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MGT 320 Exam Questions with Complete Answers
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MGT 320 Exam Questions with Complete Answers
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MGT 320 Exam Questions with CompleteAnswers
Kyoto has started an interior decoration business. Everything about the business, from its name
to the color schemes used in the corporate letterhead, is an expression of her personality. She
sees this business as her greatest personal achievement. Kyoto is experienci ng the opportunity
of small business ownership.
a) to reap unlimited profits
b) to contribute to society
c) to make a difference
d) to reach her full potential - ✔✔Answer: D
Mary and Ted are discussi ng starting a new business and are asking themselves a series of
questions like; "What is the worst that could happen if we fail?" "How likely is that to happen?"
They are assessi ng which potential drawback of small business ownership?
a) The long hours and hard work involved
b) The risk of losing their entire investment
c) The lower quality of life they'll experience
d) The uncertainty of thei r income - ✔✔Answer: B
Potential drawbacks of small business ownership include:
a) a relatively low guaranteed income.
b) a significantly freer personal schedule but less personal income and assets with which to
enjoy the more relaxed schedule.
c) a high likelihood of a lower quality of life while starting and establishing the small business.
,d) relatively limited potential for further personal development. - ✔✔Answer: A
More businesses are started by individuals between than at any other age.
a) Under 25
b) 25-34
c) 35-44
d) 45-54 - ✔✔Answer: B
Which of the followi ng trends is feedi ng the growth of entrepreneurial activity?
a) A greater focus on professional advancement combined with the "flattening" of large
corporati ons' management hierarchies
b) The rapid growth of the need for low-technology products
c) A favorable attitude toward entrepreneurs in American society
d) Diminished wage increases in corporations and the desire for a better standard of ling -
✔✔Answer: C
The growth of entrepreneurshi p is being fed by:
a) the return to a manufacturi ng-based economy.
b) technological advancements.
c) diminished opportunities in overseas markets for larger corporations.
d) the vilifying of large corporati ons in society - ✔✔Answer: B
Minorities cite which of the followi ng as the primary barrier to their entrepreneurship?
a) skepticism
, b) access to capital
c) discrimination
d) social pressure - ✔✔Answer: C
Most of today's immigrant entrepreneurs come into the U.S. with:
a) significant educational and financial resources.b) few skills, little education, and no financial
resources.
c) few resources but lots of dedication and desi re.
d) little education but significant financial backing from their families in their home countries. -
✔✔Answer: C
Part-time entrepreneurship has an additional advantage over starting up a company full- time
in that:
a) it is a much lower risk for the entrepreneur.
b) it doesn't require hang a business plan.
c) the entrepreneur can change products and markets more easily.
d) the entrepreneur doesn't need to know the industry as well. - ✔✔Answer: A
The strategic management process:
a) Is especially difficult for the small business because of its limited resources.
b) Divides mass markets into smaller, less homogeneous u nits.
c) Provides the small business owner with the tools for managing the uncontrollable elements
in the external business environment.
d ) helps a small business develop the game plan that guides it in creating its mission, vision,
goals, and objectives. - ✔✔Answer: D
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