Entrepreneurship The Art Science and Process for Success 2nd Edition Bamford Test Bank

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Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankChapter 02 Individual Leadership and…
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Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankChapter 02 Individual Leadership and Entrepreneurial Start-UpsTrue / False Questions1.There is one crucial person in a large organization: the chief executive officer.True2.Large companies have excess resources to assist them. This excess is called boundaries unlimited.True3.FalseFalseOrganizational slack allows large organizations flexibility that is not available to smaller companies.True4.A new entrepreneurial business has many formal procedures to follow.True5.FalseFalseThe most important person in an entrepreneurial business is the founder.TrueFalse2-1 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank6.In a small family business, the most important support group is the family.True7.A small business has less flexibility to respond to change than a large company.True8.FalseLarge firms can fill market niches that small companies cannot afford to fill.True9.FalseFalseOne advantage that a large firm has over a small firm is economies of scale.TrueFalse10. The unlimited theory suggests that individuals act to maximize their own individual benefit.TrueFalse11. The agency theory implies that a small business owner is more likely to go on the Internet to find the cheapest travel ticket available in order to save money for the business.TrueFalse12. One of the greatest assets of a small business is the owner.TrueFalse13. Potential entrepreneurs must determine the level of risk that they are able to tolerate.TrueFalse2-2 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank14. The profit point is when a new business has reached a level where revenue coming into the firm is sufficient to cover expenses.TrueFalse15. In a small business an owner needs to consider how much debt he or she wants to accumulate in the business. The greater the debt, the lower the risk tolerance.TrueFalse16. There is always a certain level of risk that an owner wants to assume.TrueFalse17. The owner must be aware of his or her own tolerance of risk and establish a business that is consistent with that tolerance.TrueFalse18. Entrepreneurial orientation relies on an owner's prior work experience.TrueFalse19. Bounded rationality offers the individual from outside an industry the unconstrained role of decision making that was not previously considered.TrueFalse20. Future business owners need to understand how their own version of rationality affects their decision making.TrueFalse2-3 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank21. The Myers-Briggs test is used for personality evaluations.TrueFalse22. A Myers-Briggs test indicates the correct way that individuals should deal with other people and their environments.TrueFalse23. The philosophy of the Enneagram test is that a person is the result of all the experiences in his or her life.TrueFalse24. The Big Five test is composed of five factors in decision-making criteria.TrueFalse25. Starting a new business could result from a particular event or condition within an individual's environment.TrueFalse26. Having very little to lose financially by a failure could be a trigger for a new business.TrueFalse27. Two triggers for starting a new business are personal motivators and circumstance motivators.TrueFalse2-4 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank28. Small business owners who are driven by circumstance motivators are more proactive and persistent toward their goal.TrueFalse29. There are formal rules that must be followed in setting up the glass ceiling in an organization.TrueFalse30. Family members are in an unique position to keep an individual focused on pursuing the wrong approach to an issue.TrueFalse31. The reason a business is called a family business is that the owner's family plays a critical role in the success of the business.TrueFalse32. One of the negative aspects to being the owner of a family business has to do with firing a family member.TrueFalse33. Established businesses may be hesitant about buying from a start-up small business.TrueFalse34. A community could have an incubator, which is a facility that houses new businesses and provides many critical services for them.TrueFalse2-5 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank35. Business incubators work best with small manufacturing-based firms.TrueFalse36. According to the book, the greatest contribution to a small business owner's success is that they start a business they enjoy.TrueFalse37. Two triggers for staring a new business are talking to successful entrepreneurs and being laid off from your job.TrueFalse38. You should start a business doing something you have a passion for because you will spend more time starting and running the business than if you start a business that does not excite you.TrueFalseMultiple Choice Questions39. occur(s) in large companies that have excess resources such as equipment and employees.A. Unlimited boundaries B. Limited boundaries C. Organizational slack D. Organizational resources2-6 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank40. A small business has formal procedures as compared to a larger firm to operate the company.A. many B. few C. same D. proportionate41. A small business owner plays a critical role than the senior leadership of a large company.A. more B. less C. same D. proportionate42. All of these are advantages for a small business EXCEPT:A. respond quickly to changes B. owned and run by the same person C. economies of scale D. greater flexibility2-7 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank43. states that individuals make decisions that maximize their own individual benefits.A. Individual benefit theory B. Organizational benefit theory C. Self-fulfilling prophesy D. Agency theory44. A small business owner decides to take a cheaper flight to go to his yearly conference instead of a flight that was at a better time. This decision is a form of .A. agency theory B. organizational benefit theory C. cost savings ratio D. inverse benefits45. The potential entrepreneur needs to consider when starting a new business.A. risk tolerance B. prior experience C. personality orientation D. All of these2-8 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank46. What is the term used to describe a new business that has reached a level where revenue coming into the firm is sufficient to cover expenses?A. equal financial ratio B. no risk level C. risk tolerance D. break-even point47. The greater the debt the business owner is willing to take on, the the risk tolerance.A. lower B. higher C. same D. inversely proportionate48. is a rational decision-making process that is constrained by our experiences, history, and culture.A. Logic rationality B. Constrained rationality C. Bounded rationality D. Unbounded rationality2-9 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank49. lets individuals from outside an industry establish a new business in a way not previously considered.A. Logic rationality B. Constricted rationality C. Unconstricted rationality D. Bounded rationality50. Which of these personality tests is based on the philosophy of Carl Jung?A. Insights B. Enneagram C. Big Five D. Myers-Briggs51. Which personality test indicates the different ways individuals deal with other people and their environments?A. Insights B. Enneagram C. Big Five D. Myers-Briggs2-10 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank52. Which personality test believes that a person is the result of all experiences in his or her life?A. Insights B. Enneagram C. Big Five D. Myers-Briggs53. Which popular personality test assumes there are five components or types of an individual's personality?A. Insights B. Enneagram C. Big Five D. Myers-Briggs54. All of the following are triggers to start a new business EXCEPT:A. being laid off B. intolerable risk level C. very little to lose financially by a failure D. experiencing a mid-life crisis55. Which of the following is NOT a personal motivator to start a business?A. proactive positioning B. driven C. practical advice D. defensive positioning2-11 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank56. Glass ceilings in large corporations involve .A. formal rules B. limits to the level of opportunity in the corporate hierarchy C. unblocked opportunities D. no particular pattern for advancement57. A small business owner should examine the supports before starting a business.A. family B. social networks C. community D. all of these58. In a family business, an owner should choose family members who provide support. The main reason is:A. members are related B. members give positive/negative comments C. don't have to pay them as much D. family member slack59. All of these are negatives for an owner in a family business EXCEPT:A. firing a family member B. reprimanding a family member C. promoting a family member D. all of these2-12 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank60. Established businesses are often to buy from a start-up small business.A. quick B. hesitant C. sure D. proportionate certain61. Some communities offer facilities that house new businesses and provide resources for them. These are called .A. small business resource centers B. temporary business agencies C. holding facilities D. incubators62. Incubators for small businesses include all of the following EXCEPT:A. space B. financial loans C. legal expertise D. common receptionist63. Business incubators work best with which of the following type of firms?A. manufacturing B. retail C. service D. accounting2-13 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank64. The Small Business Administration has set up which of these to advise individuals wanting to start a new business?A. Service Corps of Retired Executives B. Small Business Assistance Centers C. Minority Enterprise Development Program D. Community Incubator Program65. When should a new business owner ensure there are sufficient financial resources to operate the business?A. prior to the start B. opening day C. first payroll D. after six-month review66. According to the book, the greatest contributor to an owner's success is .A. the owner doing something they enjoy B. opportunities not available in large company C. spending less time at work D. no risk involved2-14 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank67. A prospective small business owner wants a career doing what he enjoys most—sports. He might be drawn to try an entrepreneurial venture in order to realize:A. personal fulfillment B. substantial long-term profits C. freedom from control of a managerial hierarchy D. a sense of self-esteem as a result of building his own business68. A small business owner can make decisions quicker than a big business because:A. the decision maker is both the owner and the manager of the business B. the owner can delegate the decisions to committees C. managers in big businesses have less knowledge than a small business owner D. all of these69. According to the book, what is the greatest asset of a small business?A. investor B. stakeholder C. manager D. owner70. The potential entrepreneur needs to consider when starting a new business.A. prior experience B. education C. rationality D. capital2-15 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank71. According to the book, which of the following personality tests is most widely used in universities?A. Enneagram B. Myers-Briggs C. Big Five D. Both Myers-Briggs and Big Five72. Which of the following is NOT a personality dimension of the Big Five test?A. individualist B. extroversion C. agreeableness D. conscientiousness73. According to the book, there are three elements of entrepreneurial orientation. Which of the following is NOT one of those elements?A. passionate about your product or service B. prior experience C. personality orientation D. risk tolerance74. Which of the following is NOT a personal motivator to start a business?A. being proactive B. feeling driven to achieve goals C. willing to make career-changing moves D. taking a defensive position2-16 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank75. According to the book, which of the following is an example of circumstance motivators?A. Individuals are laid off, are demoted, or are forced to take reduced pay by their prior employer. B. People start their own company because they have a passion for their product or service. C. Women, who are the fastest growing group of small business owners, who want to achieve their dreams. D. People start their own company because they want to be their own boss.76. In the Philly Pretzel and Dan Dizio case study, Dan Dizio funded his venture with:A. an angel investment B. venture Capital C. credit card debt D. small business loan77. In the Friend's Home Health case study, the three potential entrepreneurs evaluated their personal motivation and risk orientations. They found that:A. they were all equally compatible B. Betty and Joan were more compatible as partners than either was with Bob C. Bob and Joan were more compatible as partners than either was with Betty D. none of them were compatibleFill in the Blank Questions2-17 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-Bank78. Organizational is excess resources in an organization, typical of large organizations, but not of small businesses. 79. theory suggests that individuals act to maximize their own individual benefit. 80. A person who wants to start a business needs a risk tolerance. 81. is a decision that is constrained by the background and history of the person. 82. A(n) is a facility that houses new businesses and provides many critical services for them. 83. is a supposition that assumes individuals act to maximize their own benefit. Essay Questions2-18 Copyright Š 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Full file at https://testbankuniv.eu/Entrepreneurship-The-Art-Science-and-Process-for-Success-2nd-Edition-Bamford-Test-BankFull file a
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