QUIZ # 3: BMGT 110 SECTION I 1. One or more of your colleagues encountered the quote, which follows. And at first they gave it little or no thought. It read: “[p]rovide America’s taxpayers top quality service by helping them understand and meet their responsibilities and by applying the tax law with integrity and fairness to all”? In a couple of words what kind of statement is this: IRS Mission Statement. 2. Which type of merger is likely to receive the closest examination by the Federal Trade Commission? c. | horizontal merger| | 3.

For its favorable legal climate, as well as the ease and simplicity of its incorporation process, DELAWARE is the most popular state in the USA for the incorporation of many members of the Fortune 500. 4. When the Small Business Administration (SBA) assists a small business in applying for a major loan, it acts as the lender’s ________. d. | Guarantor| | | 5. Although the average farm size has gotten ________, the majority of farmers operate as ________ businesses. | | b. | larger; small| 6. Dell Computer founder Michael Dell and Microsoft co-founder Bill Gates are two well-known examples of ________. a. | social entrepreneurs| | | 7. ________ are currently the largest group of minority business owners in the United States. c. | Hispanics| 8. Apple Computer, FedEx, Staples, and many other well-known companies used ________ when they were start-ups. b. | Small Business Investment Company (SBIC) financing| 9. A credit union is an example of a(n): b. | privately held corporation| | | 10. An Acquisition agreement is one firm’s purchase of the property and obligations of another company. [And a leveraged buyout (LBO) generally entails employees, management, or a group of investors purchasing a business organization primarily through borrowing . . . ]. 11.

A FRANCHISE pertains to the rights to use a specific business name and sell its inventory of goods and services in a given territory or location. 3 12. Which form of business “ownership” has a legal entitlement for having its liability separate from that of its owner(s)’ personal assets? SOLE PROPRIETORSHIP. 13. Based on their statements, which form of business ownership was personally preferred by most of our colleagues? SOLE OWNERSHIP SECTION II 14. A colleague wants to start a business. He takes a personality test and discovers he possesses a trait that may reduce the likelihood he will succeed. Which of the following is that trait? . | none of the above. but the textbook says it is Internal Locus| 15. The EPA promotes the development of businesses focusing on clean energy. a. | Environmental Protection Agency (EPA) | 16. C are specific geographic areas designated for economic revitalization. | 17. Which of the following companies has the longest and best-known record of encouraging intrapreneurship? b. | 3M| 4 18. One of our colleagues wants to start a new business but her bank will not lend her the money she needs. This colleague saw an advertisement sponsored by a business organization that provides financing for promising small companies.

The organization sponsoring the advertisement would be considered a(n) ________. a. | venture capitalist| SECTION III 19. Which of the following statements is correct? b. | Dot-coms have lower costs than bricks and mortar retailers with online operations. | 20. A colleague’s company spent $50,000 to attract 10,000 online visitors to her Web site. If the conversion rate is 5 percent, her company spent ________ to attract each customer. b. | $50| 21. When it comes to using wikis—the following is recommended. a. Wertfreiheit (is of the German tongue, meaning ethical neutrality) 5 SECTION IV 22.

Motivation is hereby described: as the interaction between a person or persons and a situation; it is the process by which a person or person’s efforts are energized, directed, and sustained toward attaining objectives and goals. Douglas McGregor is associated with the: B. Theory X and Y 23. Maslow is associated with the: I 24. Herzberg is associated with the: M a. Theory X and Y b. Two-Factor Theory c. need for achievement (nAff) d. none of the above 25. The Three-Needs Theory (nAch; nAFF; and nPow) is associated with: e. David L. Kurtz f. Peter Drucker and his MBO. . . . g. David McClelland h. none of the above