Question 1

Business plans are necessarily a bit vague since these are prepared prior to the beginning of business operations.

Accepted Answer

A) True 
 B)False

Question 2

Upwards of 80% of all U.S.workers find their first job in small business.

Accepted Answer

A) True 
 B)False

Question 3

When Kelsey began the Cookie Kitchen,she located the operation at a small business center to get help with accounting,legal advice,and secretarial help for a very low cost.Electing to join the incubator helped her company to survive because it provided assistance while her company was in its infancy.

Accepted Answer

A) True 
 B)False

Question 4

Whitney wants to start her own business,but she is concerned about her limited financial resources.She would be well advised to save money by delaying her meeting with lawyers and accountants until the business has been operating for a few years.

Accepted Answer

A) True 
 B)False

Question 5

Ramsey is a dreamer rather than a doer.This is an important attribute for an entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.

Accepted Answer

A) True 
 B)False

Question 6

When Krystal Ginger graduates from culinary school she dreams of opening her own Asian fusion restaurant.Her other passion is skiing in Colorado,where she schedules four or five trips each year.As her small business advisor,you believe it necessary to provide her with information that will help her make good business decisions.Which of the following would be helpful for Krystal to know?

Accepted Answer

A)  Restaurants are relatively easy businesses to start,but are labor intensive and also have the greatest failure rate.
B)  Restaurants are not the easiest type of business to start,but once you get it going,you will have plenty of time for skiing.
C)  Most restaurant owners get rich if they open their own,independent restaurant as opposed to starting a franchised operation.
D)  Franchised operations will take less time on the part of the owner than a regular independently owned operation.If she opens a franchise,she will have more time for creativity in the business,and more time for skiing too.

Question 7

If you were to begin gathering information on a particular type of business,it is doubtful that a community college class would benefit your search because the information you would gain is too generic in nature.

Accepted Answer

A) True 
 B)False

Question 8

According to economist Bruce Kirchhoff,small business failures are:

Accepted Answer

A)  lower than traditionally reported.
B)  understated to keep small business creation enthusiasm.
C)  accurate and alarming.
D)  inconclusive.

Question 9

Ming's three employees have been with her since she started Employment Recruiters,Inc. ,nearly 10 years ago.As she contemplates the staffing for her new branch office,she senses that none of these three are ready to manage the office.Faced with this difficult situation,she should:

Accepted Answer

A)  appoint one of the three anyway to show that she appreciates their loyalty and commitment.
B)  run the new branch herself and appoint one of the three to take over the original office.
C)  hire a new employee to manage the office since this could be detrimental to the business.
D)  appoint all three to the new branch and let them run it using a "team" approach.

Question 10

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.

Accepted Answer

A) True 
 B)False

Question 11

Kylie is employed by Street Wheels,a large corporation that produces accessories for scooters,bicycles,and other children's vehicles.She is a creative force within the company and has helped create and launch several new successful products.Kylie is an example of an intrapreneur.

Accepted Answer

A) True 
 B)False

Question 12

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Accepted Answer

A) True 
 B)False

Question 13

A review of small business successes and failures indicates that the:

Accepted Answer

A)  businesses that are easiest to start offer the greatest potential for long term growth and profits.
B)  restaurant industry offers the least risk for entrepreneurs.
C)  businesses with potential of high profit levels tend to be difficult to start and hard to keep going.
D)  reason the service sector is rapidly growing is that these firms are easy to start and keep going,and offer high levels of security and growth potential.

Question 14

The Small Business Administration defines a small business as a firm that:

Accepted Answer

A)  has fewer than 100 partners.
B)  is independently owned but not dominant in its industry.
C)  is dominant in its industry,but small in the number of workers it employs.
D)  has annual receipts of more than a specified amount depending upon the industry.

Question 15

The Small Business Administration sponsors volunteers from industry,trade associations,and education who offer advice to small business owners.These volunteers are called:

Accepted Answer

A)  the Small Business Council of Volunteers.
B)  Partners in Service and Economic Progress.
C)  Small Business Counselors Incorporated.
D)  the Service Corps of Retired Executives.

Question 16

Pete inherited a thriving dry cleaning business from his father and mother.He continued the tradition of offering quality service to the customers he served.As the surrounding towns expanded,several people suggested that Pete expand the business to offer service in new locations.He chose to maintain only one operation,so as not to lose control and to keep his work life and home life balanced.Pete is a good example of an) ______________.

Accepted Answer

A)  small business affiliate
B)  intrapreneur
C)  micropreneur
D)  enterprise zone participant

Question 17

Intrapreneurs make use of __________ to develop and launch new products and generate new profits.

Accepted Answer

A)  their employer's existing human,financial,and physical resources
B)  their own personal financial resources
C)  government-supplied physical and financial resources
D)  old ideas abandoned by entrepreneurs

Question 18

Small businesses often have advantages in international markets.One advantage is:

Accepted Answer

A)  a greater expertise in managing the paperwork required to sell goods in international markets.
B)  a better understanding of the cultural differences involved.
C)  individualized customer service as opposed to impersonal corporate bureaucracies.
D)  the ability to obtain financing through the International Monetary Fund.

Question 19

As the owner of a small manufacturing business,Myles has an interest in exporting.However,he doesn't know how to get started.Fortunately,the government provides an abundance of information to encourage entrepreneurs like Myles.

Accepted Answer

A) True 
 B)False

Question 20

The business plan will include ______________.

Accepted Answer

A)  an analysis of the competition
B)  names of banks the owner plans to visit
C)  import/export information
D)  names of employees

Exam 6: Entrepreneurship and Starting a Small Business

Correct Answer
verified

Kylie is employed by Street Wheels,a large corporation that produces accessories for scooters,bicycles,and other children's vehicles.She is a creative force within the company and has helped create and launch several new successful products.Kylie is an example of an intrapreneur.

Correct Answer
verified

A review of small business successes and failures indicates that the:

Correct Answer
verified

Upwards of 80% of all U.S.workers find their first job in small business.

Correct Answer
verified

Business plans are necessarily a bit vague since these are prepared prior to the beginning of business operations.

Correct Answer
verified

The business plan will include ______________.

Correct Answer
verified

The Small Business Administration sponsors volunteers from industry,trade associations,and education who offer advice to small business owners.These volunteers are called:

Correct Answer
verified

If you were to begin gathering information on a particular type of business,it is doubtful that a community college class would benefit your search because the information you would gain is too generic in nature.

Correct Answer
verified

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Correct Answer
verified

Ming's three employees have been with her since she started Employment Recruiters,Inc. ,nearly 10 years ago.As she contemplates the staffing for her new branch office,she senses that none of these three are ready to manage the office.Faced with this difficult situation,she should:

Correct Answer
verified

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.

Correct Answer
verified

Whitney wants to start her own business,but she is concerned about her limited financial resources.She would be well advised to save money by delaying her meeting with lawyers and accountants until the business has been operating for a few years.

Correct Answer
verified

Small businesses often have advantages in international markets.One advantage is:

Correct Answer
verified

Intrapreneurs make use of __________ to develop and launch new products and generate new profits.

Correct Answer
verified

As the owner of a small manufacturing business,Myles has an interest in exporting.However,he doesn't know how to get started.Fortunately,the government provides an abundance of information to encourage entrepreneurs like Myles.

Correct Answer
verified

The Small Business Administration defines a small business as a firm that:

Correct Answer
verified

Ramsey is a dreamer rather than a doer.This is an important attribute for an entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.

Correct Answer
verified

According to economist Bruce Kirchhoff,small business failures are:

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

Correct AnswerverifiedShow Answer

Kylie is employed by Street Wheels,a large corporation that produces accessories for scooters,bicycles,and other children's vehicles.She is a creative force within the company and has helped create and launch several new successful products.Kylie is an example of an intrapreneur.

Correct AnswerverifiedShow Answer

A review of small business successes and failures indicates that the:

Correct AnswerverifiedShow Answer

Upwards of 80% of all U.S.workers find their first job in small business.

Correct AnswerverifiedShow Answer

Business plans are necessarily a bit vague since these are prepared prior to the beginning of business operations.

Correct AnswerverifiedShow Answer

The business plan will include ______________.

Correct AnswerverifiedShow Answer

The Small Business Administration sponsors volunteers from industry,trade associations,and education who offer advice to small business owners.These volunteers are called:

Correct AnswerverifiedShow Answer

If you were to begin gathering information on a particular type of business,it is doubtful that a community college class would benefit your search because the information you would gain is too generic in nature.

Correct AnswerverifiedShow Answer

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Correct AnswerverifiedShow Answer

Ming's three employees have been with her since she started Employment Recruiters,Inc. ,nearly 10 years ago.As she contemplates the staffing for her new branch office,she senses that none of these three are ready to manage the office.Faced with this difficult situation,she should:

Correct AnswerverifiedShow Answer

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.

Correct AnswerverifiedShow Answer

Whitney wants to start her own business,but she is concerned about her limited financial resources.She would be well advised to save money by delaying her meeting with lawyers and accountants until the business has been operating for a few years.

Correct AnswerverifiedShow Answer

Small businesses often have advantages in international markets.One advantage is:

Correct AnswerverifiedShow Answer

Intrapreneurs make use of __________ to develop and launch new products and generate new profits.

Correct AnswerverifiedShow Answer

As the owner of a small manufacturing business,Myles has an interest in exporting.However,he doesn't know how to get started.Fortunately,the government provides an abundance of information to encourage entrepreneurs like Myles.

Correct AnswerverifiedShow Answer

The Small Business Administration defines a small business as a firm that:

Correct AnswerverifiedShow Answer

Ramsey is a dreamer rather than a doer.This is an important attribute for an entrepreneur since their job is to be creative and develop new ideas that are then implemented by others.

Correct AnswerverifiedShow Answer

According to economist Bruce Kirchhoff,small business failures are:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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Correct Answer
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Correct Answer
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