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Study Resources (Business Management)

  61.A contract between two or more parties in which one party agrees, for a fee, to assume the risk of another is called _____.  A.coverage B.insurance C.separation of duties D.bailment 62.Which of the following is true of insurance?  A.All risks are insurable. B.An insurance company only charges a fee for large businesses with over 100 employees. C.Insurance companies.
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  31.Which of the following approaches yields better results in richer, dynamic, uncertain environments or industries?  A.Promotion focus B.External focus C.Effectuation focus D.Prevention focus 32.Entrepreneurs who develop long-range plans for all aspects of the business are known as _____.  A.critical-point planners B.opportunistic planners C.comprehensive planners D.reactive planners 33.Christopher is a hard-working entrepreneur who looked into all the details of his small.
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  41.Which of the following practices should be adopted to ensure that a computer is kept secure?  A.Writing down all your passwords where it's easily accessible B.Using the same password for long durations C.Setting a PC to lock itself up after a few minutes of inactivity D.Opening downloads from unexpected sources 42.Which of the following represents.
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  Multiple Choice Questions  21.The level of probability that the future economic state of the business will be worse than expected is referred to as _____.  A.business risk B.economic certainty C.business continuity D.business amortization 22.Misappropriation of business property by employees of that business is referred to as:  A.employee branding. B.employee theft. C.employee attrition. D.employee engagement. 23.The most common form of _____ is.
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  41.Which of the following characterizes a habit-based planner?  A.They take a long-term view, develop long-range plans for all aspects of the business, are comfortable with planning, and act based on the plans they've developed. B.They plan around the most important aspect of the business first, act on it, and then consider if.
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  61.Which of the following forms of business faces double taxation?  A.S Corporation B.Professional corporation C.Corporation D.Limited liability companies 62.Which of the following forms of business is the easiest to set up?  A.A limited liability company B.A corporation C.An S corporation D.A general partnership 63.In _____, the earnings of the business are distributed to the business owners and those owners pay.
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  81.Which of the following is true with regard to minorities in small businesses?  A.Minority-owned firms have not grown much in recent years and are a slow growing sector. B.The establishment of both public and private funding and networking initiatives has helped to level the business playing field for minority entrepreneurs. C.There is a.
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  31.The Age Discrimination in Employment Act prohibits employment discrimination against individuals who are _____ years old and older.  A.30 B.40 C.20 D.35 32.The Americans with Disabilities Act:  A.requires that employers make reasonable accommodation for limitations of qualified applicant or employee unless to do so creates undue hardship. B.prohibits discrimination with respect to any condition of employment based.
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  Multiple Choice Questions  21.Which of the following countries is one of the most litigious societies in the world?  A.France B.Japan C.Switzerland D.United States 22.Which of the following is one of the ways in which attorneys charge?  A.Quarterly fees B.Annual fees C.Hourly fees D.Continuous fees 23.Martha got billed by her lawyer for 40 minutes of consultation. Which of the following ways did.
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  11.Risk from loss of key personnel and former employees setting up competition against your business can be managed by negotiating employment contracts with those key employees.  12.In managing risk from violation of tax regulations, small business owners should make paying taxes their first financial priority.  13.The ADA Technical Assistance Program provides inspection.
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  Multiple Choice Questions  21.Which of the following is true of full-time employees?  A.Full-time employees make it imperative for you to spend significant time with the business without taking any time off. B.Full-time employees are reluctant to take on high responsibility. C.Full-time employees take more time to understand the business. D.Full-time employees provide the ability to.
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  71.Insurable value is defined as:  A.the amount of an asset for which a company will write an insurance policy. B.the entire value of the property of a business. C.the value of the historical significance of a building. D.the amount of fees that a business has to pay to an insurance company. 72.Which of the following.
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  41.Except for _____, business forms are types of separate, legal entities.  A.limited partnerships B.sole proprietorships C.limited liabilities companies D.C corporations 42.A _____ is a unit recognized as having rights and duties apart from the owners of the company.  A.retainer B.utility patent C.legal entity D.sole proprietorship 43.A person or other entity filing a lawsuit is known as _____.  A.plaintiff B.defendant C.sole proprietor D.retainer 44.A person or.
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  Multiple Choice Questions  21.Cognition:  A.is a person's way of perceiving and thinking about his or her experience. B.refers to successful entrepreneurial behavior that leads to the creation of a new firm. C.pertains to the feeling of being absorbed by the tasks and concerns of the business. D.does not help in making any managerial decisions. 22.The visible.
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  True / False Questions  1.There is one specific pattern of entrepreneurial behavior or entrepreneurial type.  2.Passion is displayed by being persistently focused on the business.  3.Opportunistic planners always plan around the most important aspect of the business first, act on it, and then consider if additional plans are needed.  4.Habit-based planners don't plan, and.
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  61.Martin runs a successful house painting business. He runs his business out of his garage, which he got converted into an office space. Martin, who had previously worked as a house painter in another company had good know-how of how to run a house-painting business. After a storm destroyed public.
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  51.Axion Inc. is a small business started by Robert. As the business grew, he decided to implement new company policies that would ensure that his employees are not encouraged to set up competition against Axion. Which of the following techniques should he adopt to achieve this?  A.Lay off employees who seem.
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  True / False Questions  1.Adding employees in a firm increases both the amount of work that can be done and the demands on the owner.  2.Typically, a probationary period for employees lasts for two years.  3.Networking is a relatively low-cost, although time-intensive, method of recruiting.  4.The employee referral method is an example of an.
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  31.The _____ is a series of acts by Congress that prohibit discrimination on the basis of race, color, religion, sex, or national origin.  A.Civil Rights Act of 1991 B.Age Discrimination in Employment Act of 1967 C.Americans with Disabilities Act of 1990 D.Rehabilitation Act of 1973 32.The risk from customers primarily arises from:  A.injuries suffered while on.
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  11.Only one-third of family-owned businesses survive beyond the first generation.  12.Succession plans deal with the people who will take over, what roles they will fill, and what supports they will receive.  13.One way to maximize communication in the succession process is to create a family council.  14.In family-owned businesses, the board of members.
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  True / False Questions  1.Clients and attorneys start with a natural conflict of interest related to money.  2.Contingency fees are a fixed amount paid for a certain task.  3.There are two basic categories of information available to small business owners: legal and commercial.  4.Small-claims courts work only when a person or firms are owed.
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  81.Making no distinction between sick, vacation, and personal days and allowing employees a set number of days off each year to be used at their discretion:  A.prevents employees from abusing sick days. B.causes employees to lie more often when they need to take a day off. C.increases absenteeism in the workplace. D.reduces workplace satisfaction. 82.The.
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  71._____ are persons working to achieve a certain goal without being subjected to substantial controls by another.  A.Independent contractors B.Partners C.Defendants D.Retainers 72.According to the IRS, to be an independent contractor the person must:  A.decide how the work must be done in consultation with an employer. B.have all his expenses paid for by an employer. C.perform a service.
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  11.In a negotiation process, proposing solutions that provide value and balance for all parties involved is considered the easiest step.  12.Torts can arise when a person's legal rights are violated in ways other than from a breach of contract.  13.The Sarbanes-Oxley Act only covers small businesses that are not publicly traded.  14.In the.
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  81.In the lease agreement signed by Arthur Fraser, a _____ clause exempts him from paying any restitution in case he causes accidental damage on the property. Which of the following types of contractual clauses protects Arthur Fraser from paying for such damages?  A.hold harmless B.exculpatory C.noncompete D.power of sale 82.A(n) _____ is part of a.
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  31.Brendon wants to sue Fitness Ace, a leading provider of fitness equipments, for negligence. He approaches Arthur Bailey Group, a law firm, which has good experience in handling product liability claims for victims of exercise equipment failure. Which of the following would be true if the attorney charges Brendon using.
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  51.Agreement between the associates of a firm on matters pertaining to the formation and operation of the partnership is known as _____.  A.articles of organization B.contracts of partnership C.articles of association D.articles of partnership 52.In a(n) _____, all partners are equally and fully responsible for the business's obligations.  A.C corporation B.limited partnership C.general partnership D.S corporation 53.Which of these is.
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  11.On-the-job techniques include orientations, job instruction training, lectures, and case studies.  12.Making training an ongoing process is a good way to encourage dialog with employees when their learning curve goes flat.  13.In the context of employee rewards, if entrepreneurs work based on an open-book policy and the company hits a downturn and.
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  51.Which of the following is true with regard to minimalized business professionalization?  A.The entrepreneur does nearly everything in the simplest way possible. B.The entrepreneur is passionate about one or two of the key business functions. C.The entrepreneur meets or exceeds the industry's standards. D.The entrepreneur brings the highest levels of trust among customers. 52.Competencies are.
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  41.Universities have _____ that encourage companies to post openings to their job bank to recruit at both the undergraduate and the graduate levels.  A.editorials B.career service offices C.newsletters D.professional groups 42._____ is an alternative for small businesses that are not ready to hire employees, but have a growing need to meet workload demand.  A.Benchmarking B.A company Website C.Outsourcing D.A.
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  97.Differentiate between single taxation, double taxation, pass through (taxation), and check the box taxation.  98.Elucidate on the steps that can be employed to structure a negotiation so as to achieve a winning solution for both parties.      .
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  51.Which of the following is the first step in crafting a job description?  A.Writing job overview B.Writing duties and responsibilities C.Writing job title D.Writing credentials and experience 52.Which of the following is the last step in crafting a job description?  A.Writing job overviews B.Writing special requirements C.Writing credentials and experiences D.Writing duties and responsibilities 53.Which of following sections of the.
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  71.Which of the following is the most effective approach for avoiding role conflict?  A.Keep family issues out of the family business B.Keep separate rules for family members and employees C.Have constant role reversals D.Have decisions narrowed down for family members based on family necessities 72.Which of the following problems is closely related to role conflict?  A.Resource.
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  71.Letting an employee make an on-the-spot decision for the companies' best interest displays the employee's _____ at the work place.  A.nepotism B.training C.empowerment D.teamwork 72.Which of the following is true of new employees in terms of communication?  A.Fostering a sense of teamwork creates envy among employees and discontent among the other members. B.Sharing the vision and the.
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  61.One of the three guidelines of training is that training _____.  A.should be provided only at the initial stage of employment B.should be provided only if the employee seeks it C.should be provided only after an employee has been given ample time to use their skills D.should be thought of as an investment 62.Which of.
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  Essay Questions  92.Define the five Ps of entrepreneurial behavior.  93.What is the difference between critical-point planners and reactive planners?  94.What is the difference between key business functions and industry-specific knowledge?      .
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