Small Business Management Practice Questions
Course Introduction
Small Business Management introduces students to the fundamental principles and practices necessary to successfully start, operate, and grow a small business. The course covers key topics such as entrepreneurship, business planning, financing, marketing strategies, managing operations, legal and regulatory considerations, human resources, and innovation. Through real-world case studies and practical assignments, students gain insights into the challenges and opportunities faced by small business owners and develop the managerial skills needed to make effective decisions in a competitive business environment.
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) What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal?
A) the going rate
B) the margin rate
C) the market price
D) the optimum price
E) the cost price
Answer: C
Q2) Which of the following best gives the meaning of the term business cycle?
A) the conditions of the economic system in which an organization operates
B) the total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
C) the measure of economic growth that compares how much a system produces with the resources needed to produce it
D) the number of businesses started during a given time period
E) the pattern of short-term ups and downs in an economy
Answer: E
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Chapter 2: Business Ethics and Social Responsibility
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135 Verified Questions
135 Flashcards
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Sample Questions
Q1) IBP, a leading meat-processing firm, has a long record of breaking environmental protection, labor, and food processing laws and then trying to cover up its offenses. What type of stance has IBP adopted to social responsibility?
A) accommodative
B) obstructionist
C) pragmatic
D) defensive
E) proactive
Answer: B
Q2) The Omega Group's mission statement conveys a primary commitment to compassionately improving the lives of elderly citizens. What is LEAST likely to be True of the company's ethical code?
A) The company values the well-being of others.
B) The company believes that all people have worth.
C) The company prohibits age discrimination when hiring employees.
D) The company expects and requires elderly citizens to contribute to society.
E) The company prioritizes fair treatment of all human beings.
Answer: D
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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 figures reflect the current size and the growth in Hispanic-owned businesses for the last five years?
A) 2.25 million and 31 percent
B) 2.75 million and 41 percent
C) 3.15 million and 71 percent
D) 3.55 million and 81 percent
E) 4.25 million and 85 percent
Answer: A
Q2) What do both sole proprietorships and partnerships lack?
A) trust
B) legal standing
C) continuity
D) shared vision
E) adaptable processes
Answer: C
Q3) General partnerships generate a substantial percentage of total sales revenue in the United States.
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) How can a local content law in Japan act as a barrier to a U.S.-based automobile manufacturing company that is interested in setting up a branch office in Tokyo?
Q2) Nokia is a dominant market player in its industry. What are some risks that Nokia might face if it engages in a strategic alliance with a foreign company?
Q3) The number of strategic alliances among major companies has decreased significantly over the last decade.
A)True
B)False
Q4) Which of the following is illegal in the United States?
A) dumping but not cartels
B) cartels but not dumping
C) only certain kinds of dumping and cartels
D) neither dumping nor cartels
E) both dumping and cartels
Q5) Explain why fluctuations in exchange rates have significant influence on the balance of trade.
Q6) What is a cartel? Use an example to clarify your response.
Q7) Explain a floating exchange rate.
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Chapter 5: Business Management
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) How will the types of goals that Donna will most likely make help her in growing her business?
Q2) When conducting a SWOT analysis of an organization, which question can help management brainstorm for the opportunities section of the analysis?
A) What external changes present interesting possibilities?
B) What aspect of the organization's vision can be altered?
C) What necessary skills do the organization's employees currently lack?
D) What does the organization offer that makes it stand out from other organizations?
E) What external economic forces can affect the organization's bottom line?
Q3) When conducting a SWOT analysis of an organization, which question can help management brainstorm for the strengths section of the analysis?
A) What external changes present interesting possibilities?
B) What aspect of the organization's vision can be altered?
C) What necessary skills do the organization's employees currently lack?
D) What does the organization offer that makes it stand out from other organizations?
E) What external economic forces can affect the organization's bottom line?
Q4) Define the term management.
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7
Chapter 6: Organizing the Business
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146 Verified Questions
146 Flashcards
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Sample Questions
Q1) What do managers do when the "job" of a firm is broken down into smaller jobs?
A) fragment the task
B) specialize the job
C) respond to the job
D) assign the task
E) control the job
Q2) What type of departmentalization does Kraft Foods use by having separate divisions for different types of foods?
A) customer
B) functional
C) geographic
D) product
E) brand
Q3) Briefly explain the steps in the delegation process.
Q4) Decentralization works best in a complex, rapidly changing environment.
A)True
B)False
Q5) Why do most businesses use organization charts?
Q6) Describe a learning organization.
Q7) What is the difference between responsibility and authority?
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Chapter 7: Operations Management and Quality
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148 Verified Questions
148 Flashcards
Source URL: https://quizplus.com/quiz/27731
Sample Questions
Q1) Materials management involves the flow of materials inside of the production facility, while distribution management involves the flow of finished goods.
A)True
B)False
Q2) Explain how JIT production and lean manufacturing are related.
Q3) Which term refers to how well a product does what it is supposed to do?
A) capacity
B) consistency
C) reliability
D) performance
E) quality control
Q4) Getting a haircut and having your lawn mowed are both examples of low-contact services.
A)True
B)False
Q5) FedEx and the U.S. Postal Service compete for many of the same customers. How are their strategies for attracting customers different?
Q6) How are General Motors and Chrysler responding to current economic conditions?
Q7) What is a Gantt chart?
Page 9
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Chapter 8: Employee Behavior and Motivation
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Which of the following is the set of expectations held by employees and the organization regarding what the employee will contribute and what he or she will receive?
A) psychological contract
B) nondisclosure agreement
C) job satisfaction
D) mutual commitment
E) self expression
Q2) How are equity theory and the psychological contract connected?
Q3) Jack is a manager at StyleCo. His CEO has started a program that encourages employee empowerment. Jack presented the idea to his staff, and the employees seem reluctant to take part. Jack tells his CEO that his staff is not interested in empowerment. What assumption is Jack making that the CEO needs to take into account?
Q4) Which of the following would have the lowest cost to an organization?
A) absenteeism
B) workplace violence
C) sexual harassment
D) theft
E) racism
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Chapter 9: Leadership and Decision Making
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129 Verified Questions
129 Flashcards
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Sample Questions
Q1) When creating an agenda, what do leaders focus on?
A) establishing direction
B) controlling and problem solving
C) organizing and staffing
D) outlining procedures
E) planning and budgeting
Q2) At Nordic Enterprises, Johann is most effective in carrying out the management of daily tasks that must be performed. Which of the following best describes Johann's leadership role?
A) charismatic
B) transactional
C) transformational
D) behavorial
E) situational
Q3) The Manager's argument assumes all of the following EXCEPT which?
A) The Employee Handbook is a reliable source of information.
B) All managers are leaders.
C) All leaders are effective leaders.
D) Effective leadership is all the company needs for strong performance.
E) The Manager was chosen for his position because of his leadership skills.
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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) Who are temporary or permanent replacements for striking workers?
A) strikebreakers
B) union busters
C) union breakers
D) contingent workers
E) labor relation teams
Q2) Companies often use internal recruitment to build morale and keep high-quality employees from leaving.
A)True
B)False
Q3) The OFCCP is responsible for enforcing executive orders that apply to companies doing business with health departments.
A)True
B)False
Q4) Although millions of American workers still belong to unions, union membership as a percentage of the total workforce has steadily declined.
A)True
B)False
Q5) What does a job analysis entail?
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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) What is the term for the type of competition based on buyers' perceptions of the benefits of products offered by particular companies?
A) institutional competition
B) monopolistic competition
C) forced competition
D) perfect competition
E) brand competition
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) How might economic environmental factors affect business for Panther Shoes?
Q4) Buzz marketing relies on television advertising to increase brand awareness.
A)True
B)False
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Chapter 12: Pricing, Distributing, and Promoting Products
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129 Verified Questions
129 Flashcards
Source URL: https://quizplus.com/quiz/27736
Sample Questions
Q1) Which of the following best describes department stores?
A) A department store is a large product line retailer organized into smaller, convenience-focused components.
B) A department store is a large product line retailer organized into smaller, bargain-focused components.
C) A department store is a large product line retailer organized into smaller, producer-focused components.
D) A department store is a large product line retailer organized into smaller, product-focused components.
E) A department store is a large product line retailer organized into smaller specialty stores.
Q2) Discount houses, catalog showrooms, and factory outlets are examples of product-line retailers.
A)True
B)False
Q3) While the ultimate objective of any promotion is to increase sales, marketers may have other objectives. In particular, why would adding value to a product be seen as an important objective for a promotion team?
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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) Which of the following statements would Scofield most likely agree with?
A) Anti-virus software ought to be continually improved.
B) There are not enough networks to support current Web traffic.
C) Most computer users use anti-virus software of some form or another.
D) Consumers should not be particularly worried about identity theft.
E) Malware mostly comes in the form of Trojan horses.
Q2) Interstate's head of human resources claims that the company needs to focus on improvements in the software available to employees. Which of the following, if True, would strengthen her position?
A) Many Interstate employees complain of slow, outdated computer hardware.
B) Interstate has been slow to upgrade its employees' web browsers with the latest versions.
C) The company's IT department spends a large portion of its time upgrading software.
D) Interstate's business has been weak recently due to an industry slowdown.
E) Most of Interstate's sales are done by means of personal selling.
Q3) Bill has considered implementing a computer-aided design (CAD) system at Worldwide. How could Worldwide benefit from such a system?
Q4) Where is a firewall located?
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Page 15
Chapter 14: The Role of Accountants and Accounting Information
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117 Verified Questions
117 Flashcards
Source URL: https://quizplus.com/quiz/27738
Sample Questions
Q1) Santos's executives are most interested in seeing the company's short-term solvency ratios. Based on this information, what question do they most likely want to have answered?
A) Can the company pay its immediate debts without obtaining further loans?
B) Does the company have enough inventory to meet sales demands?
C) How much inventory on hand does Santos have?
D) How much bonds payable debt is Santos carrying?
E) Is the company selling products at an appropriate price?
Q2) What are the major categories within an income statement?
A) operating costs and profits, investing costs and profits, and financing costs and profits
B) current revenue, long-term revenue, and net revenue
C) revenue, sales, and income
D) assets, liabilities, and owners' equity
E) revenues, cost of revenues, operating expenses, and net income
Q3) It is currently very common that a CPA who is hired to audit a firm's finances will also be hired to help design a more efficient financial information system.
A)True
B)False
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) The overall value of the U.S. M-2 has grown considerably since 1979 due primarily to the increased use of credit cards and debit cards.
A)True
B)False
Q2) What happens to demand and price during times of inflation?
Q3) 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
Q4) During these same hearings, several executives from the bailed-out banks testified that such financial perks as these bonuses were necessary to get the economy rolling again. What arguments might they have used?
Q5) Explain the need for requiring banks to be able to lend out only 90 percent of its deposit funds.
Q6) What is the difference between a credit card and a debit card?
Q7) What is a debit card?
Page 17
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Chapter 16: Managing Finances
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) What is a stock's market value?
A) the current price of a share of stock in the stock market
B) the average price of one share of stock over the past year
C) the face value of a share of stock, set by the issuing company's board of directors
D) the price of the stock plus the previous year's dividend
E) the monthly average of a stock's price over a year
Q2) Dividend payments are optional and variable-the corporation's CEO decides whether and when a dividend will be paid, as well as the amount that is best for the future of the company and its employees.
A)True
B)False
Q3) Unlike the Dow and the S&P 500, all NASDAQ-listed companies, not just a selected few, are included in the index for a total of some 3,800 firms across six continents.
A)True
B)False
Q4) The Dow Jones Industrial Average (DJIA) has remained unchanged in recent years.
A)True
B)False
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