Management Chapter Quiz Essay

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Questions for Chapter 6 True/False 1. A talented entrepreneur should be able to substitute for an experienced management team. (False) 2. The size of your organization is inversely correlated to the amount of revenue your business can derive (False) 3. Hiring a salesperson is more attractive than increasing support staff in regards to revenue generated. (True) 4. Your team members can help you to evaluate feedback from outside sources. (True) 5. Over 95% of entrepreneurs in the US report that their team members are the main source of seed financing. (False) 6. A business superstar is unlikely to possess all the business skills needed for long term success. (True) 7. Analysis of your resume will help you decide…show more content…
A) Analytical B) Driver C) Expressive D) Amiable E) None of the above (Answer – E) 7. According to Inc. 500, what percent of entrepreneurs start businesses with their friends or family members? A) Less than 5% B) About 10% C) About 20% D) Approximately 40% E) More than 65% (Answer – D) 8. What does the movie,, demonstrate? A) How outside financing contributes to equity B) How expensive lawyers can be C) How working together can affect the relationship of two lifelong friends D) How much the government is willing to help young entrepreneurs E) None of the above (Answer – C) 9. What opportunities can a young company offer its potential team members? A) Growth into higher management positions B) Above average market salaries C) More attractive social benefits packages D) Secure and stable jobs E) All of the above (Answer – A) 10. Which of the following should an entrepreneur do when creating a venture? A) Expropriate her current employer’s intellectual property B) Use her employer’s resources for the new venture C) Notify her current employer about the intention to create a new venture D) Spend all her time working for the new venture E) Live off her savings (Answer – C) 12. According to the chapter, which of the following is not an acceptable means of maintaining an entrepreneurs’ personal cash flow? A) Working full-time

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