Question 1

Compared to employees of large businesses,small business employees are less satisfied with their work because they see their jobs as less challenging.

Accepted Answer

A) True 
 B)False

Question 2

To be successful,entrepreneurs are dependent on the support of others for encouragement.

Accepted Answer

A) True 
 B)False

Question 3

While the Small Business Administration provides management advice to new business owners,it is not empowered to provide financial assistance.

Accepted Answer

A) True 
 B)False

Question 4

The easiest businesses to start are those that offer the greatest profit potential.

Accepted Answer

A) True 
 B)False

Question 5

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses.

Accepted Answer

A) True 
 B)False

Question 6

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.E) None of the above
F) B) and C)

Question 7

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Accepted Answer

A)  Intrapreneurs start nonprofit organizations while entrepreneurs start profit-seeking businesses
B)  Intraprenuers are practical while entrepreneurs are creative
C)  Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business
D)  Intrapreneurs limit their efforts to financial investments,while entrepreneurs are involved in the management of all areas of a businessE) A) and B)
F) B) and C)

Question 8

Small businesses are important to the U.S.economy because:

Accepted Answer

A)  they fill-in the gaps when large businesses want to let workers go on vacation;or when large businesses want to temporarily cease production
B)  banks and other financial services companies would not have borrowing customers,because small businesses borrow more than large businesses
C)  they pay most of the tax revenue collected by the U.S.government
D)  they create over 60% of new jobs each year and generate over 50% of the U.S.GDPE) B) and C)
F) None of the above

Question 9

Employees of small businesses often have greater job satisfaction than do employees of larger firms.One reason for this difference in job satisfaction is that employees of small businesses often:

Accepted Answer

A)  earn higher wages.
B)  receive more vacation time.
C)  get more respect from their bosses.
D)  have more job security and better fringe benefits.E) A) and B)
F) A) and C)

Question 10

An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

Accepted Answer

A) True 
 B)False

Question 11

Southwest College received a government grant to establish a business incubator.This facility will offer:

Accepted Answer

A)  local government agencies assistance in obtaining funds for urban renewal.
B)  area businesses advice on employee benefits and ways to reduce taxes.
C)  venture capitalists an opportunity to identify new entrepreneurs.
D)  new businesses low-cost office space with basic business services.E) A) and B)
F) B) and C)

Question 12

As a result of corporate downsizing,Alex lost his job as an information systems manager for a large telecommunications company.A bonafide computer geek in his own right,Alex knew that several of his past company contacts often outsourced their computer problems.He decided it was a good time to test the waters and see if he could secure enough computer clients to be in business for himself.His success demonstrated that:

Accepted Answer

A)  starting your own business can quickly provide security and profits.
B)  people always tend to hire people they know from past associations.
C)  the service sector is not an area of significant growth.
D)  successful big businesses often create profitable opportunities for small businesses.E) A) and D)
F) B) and C)

Question 13

Success in running a business depends on knowing your customers,managing your employees,and keeping efficient records.

Accepted Answer

A) True 
 B)False

Question 14

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)  .E) C) and D)
F) B) and D)

Question 15

Angel investors are the government agencies that invest money in new companies before they go public.

Accepted Answer

A) True 
 B)False

Question 16

John,James,and Frank wanted to open J2F Sports Bar that offers unique brands of beer,weekend entertainment,and a limited menu.In one of the preliminary meetings,James presented a list of reasons that small businesses fail.Although many of the ideas on this list were applicable to many types of business,one challenge pertained specifically to the restaurant and bar business.The challenge he referred to was:

Accepted Answer

A)  Underestimating how much time it will take to build a market.
B)  Borrowing money without planning just how and when to pay it back.
C)  Carrying habits of personal extravagance into the business.
D)  Some of the easiest businesses to start have the least growth and greatest failure rate.E) None of the above
F) A) and B)

Question 17

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Accepted Answer

A) True 
 B)False

Question 18

A detailed written statement that describes the nature of the business,the target market,the firm's competitive advantages,as well as the owner's resources and qualifications is a:

Accepted Answer

A)  business plan.
B)  entrepreneurial mission statement.
C)  profit and loss statement.
D)  professional action plan.E) A) and D)
F) A) and C)

Question 19

Yesterday,on Facebook™,one of Pam's friends suggested that she spread the word about Mia Bella Boutique™,an online company that designs hats and shoes.If Pam's efforts generate 25 more people to spread the word,Pam will receive 30% off her order.Mia Bella is utilizing ______________ ,an effective strategy for increasing awareness and market share for web-based businesses.

Accepted Answer

A)  affiliate marketing
B)  viral voice
C)  friend to foe marketing
D)  guerilla marketingE) C) and D)
F) All of the above

Question 20

It is important for an entrepreneur to be highly energetic.

Accepted Answer

A) True 
 B)False

Exam 6: Entrepreneurship and Starting a Small Business

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Angel investors are the government agencies that invest money in new companies before they go public.

Correct Answer
verified

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses.

Correct Answer
verified

Employees of small businesses often have greater job satisfaction than do employees of larger firms.One reason for this difference in job satisfaction is that employees of small businesses often:

Correct Answer
verified

Small businesses are important to the U.S.economy because:

Correct Answer
verified

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Correct Answer
verified

A detailed written statement that describes the nature of the business,the target market,the firm's competitive advantages,as well as the owner's resources and qualifications is a:

Correct Answer
verified

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Correct Answer
verified

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 Answer
verified

It is important for an entrepreneur to be highly energetic.

Correct Answer
verified

Southwest College received a government grant to establish a business incubator.This facility will offer:

Correct Answer
verified

Compared to employees of large businesses,small business employees are less satisfied with their work because they see their jobs as less challenging.

Correct Answer
verified

An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

Correct Answer
verified

Success in running a business depends on knowing your customers,managing your employees,and keeping efficient records.

Correct Answer
verified

Correct Answer
verified

The easiest businesses to start are those that offer the greatest profit potential.

Correct Answer
verified

To be successful,entrepreneurs are dependent on the support of others for encouragement.

Correct Answer
verified

While the Small Business Administration provides management advice to new business owners,it is not empowered to provide financial assistance.

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Angel investors are the government agencies that invest money in new companies before they go public.

Correct AnswerverifiedShow Answer

Micropreneurs is a term used to describe entrepreneurs who focus on the continued growth of their businesses.

Correct AnswerverifiedShow Answer

Employees of small businesses often have greater job satisfaction than do employees of larger firms.One reason for this difference in job satisfaction is that employees of small businesses often:

Correct AnswerverifiedShow Answer

Small businesses are important to the U.S.economy because:

Correct AnswerverifiedShow Answer

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Correct AnswerverifiedShow Answer

A detailed written statement that describes the nature of the business,the target market,the firm's competitive advantages,as well as the owner's resources and qualifications is a:

Correct AnswerverifiedShow Answer

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

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

It is important for an entrepreneur to be highly energetic.

Correct AnswerverifiedShow Answer

Southwest College received a government grant to establish a business incubator.This facility will offer:

Correct AnswerverifiedShow Answer

Compared to employees of large businesses,small business employees are less satisfied with their work because they see their jobs as less challenging.

Correct AnswerverifiedShow Answer

An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

Correct AnswerverifiedShow Answer

Success in running a business depends on knowing your customers,managing your employees,and keeping efficient records.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The easiest businesses to start are those that offer the greatest profit potential.

Correct AnswerverifiedShow Answer

To be successful,entrepreneurs are dependent on the support of others for encouragement.

Correct AnswerverifiedShow Answer

While the Small Business Administration provides management advice to new business owners,it is not empowered to provide financial assistance.

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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