Studies siggest the leadership of the organization

Plays an essential role in ethical behavior

What is the legal obligation of a corporation

Acquire wealth for stockholders

The overall purpose of the government laws that impact business isto:

Protect the free enterprise system

An ethical dilemma refers to a situation where you must

Choose between equally unsatisfactory alternatives

Why is it common for a growing business to outgrow the entrepreneurial skills of its founder?

Founders may not possess the leadership skills needed as the business expan

The four functions of management include:

Planning, organizing, leading, controlling

Examples of key activities include

Production, problem solving, supply chain management

what role does Intrepreneurship play in large organizations

involves applying an entrepreneurial mindset in an established organization

Why were Ben and Jerry advised against going public according to their financial advisors?

It would expose their financials to the public.

What is referred to as a 'purposeful accident' in the context of innovation

Intentional setups within, to foster unexpected innovative outcomes

What is noted about the ability of partnerships and corporations to raise capital?

Partnerships often require partners to invest more personal resources

If global trade experts predict that the value of the dollar willsoon fall, it will result in

Prices of imported goods rising but prices of US goods soldoverseas falling

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BOSCHA- MIDTERM 3

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Questions 92

Answers

1
Which business entity is the easiest to form?
Sole proprietorship
Partnership
Limited liability company
All of the above
2
A partnership in which firms join to undertake a major project andshare technology and risk is considered
Strategic alliances
Joint ventures
Licensing
Franchising
3
Alternative dispute resolution method is a form of negotiation involving a third-party to reach a binding settlement
Mediation
Jurisdiction
Binding arbitration
Non binding arbitration
4
An IPO is when many entrepreneurs realize the largest paycheck from their business
False
True
5
Alternative dispute resolution is a form of negotiationinvolving a third-party to help reach a non-binding settlement?
Juristdiction
All of the above
Arbitration
Mediation
6
Setting work standards and schedules necessary to implement the firm’s tactical objectives describes:
Operational planning
Tactical planning
contingency planning
Strategic planning
7
Which allows the profits to belong to the owners?
Corporation
Sole proprietorship
All of the above
Partnership
8
Which business entity has double taxation
LLC
Corporation
Partnership
Sole proprietorship
9
Studies siggest the leadership of the organization
Plays an essential role in ethical behavior
Is irrelevatn to ethics
has marginal influence on ethical behavior
Operates autonomously that it has no impact
10
Which business entity has double taxation?
Sole proprietorship
Partnership
Corporation
Limited liability company
11
Is an initial way to “test” the viability of the business concept
False
True
12
I will have to pay interest on ____ financing.
Debt and equity
Debt
Neither
Equity
13
When the US dollar is weak the cost of foreign goods is:
The same
More expensive
Less expensive
14
These skills are most needed at the very top of every organization
All of the above
Human resource skills
Technical
Conceptual
15
A disadvantage of an IPO is:
Jeopardizing the firm’s image
An influx of capital
All of the above
Improving the firm’s image
16
What is the legal obligation of a corporation
Benefit society
Be responsible corporate citizen
Acquire wealth for stockholders
Do the right thing
17
A ___ will protect others from copying the unique design of aphysical product
Copyright
Trademark
Patent
IP
18
In a general partnership, each partner is liable only for the debts he or she incurs
True
False
19
Exporting produces jobs for the exporting country
True
False
20
In which form of organization do owners have limited liability?
Partnership
Limited Liability Company
Sole propretorship
Partnership
21
The overall purpose of the government laws that impact business isto:
Protect the free enterprise system
Prohibit foreign competition
Increase taxes
All of the above
22
Taxes in imported goods
Import quota
Trade protection
Levy
Tariff
23
An ethical dilemma refers to a situation where you must
Balance the concerns of profit and legality
Choose between equally unsatisfactory alternatives
Treat someone unfairly
Choose between a correct and incorrect option
24
A ___ will protect the creators of original works of authorshipsuch as literary, dramatic, musical, and artistic works
Patent
Servicemark
Copyright
Intelectual property
25
Which term refers to the movement of goods and services amongnations without political or economic barriers
Mutually beneficial exchange
Free trade
Comparative advantage
absolute advantage
26
A purposeful unlawful act to deceive or manipulate in a dishonestway to trick people
Breach of contract
Negligence
Tort
Fraud
27
The value proposition is based on
Product or service offered
All of the above
"selling" the business concept
Solving a customer need
28
A corporation is a legal entity in the eyes of the law. Which of the following can it do
Sue in court and be sued
Borrow Money
All of the above
Buy and sell property
29
A sole proprietorship introduces a form of risk
True
False
30
Why is it common for a growing business to outgrow the entrepreneurial skills of its founder?
Founders usually prefer working alone rather than in teams
Founders may not possess the leadership skills needed as the business expan
Founders often lack the technical skills needed for businessoperations.
Founders tend to focus more on innovation than onprofitability
31
The four functions of management include:
Planning, organizing, learning, controlling
Planning, organizing, leading, controlling
Plotting, organizing, leading, controlling
32
This tool identifies external opportunities and threats
Brainstorming
Modeling
PMI
SWOTT
33
Examples of key activities include
Production, problem solving, supply chain management
Physical, intelectual, human
All of the above
Revenue, value, pricing
34
Which business entity has the longest possible life?
Limited liability company
Partnership
Sole proprietorship
Corporation
35
what role does Intrepreneurship play in large organizations
reducing the size of the workforce
involves applying an entrepreneurial mindset in an established organization
refers to the process of taking over smaller companies
focused on cutting operational costs only
36
When two firms voluntarily combine to form a new firm, it is called:
A merger
A leveraged buyout
A joint venture
An acquisition
37
Ethical issues may occur due to
Ignorance
All of the above
Unrealistic or poorly defined performance goals
Differing personal ethics code
38
Why were Ben and Jerry advised against going public according to their financial advisors?
It would force them to sell the company.
It would expose their financials to the public.
It would limit their ability to raise capital.
It would allow too many people to become shareholders.
39
What is referred to as a 'purposeful accident' in the context of innovation
Intentional setups within, to foster unexpected innovative outcomes
Mistakes that lead to financial losses
Legal issues that result from new product developments
Marketing strategies that fail to meet their objectives
40
Entrepreneurs and their ventures:
All of the above
Create jobs
Are innovative
Are highly adaptive
41
What is noted about the ability of partnerships and corporations to raise capital?
Corporations are unable to issue stock to raise capital
Partnerships often require partners to invest more personal resources
Corporations may struggle to attract new investors due to limited liability
Partnerships can easily attract large investments due to mutual agency
42
There is no global or international system of laws anf therefore laws may be inconsistent
True
False
43
This tool identifies internal strengths and weaknesses
Modeling
PMI
SWOT ANALYSIS
Brainstorming
44
Developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done describes
Contingency planning
Tactical planning
Stategic planning
Operational planning
45
When the Us dollar is trading for less than a foreign currency the costs of foreign goods are
None of the above
Less expensive
The same
More expensive
46
Obeying the law is ___ ethical behavior
The opposite
The first step towards
Unlikely to lead to
The same as
47
If global trade experts predict that the value of the dollar willsoon fall, it will result in
Prices of imported goods falling but prices of US goods soldoverseas rising
prices of imported goods rising and prices of US goods sold overseas rising
Both prices of imported goods & US goods sold overseas falling
Prices of imported goods rising but prices of US goods soldoverseas falling
48
A ___ will protect the use of symbols, shapes, colors, and sounds– all part of a firm’s ‘trade dress
Patent
Trademark
IP
Copyright
49
A sales channel may include:
All of the above
Vending machines
Retail stores
Online stores
50
A business ___ obey the law or deal with consequences.
SHOULD
MUST
MIGHT
CAN
51
Current trade data shows one country exports far more to othernations than it imports. This country has
Trade deficit
Trade surplus
Unfavorable balance of trade
Low balance of trade
52
A partnership firms establish to help each buildcompetitive advantage but do not share risk and profits isconsidered
Joint ventures
Franchising
Strategic alliance
Licensing
53
Which of the following is an advantage of the corporate form oforganization?
Double taxation
Smooth transfer of ownership
Unlimited liability
Limited lifespan
54
Most CEOs come from:
Within the firm
Competing firms
Top tier colleges
Outside the firm
55
Which company was used as an example of the “Shift to Service Economy” entrepreneurial trend?
Space x & Tesla
Airbnb
Microlending fund
Khan Academy
56
We want to list the positives and negatives of each alternative. We may benefit by using:
Modeling
Brainstorming
SWOT
PMI
57
Which of the following is an advantage of the corporate form of organization?
Unlimited liability
Limited lifespan
Smooth transfer of ownership
Expense of creation
58
Which are areas of disagreement in the Globalization Debate
All of the above
Jobs and income
National soverigenty and culture
The effect on the worlds poor
59
Government tarrifs benefit
Consumers of product with tariff
Consumers and producers
Producers of a product with tariff
Neiher consumers nor producers
60
Although the FTC regulates a variety of business practices, it allocatesa large portion of its resources to curbing
False advertising
All fo the above
Deceptive packing
Misleading pricing
61
Which of the following is required for enforcing a legal contract
Consideration
All of the above
Contractual capacity
Voluntary agreement
62
Criminal and covil law are derived from these sources
statuary law
precedents
all of the above
administrative law
63
Violations of ___ law may result in fines, but not imprisonment
Administrative
Civil
Statuary
Criminal
64
About what percent of the US population is actively pursuing a new business venture?
1%
72%
10%
50%
65
I give up a portion of ownership through____ financing
Debt
Property
Real
Equity
66
Which business entity involves the concept of mutual agency?
Limited liability company
Partnership
Sole proprietorship
All of the above
67
he Dodd-Frank Act of 2010
Provides community employment benfits
Determines the moral responsibilities of a business to its stakeholders
Tightened regulation of credit rating agencies
Sets mandatory capital requirements
68
Which entities have the greatest challenges acquiring capital?
Sole proprietorships & partnerships
Partnerships & LLCs
Partnerships & LLCs
LLCs & corporations
69
A feasibility analysis:
Is an initial way to “test” the viability of the business concept
All of the above
Determines “yes” this business is a “go
Provides all the detail a bank would require for a business loan
70
What is one of the first decisions Ben and Jerry had to make when starting their business
Selecting a name fot their parlor
Determining what flavors of ice cream to produce
Choosing a location for their store
Deciding whether to form a partnership or corporation
71
Which factor was NOT listed as a reason for business failures
Dysfunctional management
Operational inefficiencies
Poor customer service
Lack of a succession plan
72
Equity financing is about ownership not about borrowing
False
True
73
Limits on the number of products a nation can import is best described as:
Embargo
Trade protectionism
Import quota
Tariff
74
About what percent of the US population is actively pursuing a new business venture?
1%
50%
10%
72%
75
Which is NOT an advantage of Globalization
Protection of domestic industries
Access different materials
Potential decreasted cost
Potential increased revenue
76
Setting work standards and schedules necessary to implement thefirm’s tactical objectives describes
Strategic
Contingency
Tactical
Operational
77
The business model canvas
creates a graphic and direct discussion and action towards results
guarentees results
all of the above
requires a formalized manuscript
78
What was unique about the minimum buy-in for shares offered by Ben and Jerry?
It was designed to exclude small investors.
It was set at a high level to attract wealthy investors.
It was set at a low amount to allow people of limited wealth to invest
It was comparable to other public offerings at the time.
79
What is a key point about innovation
: involves creating new ideas that movebeyond existing concepts.
: is less important than financial management inentrepreneurship.
: is primarily about making minor improvements toexisting products
: should focus on aesthetics rather thanfunctionality
80
The Sarbanes-Oxley Act of 2002
establishes new or enhanced standards for all public accounting firms
defines all ethical business behavior
provides community employment benefits
sets mandatory capital requirements
81
US firms must follow US laws while conducting global business
False
True
82
Which business is the easiest to form
Sole proprietorship
Partnership
LLC
All of the above
83
patent gives inventors exclusive rights to their inventions for
20 years
10 years
5 years
A lifetime
84
A contractual agreement someone sells a business idea and gives the rights to use the name and sell a product in a area
Strategic alliance
Joint Venture
Exporting
Franchising
85
Which business entity has the most government regulation?
Sole proprietorship
Corporation
Limited liability company
Partnership
86
A potential negative impact of outsourcing may include:
Increased taces
Higher tariff regulations
Loss of cultural integrity
Reduction in domestic jobs
87
Why did Ben and Jerry decide to go public with their company?
To raise capital for business expansion.
Because they were advised to by legal counsel.
To limit their personal financial exposure.
To implement a state-wide marketing strategy.
88
Firms that place value on ethical behavior and foster aculture and climate that originates at the __ of the organization
Bottom
Top
Center
Middle
89
I want to raise $100K for my new venture, but do not want anyone else in control An Angel Investor may be a good option
False
True
90
What is required to create a corporation as opposed to a partnership
A partnership agreement
Agreement between two or more parties
A charter from the state government
A fixed number of business partners
91
Equity financing is about ownership, not about borrowing.
False
True
92
Which stockholders usually have the right to vote for the Board of Directors?
Shared
Preferred
All of the above
Common

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