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WorksheetsIBT Unit 6 & 7 Test - Entrepreneurship & Leadership
Total questions: 25
Worksheet time: 13mins
Which of the following is not shown on an organizational chart:
The structure of an organization
Work relationships
Job descriptions
Classification of jobs
Businesses with a single owner and/or no employees account for how much in annual sales in the U.S.?
$100 Billion
$300 Million
$900 Million
$990 Billion
Companies with fewer than 100 employees created what percentage of job growth in the US, in the decade leading up to the Great Recession?
27%
37%
50%
56%
Most new businesses require how much in initial funds to start their business?
$5000 or less
$5000 or more
$10,000 or less
$10,000 or more
The Small Business Association describes a small business as follows:
A business with a single owner
A business with fewer than 100 employees
A business with fewer than 500 employees
A business that offers new products or services
Which of the following is a common reason for small business failure?
Lack of experiemce
Not keeping organized records
Poor location of the business
All of the above
Every business begins with a(n):
Customer
Idea
Invention
Profit
Money needed for the important resources of a business (for example land and equipment) that will last for many years is called:
Credit
Long-term financing
Short-term financing
Start-up financing
Money provided by large investors to finance new businesses:
Credit
Long-term loan
Short-term financing
Venture capital
A competitive advantage that small businesses have over larger businesses is
Attention to unique customer needs
Lower costs
Lower prices
More consumer research
Which of the following is not one of the reasons a small business fails?
A poor business location
Not enough employees to do the work
Poor customer credit practices
The owner does not have adequate experience
The process of starting, organizing and managing a business is called a(n):
Business plan
Entrepreneurship
Financing
Innovation
Which of the following best describes a Limited Liability Company?
Has one owner and protects the owner's personal assets
Has more than one owner and does not protect personal assets
Allows the company to not pay taxes in order to help others
Makes a profit for owners & allows the sale of stock shares
Which of the following is not one of the five functions of management
Controlling
Implementing
Producing
Planning
Which level of management spends most of its time completing planning and controlling activities?
Middle management
Team management
Top management
Supervisors
The ability to motivate individuals and groups to accomplish important goals is:
Influence
Leadership
Management
Power
The way people get along with each other is known as:
Communications
Human relations
Influence
Management style
A person who is not a manager but is still able to get a group focused and organized is using:
Formal influence
Informal influence
Tactical management
Strategic management
Which organizational principle gives employees the right to make decisions about how responsibilities should be accomplished?
Accountability
Informal influence
Tactical management
Strategic management
The organizational chart helps make clear the reporting relationship for all staff members of a business, this effective organization principle is referred to which of the following?
Procedures
Responsibility
Span of control
Unity of command
Which of the following is an element of a business plan?
Customer analyis
Description of the business
Financial plans
All of the above are elements
A retailer is an example of a(n):
Extractor
Intermediary
Producer
Service business
42% of all people working in the United States are baby boomers. If 15 percent of the baby boomers retire within 10 years, how many jobs will this represent from 2016 employment? Use the employment level figure of 155 million.
4.10 million
9.77 million
22.50 million
65.10 million
Many FBLA chapters collect money and sponsor activities for which charitable organization?
Red Cross
Children's Healthcare
March of Dimes
St. Jude's Hospital
Which of the following is the purpose of a mission statement?
To give employees guidelines for their decision making
To nurture and inspire employees
To provide a specific reason for the why the business exists
To state the results the business is expected to achieve
