Question 1

An entrepreneur is a person who opens and manages his or her own business.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is a trend that is changing the face of entrepreneurship and small business ownership?

Accepted Answer

A)  stagnant demographics
B)  entrepreneurial diversity
C)  decreased use of overseas bundling
D)  an increase in the number of corporate mergers and acquisitions
E)  all of the above

Question 3

_____ do not own their own companies but apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own.

Accepted Answer

The answer of _____ do not own their own companies...

Question 4

Andy Yocom was looking to start a small business so he could be his own boss.While golfing one day, he saw prime advertising space on the flags on the course.He has decided to call his new venture Invision Golf Group Inc.What should he include in his business plan?

Accepted Answer

A)  a management plan
B)  the elements of the company that make it unique
C)  an analysis of the market in which the company will operate
D)  a financial plan
E)  all of the above

Question 5

A business plan:

Accepted Answer

A)  describes in detail the idea for the new business and how it will be carried out
B)  is used to persuade lenders and investors to finance the venture
C)  may take many months to write
D)  serves as the first operating plan for a new business
E)  is accurately described by all of the above

Question 6

_____ are individual investors or groups of experienced investors who provide funding for start-up businesses.

Accepted Answer

A)  Angel investors
B)  Entrepreneurial capitalists
C)  Opportunity entrepreneurs
D)  Equity entrepreneurs
E)  Venture entrepreneurs

Question 7

Who provides the start-up financing for the majority of new small businesses?

Accepted Answer

A)  the business owner and his or her family and friends
B)  the Small Business Administration (SB
A)  
C)  the local bank
D)  venture capitalists
E)  finance companies

Question 8

Many classic entrepreneurs are _____ who start small and plan to keep their business small.

Accepted Answer

A)  interpreneurs
B)  multipreneurs
C)  intrapreneurs
D)  growth entrepreneurs
E)  micropreneurs

Question 9

List three disadvantages that small businesses have over larger, more complex companies.

Accepted Answer

The text lists the following f...

Question 10

A company has used ______ if it hires a mailing house to stuff its multi-part advertising message into envelopes and make sure that its mailings comply with government regulations.

Accepted Answer

The answer of A company has used ______ if it...

Question 11

International trade specialists that buy goods at a discount from small businesses and resell them abroad are called:

Accepted Answer

A)  business trade unions
B)  export management companies
C)  domestic channel members
D)  commission house brokers
E)  export trading companies

Question 12

Unlike large corporations, sole proprietorships do not need a business plan.

Accepted Answer

A) True 
 B)False

Question 13

One of the reasons why there has been a dramatic increase in the number of small business startups is rapidly changing technology.

Accepted Answer

A) True 
 B)False

Question 14

When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast.After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay.Baer is an example of a(n)  ______ entrepreneur.

Accepted Answer

A)  growth-oriented
B)  classic
C)  opportunistic
D)  risk-aversive
E)  debt-based

Question 15

Which of the following is a reason why small business thrives in the United States?

Accepted Answer

A)  guaranteed profits
B)  regular working hours
C)  an aversion to success
D)  the ability to avoid outsourcing
E)  rapidly changing technology

Question 16

_____ is financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return of their money.

Accepted Answer

The answer of _____ is financing obtained from investment companies...

Question 17

In buying an existing business, the prospective buyer should ask questions about the operation of the business.Which of the following would be an inappropriate question to ask?

Accepted Answer

A)  Is the business operating at a profit?
B)  Why are you selling?
C)  What are you going to do with the down payment?
D)  Are there any problems with the business?
E)  Will the customers stay with the business?

Question 18

All of the following are characteristics of an entrepreneurial personality EXCEPT:

Accepted Answer

A)  the willingness to take risks
B)  creativity
C)  problem solving skills
D)  a high energy level
E)  the willingness to be a follower rather than a leader

Question 19

One way to ease the burden of managing a business is to:

Accepted Answer

A)  keep minimal inventory on hand
B)  only operate the business 20 hours a week
C)  do all the work yourself and hire no employees
D)  hire outside consultants
E)  sell a service instead of a tangible product

Question 20

Small Business Investment Companies (SBICs) :

Accepted Answer

A)  are licensed by the SBA
B)  are privately owned and management investment companies
C)  own to earn revenue from their investments in small businesses
D)  provide long-term financing for small businesses
E)  are accurately described by all of the above

Exam 5: Entrepreneurship: Starting and Managing Your Own Business

An entrepreneur is a person who opens and manages his or her own business.

Correct Answer
verified

A company has used ______ if it hires a mailing house to stuff its multi-part advertising message into envelopes and make sure that its mailings comply with government regulations.

Correct Answer
verified

List three disadvantages that small businesses have over larger, more complex companies.

Correct Answer
verified
The text lists the following f...
View Answer

International trade specialists that buy goods at a discount from small businesses and resell them abroad are called:

Correct Answer
verified

Correct Answer
verified

One way to ease the burden of managing a business is to:

Correct Answer
verified

Many classic entrepreneurs are _____ who start small and plan to keep their business small.

Correct Answer
verified

One of the reasons why there has been a dramatic increase in the number of small business startups is rapidly changing technology.

Correct Answer
verified

_____ do not own their own companies but apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own.

Correct Answer
verified

In buying an existing business, the prospective buyer should ask questions about the operation of the business.Which of the following would be an inappropriate question to ask?

Correct Answer
verified

A business plan:

Correct Answer
verified

_____ are individual investors or groups of experienced investors who provide funding for start-up businesses.

Correct Answer
verified

Andy Yocom was looking to start a small business so he could be his own boss.While golfing one day, he saw prime advertising space on the flags on the course.He has decided to call his new venture Invision Golf Group Inc.What should he include in his business plan?

Correct Answer
verified

All of the following are characteristics of an entrepreneurial personality EXCEPT:

Correct Answer
verified

Unlike large corporations, sole proprietorships do not need a business plan.

Correct Answer
verified

Which of the following is a reason why small business thrives in the United States?

Correct Answer
verified

Which of the following is a trend that is changing the face of entrepreneurship and small business ownership?

Correct Answer
verified

_____ is financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return of their money.

Correct Answer
verified

Who provides the start-up financing for the majority of new small businesses?

Correct Answer
verified

Small Business Investment Companies (SBICs) :

Correct Answer
verified

Exam 5: Entrepreneurship: Starting and Managing Your Own Business

An entrepreneur is a person who opens and manages his or her own business.

Correct AnswerverifiedShow Answer

A company has used ______ if it hires a mailing house to stuff its multi-part advertising message into envelopes and make sure that its mailings comply with government regulations.

Correct AnswerverifiedShow Answer

List three disadvantages that small businesses have over larger, more complex companies.

Correct AnswerverifiedThe text lists the following f...View AnswerShow Answer

International trade specialists that buy goods at a discount from small businesses and resell them abroad are called:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

One way to ease the burden of managing a business is to:

Correct AnswerverifiedShow Answer

Many classic entrepreneurs are _____ who start small and plan to keep their business small.

Correct AnswerverifiedShow Answer

One of the reasons why there has been a dramatic increase in the number of small business startups is rapidly changing technology.

Correct AnswerverifiedShow Answer

_____ do not own their own companies but apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own.

Correct AnswerverifiedShow Answer

In buying an existing business, the prospective buyer should ask questions about the operation of the business.Which of the following would be an inappropriate question to ask?

Correct AnswerverifiedShow Answer

A business plan:

Correct AnswerverifiedShow Answer

_____ are individual investors or groups of experienced investors who provide funding for start-up businesses.

Correct AnswerverifiedShow Answer

Andy Yocom was looking to start a small business so he could be his own boss.While golfing one day, he saw prime advertising space on the flags on the course.He has decided to call his new venture Invision Golf Group Inc.What should he include in his business plan?

Correct AnswerverifiedShow Answer

All of the following are characteristics of an entrepreneurial personality EXCEPT:

Correct AnswerverifiedShow Answer

Unlike large corporations, sole proprietorships do not need a business plan.

Correct AnswerverifiedShow Answer

Which of the following is a reason why small business thrives in the United States?

Correct AnswerverifiedShow Answer

Which of the following is a trend that is changing the face of entrepreneurship and small business ownership?

Correct AnswerverifiedShow Answer

_____ is financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return of their money.

Correct AnswerverifiedShow Answer

Who provides the start-up financing for the majority of new small businesses?

Correct AnswerverifiedShow Answer

Small Business Investment Companies (SBICs) :

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The text lists the following f...
View Answer

Correct Answer
verified

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verified

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Correct Answer
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Correct Answer
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