sell her products for as much as she thought due to the passage of time. Lauren has mismanaged

All of the following are advantages that small businesses have except

Small businesses are generally managed by professional managers.

Eric decides to purchase and operate a Subway restaurant. Eric is the

A carefully constructed guide for the person starting a business is a(n)

The purchaser of a franchise is called the franchisor.

Large companies often find it less expensive to purchase parts from small companies than to manufacture their own.