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Management (MGT)

1You are considering taking over your familys small business You may encounteradisputes about controlbdifficulties in putting avalue on the business when it is passed from parent to childcconflicting priorities between family loyalty and profitdall of the above2Which one of the following is not a characteristic of an oligopolyagreat product differentiationbprices differ greatlycfew sellersdmany buyers3The GDP of the Chinese economy is higher than the GDP of the Canadian economy but the per capita GDP for Canada is higher than the per capita GDP of China These facts support which one of the following statementsathe Canadian economy produces more than the Chinese economybthe standard of living is decreasing in Chinacinflation is lower in Canada than in ChinadCanadian workers are more productive than Chinese workers4How do most people start a new businessastart from scratchbbuy out the other partnercinherit the businessdbuy an existing business5Small businessesaexclude business corporationsbare either sole proprietorships or partnershipscare only sole proprietorshipsdcan be business corporations sole proprietorships or partnerships6What term is used to identify a detailed outline of the proposed business and market the owners background and other sources of fundsabusiness planbbusiness strategycbusiness loan da capital launch7An entrepreneur is someone whoaloves riskbloves the opportunitycloves moneydaccepts both the risks and the opportunities
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