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Exam 6: Entrepreneurship and Starting a Small Business

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Question 121

True/False

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Although corporate managers often exhibit the skills required of successful entrepreneurs, they seldom have the desire to give up the perks and fringe benefits of corporate life and start their own business.

A) True
B) False

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Question 122

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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:

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)

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Question 123

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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.

According to the Small Business Administration, poor management is the cause of the majority of small business failures.

A successful web-based strategy that helps a business spread the word about its web site and products is called .

Entrepreneurs learn that there are many legal and financial issues involved in starting their business. The best way for the small business owner to resolve these issues and protect the firm's resources is:

A National Business Incubator Association study indicates that over 80 percent of incubator graduates remain in business.

Due in part to government support, the majority of U.S. small businesses are involved in exporting.

After graduation, Manny focused his attention on finding full time employment. He has decided to narrow his job search to jobs with a major corporation. His job search strategy:

Entrepreneurs are motivated by the desire to earn a profit.

Greg benefited from his experience working for an established private company that provided innovative lighting for large music venues. Although confident that he could start his own lighting business, he had limited capital to buy the necessary equipment needed to successfully compete with established companies. Which of the following strategies would best help Greg achieve his goal of business ownership?

Attracting qualified workers presents a problem for small businesses since they usually offer less money, fewer benefits, and less room for advancement than larger firms offer.

Small businesses create 60 - 80% of the new jobs in the United States each year.

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

The burst of the dot com bubble caused venture capitalists to limit their funding of new businesses.

Which of the following government agencies is responsible for encouraging the development of small business?

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

Luis is a partner in a firm that specializes in producing vitamins and health food products. While the business is considered small by U.S. standards, he is attempting to persuade his partner to expand internationally. Luis would list which of the following as an advantage of going international?

A(n) is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product.

Venture capitalists prefer investing in smaller start up businesses in order to reduce their overall risk.