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Exam 6: Entrepreneurship and Starting a Small Business

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Question 1

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Which of the following best describes the outlook for small businesses in international markets?

A) The world is a larger, and potentially a more lucrative market than the U.S. domestic market.
B) The threat of terrorist activities prevents small businesses from competing internationally.
C) Most foreign buyers prefer to deal with large, well-known corporations rather than small businesses.
D) Higher business costs eliminate the profit opportunities in global markets.

E) A) and B)
F) All of the above

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Question 2

Multiple Choice

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Mini-Case Peppy Roaney believes that pizza is a much more versatile dish than most people realize. As the national marketing manager for Pizza Guys, he observed how consumers were delighted with barbecue pizza, Hawaiian pizza, Mexican pizza and other unique combinations. His suggestions for other unusual pizzas, however, were met with a negative response by his superiors. Even some of his colleagues laughed at his ideas. Peppy's confidence in his ability to understand the market has led him to focus on planning a business of his own. Peppy realizes that he will take a risk when he leaves his job with Pizza Guys and embarks upon a new venture: Peppy's Pizzazzeria. Peppy is excited about the potential of profitably catering to the unmet desires of pizza consumers. -Peppy remains confident and enthusiastic even though his colleagues have poked fun at his ideas. This shows that Peppy is:

A) self-disciplined.
B) self-nurturing.
C) self-generating.
D) auto-inspirational.

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

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B

Question 3

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Prior to creating a business plan, discussions with bankers and investors can help entrepreneurs determine the amount of financing available.

Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of __________

While Jing wants to start a small business, she has not yet uncovered an opportunity that would offer her security and the likelihood of high profits. Jing will likely find that one must risk more in order to attain high profits.

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.

As a prospective entrepreneur, Chantal considered a variety of financing sources. Her discussions with a venture capitalist revealed that this type of investor expects to receive a significant ownership interest in her firm.

Anthony is an employee of a textbook publisher. However, his desire is to establish a home-based business providing his services to a variety of publishers. Anthony's primary motivation is to escape the 9 to 5 world of corporate publishing and to enjoy the opportunity of working for himself. Anthony is an example of a micropreneur.

Apple's smart team is an example of a firm that succeeded by:

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

Carlos hopes to start his own business. He needs to avoid talking to other small business owners about his plans because they might steal his ideas.

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

The business opportunities with the greatest growth potential tend to be in the high technology industries.

One of the hurdles small businesses face when deciding to export is:

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

Juan recently completed 20 years of service in the Army. During this time, he managed to save a little money and is entitled to a government pension. His goal is to go back to his home state of Colorado and start a business making small, solar powered panels for residential use. Although he knows he needs a storefront and manufacturing site, he is not 100% convinced about where to locate. He knows for certain that one of his top priorities is to limit his tax liability associated with this new business. Your suggestion for Juan is:

Discuss several ways the Small Business Administration assists entrepreneurs.

Small businesses:

An entrepreneurial team is a group of experienced managers who share the same skills and abilities.

Dr. Smiley 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: