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  121.High start-up expenses often proves to be challenging for owners of small businesses. 122.Most small businesses turn a profit within the first year. 123.Most owners of small businesses rely on loans from financial institutions for their start-up funds. 124.Taxes and government regulations are more significant issues for small businesses than for large businesses. 125.Small.

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  ESSAY 15.Describe the differences between entrepreneurs and small-business owners and managers 16.Explain the differences among classic entrepreneurs, serial entrepreneurs, and social entrepreneurs. 17.Discuss the four motives frequently cited as major reasons why people become entrepreneurs. 18.Discuss lifestyle entrepreneurs. 19.List the four factors that have contributed to the expansion in entrepreneurship. 20.Explain recent demographic and economic trends.

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  MULTIPLE CHOICE 27.An entrepreneur: a.accepts the risk of starting and running a business. b.manages a business that operates in more than one country. c.owns controlling interest in a company. d.manages a business for someone else. 28.Jada is opening her own bakery. Jada is an example of a(n) ________. a.manager b.entrepreneur c.minority executive d.venture capitalist 29.Entrepreneurs and small-business owners both have all.

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  41.Small businesses that provide ________ have experienced the greatest increase in new jobs. a.Goods b.Services c.products d.retailing merchandise 42.All of the following are contributions of small businesses EXCEPT: a.They provide more job security than large corporations. b.They fuel local economies. c.They provide needed services to the larger corporate community. d.They create a substantial number of new jobs. 43.Innovation is possible.

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  133.Demand and supply never affect employment. 134.If the number of suppliers of a particular product increases, so should the quantity supplied, and the price should fall. 135.Assume the number of new home buyers suddenly increases. The demand curve for homes will likely shift downward and to the right. 136.Natural resources include technology, tools,.

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  45.Because of its climate and terrain, Guatemala possesses a ___________ over Canada in coffee production. a.absolute advantage b.higher standard of living c.higher GDP d.comparative advantage 46.An absolute advantage occurs when a country can maintain ________. a.a monopoly by outlawing foreign imports b.a monopoly by levying high taxes on imports c.a monopoly by being the lowest-cost producer of a.

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  MULTIPLE CHOICE 35.Computers that are manufactured in the United States and sold in Norway are categorized as U.S. ________. a.exports b.countertrades c.imports d.outsourcing 36.During the past decade, the value of U.S. imports and exports has ________. a.decreased b.remained about the same c.more than doubled d.risen slightly 37.AusterTech, a U.S. company, produces computer parts and sells them to South American countries. AusterTech.

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  21.Describe how social networking has transformed the business environment for entrepreneurs. 22.List the eight major characteristics of an entrepreneur. 23.Distinguish between venture capitalists and angel investors. 24.Explain the difference between debt financing and equity financing. 25.What is intrapreneurship, and why is it important today? 26.Explain how CEOs like George Buckley believe that intrapreneurship pays off.

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  111.Small businesses are more likely to employ older workers than large businesses, but not the youngest ones. 112.Small businesses that provide services face a higher rate of failure than those that produce goods. 113.Many small businesses prove successful when they outsource from large corporations. 114.The Small Business Administration provides incentives for small companies.

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  151.In a partnership, each partner is liable for the business-related debts of the other partners. 152.Large businesses must be organized as corporations. 153.Sole proprietorships are concentrated mainly in corporations. 154.Owners of corporations may owe personal income taxes on dividends, which are paid from after-tax corporate profits. This is an example of double taxation. 155.A.

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  165.A joint venture is a partnership between companies formed for a specific undertaking. 166.The United States is home to more multinational corporations than any other country. 167.A global business strategy involves separate product and marketing strategies that vary from one nation to another. 168.The sale by Toyota of its Camry model throughout the.

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  75.Tyra spent a two-week vacation in Italy and purchased more than $1,000 worth of Venetian glass. Upon returning to the United States, she was required to pay a ________ on the items. a.protective tariff b.revenue tariff c.customs tax d.exchange rate tax 76._________ are a common trade restriction imposed by the government on agricultural products. a.Exchange controls.

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  31.Define countertrade, and explain why this form of international trade is a viable option for certain nations. 32.Describe three contractual agreements firms can enter into when going global. 33.Distinguish between a global strategy and a multidomestic strategy for marketing goods in other nations. 34.Describe the Chinese term guanxi. What are some advantages and disadvantages of.

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MATCHING Complete the following using the terms listed. a.offshoring b.balance of trade c.joint venture d.dumping e.imports f.tariff g.International Monetary Fund h.World Trade Organization i.free trade area j.devaluation k.exchange rate l.absolute advantage m.global strategy n.quota o.multidomestic strategy p.balance of payments q.comparative advantage 1._____ are foreign-made products and services purchased by domestic consumers. 2.Countries establish a __________ where they can trade among themselves without trade barriers. 3.A(n) _____ is a tax levied on.

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  21.Explain the concept of floating exchange rates. Identify factors that influence foreign exchange rates. 22.Define balance of trade and its relation to trade surplus and trade deficit. 23.Identify and describe the major types of obstacles confronting international trade. 24.Explain the advantages and disadvantages of imposing trade restrictions. 25.Explain exchange control.     .

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  61.Which of the following is a trend in the area of franchising? a.More franchises are opening outside the United States. b.Franchises are becoming less expensive to fund. c.Franchisees determining their own pricing and marketing. d.Franchisees are able to negotiate better pricing than franchisors. 62.The two principal parties in a franchising agreement are the ________. a.manager and.

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  153.The pet food industry is an example of a pure monopoly. 154.Giant oil companies such as BP (British Petroleum) and ExxonMobil are engaged in oligopoly competition. 155.The U.S. Postal Service’s delivery of first-class mail is an example of a regulated monopoly. 156.Natural monopolies often are industries with high entry barriers. 157.There has been recent.

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  65.An understanding of religious holidays is essential in order to overcome ________ international trade barriers. a.political b.physical c.cultural d.legal 66.Goto, Inc. is trying to establish a supplier relationship with a parts manufacturer in a small Asian country. Filipe, the purchasing manager, is attempting to get to know the general manager and staff of the company.

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  183.Restrictive monetary policy reduces the money supply and helps to reduce inflation. 184.All banks must be members of the Federal Open Market Committee. 185.In the United States, monetary policy is largely controlled by Congress. 186.Assume that the Federal Reserve uses its available tools to push down interest rates. Economic activity would likely decrease.

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MATCHING   Complete the following using the terms listed. a.sole proprietorship b.small business c.corporation d.merger e.acquisition f.horizontal merger g.conglomerate merger h.cooperative i.vertical merger j.business incubators k.business plan l.alien corporation m.preferred stock n.franchising 1.A(n) _____ joins firms in the same industry that wish to diversify, increase their customer base, cut costs, or offer expanded product lines. 2.The form of business ownership that is least subject to legal red tape.

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  MULTIPLE CHOICE 31.The majority of all U.S. firms employ: a.more than 5,000 employees b.1,000 to 3,000 employees c.3,000 to 5,000 employees d.500 or fewer employees 32.Small-business owners want to determine whether their companies meet the standards for small-business designation because a.they do not have to pay taxes on their profits. b.government agencies offer benefits designed to help small.

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  155.The currency of all EU countries is the euro. 156.U.S. sugar producers welcomed the Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) because relaxed trade rules with Central America drove prices higher. 157.Joint ventures allow companies to share risks, costs, profits, and management responsibilities with one or more host country nationals. 158.Indirect exporting involves.

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  105.Film distributors sometimes change movie titles when marketing overseas due to language or slang barriers. Studios usually allow modification of its product as part of a ________ strategy. a.multinational b.global c.multidomestic business d.uniform 106.Companies such as Dell Computer adapt their Web sites to specific countries. These companies are following a(n) ________ strategy. a.international marketing b.orderly marketing c.global d.multidomestic TRUE/FALSE 107.The value.

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  TRUE/FALSE 101.The vast majority of firms have fewer than 500 employees. 102.Forty percent of all privately held companies are owned by women. 103.Small businesses generate over 50 percent of new jobs. 104.Any firm with fewer than 1,000 employees is considered a small business. 105.Non-farming small businesses such as insurance agencies and retail shops contribute more.

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  113.All of the following are key challenges facing business in the new century EXCEPT ________. a.the surplus of college graduates b.the aging of the workforce c.the shift toward a global information economy d.growth of India and China 114.The U.S. population is ________. a.getting older b.less diverse that it was 30 years ago c.declining d.expanding too rapidly 115.Which of the following.

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  173.If productivity rises, profits and wages can rise without inflation. 174.Gross domestic product (GDP) is the sum of all goods and services produced within a nation’s borders each year. 175.The core inflation rate consists of an economy’s inflation rate after removing energy and food prices. 176.Inflation benefits consumers with fixed incomes. 177.Because energy and.

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  MATCHING   Complete the following using the terms listed. a.seed capital b.globalization c.angel investor d.venture capitalist e.debt financing f.information technology g.social entrepreneur h.classic entrepreneur i.lifestyle entrepreneur j.targeted employment area k.skunkworks l.intrapreneurship m.internal locus of control 1.The significant increase of international marketing and sales by entrepreneurs is a result of _____. 2._____ is the initial funding needed to launch a new venture. 3.A person who identifies a business opportunity.

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  71.Sole proprietorships have all of the following advantages EXCEPT ________. a.unlimited life b.ease of formation c.profits subject only to a single tax d.ease of liquidation 72.The stock of Old Germany Brewery is totally owned by the Prechter family. When the family elected to move from a sole proprietorship to a corporation, the greatest concern was.

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  81.The board of directors of a corporation is elected by the ________. a.corporation’s employees b.bondholders and other creditors c.corporate officers d.stockholders 82.When founding members of Mary Kay Inc. wanted to regain family control of the cosmetics business, they changed the company ownership from publicly held to ________, in order to control and manage corporate activities. a.Limited b.closed c.preferred d.restricted 83.Isabella.

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  95.A Canadian software company that specializes in developing computer games enters into an agreement with a Japanese software company. Under this agreement, the Japanese firm has the right to manufacture and sell the Canadian firm’s games in Japan. This agreement is an example of ________. a.countertrade b.foreign licensing c.international production d.direct exporting 96.Speedy Lube enters.

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  161.Proctor & Gamble is an example of a successful employee-owned company. 162.Not-for-profit corporations do not issue stock certificates and are exempt from paying income taxes. 163.A vertical merger joins firms in the same industry in order to cut costs and promote diversification. 164.Tata Motors’ purchase of Jaguar is an example of a horizontal.

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  131.Direct Small Business Administration (SBA) loans are rewarded to owners of small businesses 90% of the time. 132.Small Business Investment Company (SBIC) loans are actually government loans funneled through a private organization. 133.The average amount rewarded to owners of small businesses through Small Business Administration (SBA) microloans is $13,000. 134.The set-aside program designates.

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  24.Provide an example of how innovation drives small business. 25.Describe the complexity of franchise agreements. 26.Compare and contrast the three forms of business ownership. 27.Describe the steps required when incorporating a business. Regarding incorporation, what might make a state “business-friendly”? 28.Define the categories of corporations.     .

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  123.Microeconomics and macroeconomics have no correlation. 124.Supply refers to buyers’ willingness and ability to purchase goods and services. 125.As prices rise, the quantity demanded will generally decline. 126.The graph showing the relationship between different prices and quantity sellers offer for sale at each price is called a demand curve. 127.The demand curve will shift.

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  91.The joining of Volkswagen and Porsche was an example of a ________. a.conglomerate merger b.horizontal merger c.vertical merger d.joint venture 92.Assume that Microsoft decides to invest some of its excess cash by acquiring fellow Seattle-based Starbucks Coffee. This would be a ________. a.conglomerate merger b.vertical merger c.horizontal merger d.joint venture 93.Which type of merger results in decreased competition within the.

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