Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

Which of the following best describes entrepreneurial personality traits?

Accepted Answer

A)  Tolerant of uncertainty and highly energetic.
B)  Risk averse and self-nurturing.
C)  Appreciate direction from others and risk averse.
D)  Prefer to work less hours and prefer to give directions and let others do the foot work.E) A) and B)
F) A) and C)

Question 3

As their firms grow and prosper, busy entrepreneurs take pleasure in delegating authority to others.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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.E) A) and B)
F) A) and C)

Question 6

Corporate downsizing reduces the opportunities for home-based businesses.

Accepted Answer

A) True 
 B)False

Question 7

Jacques has eliminated the risk of entrepreneurship by preparing a detailed business plan.

Accepted Answer

A) True 
 B)False

Question 8

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) None of the above
F) A) and B)

Question 9

The position of our government is to restrict foreign entrepreneurs from operating within the U.S.

Accepted Answer

A) True 
 B)False

Question 10

Questions about how much authority to delegate, and to whom, are easier issues for a family-run businesses since they "can't fire family."

Accepted Answer

A) True 
 B)False

Question 11

Two key management functions that need particular attention when starting a business are:

Accepted Answer

A)  human relations and accounting
B)  planning and financing
C)  marketing and public relations
D)  staffing and controllingE) None of the above
F) A) and B)

Question 12

Entrepreneurs avoid risk and place a high priority on security.

Accepted Answer

A) True 
 B)False

Question 13

Small businesses have very few opportunities to outsource their business.

Accepted Answer

A) True 
 B)False

Question 14

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 15

Bing came to the U.S. on a swimming scholarship. After a few months of frustration with trying to find swim goggles like he used in his native country, he started a web site that offered specialty goggles for swimming, skiing, and snowboarding. Before launching the web site and filling orders, Bing spent a few months going to swim meets and gathering preferences about goggles from other swimmers. Bing's actions:

Accepted Answer

A)  showed that he had a ready market for this product.
B)  demonstrated that he had little experience with this product.
C)  showed that he was promoting the web site before it launched.
D)  demonstrated his need to better understand the market.E) A) and B)
F) A) and C)

Question 16

One reason why many U.S. small businesses are not involved in exporting is:

Accepted Answer

A)  there is a limited market for their products.
B)  the government's new homeland security programs limit opportunities for small businesses.
C)  many of these firms do not know how to get started.
D)  U.S. products are perceived as inferior.E) A) and B)
F) C) and D)

Question 17

Micropreneurs are motivated by a desire to have both a satisfying family life and rewarding work.

Accepted Answer

A) True 
 B)False

Question 18

Increased participation in small business exporting owes credit to .

Accepted Answer

A)  political constituents who have made in-roads abroad
B)  large events such as the Olympics that have brought attention to the potential in world markets
C)  technological advances such as the Internet and PayPal for safely fulfilling orders
D)  partnerships that small businesses have formed with large businessesE) B) and D)
F) All of the above

Question 19

Ben got a phone call from one of his regular customers asking if he had time to repair a couple of broken sprinkler heads on the customer's underground sprinkling system. Although it was already 6:00 p.m. and Ben had put in a full day of work, he turned his car around and headed for the customer's house. As a small business owner, Ben demonstrates:

Accepted Answer

A)  his need for additional cash flow.
B)  his ability to easily adapt and respond to his customer's needs.
C)  the fact that it is difficult to find employees willing to go the extra mile for a small business because benefits are non-existent.
D)  that considering the fact that sprinkler heads are constantly breaking and need repair, his service is overpriced.E) None of the above
F) A) and C)

Question 20

Hiring family members offers the best answer to the problem of attracting qualified employees.

Accepted Answer

A) True 
 B)False

Exam 6: Entrepreneurship and Starting a Small Business

Small businesses have very few opportunities to outsource their business.

Correct Answer
verified

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

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

Corporate downsizing reduces the opportunities for home-based businesses.

Correct Answer
verified

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

Correct Answer
verified

Increased participation in small business exporting owes credit to .

Correct Answer
verified

Two key management functions that need particular attention when starting a business are:

Correct Answer
verified

Micropreneurs are motivated by a desire to have both a satisfying family life and rewarding work.

Correct Answer
verified

Correct Answer
verified

Hiring family members offers the best answer to the problem of attracting qualified employees.

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

One reason why many U.S. small businesses are not involved in exporting is:

Correct Answer
verified

Entrepreneurs avoid risk and place a high priority on security.

Correct Answer
verified

As their firms grow and prosper, busy entrepreneurs take pleasure in delegating authority to others.

Correct Answer
verified

The position of our government is to restrict foreign entrepreneurs from operating within the U.S.

Correct Answer
verified

Jacques has eliminated the risk of entrepreneurship by preparing a detailed business plan.

Correct Answer
verified

Which of the following best describes entrepreneurial personality traits?

Correct Answer
verified

Questions about how much authority to delegate, and to whom, are easier issues for a family-run businesses since they "can't fire family."

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

Small businesses have very few opportunities to outsource their business.

Correct AnswerverifiedShow Answer

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

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

Corporate downsizing reduces the opportunities for home-based businesses.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Increased participation in small business exporting owes credit to .

Correct AnswerverifiedShow Answer

Two key management functions that need particular attention when starting a business are:

Correct AnswerverifiedShow Answer

Micropreneurs are motivated by a desire to have both a satisfying family life and rewarding work.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Hiring family members offers the best answer to the problem of attracting qualified employees.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

One reason why many U.S. small businesses are not involved in exporting is:

Correct AnswerverifiedShow Answer

Entrepreneurs avoid risk and place a high priority on security.

Correct AnswerverifiedShow Answer

As their firms grow and prosper, busy entrepreneurs take pleasure in delegating authority to others.

Correct AnswerverifiedShow Answer

The position of our government is to restrict foreign entrepreneurs from operating within the U.S.

Correct AnswerverifiedShow Answer

Jacques has eliminated the risk of entrepreneurship by preparing a detailed business plan.

Correct AnswerverifiedShow Answer

Which of the following best describes entrepreneurial personality traits?

Correct AnswerverifiedShow Answer

Questions about how much authority to delegate, and to whom, are easier issues for a family-run businesses since they "can't fire family."

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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