Question 1

Using the criteria in the text to define a small business,Table Occasions will not be considered a small business once the company:

Accepted Answer

A) is financed by three individuals. 
B) has sales greater than 20% of other firms in the industry. 
C) is operating in numerous states. 
D) has 50 employees. 
A) is financed by three individuals. 
B) has sales greater than 20% of other firms in the industry. 
C) is operating in numerous states. 
D) has 50 employees. C

Question 2

A paradigm shift is:

Accepted Answer

A) ​when you move capital 
B) ​a change in opportunity 
C) ​a change in how we fundamentally see a situation 
D) a reorganization of a company 
A) ​when you move capital 
B) ​a change in opportunity 
C) ​a change in how we fundamentally see a situation 
D) a reorganization of a company C

Question 3

Match:
a.bootstrapping
b.entrepreneur
c.entrepreneurial legacy
d.entrepreneurial team
e.franchisee
f.gazelle
g.lifestyle business
h.mentor
i.microloans
j.paradigm shift
k.small business
l.technician personality
-A microbusiness that permits the owner to follow a desired pattern of living

Accepted Answer

g

Question 4

When a Fortune 500 business lays off workers,some displaced employees may decide to start their own businesses.They are best described as

Accepted Answer

A) foreign refugees. 
B) welfare profiteers. 
C) corporate entrepreneurs. 
D) reluctant entrepreneurs. 
A) foreign refugees. 
B) welfare profiteers. 
C) corporate entrepreneurs. 
D) reluctant entrepreneurs.

Question 5

According to Stephen Covey,if we want to make important changes in our lives,we need to change from the inside out.

Accepted Answer

A) True 
 B)False

Question 6

Self-employed people are less likely to be millionaires than are those who work for others.

Accepted Answer

A) True 
 B)False

Question 7

Ben seems to have the Midas touch.He can recognize opportunity where others see only problems.His focus is on creating solutions for customers.Ben has a(n)_____________ personality.

Accepted Answer

A) technician 
B) manager 
C) entrepreneur 
D) opportunistic 
A) technician 
B) manager 
C) entrepreneur 
D) opportunistic

Question 8

A prospective entrepreneur wants to find a career doing what she enjoys most.She might be drawn to try an entrepreneurial venture

Accepted Answer

A) to enjoy satisfying work. 
B) for substantial long-term profits. 
C) to have freedom from a managerial hierarchy. 
D) for a sense of self-esteem. 
A) to enjoy satisfying work. 
B) for substantial long-term profits. 
C) to have freedom from a managerial hierarchy. 
D) for a sense of self-esteem.

Question 9

Match:
a.bootstrapping
b.entrepreneur
c.entrepreneurial legacy
d.entrepreneurial team
e.franchisee
f.gazelle
g.lifestyle business
h.mentor
i.microloans
j.paradigm shift
k.small business
l.technician personality
-A business with growth potential that is small compared to large companies in an industry,has geographically localized operations,and is financed by only a few individuals

Accepted Answer

The answer of Match:
a.bootstrapping
b.entrepreneur
c.entrepreneurial legacy
d.entrepreneurial team
e.franchisee
f.gazelle
g.lifestyle business
h.mentor
i.microloans
j.paradigm shift
k.small business
l.technician personality
-A...

Question 10

Many small business owners fail to identify and capture new opportunities to grow their businesses.

Accepted Answer

A) True 
 B)False

Question 11

Match:
a.bootstrapping
b.entrepreneur
c.entrepreneurial legacy
d.entrepreneurial team
e.franchisee
f.gazelle
g.lifestyle business
h.mentor
i.microloans
j.paradigm shift
k.small business
l.technician personality
-Doing more with less in terms of resources invested in a business

Accepted Answer

The answer of Match:
a.bootstrapping
b.entrepreneur
c.entrepreneurial legacy
d.entrepreneurial team
e.franchisee
f.gazelle
g.lifestyle business
h.mentor
i.microloans
j.paradigm shift
k.small business
l.technician personality
-Doing...

Question 12

Bill Gates and Steve Ballmer,founders of Microsoft,would be considered:

Accepted Answer

A) franchisors. 
B) franchisees. 
C) an entrepreneurial team 
D) sole proprietors. 
A) franchisors. 
B) franchisees. 
C) an entrepreneurial team 
D) sole proprietors.

Question 13

Compared to large corporations,small businesses

Accepted Answer

A) play just as important if not a larger part in the economy. 
B) represent less than 1 percent of all firms with employees. 
C) account for 55 percent of private payrolls. 
D) generated 20-40 percent of all new jobs in the last decade. 
A) play just as important if not a larger part in the economy. 
B) represent less than 1 percent of all firms with employees. 
C) account for 55 percent of private payrolls. 
D) generated 20-40 percent of all new jobs in the last decade.

Question 14

Valerie has been described as a "free spirit." She has tolerated but seldom appreciated parental,academic,or even job authority.The factor most likely to lure her to entrepreneurship is

Accepted Answer

A) profit opportunities. 
B) freedom to operate independently. 
C) enjoyment of doing what she likes to do. 
D) satisfaction in serving the community through the business. 
A) profit opportunities. 
B) freedom to operate independently. 
C) enjoyment of doing what she likes to do. 
D) satisfaction in serving the community through the business.

Question 15

Jasper is so convinced he will succeed he has mortgaged his home,maxed out his credit cards,and borrowed from his retirement savings to finance his business.Jasper is:

Accepted Answer

A) high in commitment. 
B) high in leadership. 
C) high in creativity. 
D) high in risk tolerance. 
A) high in commitment. 
B) high in leadership. 
C) high in creativity. 
D) high in risk tolerance.

Question 16

Sometimes entrepreneurs spend so much time and energy building the business that relationships are destroyed.Which phrase best describes this misfortune?

Accepted Answer

A) Some sacrifices are necessary for the greater good. 
B) You've got to give a little to get a little. 
C) What goes around comes around. 
D) It's possible to score points in the wrong game. 
A) Some sacrifices are necessary for the greater good. 
B) You've got to give a little to get a little. 
C) What goes around comes around. 
D) It's possible to score points in the wrong game.

Question 17

The universally accepted definition of the term small business is based on the number of people employed by the firm.

Accepted Answer

A) True 
 B)False

Question 18

Although Abner started the business by making his own product,his greater talent is planning for the future and arranging for growth.Abner has a(n)___________ personality.

Accepted Answer

A) technician 
B) manager 
C) entrepreneur 
D) opportunistic 
A) technician 
B) manager 
C) entrepreneur 
D) opportunistic

Question 19

Oscar wants everything in his restaurant to be perfect so he points out every little mistake his servers make.He has high turnover among his staff.Why?

Accepted Answer

A) Oscar is a domineering manager 
B) Oscar is not a team player. 
C) Oscar lacks risk tolerance. 
D) Oscar does not know his market. 
A) Oscar is a domineering manager 
B) Oscar is not a team player. 
C) Oscar lacks risk tolerance. 
D) Oscar does not know his market.

Question 20

Sabrina has figured out how to recycle clear plastic bottles into woven fabric and has launched a new business.Sabrina is:

Accepted Answer

A) an entrepreneurial team member. 
B) a social entrepreneur. 
C) risk averse. 
D) a franchisee. 
A) an entrepreneurial team member. 
B) a social entrepreneur. 
C) risk averse. 
D) a franchisee.

Exam 1: The Entrepreneurial Lifethe Entrepreneurial Life

Using the criteria in the text to define a small business,Table Occasions will not be considered a small business once the company:

A paradigm shift is:

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -A microbusiness that permits the owner to follow a desired pattern of living

When a Fortune 500 business lays off workers,some displaced employees may decide to start their own businesses.They are best described as

According to Stephen Covey,if we want to make important changes in our lives,we need to change from the inside out.

Self-employed people are less likely to be millionaires than are those who work for others.

Ben seems to have the Midas touch.He can recognize opportunity where others see only problems.His focus is on creating solutions for customers.Ben has a(n)_____________ personality.

A prospective entrepreneur wants to find a career doing what she enjoys most.She might be drawn to try an entrepreneurial venture

Many small business owners fail to identify and capture new opportunities to grow their businesses.

Match: a.bootstrapping b.entrepreneur c.entrepreneurial legacy d.entrepreneurial team e.franchisee f.gazelle g.lifestyle business h.mentor i.microloans j.paradigm shift k.small business l.technician personality -Doing more with less in terms of resources invested in a business

Bill Gates and Steve Ballmer,founders of Microsoft,would be considered:

Compared to large corporations,small businesses

Valerie has been described as a "free spirit." She has tolerated but seldom appreciated parental,academic,or even job authority.The factor most likely to lure her to entrepreneurship is

Jasper is so convinced he will succeed he has mortgaged his home,maxed out his credit cards,and borrowed from his retirement savings to finance his business.Jasper is:

Sometimes entrepreneurs spend so much time and energy building the business that relationships are destroyed.Which phrase best describes this misfortune?

The universally accepted definition of the term small business is based on the number of people employed by the firm.

Although Abner started the business by making his own product,his greater talent is planning for the future and arranging for growth.Abner has a(n)___________ personality.

Oscar wants everything in his restaurant to be perfect so he points out every little mistake his servers make.He has high turnover among his staff.Why?

Sabrina has figured out how to recycle clear plastic bottles into woven fabric and has launched a new business.Sabrina is:

Integrity, ethics, and Social Entrepreneurship

Starting a Small Business

Franchises and Buyouts

The Family Business

The Business Plan: Visualizing the Dream

The Marketing Plan

The Organizational Plan: Teams, legal Structures, alliances, and Directors

The Location Plan

Understanding a Firms Financial Statements

Forecasting Financial Requirements

A Firms Sources of Financing

Planning for the Harvest

Building Customer Relationships

Product Development and Supply Chain Management

Pricing and Credit Decisions

Promotional Planning

Global Opportunities for Small Business

Professional Management and the Small Business

Managing Human Resources

Managing Small Business Operations

Managing the Firms Assets

Managing Risk

Filters