TEST BANK
Small Business Management: Launching & Growing Entrepreneurial
Ventures | 20th Edition
by Justin G. Longenecker, J. William Petty
TE
ST
SO
LU
TI
O
N
,Table of Content
Part 1. Entrepreneurship: A World of Opportunity
Chapter 1. The Entrepreneurial Life
Chapter 2. Integrity, Ethics, and Social Entrepreneurship
Part 2. Starting from Scratch or Joining an Existing Business
Chapter 3. Starting a Small Business
Chapter 4. Franchises and Independent Contracting in the Gig and Sharing
Economies
TE
Chapter 5. The Family Business and Buyouts
Part 3. Developing the New Venture Business Plan
Chapter 6. Visualizing Your Dream: The Business Model and the Business Plan
Chapter 7. The Marketing Plan
ST
Chapter 8. The Organizational Plan: Teams, Legal Structures, Alliances, and
Directors
Chapter 9. The Location Plan
Chapter 10. Understanding a Firm’s Financial Statements
SO
Chapter 11. Forecasting Financial Requirements
Chapter 12. Financing the Small Business
Chapter 13. Planning for the Harvest
Chapter 14. Building Customer Relationships
Part 4. Focusing on the Customer: Marketing Growth Strategies
LU
Chapter 15. Product Development and Supply Chain Management
Chapter 16. Pricing and Credit Decisions
Chapter 17. Promotional Planning
Chapter 18. Global Opportunities for Small Businesses
TI
Part 5. Managing Growth in the Small Business
Chapter 19. Professional Management and the Small Business
O
Chapter 20. Managing Human Resources
Chapter 21. Managing Small Business Operations
Chapter 22. Managing the Firm’s Assets
N
Chapter 23. Managing Risk
,Chapter 01 - The Entrepreneurial Life
The Entrepreneurial Life
True / False
1. The universally accepted definition of the term small business is based solely on the number of people employed by the
firm.
a. True
b. False
ANSWER: False
POINTS: 1
TE
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ST
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
SO
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
2. There is no single definition of entrepreneurship.
a. True
b. False
ANSWER: True
LU
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
TI
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
O
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
N
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
3. An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
a. True
b. False
ANSWER: True
POINTS: 1
Copyright Cengage Learning. Powered by Cognero. Page 1
, DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
TE
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:57 AM
4. Entrepreneurs should avoid hiring mediocre people.
a. True
ST
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
SO
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
LU
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:58 AM
TI
5. Research departments of big businesses tend to focus on innovating and creating new products.
a. True
b. False
ANSWER: False
O
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
N
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.03 - LO: 1-3
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
Copyright Cengage Learning. Powered by Cognero. Page 2
Small Business Management: Launching & Growing Entrepreneurial
Ventures | 20th Edition
by Justin G. Longenecker, J. William Petty
TE
ST
SO
LU
TI
O
N
,Table of Content
Part 1. Entrepreneurship: A World of Opportunity
Chapter 1. The Entrepreneurial Life
Chapter 2. Integrity, Ethics, and Social Entrepreneurship
Part 2. Starting from Scratch or Joining an Existing Business
Chapter 3. Starting a Small Business
Chapter 4. Franchises and Independent Contracting in the Gig and Sharing
Economies
TE
Chapter 5. The Family Business and Buyouts
Part 3. Developing the New Venture Business Plan
Chapter 6. Visualizing Your Dream: The Business Model and the Business Plan
Chapter 7. The Marketing Plan
ST
Chapter 8. The Organizational Plan: Teams, Legal Structures, Alliances, and
Directors
Chapter 9. The Location Plan
Chapter 10. Understanding a Firm’s Financial Statements
SO
Chapter 11. Forecasting Financial Requirements
Chapter 12. Financing the Small Business
Chapter 13. Planning for the Harvest
Chapter 14. Building Customer Relationships
Part 4. Focusing on the Customer: Marketing Growth Strategies
LU
Chapter 15. Product Development and Supply Chain Management
Chapter 16. Pricing and Credit Decisions
Chapter 17. Promotional Planning
Chapter 18. Global Opportunities for Small Businesses
TI
Part 5. Managing Growth in the Small Business
Chapter 19. Professional Management and the Small Business
O
Chapter 20. Managing Human Resources
Chapter 21. Managing Small Business Operations
Chapter 22. Managing the Firm’s Assets
N
Chapter 23. Managing Risk
,Chapter 01 - The Entrepreneurial Life
The Entrepreneurial Life
True / False
1. The universally accepted definition of the term small business is based solely on the number of people employed by the
firm.
a. True
b. False
ANSWER: False
POINTS: 1
TE
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ST
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
SO
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
2. There is no single definition of entrepreneurship.
a. True
b. False
ANSWER: True
LU
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
TI
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
O
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom's: Understand
N
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:56 AM
3. An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
a. True
b. False
ANSWER: True
POINTS: 1
Copyright Cengage Learning. Powered by Cognero. Page 1
, DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
TE
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:57 AM
4. Entrepreneurs should avoid hiring mediocre people.
a. True
ST
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship
SO
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.02 - LO: 1-2
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
LU
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
DATE CREATED: 11/12/2021 6:41 PM
DATE MODIFIED: 4/1/2022 9:58 AM
TI
5. Research departments of big businesses tend to focus on innovating and creating new products.
a. True
b. False
ANSWER: False
O
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
N
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIV LONG.SMAL.23.01.03 - LO: 1-3
ES:
NATIONAL STANDAR United States - BUS PROG: Promotion
DS: United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom's: Remember
Copyright Cengage Learning. Powered by Cognero. Page 2
