Question 1

A supervisor is giving feedback to an employee. The performance by the employee is unacceptable so the supervisor tells the employee,"If you don't improve by the next evaluation time,you will be fired." This feedback is

Accepted Answer

This feedback is considered destructive because it focuses on a negative outcome without providing specific guidance or support for improvement. It lacks details on how to improve and can demotivate the employee.

Question 2

The tendency to attribute successful outcomes largely to internal causes but unsuccessful ones largely to external causes is known as

Accepted Answer

The description matches the definition of self-serving bias, which is the tendency to attribute one's successes to internal or personal factors and one's failures to external factors, such as bad luck or other people's actions.

Question 3

Explain the advantages and disadvantages of having temporary employees rather than permanent employees.

Accepted Answer

The answer of Explain the advantages and disadvantages of having...

Question 4

A board of directors is not usually legally required for a new business that is not incorporated. Is it a good idea for an entrepreneur to have a board of advisers even if not legally required?

Accepted Answer

The answer of A board of directors is not usually...

Question 5

Temporary employees

Accepted Answer

Temporary employees can help reduce fixed costs by replacing full-time employees when they are absent or when there is a temporary increase in workload. At the same time, they also provide a great deal of flexibility since they are hired only for a specific period and can be easily released when their services are no longer required.

Question 6

Assume that you started a business with another person. That person expects you to take charge of the major marketing decisions in the business. However,the person who was hired to lead the marketing area insists that major marketing decisions are to be made by her. This difference in expectations represents

Accepted Answer

The difference in expectations of who is responsible for making major marketing decisions represents role conflict, where two or more individuals have conflicting expectations or demands regarding their role in the business.

Question 7

Which of the following applies to a business having temporary employees?

Accepted Answer

Temporary employees are typically hired for a specific duration of time and may not have the same level of commitment as permanent employees, as they are not invested in the long-term success of the company.

Question 8

The knowledge,skills,talents,and abilities of the founders and employees of a new business are known as

Accepted Answer

The knowledge, skills, talents, and abilities of the founders and employees are collectively known as human capital. This is distinct from financial capital, which refers to the money or resources invested in the business, and social capital, which refers to the network of relationships and connections that a business can leverage. Human capital can be a key factor in the success of a new business, as it determines the capacity of the team to execute on their business plan and adapt to changing circumstances.

Question 9

The ability to get along well with others and form positive relationships is known as

Accepted Answer

Social competence refers to the ability to establish and maintain positive relationships with others, including effective communication, empathy, cooperation, and conflict resolution skills. Extraversion refers to a personality trait characterized by outgoing and sociable behavior, while conscientiousness refers to a trait associated with being organized, responsible, and disciplined. Founding team refers to the group of individuals who start a business together, and the adverse effect is not related to this concept.

Question 10

An entrepreneur is contemplating what happened during the first year of operations of her business. There were several "good" things that happened and she is sure that these happened because of her business skill. The few negatives,including a competitor that was more aggressive than she anticipated,were attributed to things that she thought she couldn't have seen. Which of the following describes what this entrepreneur is probably doing?

Accepted Answer

The entrepreneur is attributing the positive outcomes to her own skills and abilities, but the negative outcomes to external factors outside of her control. This is a classic example of the self-serving bias, where individuals take credit for positive outcomes but blame external factors for negative outcomes.

Question 11

Which of the following does NOT describe constructive criticism?

Accepted Answer

Constructive criticism focuses on the behavior or the issue at hand rather than the individual person, aiming to provide feedback that can lead to improvement without causing personal offense.

Question 12

When someone perceives that the distribution of rewards is unfair,which of the following might they do?

Accepted Answer

When someone feels that the distribution of rewards is unfair, they may respond in different ways. Some may demand a larger share (A), reduce their contributions (B), withdraw physically (C), or withdraw psychologically (D), or any combination of the above options. Therefore, the best answer is E (any of the above).

Question 13

Discuss similarity and complementarity and the roles that they play in choosing cofounders for a new venture.

Accepted Answer

The answer of Discuss similarity and complementarity and the roles...

Question 14

In a corporation,which is the proper relationship between the two groups mentioned in each selection below?

Accepted Answer

In a corporation, shareholders have the ultimate power as they are the owners of the company. Thus, they elect the board of directors who are responsible for overseeing the management team. The senior managers are appointed by the board and are accountable to them. Key employees do not have the authority to select shareholders, as shareholders are typically individuals and institutions that have invested in the company's stock. The board of directors also does not have the power to select shareholders, as shareholders can buy and sell their own shares on the open market.

Question 15

What is the "Big Five?"

Accepted Answer

The answer of What is the "Big Five?"...

Question 16

List the different types of nonverbal cues that may be used in communication and discuss how nonverbal cues can be used by entrepreneurs to determine when others are engaging in deception.

Accepted Answer

The answer of List the different types of nonverbal cues...

Question 17

Co-founders of a new business should have a clear definition of roles,which includes

Accepted Answer

A clear definition of roles for co-founders of a new business should include all of the choices listed - the authority that each will have, the responsibility that each will have, and the actions in which each should engage. Only specifying expected actions and authority, or leaving out any of these elements, could lead to confusion or conflict between co-founders. Therefore, the best choice is E - all of these elements should be included in the definition of roles.

Question 18

Many companies overcome legitimacy or security issues by using

Accepted Answer

Companies often use social networks to build legitimacy and trust with their customers. Additionally, employing friends and family can also help in overcoming security issues by ensuring a trustworthy workforce.

Quiz 5: Assembling the Team: Acquiring and Utilizing Essential Human Capital