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Small business management longenecker pdf

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Test Bank for Small Business Management Launching and Growing Entrepreneurial Ventures 16th Edition by mmoonneeyy.info Donna Kelly. Chapter 2 Small. Small Business Management 17e L AU NC H I NG & G ROW I NG E N T R E P R E N E U R I A L V E N T U R E S Justin G. Longenecker Baylor University J. SMALL BUSINESS MANAGEMENT 16TH ED PDF > DOWNLOAD > small Management: Longenecker/Petty/Palich/Hoy's Small Business Management, 17th.


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Small Business Management: Launching and Growing Entrepreneurial Ventures, 14e. Justin G. Longenecker, Carlos W. Moore, J. William Petty, Leslie E. Palich. Entrepreneurship and Small Business Management (Source: Longenecker, J. G., Moore, C. W., Petty, J. W. & Palich, L. E., Small Business Management: Launching and .. [Pdf] Available at:

The one overriding characteristic needed to be a successful small business owner is which of the following? Which of the following behaviors was not cited as being included in most definitions of an entrepreneur? Related Papers. Solomon Better Business 2e. The personal quality linked to entrepreneurship in which people are motivated to excel and choose situations where success is likely is known as A Locus of control B Need to achieve C Need to succeed D High performance goals Answer:

Entrepreneurs and small business owners typically have higher education levels than the general public. The most common form of business in the United States today is the corporation. A sole proprietorship is owned by two or more persons. A major advantage of a sole proprietorship is that the owner has complete control over the business. The major disadvantage of a sole proprietorship is limited liability. The biggest advantage of partnerships is the pooling of talents and resources.

In a partnership, if both partners bring the same qualities to the business, then one of them is probably not needed. Although the ability to raise capital is better with a partnership than with a proprietorship, a partnership still cannot usually gather as many resources as a corporation.

In a partnership, the partners will be held liable only for their own negligence. If a partner leaves, the partnership is dissolved and the remaining partners can either find a new partner or terminate the business.

One of the most serious problems that can threaten a partnership is managerial conflict. Foresight in writing articles of partnership can solve many partner problems in the future. A closely held corporation publicly trades its shares of stock on a major auction market. A form of business ownership where the business is owned by a limited group of people and the stock is not traded publicly is called a closely held corporation.

Limited liability is the major advantage of forming a business as a corporation. C corporations and S corporations are taxed the same. A document describing a business that is filed with the state in which a business is formed is referred to as articles of incorporation.

C corporations provide individuals with limited-liability protection of a corporation while allowing the tax advantages of a partnership. LLCs can be an attractive form of ownership for small businesses. Rubin's day-to-day job as a business owner involves identifying opportunities for which marketable ideas exist and assuming the risk to make these ideas happen. Jasper has developed a concept for a start-up company that involves developing a new process for priming and painting automobile panels.

Based on this example, Jasper is focusing on which entrepreneurial behavior? Which of the following behaviors was not cited as being included in most definitions of an entrepreneur? A small business manager faces which of the following environmental forces? Entrepreneurship primarily involves which phase of business?

Sue Pallen is a partner in a cake-decorating company. Her role within the company is to identify new markets for growth and sustaining the company's long-term financial health by maintaining all financial records. The phase of implementation in the entrepreneurial process involves all but which of the following?

Small Business Management Solutions Manual

Which of the following is the key element needed to bring the entrepreneurial idea to reality during the implementation stage? When does the entrepreneurship stage end and the small business management stage begin?

Which stage of the startup process is characterized by relative certainty that the business will survive? In the growth stage of the startup process model, what is the primary goal of the small business?

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Forces that occur outside of the business that affect the business and its owner are referred to as A Financial factors B Controlled factors C Environmental factors D Internal factors Answer: In the triggering event and the implementation stages of the startup process model, which of the following environmental factors will affect the small business?

An entrepreneur faces which of the following environmental forces? In the triggering event stage of the startup process model Figure 2. In the innovation and triggering event stages of the startup process model see Figure 2. In the growth stage of the startup process model Figure 2.

About half of all business owners choose to go into business for themselves because they A Want to earn lots of money B Like the challenge C Want to avoid hard work D Want to fulfill others' expectations Answer: Some of the risks assumed through self-employment include all of the following except A Income uncertainty B Long work hours C Personal liability D A change in the owner's personality Answer: Which of the following is not prerequisite for becoming a successful entrepreneur?

The personal quality linked to entrepreneurship in which people are motivated to excel and choose situations where success is likely is known as A Locus of control B Need to achieve C Need to succeed D High performance goals Answer: The ability to see, conceive, and create new and unique products, services, and processes is known as A Innovation B Risk taking C Product development D Locus of control Answer: A characteristic of entrepreneurial personality that leads one to avoid goals that would be extremely difficult to achieve or goals with success almost guaranteed is called A Internal locus of control B A high desire for risk C Flexibility D A high need to achieve Answer: After spending 15 years working in the restaurant industry, Alex has decided to open a restaurant of his own.

His 15 years of experience will allow him to capitalize on which of the following?

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The one overriding characteristic needed to be a successful small business owner is which of the following? Which percentage of new business owners have had at least some college education? A 25 percent B 50 percent C 60 percent D 80 percent Answer: Which two areas of coursework are the fastest growing subjects in business schools? Which of the following is more important in the future development of a small business owner than the formal education received in school?

Pdf small business management longenecker

The three forms of business ownership include all but which of the following? Which of the following is the most common form of business ownership? Which of the following forms of business ownership brings in the most business-generated revenue? The trends for small businesses in the United States from to show the greatest increase in the number of A Partnerships B Public corporations C Very small businesses D Private corporations Answer: Les, a certified public accountant, is looking to open a new accounting firm.

Previously, Les was part-owner of a firm where he fought regularly with other co-owners about management decisions. If he wants to avoid such conflicts and promote independence, which of these should he choose? Which form of business ownership grew most rapidly from to as evidenced by the number of business tax returns filed? Which form of business ownership is the single best form in which to organize a small business?

The following are advantages of which form of business ownership: Which form of business organization is easiest to open and easiest to close? The tax advantage for sole proprietorships does not last forever. The businessperson must make money in order to be considered a business. Money must be made for how many years in order to be considered a business and not a hobby by the IRS?

The single biggest disadvantage of sole proprietorships is which of the following? Which disadvantage of sole proprietorships centers around the fact that capital is difficult to raise? Which of the following is created to complete a specified purpose and is limited in duration? A business structure in which the business owners share the management and all of the risk of a business is called a A Sole proprietorship B General partnership C Limited partnership D Corporation Answer: The following are disadvantages of which form of business ownership: Alice is co-owner of a company where she has unlimited liability.

However, there are three additional co-owners within the same company that have limited liability. B A In a limited partnership, at least one partner A Has unlimited liability B Has limited liability C Has raised 50 percent more capital than the other partners D Has given up any tax advantages Answer: The "right of first refusal" refers to which of the following? A Partners may refuse to let one of the partners leave the business.

B Partners may allow one partner to have only limited liability. C Partners may have first chance at buying the selling partner's shares in the business.

D Partners may refuse to pay out the profits of the business and instead reinvest the money back into the business. It's easier to figure out tough problems faster using Chegg Study. Unlike static PDF Small Business Management solution manuals or printed answer keys, our experts show you how to solve each problem step-by-step.

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