Business Essentials - Ch. 6-7 Review

Question 1

T/F: An entrepreneur is someone who takes on all risk in starting a business to earn a profit

Accepted Answer

True

Question 2

T/F: The amount of money needed to open the business is known as Start-up financing

Accepted Answer

True

Question 3

The ability to motivate individuals and groups to accomplish important goals is known as:

Accepted Answer

Leadership

Question 4

There are over ___________ new businesses created annually in the United States.

Accepted Answer

500,000

Question 5

Money provided by large investors to finance new businesses & products is known as:

Accepted Answer

Venture Capital

Question 6

Which of the following are ways to prepare to be a better leader?

Accepted Answer

Observe leaders, Participate in organizations and activities, Do a self analysis and ask for feedback

Question 7

Process of starting, organizing, and assuming the responsibility for a business is known as:

Accepted Answer

Entrepreneurship

Question 8

Which of the following is a disadvantage to running a small business?

Accepted Answer

Much higher time requirement

Question 9

When group members recognize the leader has special expertise in that area, it is known as:

Accepted Answer

Expertise influence

Question 10

T/F: Where the manager is directive and controlling is called the Mixed Management style

Accepted Answer

False

Question 11

Accomplishing goals of an organization through the effective use of people & other resources

Accepted Answer

Management

Question 12

In terms of management levels, Presidents, CEO's, and Vice Presidents are considered to be:

Accepted Answer

Executives

Question 13

T/F: There are four functions of Management: Planning, Staffing, Organizing, and Implementing

Accepted Answer

False

Question 14

Which of these is not an advantage of running a small business?

Accepted Answer

Higher operating expenses

Question 15

T/F: Apple updating the iPhone to have facial recognition is an example of an improvement

Accepted Answer

True

Question 16

All of the following are standards of ethical behavior except for which of the following?

Accepted Answer

Cannot harm the executives of the company

Questions 16