Q1 Many expert believe_______ is a necessary condition for family business continuity
stability
orientation
entrepreneurship
control
Q2 Directing an enterprise should not be confused with everyday involvement in_______
Governance
Succession
Management
Controlling
Q3 Corporate_______ can be defined as a system of structures and processes
Governance
Succession
Management
Objectives
Q4 Family members are expected to maintain a sense of duty through being_______ to the family
obedient
obligated
dependent
loyal
Q5 _______ of family business explain how the company is directed control and reported
Succession
Governance
Management
Controlling
Q6 _______ is a common practice in families that create dilemmas both in the present and the future
Conflict
Triangulation
Obedience
Management
Q7 An important part of managing _______ well lies in the commitment to accept change
conflict
controversy
argument
settlement
Q8 The most common type of family business _______ are employment and exit policies
understanding
conflict
argument
differences
Q9 Managing business is about _______
compromise
commitment
security
ability
Q10 The mistake that can be made in ownership of family business is to consider business ownership as a right rather than a_______
responsibility
privilege
returns
ownership
Q11 The primary venue in which the family exercises its ownership rights is the _______
bedroom
parlor
boardroom
stock floor
Q12 The absence of _______ agency cost may be upset by principal agency problems that lead to managerial entrenchment
traditional
historical
cultural
norms
Q13 _______ literature has examined differences in risk taking behavior between family and non family firms
Literal
Extensive
Broad
Classified
Q14 The challenges family businesses face can be grouped into _______ different categories
two
three
four
five
Q15 _______ is about wealth creation preservation growing and sustaining the families wealth
Economic
Social
Political
Legal
Q16 Almost every family business started as a small_______
enterprise
business
plan
assignment
Q17 The goal of family owners is based on a duty to pass on a _______ business to the next generation
stronger
weak
objective
optimistic
Q18 Many families made their vision the guide to investment and_______actions
strategics
plans
objectives
mission
Q19 Developing a shared vision influences the families behavior by encouraging a long term perspective on _______
idea
plans
vision
mission
Q20 The famlies long term _______ can become competitive advantage to the business
mission
objectives
vision
aims
Q21 The familys values are the familys _______
norms
behavior
ethics
culture
Q22 Family business that lacks multigenerational_______ can hardly be positional to the retain the competitive advantages
vision
leadership
norms
values
Q23 Agreed values are important to the next generation in_______ how the family work together
selecting
adjusting
supporting
controlling
Q24 There is a classic line that many parents repeat when a_______ acts inappropriately
employee
manager
member
child
Q25 The family value sets the internal _______ of behavior so that members will want to expect from each other
unique
standard
special
character
Q26 Values are_______ to each family representing a narrative about how their behavior makes them successful
special
unique
stable
deserve
Q27 Family values are in many ways attempt to_______ who they are
portray
express
relay
define
Q28 A family business believe and value start with the_______
management
leadership
founder
shareholders
Q29 Family values are a source of_______ advantage to many successful businesses
compliment
compromise
competitive
chaos
Q30 When family _______ are extended into the business they provide a powerful source of strength
norms
trust
values
ethics
Q31 Some distinctive assets of family business include all except
commitment
trust
knowledge
reputation
Q32 One of the characteristics of a family business is their long term _______
stability
sustainability
reliability
security
Q33 _______ defined by behavior embedded in a business as a result of the leadership provided by family members
culture
norms
value
Trust
Q34 Control refers to the right and _______ family members derive from significant ownership and governance of the agency relationship
obligation
responsibilities
power
strength
Q35 In economics large and small family own business creates significant amount of wealth and _______
trust
stability
value
norms
Q36 The measure of a business is based on risk taking innovation and _______
provocation
prevention
proactivness
projection
Q37 _______ refers to the resources and capabilities that emerge when the family and the business coexit within the family business
familiarity
familiness
selfishness
interest
Q38 Different businesses may have different _______ and means of doing business
objectives
aim
motivation
strategy
Q39 The social capital theory addresses the_______ and exchange between individuals in a social network
collection
interaction
belief
exchange
Q40 The _______ theory is a theoretical approach that was used in the shcolarly study of family business
analyst
model
system
scientific
Q41 Culture refers to a _______ set of assumptions that guide the beliefs system of a group of people
cumulative
alternative
selected
compliment
Q42 The _______ plan of a family firm shows its long term goals
governance
control
succession
commitment
Q43 _______ is a role reflected in family members involvement in directing the relationship within the firm
Governance
Succession
Shareholding
Management
Q44 A_______ team is hired to organize and coordinate all the affairs of a firm
controller
management
shareholders
owners
Q45 _______ of a firm belongs to the person or group that holds the controlling shares
Management
Ownership
Control
Governance
Q46 _______ culture measures the extent to which family values and business values overlap in a family firm
F pec
F bec
scale
measurer
Q47 Power measures familys_______ in the firm through ownership
strength
influence
share
dominance
Q48 _______ refers to dominance
Power
Strength
Influence
Ability
Q49 A strong family_______ is embedded in the natural demand placed on the family system at different levels
orientation
norms
values
loyalty
Q50 _______ which is central to all attributes of the family as a whole is based on strong ethics
Loyalty
tradition
Values
Trust
Q51 An individual within a strong family_______ will be loyal to any organization
trust
orientation
stability
norms
Q52 _______ is the force that binds a family togetehr
Culture
History
Loyalty
Trust
Q53 _______ refers to the recognition of a shared history and practices that connects individual family members
Legacy
Tradition
History
Orientation
Q54 Stability represents those aspects of the family that ensures its_______ is preserved
trust
tradition
legacy
religion
Q55 _______ refers to the sense of permanence in any system
Stability
Trustworthy
Survival
Business
Q56 The_______ of the family is crucial and means of achieving this is to ensure that the family carries on its existence
reliability
trustworthiness
survivability
dependability
Q57 The demand to carry on the family name leads to_______
generation
reproduction
procreation
multiplication
Q58 Trust is viewed as one of the _______ advantage present within the family
moral
competitive
related
ethical
Q59 _______ is crucial to the survival of every family unit
Norms
Trust
Values
Ethics
Q60 _______ creates a moral sense of right doing
Trust
Norms
Values
Ethics
Q61 _______ are planted into individuals within the family system and are expected to be upheld by each member of the family
norms
culture
values
religion
Q62 Family _______ are usually viewed as positive attributes within the family system
value
culture
norms
religion
Q63 _______ is a way of life built into individual family members
culture
norms
values
religion
Q64 Family members are expected to maintain a sense of duty through being _______ to the family
obedient
obligated
dependent
loyal
Q65 _______ mother is a woman who bear a child for a couple where the wife is unable to do so
adoption
surrogate
guardian
mentor
Q66 The legal system as has also made it possible to become a member of a family through _______
dependant
guardian
adoption
mentor
Q67 Ownership of the family unit is mainly by all except
biology
blood
marriage
lineage
Q68 A _______ is referred to as a permanent body consisting of individuals who are bound by obligation
business
organization
family
union
Q69 Success recorded in family business includes the development of key research areas such as all except
succession
ownership
governance
theories
Q70 Contribution to the theory of family business research in the last one decade includes the development of _______ theories and concept
general
specific
label
categorized
Q71 The foundational _______ of family business was embedded in studies of behavioral pattern of small business owners
logic
conceptualization
realization
individualization
Q72 Recurrent issues associated with family business were mostly linked with all except
ownership
succession
performance
management
Q73 _______ issues associated with family businesses were mostly linked with ownership succession performance and governance
recurrent
current
liquid
resent
Q74 The family is involved to _______ control the business to facilitate generational transfer
strategically
logically
controllably
economically
Q75 The bull eye model was an employed _______ approach to access the contribution of family businesses
qualitative
quantitative
logical
economic
Q76 Family is summarized to be about _______ and social resources
commitment
behavioral
dependence
adaptability
Q77 Family business learn to lay more emphasis on a firm longevity and _______
sustainability
availability
dependability
susceptibility
Q78 In all markets family owned _______ in form of the bedrock of advancing economics
assets
businesses
stocks
organization
Q79 The family provides _______ resource which could be paid or unpaid for the business
capital
labor
human
land
Q80 The_______ business is the most prevalent form of business in the world
family
community
organization
network
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