Question 1

Intrapreneurship is a term coined by business consultant Gifford Pinchot to designate entrepreneurial efforts within a larger organization.

Accepted Answer

A) True 
 B)False

Question 2

Matthew decides to open a cafe in his neighborhood,called Coffee Beans.While analyzing the start-up options,he decides against buying an existing independent business,or even buying into a franchise system.Because of a recent reduction in the availability of loans to entrepreneurs,he is unable to get a bank loan.He is likely to have which of the following benefits?

Accepted Answer

A)  He will have an established brand recognition. 
B)  Since business processes and systems are usually in place, he need not create them. 
C)  Support networks are already in place, so he need not update them. 
D)  He need not hire and train the workforce at his own expense. 
E)  He will experience very high freedom and flexibility. 
A)  He will have an established brand recognition. 
B)  Since business processes and systems are usually in place, he need not create them. 
C)  Support networks are already in place, so he need not update them. 
D)  He need not hire and train the workforce at his own expense. 
E)  He will experience very high freedom and flexibility.

Question 3

Compare and contrast venture capitalists with angel investors.

Accepted Answer

Venture capitalists (VCs)are investors w

Question 4

The positive,forward-thinking desire to create a profitable,sustainable business is called ________.

Accepted Answer

A)  optimism 
B)  entrepreneurial spirit 
C)  fiscal discipline 
D)  marketing strategy 
E)  business implementation 
A)  optimism 
B)  entrepreneurial spirit 
C)  fiscal discipline 
D)  marketing strategy 
E)  business implementation

Question 5

Preparing a business plan serves which of the following functions?

Accepted Answer

A)  It assists the owners in preparing publicity releases for the business. 
B)  It helps persuade lenders and investors to finance the business. 
C)  It identifies sources of potential employees for the business. 
D)  It fulfills the requirements set forth by the Small Business Administration. 
E)  It meets licensing regulations established by the local government. 
A)  It assists the owners in preparing publicity releases for the business. 
B)  It helps persuade lenders and investors to finance the business. 
C)  It identifies sources of potential employees for the business. 
D)  It fulfills the requirements set forth by the Small Business Administration. 
E)  It meets licensing regulations established by the local government.

Question 6

The first infusion of capital that a business receives is called seed money.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following statements is true regarding the failure rates of new businesses?

Accepted Answer

A)  It is possible to calculate a precise figure that represents all types of businesses across all industries. 
B)  The definition of "failure" remains the same across businesses and business owners. 
C)  Establishing a time frame is not essential for a failure rate to have any meaning. 
D)  Structural changes in the economy are unrelated to the failure rates of new businesses. 
E)  The failure rate of new businesses is usually high during the first year. 
A)  It is possible to calculate a precise figure that represents all types of businesses across all industries. 
B)  The definition of "failure" remains the same across businesses and business owners. 
C)  Establishing a time frame is not essential for a failure rate to have any meaning. 
D)  Structural changes in the economy are unrelated to the failure rates of new businesses. 
E)  The failure rate of new businesses is usually high during the first year.

Question 8

In large organizations,mechanisms put in place to prevent mistakes can also hamper innovative thinking by restricting people to tried-and-true methods.

Accepted Answer

A) True 
 B)False

Question 9

Define a small business? What is the economic role of small businesses?

Accepted Answer

A small business is a company that is in

Question 10

Barbara decided to open an independent bookstore.However,after careful consideration,she decided to purchase an existing book shop called BookStop from an owner who was retiring.Which of the following statements,if true,is most likely to make Barbara's business successful.

Accepted Answer

A)  Barbara decides to change the layout of the bookstore and repaint the walls. 
B)  The government increases the taxes on small businesses. 
C)  Barabara decides to reduce the freedom given to the existing employees by the previous owner of BookStop. 
D)  Barabara does not like the existing business processes and systems, so she decides to build them from scratch. 
E)  BookStop was a profitable business with many loyal customers. 
A)  Barbara decides to change the layout of the bookstore and repaint the walls. 
B)  The government increases the taxes on small businesses. 
C)  Barabara decides to reduce the freedom given to the existing employees by the previous owner of BookStop. 
D)  Barabara does not like the existing business processes and systems, so she decides to build them from scratch. 
E)  BookStop was a profitable business with many loyal customers.

Question 11

Compare and contrast small companies with large ones?

Accepted Answer

Small companies tend to differ from larg

Question 12

Baskin-Robbins gives its franchisees the right to resell its trademarked goods that must be purchased from Baskin-Robbins.This is an example of a product franchise.

Accepted Answer

A) True 
 B)False

Question 13

Compare and contrast creating a new,independent business with buying an existing independent business.

Accepted Answer

Creating a new,independent business usua

Question 14

Angel investors provide money to finance new businesses in exchange for a large rate of interest.

Accepted Answer

A) True 
 B)False

Question 15

Among all firms that apply for U.S.patents on new inventions,small businesses receive 13 times more patents per employee than larger firms.

Accepted Answer

A) True 
 B)False

Question 16

A 12-empoyee executive recruiting firm making $750,000 per year would be a small business.

Accepted Answer

A) True 
 B)False

Question 17

SCORE is a resource partner of the ________.

Accepted Answer

A)  Small Business Online Community 
B)  Minority Business Development Agency 
C)  Small Business Administration 
D)  United States Chamber of Commerce 
E)  Center for Emerging Technologies 
A)  Small Business Online Community 
B)  Minority Business Development Agency 
C)  Small Business Administration 
D)  United States Chamber of Commerce 
E)  Center for Emerging Technologies

Question 18

Which of the following is true about creating a new,independent business?

Accepted Answer

A)  The possibility for borrowing start-up capital or getting investors is more, compared to buying an existing business. 
B)  The owner's freedom is less, compared to buying an existing business. 
C)  The business processes and systems are usually already in place. 
D)  The workforce is usually already in place. 
E)  The customer base must be built from the ground up. 
A)  The possibility for borrowing start-up capital or getting investors is more, compared to buying an existing business. 
B)  The owner's freedom is less, compared to buying an existing business. 
C)  The business processes and systems are usually already in place. 
D)  The workforce is usually already in place. 
E)  The customer base must be built from the ground up.

Question 19

Which of the following is an example of a lifestyle business?

Accepted Answer

A)  A paper recycling unit that employs about 800 employees. 
B)  A self-employed landscape designer. 
C)  Nature's Delights, an international gourmet food chain that is considered to be the world's leading retailer of natural and organic foods. 
D)  Museum of Fine Arts, a government-funded museum that houses a collection of 19th and 20th century American, German, and French paintings. 
E)  Freedom Books, a firm that is the leader in the English-language book publishing sector. 
A)  A paper recycling unit that employs about 800 employees. 
B)  A self-employed landscape designer. 
C)  Nature's Delights, an international gourmet food chain that is considered to be the world's leading retailer of natural and organic foods. 
D)  Museum of Fine Arts, a government-funded museum that houses a collection of 19th and 20th century American, German, and French paintings. 
E)  Freedom Books, a firm that is the leader in the English-language book publishing sector.

Question 20

A small business is defined as a company that ________.

Accepted Answer

A)  is newly launched and has fewer than 100 shareholders 
B)  is dominant in its field and employs fewer than 1,500 employees 
C)  has revenue of less than $750,000 
D)  is independently owned and operated and not dominant in its field 
E)  is funded through personal lines of credit and has fewer than 1,000 employees 
A)  is newly launched and has fewer than 100 shareholders 
B)  is dominant in its field and employs fewer than 1,500 employees 
C)  has revenue of less than $750,000 
D)  is independently owned and operated and not dominant in its field 
E)  is funded through personal lines of credit and has fewer than 1,000 employees

Intrapreneurship is a term coined by business consultant Gifford Pinchot to designate entrepreneurial efforts within a larger organization.

Compare and contrast venture capitalists with angel investors.

The positive,forward-thinking desire to create a profitable,sustainable business is called ________.

Preparing a business plan serves which of the following functions?

The first infusion of capital that a business receives is called seed money.

Which of the following statements is true regarding the failure rates of new businesses?

In large organizations,mechanisms put in place to prevent mistakes can also hamper innovative thinking by restricting people to tried-and-true methods.

Define a small business? What is the economic role of small businesses?

Barbara decided to open an independent bookstore.However,after careful consideration,she decided to purchase an existing book shop called BookStop from an owner who was retiring.Which of the following statements,if true,is most likely to make Barbara's business successful.

Compare and contrast small companies with large ones?

Baskin-Robbins gives its franchisees the right to resell its trademarked goods that must be purchased from Baskin-Robbins.This is an example of a product franchise.

Compare and contrast creating a new,independent business with buying an existing independent business.

Angel investors provide money to finance new businesses in exchange for a large rate of interest.

Among all firms that apply for U.S.patents on new inventions,small businesses receive 13 times more patents per employee than larger firms.

A 12-empoyee executive recruiting firm making $750,000 per year would be a small business.

SCORE is a resource partner of the ________.

Which of the following is true about creating a new,independent business?

Which of the following is an example of a lifestyle business?

A small business is defined as a company that ________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 6: Entrepreneurship and Small Business Ownership

Intrapreneurship is a term coined by business consultant Gifford Pinchot to designate entrepreneurial efforts within a larger organization.

Compare and contrast venture capitalists with angel investors.

The positive,forward-thinking desire to create a profitable,sustainable business is called ________.

Preparing a business plan serves which of the following functions?

The first infusion of capital that a business receives is called seed money.

Which of the following statements is true regarding the failure rates of new businesses?

In large organizations,mechanisms put in place to prevent mistakes can also hamper innovative thinking by restricting people to tried-and-true methods.

Define a small business? What is the economic role of small businesses?

Barbara decided to open an independent bookstore.However,after careful consideration,she decided to purchase an existing book shop called BookStop from an owner who was retiring.Which of the following statements,if true,is most likely to make Barbara's business successful.

Compare and contrast small companies with large ones?

Baskin-Robbins gives its franchisees the right to resell its trademarked goods that must be purchased from Baskin-Robbins.This is an example of a product franchise.

Compare and contrast creating a new,independent business with buying an existing independent business.

Angel investors provide money to finance new businesses in exchange for a large rate of interest.

Among all firms that apply for U.S.patents on new inventions,small businesses receive 13 times more patents per employee than larger firms.

A 12-empoyee executive recruiting firm making $750,000 per year would be a small business.

SCORE is a resource partner of the ________.

Which of the following is true about creating a new,independent business?

Which of the following is an example of a lifestyle business?

A small business is defined as a company that ________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters