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Exam 6: Entrepreneurship and Starting a Small Business

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Question 61

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Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

A) True
B) False

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Question 62

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Tessa has just graduated with a business degree. Her job hunt should only focus on large corporations.

A) True
B) False

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Question 63

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Compared to small businesses, large firms have a greater ability to provide personalized customer service.

Most entrepreneurs are more interested in personal achievement than in power.

As a former classmate of Pepe's at the nearby university, you remind him what you both learned in your small business management class several years ago. What would you remind him?

Enterprise zones offer lower tax rates and government assistance to attract private business investment.

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

Entrepreneurs are motivated by the desire to earn a profit.

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

Small businesses can provide more personalized service than a large corporation to overseas customers.

The most common small business failures occur in businesses that are the easiest to start.

State and local governments often act as venture capitalists.

Most business opportunities offer entrepreneurs high levels of security and profits.

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

Dr. Pearl White just graduated from dental school. She is hoping to acquire the necessary funding to start her own dental practice. One advantage of this type of business is

Management includes attention toward financing the business, hiring employees, marketing, and record keeping.

The Small Business Administration sponsors volunteers from industry, trade associations, and education who offer advice to small business owners. These volunteers are called:

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

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

Your brother is a dentist and has opened a new practice in your hometown. As a business student you know that this type of business experiences low failure rates.