Business Management Questions

1.

List three personal characteristics shared by many entrpreneur.
2.

Explain the Difference from a Sole Proprieter and a Parntership.
3.

Senior, middle, and supervisory manager are all ___________________ Managers.
- A.
  
  Entrepreneur
- B.
  
  Professional
- C.
  
  Head
- D.
  
  The Boss
Correct Answer
B. Professional

Explanation
Senior, middle, and supervisory manager are all professional managers because they hold positions of authority and responsibility within an organization. They are experienced and skilled professionals who are responsible for overseeing and managing teams, projects, and operations. These managers typically have a high level of expertise in their respective fields and are expected to make strategic decisions, solve problems, and drive the success of the organization.

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4.

People who launch and run their own businesses.
- A.
  
  Supervisory Managers
- B.
  
  Principals
- C.
  
  Middle Management
- D.
  
  Entrpreneur
Correct Answer
D. Entrpreneur

Explanation
Entrepreneurs are individuals who initiate and manage their own businesses. They are responsible for identifying opportunities, taking risks, and organizing resources to create and grow successful ventures. Unlike supervisory managers, principals, and middle management who typically work within established organizations, entrepreneurs are self-starters who are driven by their own vision and passion. They are known for their innovative thinking, willingness to take on challenges, and ability to adapt to changing market conditions. Entrepreneurs play a crucial role in driving economic growth and creating job opportunities.

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5.

Which is NOT a characteristic of an entrepreneur?
- A.
  
  Risk Taker
- B.
  
  Responsible
- C.
  
  Unmotivated
- D.
  
  Decision Maker
- E.
  
  Positive Outlook
Correct Answer
C. Unmotivated

Explanation
The characteristic of being "Unmotivated" does not align with the qualities typically associated with an entrepreneur. Entrepreneurs are known for their drive, passion, and determination to succeed. They are often highly motivated individuals who are willing to take risks, make decisions, and take responsibility for their actions. Having a positive outlook is also crucial for entrepreneurs as it helps them stay optimistic and resilient in the face of challenges. Therefore, being "Unmotivated" is the odd characteristic among the given options.

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6.

A __________ is a company that is independently owned and operated. For Example Flower Shops
- A.
  
  Small Business
- B.
  
  Corporation
- C.
  
  Department Store
- D.
  
  Public School
Correct Answer
A. Small Business

Explanation
A small business is a company that is independently owned and operated. It typically has a small number of employees and operates on a smaller scale compared to larger corporations or department stores. Examples of small businesses include flower shops, local restaurants, and boutique stores. These businesses are often run by individuals or families and have a more personalized approach to their products or services.

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7.

What is strategic planning?
- A.
  
  Short term planning
- B.
  
  Long term planning
Correct Answer
A. Short term planning

Explanation
Strategic planning refers to the process of setting goals and determining the actions and resources required to achieve those goals. It involves analyzing the current situation, identifying opportunities and challenges, and developing strategies to effectively utilize resources and overcome obstacles. While both short term and long term planning are important components of strategic planning, the correct answer, short term planning, specifically refers to the process of setting objectives and outlining actions to be taken in the near future, typically within a year or less. Long term planning, on the other hand, focuses on setting goals and developing strategies for the future, usually beyond a year.

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8.

A plan is a proposed method to be used to achieve the organization's goals and objectives.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
A plan refers to a proposed method or strategy that is intended to be implemented in order to accomplish the goals and objectives of an organization. It is a systematic approach that outlines the steps, resources, and timeline required to achieve desired outcomes. Therefore, the statement "A plan is a proposed method to be used to achieve the organization's goals and objectives" is true.

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Business Management Questions

List three personal characteristics shared by many entrpreneur.

Explain the Difference from a Sole Proprieter and a Parntership.

Senior, middle, and supervisory manager are all ___________________ Managers.

People who launch and run their own businesses.

Which is NOT a characteristic of an entrepreneur?

A __________ is a company that is independently owned and operated. For Example Flower Shops

What is strategic planning?

A plan is a proposed method to be used to achieve the organization's goals and objectives.