Management And Organizational Behavior Exam 2 Questions With 100% Verified Solutions :Chapter 2

Management And Organizational Behavior Exam 2 Questions With 100% Verified Solutions :Chapter 2 A(n) ________ is owned by a limited number of people who do not trade the stock publicly. - ANSWER -a closely held corporation Which of the following defines a limited liability company? - ANSWER -A form of legal organization that's a hybrid between a partnership and a corporation Teams that have the authority to plan and implement process improvements are known as ________. - ANSWER -empowered teams A(n) ________ is an analysis of the various aspects of a proposed entrepreneurial venture designed to determine its viability. - ANSWER -feasibility study Which of the following defines an S corporation? - ANSWER -A specialized type of corporation that has the regular characteristics of a C corporation but is unique in that the owners are taxed as a partnership as long as certain criteria are met ________ is one aspect of organizing for growth. - ANSWER -finding capital Which of the following defines a business plan? - ANSWER -A written document that summarizes a business opportunity and defines and articulates how the identified opportunity is to be seized and exploited A(n) ________ is the first public registration and sale of a company's stock. - ANSWER -initial public offering ________ is individuals who work for profit or fees in their own business, profession, trade, or farm. - ANSWER -self-employment In the last 20 years, what percentage of net jobs in the United States were created by small businesses? - ANSWER -63% Juan is currently planning and organizing a new entrepreneurial business. This is which step in the entrepreneurial process? - ANSWER -starting the venture Which of the following is NOT one of the potential sources of opportunity entrepreneurs might look to in the external context as identified by Peter Drucker? - ANSWER -Boiled Frog phenomenon The process need Changes in perception Demographics The unexpected What did one survey find to be the major source of ideas for entrepreneurial ventures? - ANSWER -Working in the same industry Maria wants to start a business where people let others borrow their lawn equipment (e.g., lawn mowers, weed eaters) for a fee, with her business working to connect people to make such arrangements. This is an example of ________. - ANSWER -sharing economy The document that outlines the provisions governing the way a limited liability company will conduct business is known as a(n) ________. - ANSWER -operating agreement What is the hardest part of preparing to exit a venture? - ANSWER - Determining the correct valuation of the venture Wallace has decided that he wants to move on from his entrepreneurial business and take his financial profits from his hard work. This is an example of ________. - ANSWER -harvestingV The primary difference between entrepreneurial ventures and small businesses is that entrepreneurial ventures ________. - ANSWER - innovate and pursue growth Starting a new business in pursuit of an opportunity to introduce a new product or service to market through innovation is engaging in the process of ________. - ANSWER -entrepreneurship All of the following are questions entrepreneurs might ask themselves when they evaluate marketplace considerations for potential ideas EXCEPT ________. - ANSWER -Do you have a realistic picture of the venture's potential? How will potential customers purchase your product? Who are your potential customers? Have you considered pricing issues? How does your product compare to others in the market?