BZ 450 BZ450 EXAM 5 ANSWERS - ASHWORTH

BZ 450 BZ450 EXAM 5 ANSWERS - ASHWORTH

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BZ450 Being an Entrepreneur Exam 5 Answers (Ashworth)
Question 21

2.5 / 2.5 points
A(n) ________ is a person who is in business for themselves, works on their own time with their own tools and equipment, and performs services for a number of different clients.
Question options:
a) 
employee

b) 
virtual assistant

c) 
intern

d) 
freelancer

Question 22

2.5 / 2.5 points
A board of directors' three formal responsibilities are to appoint the officers of the firm, declare dividends, and:
Question options:
a) 
write the firm's strategic plan.

b) 
conduct the annual meeting.

c) 
provide funding for the firm.

d) 
oversee the affairs of the corporation.

Question 23

2.5 / 2.5 points
Unlike a __________, an advisory board possesses no legal responsibility for the firm and gives nonbinding advice.
Question options:
a) 
start-up team

b) 
new venture panel

c) 
board of directors

d) 
board of investors

Question 24

2.5 / 2.5 points
Kathy Denver is preparing to launch a home security firm. The team of people that will launch Kathy's firm are as follows: Kathy (CEO), Trevor (VP-Finance), Shelia (VP-Sales), a four-person Board of Directors, a five-person Board of Advisors, and Kathy's primary investor, who will assume an advisory role. The group of people that will launch Kathy's firm is called its:
Question options:
a) 
startup squad.

b) 
new venture panel.

c) 
new venture team.

d) 
startup cadre.

Question 25

2.5 / 2.5 points
__________ is a nonprofit organization that provides free consulting services to small businesses.
Question options:
a) 
The Small Business Development Center

b) 
The Small Business Association

c) 
StartupNation

d) 
The Service Corps of Retired Executives

Question 26

2.5 / 2.5 points
Studies show that __________ percent of all new firms are started by more than one individual.
Question options:
a) 
20 to 40

b) 
30 to 50

c) 
40 to 60

d) 
50 to 70

Question 27

2.5 / 2.5 points
If the members of a team are _________, they are likely to have different points of view about technology, hiring decisions, competitive tactics, and other important activities.
Question options:
a) 
highly educated

b) 
investors

c) 
homogeneous

d) 
heterogeneous

Question 28

2.5 / 2.5 points
__________ provide entrepreneurs access to mentors, investors, subject matter experts (such as attorneys and accountants), and other entrepreneurs.
Question options:
a) 
Networking events

b) 
New venture teams

c) 
Start-up accelerators

d) 
Advisory boards

Question 29

2.5 / 2.5 points
The fact that companies often falter because the people who start the firms can't adjust quickly enough to their new roles and because the firm lacks a "track record" with outside buyers and sellers, is referred to as the:
Question options:
a) 
liability of preparedness.

b) 
liability of newness.

c) 
burden of novelty.

d) 
burden of freshness.

Question 30

2.5 / 2.5 points
In the context of boards of directors, a(n) ________ director is someone who is not employed by the firm.
Question options:
a) 
outside

b) 
inside

c) 
external

d) 
impartial

Question 31

2.5 / 2.5 points
Shelly Cook recently launched a social network for chefs. One thing Shelly is thinking about is creating is a panel of experts who can provide her ongoing direction and advice regarding the future of her business. Shelly is thinking about creating a(n) ________.
Question options:
a) 
analysis panel

b) 
discussion board

c) 
advisory board

d) 
suggestion panel

Question 32

2.5 / 2.5 points
Which of the following statements is NOT TRUE regarding the attributes of the founder(s) of a firm?
Question options:
a) 
Evidence suggests that important entrepreneurial skills are enhanced through higher education.

b) 
Founders with prior entrepreneurial experience are more likely to avoid costly mistakes.

c) 
Founders with experience in the same industry as their new ventures will typically have "blinders" on and are typically not as effective as founders new to the industry.

d) 
Founders with broad social and professional networks have an advantage.

Question 33

2.5 / 2.5 points
The members of homogeneous teams are:
Question options:
a) 
diverse in terms of their abilities and experiences.

b) 
diverse in terms of their abilities, but very similar in terms of their experiences.

c) 
similar in terms of their abilities and experiences.

d) 
diverse in terms of their experiences, but very similar in terms of their abilities.

Question 34

2.5 / 2.5 points
A(n) ________ is a person who works for a business as an apprentice or trainee for the purpose of obtaining actual experience.
Question options:
a) 
freelancer

b) 
consultant

c) 
intern

d) 
virtual assistant

Question 35

2.5 / 2.5 points
The high failure rate among new ventures is due, in part, to the liability of newness, which refers to the fact that new companies often falter because:
Question options:
a) 
they are underfunded and the founders of the firms don't move quickly enough to put together boards of directors and boards of advisors that can provide them direction and advice.

b) 
the founders of the firms underestimate the complexities involved with starting a new business and the firms lack a "track record" with outside buyers and sellers.

c) 
the people who start the firms can't adjust quickly enough to their new roles and the firms lack a "track record" with outside buyers and sellers.

d) 
the people who start the firms can't adjust quickly enough to their new roles and they are underfunded.

Question 36

2.5 / 2.5 points
Calvin Tucker is in the process of launching an educational services firm. He plans to incorporate the firm. Because the firm will be incorporated, Calvin is legally required to have a:
Question options:
a) 
board of investors.

b) 
board of advisors.

c) 
customer advisory board.

d) 
board of directors.

Question 37

2.5 / 2.5 points
A ________ is the group of founders, key employees, and advisers that move a new venture from an idea to a fully functioning firm.
Question options:
a) 
new venture panel

b) 
startup team

c) 
new venture team

d) 
new project team

Question 38

2.5 / 2.5 points
Which of the following statements is FALSE regarding founding teams?
Question options:
a) 
The members of heterogeneous teams are diverse in terms of their abilities and experiences.

b) 
Teams that are working together for the first time have an advantage over teams that have worked together before.

c) 
The psychological support that cofounders of a new business can offer one another is an important element of a firm's success.

d) 
The members of homogeneous teams are very similar in terms of their abilities and experiences.

Question 39

2.5 / 2.5 points
Kelly Andersen founded a technology consulting firm several years ago. Her firm has grown rapidly and is financially successful. One thing that Kelly attributes her success to is that early on she assembled a panel of experts who provided her ongoing direction and advice about her business. What Kelly created is called a(n):
Question options:
a) 
consultation panel.

b) 
suggestion panel.

c) 
idea board.

d) 
advisory board.

Question 40

2.5 / 2.5 points
The Partnering for Success feature in Chapter 9 focuses on a technique that entrepreneurs use to overcome the liabilities of newness. The suggestion made by the feature is to overcome the liabilities of newness by considering:
Question options:
a) 
interviewing a minimum of 20 startup founders to get a sense of what made them successful.

b) 
working in the new product development or corporate innovation division of a major corporation.

c) 
working for a startup for a minimum of two years before starting one.

d) 
joining a startup accelerator.


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