QUESTION What are the disadvantages to using friends, family, and credit cards for short-term financing? What will be an ideal response? ANSWER Relationships with friends and family could be damaged if the borrower cannot pay back the debt or if the lenders do not like how the business is being operated. Credit cards usually […]
QUESTION What term describes the situation in which good and services are limited? a. surplus b. shortage c. scarcity d. scale ANSWER c
QUESTION Emotional intelligence is about all of the following EXCEPT ________. a. ignoring disagreements b. being persuasive c. understanding others d. getting people to focus positively on their work ANSWER a
QUESTION An organization’s structure is the A) arrangement of physical facilities including office buildings and manufacturing plants. B) formal configuration of people, which determines the allocation of duties, responsibilities, and authority. C) network of information technology platforms installed throughout the organization. D) wiring, plumbing, lighting, and other utility systems running throughout the organization’s facilities. […]
QUESTION Lynn, with a new degree in culinary arts, planned to start a catering business. Her mother, a chef in a French restaurant, offered to lend her $50,000 in return for a 30% share in the business and partial ownership. In this case, her mother is a venture capitalist. Indicate whether the statement is true […]
QUESTION A person who assumes the risks associated with organizing and managing a completely new business venture is called a(n) ________. a. innovator b. entrepreneur c. chief financial officer d. chief operating officer ANSWER b
QUESTION Give an example of a time when you considered opportunity cost in making a decision. What will be an ideal response? ANSWER Student answers will vary. Examples in the text include using tax return money to deposit in a savings account instead of paying down credit card debt, eating a free lunch instead […]
QUESTION An organization’s division of labor is the A) allocation of workers to roles based on gender, race, and ethnicity. B) physical separation of unionized and non-unionized workers. C) breakdown of different specialized roles that employees take on. D) assignments of job duties based on employees’ pay rates. ANSWER C
QUESTION A business plan states an entrepreneur’s goals and the plan to achieve them. Indicate whether the statement is true or false ANSWER TRUE
QUESTION There are ________ Is that are attributed to great leaders. a. three b. four c. five d. six ANSWER c
