Bmall Business Exam 1 Questions and
Answers
what is the SBA? - correct answer-small business association of American
what provides information and assistance at all levels of organizational development for
new entrepreneurial businesses? - correct answer-SBA
What is a condition that allows the long-run average cost to continue downward as
production increases? - correct answer-economies of scale
what are the benefits of a small business? - correct answer-autonomy, less government
ties, nimble for change
what are the three critical elements an entrepreneur must solve for success? - correct
answer-sales generation model, operating profit margin, finance
what has historically been the backbone of the nation? - correct answer-entrepreneurial
businesses
when was the industrial revolution? - correct answer-1930-1980
what is laying off people/management and then showing an increase in money ? -
correct answer-downsizing
how many employees indicated a small business? - correct answer-less than 500
characteristics of today's entrepreneurs - correct answer-own boss, stakeholders in
mind, money
how does society benefit from small businesses? - correct answer-drives econ success,
used to promote econ strength, meets workers needs
what do entrepreneurs create? - correct answer-jobs and tax revenue
do almost all nations encourage development of small businesses? - correct answer-
yes
what are well funded, have harvest plan in place, grow quickly with heavy debt, have
developed organizational structure, often hire experienced president, often have
, multiple locations, inherently risky operations, and employ many people? - correct
answer-venture capital startup
what is self/closely-funded, oriented around positive cash flow, harness skills of
founders, image of founders, personal goals of founders, 0-1 employees not expected
to grow beyond 100 - correct answer-entrepreneurial startup
what uses business plans for promotion, hires consultants, and have plans 25-45 pages
long? - correct answer-venture capital
what uses business plan as a guide for running business, self-developed plans, plans
15-25 pages, developed to be a guide, to promote self-evaluation, and provide key
criteria - correct answer-Entrepreneurial
what is not a cookie-cutter program, development of elements of plan, says you should
not be intimidated by effort, and should have a one-page pinch - correct answer-
business planning process
what type of business is one person not crucial, knowledge is dispersed, and there is
great access to resources? - correct answer-large
what type of business depends on individuals, there is a concentration of knowledge,
and there is limited slack resources? - correct answer-entrepreneurial
what is excess resources in an organization that allow for redundancy and the quick
deployment of personal crisis - correct answer-organizational slack
what type of business has ownership and employment that is centered around the
family. - correct answer-family
what are the new businesses' advantages? - correct answer-owned and run by the
same person, fill niche, flexibility, maximized value of business
what is a managerial theory that believes individuals act to maximize their own benefits
- correct answer-agency theory
what are 3 things that potential entrepreneurs need to consider about themselves
before starting a new business - correct answer-risk tolerance, prior experience,
personality orientation
what type of directors do high tech startups use? - correct answer-experienced
what is our experiences, history, culture, and values - correct answer-prior experience
what are the myers-briggs, enneagram, and the big five? - correct answer-personality
tests
Answers
what is the SBA? - correct answer-small business association of American
what provides information and assistance at all levels of organizational development for
new entrepreneurial businesses? - correct answer-SBA
What is a condition that allows the long-run average cost to continue downward as
production increases? - correct answer-economies of scale
what are the benefits of a small business? - correct answer-autonomy, less government
ties, nimble for change
what are the three critical elements an entrepreneur must solve for success? - correct
answer-sales generation model, operating profit margin, finance
what has historically been the backbone of the nation? - correct answer-entrepreneurial
businesses
when was the industrial revolution? - correct answer-1930-1980
what is laying off people/management and then showing an increase in money ? -
correct answer-downsizing
how many employees indicated a small business? - correct answer-less than 500
characteristics of today's entrepreneurs - correct answer-own boss, stakeholders in
mind, money
how does society benefit from small businesses? - correct answer-drives econ success,
used to promote econ strength, meets workers needs
what do entrepreneurs create? - correct answer-jobs and tax revenue
do almost all nations encourage development of small businesses? - correct answer-
yes
what are well funded, have harvest plan in place, grow quickly with heavy debt, have
developed organizational structure, often hire experienced president, often have
, multiple locations, inherently risky operations, and employ many people? - correct
answer-venture capital startup
what is self/closely-funded, oriented around positive cash flow, harness skills of
founders, image of founders, personal goals of founders, 0-1 employees not expected
to grow beyond 100 - correct answer-entrepreneurial startup
what uses business plans for promotion, hires consultants, and have plans 25-45 pages
long? - correct answer-venture capital
what uses business plan as a guide for running business, self-developed plans, plans
15-25 pages, developed to be a guide, to promote self-evaluation, and provide key
criteria - correct answer-Entrepreneurial
what is not a cookie-cutter program, development of elements of plan, says you should
not be intimidated by effort, and should have a one-page pinch - correct answer-
business planning process
what type of business is one person not crucial, knowledge is dispersed, and there is
great access to resources? - correct answer-large
what type of business depends on individuals, there is a concentration of knowledge,
and there is limited slack resources? - correct answer-entrepreneurial
what is excess resources in an organization that allow for redundancy and the quick
deployment of personal crisis - correct answer-organizational slack
what type of business has ownership and employment that is centered around the
family. - correct answer-family
what are the new businesses' advantages? - correct answer-owned and run by the
same person, fill niche, flexibility, maximized value of business
what is a managerial theory that believes individuals act to maximize their own benefits
- correct answer-agency theory
what are 3 things that potential entrepreneurs need to consider about themselves
before starting a new business - correct answer-risk tolerance, prior experience,
personality orientation
what type of directors do high tech startups use? - correct answer-experienced
what is our experiences, history, culture, and values - correct answer-prior experience
what are the myers-briggs, enneagram, and the big five? - correct answer-personality
tests
