Family Business MGMT Final Exam Questions and Answers | Latest Version | 2024/2025 | Already Passed
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Course
Family Business MGMT
Institution
Family Business MGMT
Family Business MGMT Final Exam
Questions and Answers | Latest Version
| 2024/2025 | Already Passed
What is a key advantage of a family business?
A. High employee turnover
B. Strong family ties
C. Limited access to capital
D. Lack of vision
B. Strong family ties
Which term describ...
Family Business MGMT Final Exam
Questions and Answers | Latest Version
| 2024/2025 | Already Passed
What is a key advantage of a family business?
A. High employee turnover
B. Strong family ties
C. Limited access to capital
D. Lack of vision
✔✔ B. Strong family ties
Which term describes the transition of leadership from one generation to the next in a family
business?
A. Succession planning
B. Strategic planning
C. Exit strategy
D. Organizational change
✔✔ A. Succession planning
1
,What is a common challenge faced by family businesses?
A. Clear decision-making processes
B. Professional management
C. Family conflict
D. Strong corporate governance
✔✔ C. Family conflict
Which factor is crucial for the success of a family business?
A. Ignoring family dynamics
B. Lack of communication
C. Family cohesion
D. Minimal planning
✔✔ C. Family cohesion
What is the term for a business model where family members are both owners and managers?
A. Partnership
B. Franchise
C. Family-owned business
2
,D. Corporation
✔✔ C. Family-owned business
Which of the following is a key characteristic of family businesses?
A. Focus solely on profit
B. Generational involvement
C. Limited innovation
D. Strictly external hiring
✔✔ B. Generational involvement
What is the primary goal of family business governance?
A. To increase family power
B. To manage family relationships
C. To maximize external stakeholders' interests
D. To ensure business sustainability
✔✔ D. To ensure business sustainability
3
, Which document is often created to outline the roles and responsibilities of family members in a
business?
A. Mission statement
B. Family constitution
C. Annual report
D. Marketing plan
✔✔ B. Family constitution
What is the importance of family values in a family business?
A. They create divisions among family members
B. They have no impact on business decisions
C. They guide business practices and culture
D. They are irrelevant to business operations
✔✔ C. They guide business practices and culture
Which strategy can help mitigate conflicts in family businesses?
A. Avoiding discussions
B. Establishing clear communication channels
4
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