Question 1

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Accepted Answer

A) True 
 B)False

Question 2

Erin developed a new type of exercise equipment she calls the Tush N' Tone.After unsuccessfully searching for potential investors,she arranged a personal loan and borrowed additional money from her parents.Her willingness to continue believing in her idea and remain enthusiastic shows that Erin is:

Accepted Answer

A)  characteristically self-nurturing.
B)  better suited to managing a nonprofit organization.
C)  unaware of the risks she was taking.
D)  not a true entrepreneur.E) None of the above
F) B) and D)

Question 3

After retiring as a telecommunications executive,Chad joined SCORE.As a SCORE counselor Chad will:

Accepted Answer

A)  provide venture capital funds for aspiring small businesspeople.
B)  visit high schools to advise students who are thinking about starting their own business.
C)  help in the research and development of new products for entrepreneurs to market.
D)  provide consulting services to small businesses for free.E) None of the above
F) B) and D)

Question 4

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 5

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.
Entrepreneurs must be self-directed,self-nurturing,and action-oriented.They do not depend on others to follow through on their ideas.

Accepted Answer

A) True 
 B)False

Question 6

Motivated by his desire to operate his own business,Nick considers purchasing an existing business.As he carefully weighs this option,he is likely to find that:

Accepted Answer

A)  very few owners of small businesses have any interest in selling.
B)  his potential for success would greatly improve if he started his own new firm.
C)  the value of an existing business is determined by what the business owns,what it earns,and what makes it unique.
D)  any entrepreneur willing to sell his/her business is experiencing serious financial problems.E) A) and D)
F) A) and B)

Question 7

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

Question 8

Jon received a letter in the mail explaining that HE COULD EARN THOUSANDS!!!! by working just a few hours from home.Most likely Jon's letter was a work-at-home scam.
Persons interested in working from home must be cautious of scam opportunities,which will often take your money upfront,or never pay you for work provided.

Accepted Answer

A) True 
 B)False

Question 9

Bad luck is the most often reported cause for small business failure.

Accepted Answer

A) True 
 B)False

Question 10

The best way to learn about small business is to "bite the bullet" and start your own.

Accepted Answer

A) True 
 B)False

Question 11

Many micropreneurs operate home-based businesses in the service industry.

Accepted Answer

A) True 
 B)False

Question 12

Since creating a detailed business plan is almost impossible,entrepreneurs should focus on the other tasks needed to get their firm started.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Successful entrepreneurs often make use of professional managers to introduce new ideas.

Accepted Answer

A) True 
 B)False

Question 15

Recent evidence suggests that the small business failure rate is significantly much higher than previously reported.

Accepted Answer

A) True 
 B)False

Question 16

One of the greatest advantages that small businesses have over larger ones is the ability to know their customers better and to adapt quickly to the customers' needs.

Accepted Answer

A) True 
 B)False

Question 17

In the Thinking Green box,"Socially Responsible Entrepreneurship",:

Accepted Answer

A)  Gary Hirshberg explains how he turned Kraft Foods into an eco-friendly company.
B)  Gary Hirshberg explains the difficulties that companies experience in their attempts to be socially responsible,and talks about what he learned from his business failures.
C)  Gary Hirshberg explains that environmentalism and business still don't mix due to the high investment costs in re-tolling manufacturing sites to be more eco-friendly.
D)  Gary Hirshberg proves that environmentalism and business can cohabitate and even turn a profit.E) A) and B)
F) B) and C)

Question 18

Ketan is an intrapreneur for a multinational electronics company.As an intrapreneur Ketan:

Accepted Answer

A)  is expected to recruit new managerial talent for his firm.
B)  will use the firm's existing resources to develop new products.
C)  is concerned mainly with improving the firm's public image.
D)  will concentrate on creating new ventures that can be spun off to become independent firms.E) A) and C)
F) B) and D) B

Question 19

Small business employees:

Accepted Answer

A)  usually dislike their jobs and look forward to finding employment with major corporations.
B)  find their jobs less challenging than a similar job in a large corporation.
C)  usually get paid higher wages than workers in large corporations.
D)  often find more job satisfaction than their counterparts in big business.E) B) and C)
F) A) and D) D

Question 20

The small business sector that has the best chance of significant growth is legal services.

Accepted Answer

A) True 
 B)False  False

Exam 6: Entrepreneurship and Starting a Small Business

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Correct Answer
verified

Erin developed a new type of exercise equipment she calls the Tush N' Tone.After unsuccessfully searching for potential investors,she arranged a personal loan and borrowed additional money from her parents.Her willingness to continue believing in her idea and remain enthusiastic shows that Erin is:

Correct Answer
verified

After retiring as a telecommunications executive,Chad joined SCORE.As a SCORE counselor Chad will:

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

Correct Answer
verified

Motivated by his desire to operate his own business,Nick considers purchasing an existing business.As he carefully weighs this option,he is likely to find that:

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Bad luck is the most often reported cause for small business failure.

Correct Answer
verified

The best way to learn about small business is to "bite the bullet" and start your own.

Correct Answer
verified

Many micropreneurs operate home-based businesses in the service industry.

Correct Answer
verified

Since creating a detailed business plan is almost impossible,entrepreneurs should focus on the other tasks needed to get their firm started.

Correct Answer
verified

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

Correct Answer
verified

Successful entrepreneurs often make use of professional managers to introduce new ideas.

Correct Answer
verified

Recent evidence suggests that the small business failure rate is significantly much higher than previously reported.

Correct Answer
verified

One of the greatest advantages that small businesses have over larger ones is the ability to know their customers better and to adapt quickly to the customers' needs.

Correct Answer
verified

In the Thinking Green box,"Socially Responsible Entrepreneurship",:

Correct Answer
verified

Ketan is an intrapreneur for a multinational electronics company.As an intrapreneur Ketan:

Correct Answer
verified
B

Small business employees:

Correct Answer
verified
D

The small business sector that has the best chance of significant growth is legal services.

Correct Answer
verified
False

Exam 6: Entrepreneurship and Starting a Small Business

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Correct AnswerverifiedShow Answer

Erin developed a new type of exercise equipment she calls the Tush N' Tone.After unsuccessfully searching for potential investors,she arranged a personal loan and borrowed additional money from her parents.Her willingness to continue believing in her idea and remain enthusiastic shows that Erin is:

Correct AnswerverifiedShow Answer

After retiring as a telecommunications executive,Chad joined SCORE.As a SCORE counselor Chad will:

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

Correct AnswerverifiedShow Answer

Motivated by his desire to operate his own business,Nick considers purchasing an existing business.As he carefully weighs this option,he is likely to find that:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Bad luck is the most often reported cause for small business failure.

Correct AnswerverifiedShow Answer

The best way to learn about small business is to "bite the bullet" and start your own.

Correct AnswerverifiedShow Answer

Many micropreneurs operate home-based businesses in the service industry.

Correct AnswerverifiedShow Answer

Since creating a detailed business plan is almost impossible,entrepreneurs should focus on the other tasks needed to get their firm started.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Successful entrepreneurs often make use of professional managers to introduce new ideas.

Correct AnswerverifiedShow Answer

Recent evidence suggests that the small business failure rate is significantly much higher than previously reported.

Correct AnswerverifiedShow Answer

One of the greatest advantages that small businesses have over larger ones is the ability to know their customers better and to adapt quickly to the customers' needs.

Correct AnswerverifiedShow Answer

In the Thinking Green box,"Socially Responsible Entrepreneurship",:

Correct AnswerverifiedShow Answer

Ketan is an intrapreneur for a multinational electronics company.As an intrapreneur Ketan:

Correct AnswerverifiedB

Small business employees:

Correct AnswerverifiedD

The small business sector that has the best chance of significant growth is legal services.

Correct AnswerverifiedFalse

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B

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D

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False