Small Business Management
Exam Materials
Course Introduction
Small Business Management explores the fundamental principles and practices required to start, operate, and grow a small business. The course covers essential topics such as business planning, financing, marketing strategies, legal considerations, and day-to-day management. Students will analyze real-world case studies, develop hands-on skills in entrepreneurial decision-making, and learn how to navigate challenges unique to small enterprises. Emphasis is placed on innovation, resourcefulness, and the ability to adapt in dynamic business environments, preparing students to successfully manage or launch their own ventures.
Recommended Textbook
Business Essentials 9th Edition by Ronald
J. Ebert
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16 Chapters
2037 Verified Questions
2037 Flashcards
Source URL: https://quizplus.com/study-set/1392
Page 2
Chapter 1: The Us Business Environment
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132 Verified Questions
132 Flashcards
Source URL: https://quizplus.com/quiz/27725
Sample Questions
Q1) How does inflation affect purchasing power?
Answer: Inflation is the occurrence of widespread price increases throughout an economic system. Purchasing power declines as a result of the increased prices associated with inflation.
Explanation:Inflation occurs when an economic system experiences widespread price increases, which has a negative impact on purchasing power.
Q2) Deflation, an indication that the economy is contracting, is characterized by price stabilization of goods.
A)True
B)False
Answer: False
Q3) In typical modern oligopolies, the large capital investment necessary to enter the market discourages new competitors.
A)True
B)False
Answer: True
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Chapter 2: Business Ethics and Social Responsibility
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135 Verified Questions
135 Flashcards
Source URL: https://quizplus.com/quiz/27726
Sample Questions
Q1) The public relations department of Pandora has recommended to the CEO that Pandora become involved in cause-related marketing to increase its positive brand image and goodwill for the company. The PR department recommends that the National Heart Association would be a good tie-in for the oatmeal line, and it could emphasize the heart-healthy aspects of the products. The CEO argues that aligning the products with the Heart Association would not be good for Pandora. Which of the following consumer survey results, if True, would support the argument made by the CEO?
A) 59 percent indicate that too much publicity about a company's alignment with a charity leads to increased concerns about commercial gain.
B) 54 percent say they are willing to pay more for a brand that is associated with a cause.
C) 66 percent indicate they would switch brands to support a particular cause.
D) 78 percent state they are more likely to purchase a brand associated with a cause that they care about.
E) 84 percent say that cause-related marketing increases the positive image of a company.
Answer: A
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Page 4
Chapter 3: Entrepreneurship, New Ventures, and Business Ownership
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145 Verified Questions
145 Flashcards
Source URL: https://quizplus.com/quiz/27727
Sample Questions
Q1) Which of the following is the most significant disadvantage of starting a business from scratch?
A) having few employees
B) inability to franchise
C) having competition
D) coming up with new ideas
E) the risk of failure
Answer: E
Q2) Which of the following factors most contributes to small business failure?
A) managerial incompetence or inexperience
B) bad product design
C) legal problems
D) time spent raising capital
E) personnel issues
Answer: A
Q3) The board of directors of a corporation reports to the officers of the corporation.
A)True
B)False
Answer: False
Page 5
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Chapter 4: The Global Context of Business
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128 Verified Questions
128 Flashcards
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Sample Questions
Q1) Which of the following nations is NOT contained within a major world economic marketplace?
A) Canada
B) Greece
C) Taiwan
D) Singapore
E) Honduras
Q2) Critics of protectionism charge that it drives up prices by reducing competition.
A)True
B)False
Q3) What are products that are created abroad and then transported and sold domestically?
A) dumped goods
B) exports
C) imports
D) buy backs
E) domestic goods
Q4) How might sociocultural differences affect sales of Nokia phones outside Finland?
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Page 6
Chapter 5: Business Management
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) Which of the following, if True, would support the conclusion that disbanding the centralized planning unit helped Disney perform strongly?
A) The centralized planning unit used a decision procedure that required business units to answer the same fundamental questions each year.
B) In the entertainment industry, companies can be profitable if just a few of their projects earn extraordinarily high returns.
C) The centralized planning unit was created in response to concerns that the company was losing focus on its core business.
D) An economic downturn that took place after Disney disbanded the centralized planning unit reduced Disney customers' discretionary income.
E) Disney's rivals often change their management structures as part of efforts to make their organizations more efficient and customer-focused.
Q2) Why is corporate culture an important feature for Donna to examine? Can Donna significantly influence the corporate culture at the Westminster Inn?
Q3) What is SWOT analysis?
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Chapter 6: Organizing the Business
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) Which of the following clarifies structure and shows employees where they fit into a firm's operations?
A) delegation
B) departmentalization
C) organization charts
D) mission statement
E) job descriptions
Q2) Based on the organization chart described in the scenario, how is Ace Products organized?
Q3) Which of the following types of structure entails a second chain of command?
A) divisional
B) departmental
C) committee
D) matrix
E) team
Q4) Why are centralization and decentralization, delegation, and authority the key ingredients in establishing the decision-making hierarchy?
Q5) What is the difference between responsibility and authority?
Q6) What is delegation? Identify four reasons that managers have trouble delegating.
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Chapter 7: Operations Management and Quality
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148 Verified Questions
148 Flashcards
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Sample Questions
Q1) Which scheduling tool shows the necessary sequence of activities in a project and identifies the critical path?
A) Gantt chart
B) process flowchart
C) detailed schedule
D) master production schedule
E) PERT chart
Q2) A process flowchart identifies the sequence of production activities, movements of materials, and work performed at each stage of the process.
A)True
B)False
Q3) When Ford assembles parts into a Ford Explorer, it creates which type of utility?
A) time
B) form
C) possession
D) place
E) ownership
Q4) How does outsourcing affect global supply chain management?
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Page 9
Chapter 8: Employee Behavior and Motivation
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) What is the Hawthorne effect?
A) the belief that employees are motivated by money alone
B) the conclusion that workers are more productive if management pays attention to them
C) the determination that the level of lighting in a workplace has no effect on productivity
D) the theory that workers are more productive if their jobs are analyzed closely
E) the unspoken agreement between the employee and the employer
Q2) When people feel they are being inequitably treated, they are likely to ask for raises, increase their efforts, and work longer hours.
A)True
B)False
Q3) Discuss the potential benefits to the employer from a flextime program.
Q4) Discuss management by objectives (MBO).
Q5) How does Maslow's hierarchy of needs model explain employee motivation?
Q6) With job sharing, companies often experience increased turnover.
A)True
B)False
Q7) How are equity theory and the psychological contract connected?
Page 10
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Chapter 9: Leadership and Decision Making
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129 Verified Questions
129 Flashcards
Source URL: https://quizplus.com/quiz/27733
Sample Questions
Q1) Which of the following types of leaders has the primary role of helping a less experienced person learn how to function and to advance within an organization?
A) enabler
B) mentor
C) manager
D) task master
E) motivator
Q2) All managers are leaders but not all leaders are managers.
A)True
B)False
Q3) In exercising strategic leadership, what is a leader most likely to do?
A) focus on company efficiency
B) focus on hiring the right people
C) align the company with its environment
D) avoid environmental impact on the firm
E) engage the firm with community organizations
Q4) What variables in the scenario indicate that a situational approach to leadership may be advisable?
Q5) How can norms and cohesiveness in a work group neutralize leadership?
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Chapter 10: Human Resource Management and Labor Relations
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) Which of the following, if True, would most strengthen Dexterity's case in maintaining Ashe's current contract rate?
A) Monahan has never directly observed Ashe's performance in presenting a workshop.
B) As a contract worker, Ashe does not receive medical or retirement benefits.
C) Monahan has few applications from other qualified instructors in the area.
D) Dexterity uses a single-rate system for contingent workers.
E) There is no other agency in Canal City with whom Ashe could contract to provide similar workshops.
Q2) Job analysis is the systematic analysis of jobs within an organization resulting in a job description.
A)True
B)False
Q3) Employers can legally require a medical examination as a condition for making an offer of employment.
A)True
B)False
Q4) Explain the difference between labor relations and a labor union.
Q5) What common incentive program options are available for workers?
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Chapter 11: Marketing Processes and Consumer Behavior
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130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/27735
Sample Questions
Q1) Marketing managers often support the activities of political action committees (PACs). In doing this, which environment are they attempting to influence?
A) competitive
B) economic
C) technological
D) political-legal
E) geo-demographic
Q2) Garrett is in the business of selling baseball bats. He decides to employ focus groups to determine which bats will likely be bestsellers. Which of the following groups will he be
LEAST likely to invite as participants?
A) players from the state's professional baseball team
B) local college and high school coaches
C) administrators of the local Little League baseball program
D) spectators at a baseball tournament
E) junior high players from the surrounding counties
Q3) Why is speed to market so important?
Q4) What are three functions of packaging?
Q5) Describe psychological, personal, social, and cultural influences on consumer behavior.
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Chapter 12: Pricing, Distributing, and Promoting Products
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129 Verified Questions
129 Flashcards
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Sample Questions
Q1) When putting together the promotion campaign for Superior, what purposes of promotion should managers at Superior keep in mind?
Q2) Shopping agents allow consumers to purchase products directly from their site.
A)True
B)False
Q3) Agents and brokers buy products from manufacturers and then sell them to other businesses.
A)True
B)False
Q4) In which of the following retail outlets is there a most direct communication line between producer and consumer?
A) e-retailing
B) specialty store retailing
C) catalog showroom retailing
D) mail-order retailing
E) brokered retailing
Q5) One drawback of nondirect distribution is higher prices.
A)True
B)False
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Chapter 13: Information Technology for Business
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125 Verified Questions
125 Flashcards
Source URL: https://quizplus.com/quiz/27737
Sample Questions
Q1) Who has access to intranets generally?
A) employees
B) suppliers
C) customers
D) shareholders
E) dealers
Q2) Computer-aided design (CAD) can increase the productivity of knowledge workers.
A)True
B)False
Q3) How is a Trojan horse different from a worm?
Q4) Which of the following, if True, would best support Marquand's position?
A) Having information to help it plan gives a business the greatest competitive edge.
B) Information technology has given consumers more choices than ever before.
C) The majority of consumers make at least one online purchase per month.
D) Information technology has greatly increased the choices available to consumers.
E) Most businesses are motivated to take advantage of the latest information technology.
Q5) How do networks and technology lead to leaner companies?
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Chapter 14: The Role of Accountants and Accounting Information
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117 Verified Questions
117 Flashcards
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Sample Questions
Q1) Give three examples of management advisory services.
Q2) Which of the following statements best describes the difference between current and long-term liabilities?
A) Current liabilities are debts that need to be paid immediately, whereas long-term liabilities do not.
B) Current liabilities are those which will cost less in debt interest than long-term liabilities.
C) Current liabilities are debts that are settled sooner than long-term debts.
D) Current liabilities are debts on tangible assets, whereas long-term liabilities are debts on intangible assets.
E) Current liabilities are debts on current assets, whereas long-term liabilities are debts on fixed and intangible assets.
Q3) Ethical behavior requires that a CPA give precedence to public trust in the profession over the directions of her or his employer.
A)True
B)False
Q4) What is a leveraged buyout?
Q5) For what types of organizations do forensic accountants work?
Page 16
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Chapter 15: Money and Banking
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) Money frees society from a system of barter. In doing so, money is performing which of the following functions?
A) store of value
B) measure of worth
C) unit of account
D) determination factor
E) medium of exchange
Q2) Individual retirement accounts can be opened only by self-employed people such as doctors, small business owners, and consultants.
A)True
B)False
Q3) In mutual savings banks, all depositors are considered owners of the bank.
A)True
B)False
Q4) What is a debit card?
Q5) An example of a point-of-sale (POS) terminal is when you go to the grocery store and the system transfers funds from your account to the store's account.
A)True
B)False
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Chapter 16: Managing Finances
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) Peter Kim wanted to buy a new car. To help finance the purchase, he decided to sell his Organic Markets bond in the secondary market. Peter's bond had a par value of $10,000 and a coupon of 6 percent. Current interest rates were 3 percent. What would Peter's bond sell for?
A) for par value
B) for $10,600
C) at a discount to par value
D) for $9,700
E) at a premium to par value
Q2) If you purchased a share of GE stock for $33.82, then sold it one year later for $36.50, what would the price appreciation be?
Q3) The stock of Simonsen, Inc. is being bought up by an individual who intends to take over Simonsen and sell off its assets for a profit. What is the individual in this scenario called?
A) angel investor
B) corporate raider
C) inside trader
D) stock broker
E) bondholder
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Page 18