All of these questions are based on PowerPoint presentations that have been created for Chapters 2, 3, 6, 7, 8, and 9. Put your answers next to or underneath the questions, save them as a separate Word document. The questions are not in chapter order.
The maximum points are 75.
1. (2 points) What are two of the five reasons why you might want to start your own business?
2. (1 point) What is the maximum number of employees a company can have and still be called a small business?
3. (1 point) What percent of small businesses do not survive after the 7th year?
4. (3 points) What are three of the six reasons why businesses fail?
5. (2 points) What were the top two franchises in 2020?
6. (2 points) Whats the difference between revenue and profit?
7. (2 points) What is a stakeholder?
8. (1 point) What does Management do?
9. (1 point) What does Operations do?
10. (1 point) What does Marketing do?
11. (1 point) What does Accounting do?
12. (1 point What does Finance do?
13. (1 point) Land, labor, capital, entrepreneurship, and knowledge are examples of ________?
14. (1 point) What does a mixed market system rely on?
15. (1 point) Whats the difference between a monopoly and an oligopoly?
16. (3 points) The three main goals of world economies are?
17. (1 point) A widely publicized measure of inflation is the ______?
18. (1 point) Who sets Monetary Policy?
19. (1 point) Who sets Fiscal Policy?
20. (4 points) What are four factors to consider when deciding to start your own business?
21. (2 points) What are the two advantages of a sole proprietorship?
22. (2 points) What are two disadvantages of a sole proprietorship?
23. (1 point) What is one advantage of being in a partnership?
24. (1 point) What is one disadvantage of being in a partnership?
25. (3 points) What are three of the five things a corporation can do?
26. (2 points) Double taxation applies to a _________ but does not apply to a _________.
27. (1 point) About how many not-for-profits companies are in the US?
28. (3 points) What are the three layers of management?
29. (2 points) What are two of the four common types of divisional organizations?
30. (2 points) Whats the difference between Chain of Command and Span of Control?
31. (2 points) What is one advantage and one disadvantage of a centralized model of management?
32. (2 points) What is one advantage and one disadvantage of a decentralized model of management?
33. (4 points) What are the four steps in the management process?
34. (2 points) What are the two questions that should be asked when beginning a strategic plan?
35. (1 point) What is the primary message contained in a companys Mission Statement?
36. (1 point) Fundamental beliefs about whats important and what is and isnt appropriate in conducting company activities are known as _____________.
37. (1 point) What are goals?
38. (1 point) What are objectives?
39. (3 points) What are three of the five conceptual components of controlling?
40. (3 points) What are three common leadership styles?
41. (3 points) What are three of the six managerial skills?
42. (1 point) What do transactional leaders focus on?
43. (1 point) What do transformational leaders focus on?
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