Question 1

Business incubators are usually government-funded facilities intended to:

Accepted Answer

A)   provide health care benefits for small business owners and their families.
B)   offer startup firms low-cost office space and basic business services.
C)   help rebuild the nation's infrastructure.
D)   assist foreign investors in identifying business opportunities in the U.S.

Question 2

Chris is an angel investor.This means that he:

Accepted Answer

A)   invests his money in new businesses with potential for growth,hoping for a good return on his investment if they go public.
B)   creates business incubators for startup Web-based firms.
C)   invests in non-profits that plan to change their status when they double in size.
D)   he comes to the rescue of firms who default on their bank loans.

Question 3

In the business world,a market consists of those people who have a willingness to buy a particular product.

Accepted Answer

A) True 
 B)False

Question 4

Successful entrepreneurs are self-nurturing.This means they:

Accepted Answer

A)   look to others for strength and encouragement.
B)   self-finance their business with no assistance from others.
C)   perform all business operations by themselves.
D)   believe in themselves and their ideas.

Question 5

What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?

Accepted Answer

a.Entrepreneurial teams bring experience...

Question 6

While entrepreneurs frequently earn significant profits for themselves,their impact on society is quite small.

Accepted Answer

A) True 
 B)False

Question 7

An intrapreneur is the creative person who starts and manages a nonprofit organization.

Accepted Answer

A) True 
 B)False

Question 8

Successful entrepreneurs are exclusively motivated by the desire to become rich.

Accepted Answer

A) True 
 B)False

Question 9

A market consists of potential buyers of a good or service.However,for a market to exist:

Accepted Answer

A)   the business requires wholesalers and retailers.
B)   one firm must dominate in sales and product development.
C)   people must have unsatisfied wants and needs as well as a willingness and ability to buy.
D)   the product must be laboratory tested and approved by the Food and Drug Administration (FD
A)  .

Question 10

Small businesses have not significantly participated in web-based online sales.

Accepted Answer

A) True 
 B)False

Question 11

Carrie,a student at Metropolitan Community College,dreams of starting her own business.In an effort to learn as much as she can about small business management,she talked to four friends who each offered their advice.Which of these suggestions is likely to help Carrie the most?

Accepted Answer

A)   The best way to learn about running a business is by getting hands-on experience.You should quit school and put your dream into action.
B)   Take courses related to small business management and look for a job with a successful businessperson,preferably in your field of interest.
C)   Since every business is unique,don't worry about advice from others.Go to a bank,get a business loan,and live your dream.
D)   Starting and managing a small business requires little more than common sense.If your idea is unique,hard work will guarantee your success.

Question 12

Jon received a letter in the mail explaining that HE COULD EARN THOUSANDS!!!! by working just a few hours from home.Most likely Jon's letter was a work-at-home scam.

Accepted Answer

A) True 
 B)False

Question 13

List and discuss at least three causes of small business failure.

Accepted Answer

(Answers will vary,however,the student s...

Question 14

Which of the following will

Accepted Answer

A)   Services you perform are easily replicated by larger companies,such as online banking.
B)   You provide a unique service that requires a significant amount of personal attention such as a service that provides in-home care for seniors.
C)   Investing in a franchise.
D)   Your product is not easily mass produced,like professional photography.

Question 15

Many business started by entrepreneurs have grown into major corporations employing thousands of workers.

Accepted Answer

A) True 
 B)False

Question 16

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 17

When comparing small businesses to their larger competitors,it is clear that:

Accepted Answer

A)   bigger is always better.
B)   small firms can always outperform big firms on a level playing field.
C)   small firms often can offer more personalized customer services than big firms.
D)   small firms are slower to respond to opportunities than are large firms.

Question 18

Which of the following is

Accepted Answer

A)   Successful small business owners
B)   University internship programs
C)   Other prospective small business owners
D)   SCORE [Service Corps of Retired Executives]

Question 19

After retiring as a telecommunications executive,Chad joined SCORE.As a SCORE counselor Chad will:

Accepted Answer

A)   provide venture capital funds for aspiring small businesspeople.
B)   visit high schools to advise students who are thinking about starting their own business.
C)   help in the research and development of new products for entrepreneurs to market.
D)   provide consulting services to small businesses for free.

Question 20

Enterprise zones and investor visas are examples of:

Accepted Answer

A)   government policies that favor large corporations rather than small businesses.
B)   government programs that encourage economic growth through entrepreneurship.
C)   government policies designed to encourage intrapreneurs.
D)   examples of private initiatives to reduce the government's role in the economy.

Exam 6: Entrepreneurship and Starting a Small Business

Jon received a letter in the mail explaining that HE COULD EARN THOUSANDS!!!! by working just a few hours from home.Most likely Jon's letter was a work-at-home scam.

Correct AnswerverifiedShow Answer

A market consists of potential buyers of a good or service.However,for a market to exist:

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 have not significantly participated in web-based online sales.

Correct AnswerverifiedShow Answer

What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?

Correct Answerverifieda.Entrepreneurial teams bring experience...View AnswerShow Answer

Successful entrepreneurs are exclusively motivated by the desire to become rich.

Correct AnswerverifiedShow Answer

In the business world,a market consists of those people who have a willingness to buy a particular product.

Correct AnswerverifiedShow Answer

Business incubators are usually government-funded facilities intended to:

Correct AnswerverifiedShow Answer

When comparing small businesses to their larger competitors,it is clear that:

Correct AnswerverifiedShow Answer

Successful entrepreneurs are self-nurturing.This means they:

Correct AnswerverifiedShow Answer

An intrapreneur is the creative person who starts and manages a nonprofit organization.

Correct AnswerverifiedShow Answer

Chris is an angel investor.This means that he:

Correct AnswerverifiedShow Answer

Many business started by entrepreneurs have grown into major corporations employing thousands of workers.

Correct AnswerverifiedShow Answer

Which of the following will

Correct AnswerverifiedShow Answer

Carrie,a student at Metropolitan Community College,dreams of starting her own business.In an effort to learn as much as she can about small business management,she talked to four friends who each offered their advice.Which of these suggestions is likely to help Carrie the most?

Correct AnswerverifiedShow Answer

Which of the following is

Correct AnswerverifiedShow Answer

List and discuss at least three causes of small business failure.

Correct Answerverified(Answers will vary,however,the student s...View AnswerShow Answer

Enterprise zones and investor visas are examples of:

Correct AnswerverifiedShow Answer

While entrepreneurs frequently earn significant profits for themselves,their impact on society is quite small.

Correct AnswerverifiedShow Answer

After retiring as a telecommunications executive,Chad joined SCORE.As a SCORE counselor Chad will:

Correct AnswerverifiedShow Answer

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a.Entrepreneurial teams bring experience...
View Answer

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(Answers will vary,however,the student s...
View Answer

Correct Answer
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