Chapter 5

1. Define entrepreneur.
2. Describe the three characteristics of entrepreneurial activity.
3. Identify five potential advantages to starting your own business.
4. Explain the differences among three types of start-up firms.
5. Define a small business.
6. Explain the importance of small businesses to the U.S. economy.
7. Explain why small businesses tend to foster innovation more effectively
than large ones.
8. Describe some of the ways in which small companies work with big ones.
9. Describe the goods-producing and service-producing sectors of an economy.
10. Identify the industries in which small businesses are concentrated.
11. Summarize the advantages and disadvantages of business ownership.
12. Explain what it takes to start a business.
13. Evaluate the advantages and disadvantages of several small business
ownership options—starting a business from scratch, buying an existing
business, and obtaining a franchise.
14. Discuss the importance of planning for your business, and identify the
key sections of a business plan.
15. Discuss ways to succeed in managing a business, and explain why some
businesses fail.
16. Identify sources of small business assistance from the Small Business
Administration.

Chapter 6

1. Identify the four interrelated functions of management: planning,

organizing, directing, and controlling.
2. Understand the process by which a company develops and implements a
strategic plan.
3. Discuss various options for organizing a business, and create an
organization chart.
4. Explain how managers direct others and motivate them to achieve
company goals.
5. Describe the process by which a manager monitors operations and
assesses performance.

6. Describe the skills needed to be a successful manager.

Chapter 7

1. Define human resource management and explain how managers develop

and implement a human resource plan.
2. Explain how companies train and develop employees, and discuss the
importance of a diverse workforce.
3. Define motivation and describe several theories of motivation.
4. Identify factors that make an organization a good place to work,
including competitive compensation and benefits packages.
5. Explain how managers evaluate employee performance and retain
qualified employees.
6. Explain why workers unionize and how unions are structured, and
describe the collective-bargaining process.

Chapter 9

1. Define the terms marketing, marketing concept, and marketing

strategy.
2. Outline the tasks involved in selecting a target market.
3. Identify the four Ps of the marketing mix.
4. Explain how to conduct marketing research.
5. Discuss various branding strategies and explain the benefits of
packaging and labeling.
6. Identify pricing strategies that are appropriate for new and existing
products.

7. Explore various product-distribution strategies.

8. Explain how companies create value through effective supply chain
management.
9. Describe the elements of the promotion mix.
10. Explain how companies manage customer relationships.
11. Explain how a product moves through its life cycle and how this brings
about shifts in marketing-mix strategies.
12. Describe the external marketing environment in which businesses
operate.
13. Discuss the factors that influence consumer behavior.
14. Describe opportunities in the field of marketing.