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ENT 3315 EXAM 1 (ALLEN) 2026
ACTUAL QUESTIONS WITH VERIFIED
ANSWERS.
What are the five responsibilities of the senior generation in the
process of succession? - correct answer-1. Communication
2. Planning
3. Accountability
4. Owner Development
5. Long-term planning
communication in succession - correct answer-parents need to
listen and ask questions, can be used to build trust and to
convey values. provide support and feedback
planning in succession - correct answer-company's vision,
family's values and the plan for settling the estate of the senior
generation, should encompass family members, employees,
and owners
accountability in succession - correct answer-senior generation
engages as both parent and business owner. in each case,
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there should be investments in and support for the
development of the succeeding generation. holding them
accountable for their actions, especially those that relate to
credibility and integrity
owner development in succession - correct answer-prepare the
next generation to participate in the governance of the firm, the
senior generation should be specific about the job structure of
an active owner-manager or board member
long-term planning in succession - correct answer-the current
generation of leaders must prepare their own plans alongside
the next generation, and they should take into account future
business development, boards of directors and advisors, family
councils, and other structures
transfer ownership - correct answer-one step taken by some
parents involves changing the ownership structure of the firm.
those children active in the firm's management, for example,
might be given common (voting) stock and others given
preferred (nonvoting) stock
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business plans (two types?) - correct answer-may not be
needed in some situations, especially if you are the only person
working in the business
2 types:
short plan or comprehensive plan
executive summary - correct answer-most important, comes at
the beginning, but should be written last, and includes:
description of the opportunity, explanation of the business
concept, an industry overview, the target market, the
competitive advantage you hope to achieve in the market, the
economics of the opportunity, the management team, and the
amount and purpose of the money being requested (the
"offering"), if you are seeking financing
Company description - correct answer-In many cases, legal
issues--especially those concerning the firm's form of
organization--are addressed in this section of the plan.
firms organization - correct answer-sole proprietorship,
partnership, limited liability company, corporation, or some
other form?
ENT 3315 EXAM 1 (ALLEN) 2026
ACTUAL QUESTIONS WITH VERIFIED
ANSWERS.
What are the five responsibilities of the senior generation in the
process of succession? - correct answer-1. Communication
2. Planning
3. Accountability
4. Owner Development
5. Long-term planning
communication in succession - correct answer-parents need to
listen and ask questions, can be used to build trust and to
convey values. provide support and feedback
planning in succession - correct answer-company's vision,
family's values and the plan for settling the estate of the senior
generation, should encompass family members, employees,
and owners
accountability in succession - correct answer-senior generation
engages as both parent and business owner. in each case,
, Page | 2
there should be investments in and support for the
development of the succeeding generation. holding them
accountable for their actions, especially those that relate to
credibility and integrity
owner development in succession - correct answer-prepare the
next generation to participate in the governance of the firm, the
senior generation should be specific about the job structure of
an active owner-manager or board member
long-term planning in succession - correct answer-the current
generation of leaders must prepare their own plans alongside
the next generation, and they should take into account future
business development, boards of directors and advisors, family
councils, and other structures
transfer ownership - correct answer-one step taken by some
parents involves changing the ownership structure of the firm.
those children active in the firm's management, for example,
might be given common (voting) stock and others given
preferred (nonvoting) stock
, Page | 3
business plans (two types?) - correct answer-may not be
needed in some situations, especially if you are the only person
working in the business
2 types:
short plan or comprehensive plan
executive summary - correct answer-most important, comes at
the beginning, but should be written last, and includes:
description of the opportunity, explanation of the business
concept, an industry overview, the target market, the
competitive advantage you hope to achieve in the market, the
economics of the opportunity, the management team, and the
amount and purpose of the money being requested (the
"offering"), if you are seeking financing
Company description - correct answer-In many cases, legal
issues--especially those concerning the firm's form of
organization--are addressed in this section of the plan.
firms organization - correct answer-sole proprietorship,
partnership, limited liability company, corporation, or some
other form?
