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Formative Assessment #1

Quiz by John Chetro Szivos

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20 questions
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  • Q1
    What are the 3 elements in the 3 circle model
    Ownership, family, business
    Family, Transition, Profit
    Family, Transition, Dynamics
    Ownership, siblings, transition
    30s
  • Q2
    The overlap of family, ownership and management is usually a disadvantage True or False
    False
    10s
  • Q3
    What percentage of the GDP comes from family businesses?
    90%
    50%
    60%
    20%
    30s
  • Q4
    What is the social institution that organizes the production, distribution, and consumption of a society's goods and services ?
    Congress
    the economy
    Banking
    Federal reserve
    30s
  • Q5
    A key resource of the sibling partnership is _______
    rivalry
    common goals
    diversity of the talent pool
    competition
    30s
  • Q6
    The five asset classes of family businesses are
    5 levels of the economy
    Operating assets, Financial Assets, Real Estate Assets, Family Heirloom Assets, and Philanthropic Assets
    the five interrelations
    Financial Assets, Real Estate Assets, Family Heirloom Assets, Cash, and stocks
    30s
  • Q7
    The tertiary sector of the economy provides _________
    services
    30s
  • Q8
    The interpersonal relationships among the family members is labeled ____
    personal contact
    nepotism
    family dynamics
    human action
    30s
  • Q9
    Thew whole is greater than the sum of the _________
    family
    system
    parts
    business
    30s
  • Q10
    the two prerequisites for post industrial jobs are
    communication skills and technology
    economic knowledge and communication skills
    computer skills and global knowledge
    mental prowess and communication skills
    30s
  • Q11
    A set of objects that interrelate to form a whole is called a ____
    cybernetics
    business
    system
    economy
    30s
  • Q12
    What percentage of family businesses disappear in the first 5 years of operation?
    70%
    80%
    30%
    90%
    30s
  • Q13
    What is the percentage of jobs created by family businesses?
    78%
    42%
    16%
    54%
    30s
  • Q14
    A system consists of 4 things objects, attributes, ___________ and ___________
    internal relationships among the objects and an environment
    30s
  • Q15
    A final state can be achieved in different ways is known as __________
    Entropy
    bankruptcy
    equifinality
    homeostasis
    30s

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