What are the principles that govern the firm’s financing?
Calculations of net present value ignore the time value of money.
Three primary rewards of entrepreneurship are thought to be profit, independence, and
personal fulfillment.
Manufacturing equipment can be categorized as general-purpose and special-purpose.
Quality performance can be a particularly powerful competitive weapon for small
businesses.
Technology now allows long-distance phone calls to be placed over the Internet.
Researchers typically achieve higher response rates from mail and telephone surveys
than from personal interviews.
The terms founder and entrepreneur are mutually exclusive.
Small business owners can now buy inexpensive personal computer software that can
perform statistical calculations and generate report-quality graphics..
If entrepreneurs are to calculate the small firm’s cash flows from assets, they should ask
what causes the cash flows within their business to occur.
A major, explicit responsibility of marketing is to transform a basic product into a total
product offering.
Large manufacturing firms sometimes match their financial resources with the
creativity of small manufacturing firms by means of strategic alliances.
The last step in the control process is establishing standards.
Identify the various users of business plans and show how a plan is useful to each.
Despite the long work hours owner-managers put in, they can always work efficiently.
The family firm’s total culture consists of three cultural patterns: the family pattern, the
financial pattern, and the employee pattern.
Outline and explain the relevance of John L Ward’s “best practices” for the management
of a family firm.
Partners must contribute capital or assets to form a partnership.
Because of the large amounts of time, effort, and money required, only the largest of
firms should consider conducting marketing research.