implications in practice.2.3. Skills Tested in Law ExamsLegal Analysis and Application: Law exams test a student’s ability to identify relevant legal issues, apply appropriate laws crucial in many industries,
including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving abilities, and their
aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
TEST BANK FOR
small Business Management Launching & Growing Entrepreneurial Ventures 19th Edition by Justin G.
Longenecker, J. William Petty, Leslie E. Palich, Frank Hoy
Chapter 1-23
Chapter 01 - The Entrepreneurial Life
The Entrepreneurial Life
1. The universally accepted definition of the term small business is based on the number of people employed by the firm.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
2. There is no single definition of entrepreneurship.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
3. An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
a. True
b. False
Page 1
,ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
implications in practice.2.3. Skills Tested in Law ExamsLegal Analysis and Application: Law exams test a student’s ability to identify relevant legal issues, apply appropriate laws of Mathematics
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many
industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
4. Entrepreneurs should avoid hiring mediocre people.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
5. Research departments of big businesses tend to focus on innovating and creating new products.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
Copyright Cengage Learning. Powered by Cognero. Page 2
,KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
6. Managers who buy out founders of existing firms may be classified as entrepreneurs.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
implications in practice.2.3. Skills Tested in Law ExamsLegal Analysis and Application: Law exams test a student’s ability to identify relevant legal issues, apply appropriate laws Mathematics
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many
industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
7. Franchisees have limited power because they have a contract and relationship with a franchising organization.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
8. An entrepreneurial team consists of the owner, the financier, and one key employee.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
Copyright Cengage Learning. Powered by Cognero. Page 3
, QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
precedents, and reach conclusions based on the facts presented. This requires a deep understanding of case law and statutory law.Critical Thinking: Law students must think critically about the ethical
implications in practice.2.3. Skills Tested in Law ExamsLegal Analysis and Application: Law exams test a student’s ability to identify relevant legal issues, apply appropriate laws EducationMathematics
education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many industries, including
engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving abilities, and their aptitude
for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
9. The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other useful
products. XYZ Company is a social entrepreneur.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Apply
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
10. The starting point of any competitive advantage is having a commitment to integrity.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
Copyright Cengage Learning. Powered by Cognero. Page 4
including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving abilities, and their
aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
TEST BANK FOR
small Business Management Launching & Growing Entrepreneurial Ventures 19th Edition by Justin G.
Longenecker, J. William Petty, Leslie E. Palich, Frank Hoy
Chapter 1-23
Chapter 01 - The Entrepreneurial Life
The Entrepreneurial Life
1. The universally accepted definition of the term small business is based on the number of people employed by the firm.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
2. There is no single definition of entrepreneurship.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
3. An entrepreneur who bootstraps would resort to bartering or using a personal credit card.
a. True
b. False
Page 1
,ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
implications in practice.2.3. Skills Tested in Law ExamsLegal Analysis and Application: Law exams test a student’s ability to identify relevant legal issues, apply appropriate laws of Mathematics
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many
industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
4. Entrepreneurs should avoid hiring mediocre people.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
5. Research departments of big businesses tend to focus on innovating and creating new products.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
Copyright Cengage Learning. Powered by Cognero. Page 2
,KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
6. Managers who buy out founders of existing firms may be classified as entrepreneurs.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
implications in practice.2.3. Skills Tested in Law ExamsLegal Analysis and Application: Law exams test a student’s ability to identify relevant legal issues, apply appropriate laws Mathematics
EducationMathematics education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many
industries, including engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving
abilities, and their aptitude for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
7. Franchisees have limited power because they have a contract and relationship with a franchising organization.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
8. An entrepreneurial team consists of the owner, the financier, and one key employee.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
Copyright Cengage Learning. Powered by Cognero. Page 3
, QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Operations Management
KEYWORDS: Bloom’s: Remember
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
precedents, and reach conclusions based on the facts presented. This requires a deep understanding of case law and statutory law.Critical Thinking: Law students must think critically about the ethical
implications in practice.2.3. Skills Tested in Law ExamsLegal Analysis and Application: Law exams test a student’s ability to identify relevant legal issues, apply appropriate laws EducationMathematics
education spans a wide range of topics, from basic arithmetic and algebra to more advanced areas like calculus, statistics, and abstract algebra. Mathematics is crucial in many industries, including
engineering, finance, data science, and technology. The primary goal of mathematics exams is to test students' understanding of mathematical concepts, their problem-solving abilities, and their aptitude
for logical reasoning.3.2. Structure of Mathematics ExamsMathematics exams are typically focused on problem-solving and application of formulas, theorems, and
9. The mission of XYZ Company is to reduce landfill waste by recycling plastic containers into other useful
products. XYZ Company is a social entrepreneur.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: 1-2 Small Business and Entrepreneurship Go Together
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.02 - LO: 1-2
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUS PROG: Reflective Thinking
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Apply
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
10. The starting point of any competitive advantage is having a commitment to integrity.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: 1-3 Can a Small Company Really Compete with Big Companies?
QUESTION TYPE: True / False
HAS VARIABLES: False
LEARNING OBJECTIVES: SMAL.LONG.20.01.03 - LO: 1-3
NATIONAL STANDARDS: United States - BUS PROG: Promotion
United States - BUSPROG: Analytic | Technology - BUSPROG: Analytic
TOPICS: Creation of Value
KEYWORDS: Bloom’s: Understand
DATE CREATED: 8/29/2018 11:20 AM
DATE MODIFIED: 12/19/2018 4:49 PM
Copyright Cengage Learning. Powered by Cognero. Page 4
