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31) Which of the following statement incorrect regarding how balance

  31) Which of the following statement is incorrect regarding how balance sheets are prepared? A) The left hand side of a balance sheet shows a firm's assets. B) The assets on a balance sheet are shown in order of liquidity. C) Assets are recorded at fair market value rather than cost. D) The right.
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31) Which of the following statement incorrect regarding how balance
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41) A hub and wheel configuration with a local firm

  41) A hub and wheel configuration with a local firm at the hub organizing the interdependencies of a complex array of firms is referred to as a: A) trade association B) strategic alliance C) network D) joint venture E) consortia 42) An arrangement between two or more firms that establishes an exchange relationship but has no.
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41) A hub and wheel configuration with a local firm
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61) A company's product/market scope defines the products and markets

  61) A company's product/market scope defines the products and markets on which it will concentrate. 62) Historically, it has been difficult for a new venture to use a differentiation strategy. 63) A core competency is a resource or capability that serves as a source of a firm's competitive advantage over its rivals. 64).
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61) A company's product/market scope defines the products and markets
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11) Peggy Owens owns a store that sells exercise equipment.

  11) Peggy Owens owns a store that sells exercise equipment. Each January 1, she makes a very accurate account of all her merchandise and products waiting to be sold that are in her store. On January 1, Peggy is taking account of her store's: A) long-term assets B) owners' equity C) accounts payable D).
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11) Peggy Owens owns a store that sells exercise equipment.
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21) Jeff Mommer starting an environmentally friendly lawn and garden

  21) Jeff Mommer is starting an environmentally friendly lawn and garden service. One thing that Jeff has worked hard on is determining how his company will compete in the marketplace. This element of Jeff's business model is referred to as: A) core strategy B) strategic resources C) partnership network D) fulfillment and support E) customer.
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21) Jeff Mommer starting an environmentally friendly lawn and garden
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31) According to the textbook, ________ common in real estate

  31) According to the textbook, ________ are common in real estate development, oil and gas exploration, and motion picture ventures. A) sole proprietorships B) limited liability companies C) Subchapter S Corporations D) limited partnerships E) general partnerships 32) A separate legal entity organized under the authority of a state is referred to as a: A) limited partnership B).
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31) According to the textbook, ________ common in real estate
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41) Corporations that trade their stock organized exchanges like the

  41) Corporations that trade their stock on organized exchanges like the New York Stock Exchange and the NASDAQ are called: A) national corporations B) civil corporations C) public corporations D) premier corporations E) common corporations 42) In a ________, the voting stock is held by a small number of individuals and is very thinly or infrequently.
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41) Corporations that trade their stock organized exchanges like the
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11) In a large organization, an individual may be stifled

  11) In a large organization, an individual may be stifled and limited by a wide variety of factors. However, by owning one's own business, the only limits are one's own creativity, talent, and determination. In this sense, small business ownership offers the advantage of the: A) opportunity to reach one's full.
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11) In a large organization, an individual may be stifled
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31) In the context of boards of directors, a(n) ________

  31) In the context of boards of directors, a(n) ________ is someone who is not employed by the firm. A) outside director B) inside director C) external director D) impartial director E) peripheral director 32) James Williams is the Chief Operating Officer of a startup in the health food industry. He is also a member of.
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31) In the context of boards of directors, a(n) ________
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1) One of the most significant economic developments in recent

  1) One of the most significant economic developments in recent business history relates to the: A) growth of blue-chip corporations. B) development of Pacific Rim countries. C) entrepreneurial spirit. D) additional employment opportunities offered by government institutions. 2) The recent number of job losses in large corporations compared to the jobs created by small.
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1) One of the most significant economic developments in recent
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1) Stroome, the focus the opening feature for Chapter 6,

  1) Stroome, the focus on the opening feature for Chapter 6, has developed a new Web-based service for editing and remixing video. Stroome's initial business model is based on making money in the following two ways: A) subscription fees and licensing its software to film producers B) a "freemium" pricing model and.
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1) Stroome, the focus the opening feature for Chapter 6,
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31) ________ percent of all U.S. businesses family owned and

  31) ________ percent of all U.S. businesses are family owned and managed. A) Twenty-five B) Fifty C) Seventy D) Ninety 32) "Copreneurs" are defined as: A) entrepreneurs that work part-time. B) highly successful entrepreneurs with prior company experience and background. C) those entrepreneurs that will eventually combine their business with another venture. D) entrepreneurial couples that work together as.
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31) ________ percent of all U.S. businesses family owned and
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81) Most home-based businesses simple cottage industries such as crafts

  81) Most home-based businesses are simple cottage industries such as crafts or sewing. 82) Not all family-owned businesses are small; in fact, approximately one-third of the Fortune 500 companies are family businesses. 83) Of the 25 million businesses in the U.S., about 40 percent are family owned and managed. 84) Ninety-percent of businesses.
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81) Most home-based businesses simple cottage industries such as crafts
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51) The only people who ________ those who never do

  51) The only people who ________ are those who never do anything or never attempt anything new. A) succeed B) prosper C) profit D) fail 52) Which of the following was not identified as one of the suggestions for small business success? A) Develop a business plan as you grow your business. B) Manage your financial resources.
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51) The only people who ________ those who never do
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71) List and briefly describe three specific steps that an

  71) List and briefly describe three specific steps that an entrepreneurial organization can take to build a strong ethical culture. 72) What is a founders' agreement? Describe the purpose of a buyback clause and why it's important? 73) Describe the purpose of a nondisclosure agreement. Provide an example of when a nondisclosure.
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71) List and briefly describe three specific steps that an
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21) Entrepreneurs may find benefit from the Internet due to

  21) Entrepreneurs may find benefit from the Internet due to its potential: A) if the organization is willing to invest millions of dollars in this effort. B) only if the entrepreneur has a high level of technical abilities. C) as a relatively low-cost solution to expand its revenue-generating abilities. D) to take all pressure.
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21) Entrepreneurs may find benefit from the Internet due to
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114) The following lists the ten deadly mistakes of entrepreneurship.

  114) The following lists the ten deadly mistakes of entrepreneurship. 1.Management mistakes 2.Lack of experience 3.Poor financial control 4.Weak marketing efforts 5.Failure to develop a strategic plan 6.Uncontrolled growth 7.Poor location 8.Improper inventory control 9.Incorrect pricing 10.Inability to make the entrepreneurial transition Select one of these deadly mistakes, describe what it may look like for the entrepreneur, and give an.
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114) The following lists the ten deadly mistakes of entrepreneurship.
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61) A disadvantage of a sole proprietorship that it subject

  61) A disadvantage of a sole proprietorship is that it is subject to double taxation. 62) A disadvantage of a general partnership is that the liquidity of each partner's investment is low. 63) The major difference between a general and a limited partnership is that a limited partnership includes two classes of.
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61) A disadvantage of a sole proprietorship that it subject
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71) Describe each of the four primary financial objectives of

  71) Describe each of the four primary financial objectives of firms. 72) Describe the difference between historical and pro forma financial statements. 73) Describe the purpose of the income statement, the balance sheet, and the statement of cash flows. 74) What is ratio analysis? Why is it important? 75) What are forecasts? What role.
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71) Describe each of the four primary financial objectives of
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71) What industry analysis? Why it important for a new

  71) What is industry analysis? Why is it important for a new venture to complete a thorough analysis of the industry it is entering? 72) Identify the five competitive forces that determine industry profitably. Explain the purpose of analyzing these forces? 73) Discuss the nontraditional barriers to entry identified in the chapter..
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71) What industry analysis? Why it important for a new
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51) Industry analysis business research that focuses the potential of

  51) Industry analysis is business research that focuses on the potential of an industry. 52) A comparison analysis is a detailed evaluation of a firm's competitors. 53) Virtually all studies have concluded that firm-specific factors are more important than industry-specific factors in terms of firm profitability. 54) The two trends that are most.
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51) Industry analysis business research that focuses the potential of
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41) According to the textbook, the first step in a

  41) According to the textbook, the first step in a competitor analysis is to: A) develop a marketing plan B) develop the strategic plan C) study the strength of the industry D) study the external environment E) determine who the competition is 42) According to the textbook, the three different types of competitors a business will.
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41) According to the textbook, the first step in a
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51) The single most important thing the founders of an

  51) The single most important thing the founders of an entrepreneurial venture can do to avoid ethical misconduct is to establish a strong ethical culture for their firms. 52) The most important thing that any entrepreneur, or team of entrepreneurs, can do to build a strong ethical culture in their organization.
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51) The single most important thing the founders of an
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51) Financial management deals with two things: raising money and

  51) Financial management deals with two things: raising money and managing a company's finances in a way that achieves the highest rate of return. 52) Efficiency is the ability to earn a profit. 53) Stability is a company's ability to meet its short-term financial obligations. 54) A company's accounts receivable is money owed.
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51) Financial management deals with two things: raising money and
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11) Which of the following statements incorrect regarding founding teams? A)

  11) Which of the following statements is incorrect regarding founding teams? A) The members of heterogeneous teams are diverse in terms of their abilities and experiences. B) Teams that are working together for the first time have an advantage over teams that have worked together before. C) The psychological support that cofounders of.
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11) Which of the following statements incorrect regarding founding teams? A)
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61) An emerging industry a new industry in which standard

  61) An emerging industry is a new industry in which standard operating procedures have yet to be developed. 62) A fragmented industry is one that is characterized by a large number of firms of approximately equal size. 63) The primary opportunity available to firms in fragmented industries is consolidation. The most common.
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61) An emerging industry a new industry in which standard
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1) Xplosafe, the company profiled in the opening feature for

  1) Xplosafe, the company profiled in the opening feature for Chapter 7, interviewed four attorneys before selecting the attorney they now use. They selected the attorney they did for two reasons: A) his fees were the lowest and he is an entrepreneur himself B) his references were the strongest and he is.
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1) Xplosafe, the company profiled in the opening feature for
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41) In the context of a firm's statement of cash

  41) In the context of a firm's statement of cash flows, ________ include the purchase, sale, or investment in fixed assets, such as real estate, equipment, and buildings. A) operating activities B) investing activities C) capital activities D) financing activities E) liquidity activities 42) In the context of a firm's statement of cash flows, ________ include.
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41) In the context of a firm's statement of cash
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21) ________ reflect past performance and usually prepared a quarterly

  21) ________ reflect past performance and are usually prepared on a quarterly and annual basis. A) Chronological financial statements B) Ad-hoc financial statements C) Historical financial statements D) Concurrent financial statements E) Pro forma financial statements 22) ________ are projections for future periods based on forecasts and are typically completed for two to three years into.
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21) ________ reflect past performance and usually prepared a quarterly
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61) An increasingly important approach for recruiting employees via social

  61) An increasingly important approach for recruiting employees is via social media sites like LinkedIn, Facebook, and Twitter. 62) Although a board of directors has formal governance responsibilities, its most useful role is to provide guidance and support to the firm's managers. 63) An advisory board is a panel of experts who.
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61) An increasingly important approach for recruiting employees via social
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11) Which of the following typically not included in the

  11) Which of the following is typically not included in the founders' agreement for a firm? A) marketing plan B) legal form of business ownership C) buyback clause D) apportionment of stock E) identity and proposed titles of the founders 12) The Savvy Entrepreneurial Firm feature in Chapter 6 focuses on the topic of vesting company.
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11) Which of the following typically not included in the
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41) Small companies: A) created fewer jobs than big companies in

  41) Small companies: A) created fewer jobs than big companies in the last decade. B) are concentrated in the manufacturing and retail sectors. C) are the leaders in offering training and advancement opportunities to workers. D) account for approximately 10 percent of the nation's GDP and 25 percent of business sales. 42) The majority of.
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41) Small companies: A) created fewer jobs than big companies in
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91) David Birch considers "gazelles" those businesses that grow at

  91) David Birch considers "gazelles" those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales. 92) Small companies have created at least two-thirds of the net new jobs in the U.S. economy. 93) Small businesses actually create more jobs than the number of.
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91) David Birch considers "gazelles" those businesses that grow at
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1) Scripped, the company profiled in the opening feature for

  1) Scripped, the company profiled in the opening feature for Chapter 9, offers Web-based screenwriting software. Which of the following statements best reflects Scripped's personnel policy? A) Scripped has hired aggressively and now has approximately 40 employees. B) Its three cofounders are its only employees. C) Scripped was founded by two UCLA MBA.
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1) Scripped, the company profiled in the opening feature for
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71) Describe the term "liability of newness" and suggest several

  71) Describe the term "liability of newness" and suggest several ways that a new venture can overcome this handicap. 72) Are more firms started by individuals or founding teams? What are the advantages to founding a firm as a team rather than as an individual? 73) What is the difference between a.
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71) Describe the term "liability of newness" and suggest several
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101) The primary cause of small business failure lack of

  101) The primary cause of small business failure is lack of capital. 102) Entrepreneurs realize that failure is a possibility, but are not paralyzed by that fear. 103) To boost sales, small businesses, especially start-ups, should grant credit to anyone who wants to buy their products or services. 104) As an entrepreneur,.
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101) The primary cause of small business failure lack of
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1) Klymit, the company profiled in the opening feature in

  1) Klymit, the company profiled in the opening feature in Chapter 8, makes cold weather apparel products and related accessories. According to the feature, one of the prominent challenges Klymit has faced is: A) cash flow management B) constructing realistic pro forma financial statements C) defining its core strategy D) hiring qualified personnel E) finding.
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1) Klymit, the company profiled in the opening feature in
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109) What an entrepreneur? Give a brief profile of a

  109) What is an entrepreneur? Give a brief profile of a typical entrepreneur. What is the primary motivation for the typical entrepreneur? 110) Discuss the potential benefits and drawbacks of entrepreneurship. 111) Describe the factors that are driving the current entrepreneurial trend in the U.S. economy. 112) Discuss the role that the following.
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109) What an entrepreneur? Give a brief profile of a
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11) Which of the following a "primary" activity in the

  11) Which of the following is a "primary" activity in the value chain? A) resource procurement B) technology development C) outbound logistics D) firm infrastructure E) human resource management 12) According to the textbook, by studying a product's or service's value chain an organization can: A) identify ways to create additional value and assess whether it has.
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11) Which of the following a "primary" activity in the
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31) According to the textbook, InstyMeds in prescription drug sales,

  31) According to the textbook, InstyMeds in prescription drug sales, Fresh Healthy Vending in food vending, and Daisy Rock in guitars are example of entrepreneurial firms who are exploiting opportunities in ________ industries. A) emerging B) fragmented C) declining D) mature E) emerging 32) According to the textbook, Nucor in steel, JetBlue in airlines, and Cirque.
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31) According to the textbook, InstyMeds in prescription drug sales,
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