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Chapter Quiz
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1
Flashlighting means looking carefully at existing inventory to be sure it is all being used efficiently.
A)True
B)False
2
The name given to a person who owns a sole proprietorship is a sole proprietor.
A)True
B)False
3
A cooperative is a business owned and controlled by the people who use it.
A)True
B)False
4
An acquisition is one company's purchase of the property and obligations of another company.
A)True
B)False
5
An angel investor loans businesses his or her own money in return for a stake of the business.
A)True
B)False
6
Which of the following is a common characteristic that all successful entrepreneurs have in common?
A)follows directions extremely well
B)pays close attention to what others think of their ideas
C)has a burning desire build their dreams into reality
D)can direct people to do the work so that they don't have to work extremely long hours
7
The responsibility of business owners for all of the debts of the business is known as ______________________.
A)limited liability
B)unlimited equity
C)unlimited liability
D)unlimited indebtedness
8
Which of the following is a way to start your own business?
A)become a franchisee
B)buy an existing business
C)start a cooperative
D)All of the above are ways to start your own business.
9
A __________ merger is the joining of two firms involved in different stages of related businesses.
A)vertical
B)horizontal
C)diagonal
D)conglomerate
10
__________ is the process of continuing to innovate a small business.
A)Intrapreneuring
B)Extrapreneuring
C)Entrepreneuring
D)Continuous improvement





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