Question 1

To succeed in a business, a new owner must understand _____.

Accepted Answer

A) the basics of business management 
B) the principles of cash flow 
C) the essentials of time management 
D) all of these 
A) the basics of business management 
B) the principles of cash flow 
C) the essentials of time management 
D) all of these

Question 2

Entrepreneurs typically copy what is being done by others rather than take changing situations into account.

Accepted Answer

A) True 
 B)False

Question 3

In what ways do small businesses help the U.S.economy?

Accepted Answer

Small businesses create jobs, spark inno

Question 4

Which of the following is not an advantage of buying an existing business?

Accepted Answer

A) You have a proven product 
B) You have access to current cash flow. 
C) You have a list of suppliers that you can use 
D) You will inherit trained employees. 
A) You have a proven product 
B) You have access to current cash flow. 
C) You have a list of suppliers that you can use 
D) You will inherit trained employees.

Question 5

To be successful in business, you should:

Accepted Answer

A) avoid changes. 
B) handle all aspects of your business yourself. 
C) keep an eye on competitors. 
D) become a specialist in one particular area of business. 
A) avoid changes. 
B) handle all aspects of your business yourself. 
C) keep an eye on competitors. 
D) become a specialist in one particular area of business.

Question 6

A local bakery is acting as a _____ when it sells desserts to a restaurant.

Accepted Answer

A) wholesaler 
B) retailer 
C) franchiser 
D) franchisee 
A) wholesaler 
B) retailer 
C) franchiser 
D) franchisee

Question 7

Which of the following is a characteristic of an entrepreneur?

Accepted Answer

A) Is confident in their innovation or business idea 
B) Is willing to work under a certain degree of uncertainty 
C) Avoids risk 
D) Has the flexibility to adjust to changing situations 
A) Is confident in their innovation or business idea 
B) Is willing to work under a certain degree of uncertainty 
C) Avoids risk 
D) Has the flexibility to adjust to changing situations

Question 8

The "Target Market"

Accepted Answer

A) True 
 B)False

Question 9

At the end of the day, entrepreneurs' successes will depend on their ability to manage and grow the organizations that they created to implement their visions.

Accepted Answer

A) True 
 B)False

Question 10

The past two decades have seen a _____ in the number of businesses owned by women and minorities.

Accepted Answer

A) substantial increase 
B) substantial decrease 
C) moderate decrease 
D) moderate increase 
A) substantial increase 
B) substantial decrease 
C) moderate decrease 
D) moderate increase

Question 11

Explain at least three of the nine keys to succeeding in managing a business.

Accepted Answer

Being successful as a business owner req

Question 12

The "Executive Summary"

Accepted Answer

A) True 
 B)False

Question 13

Almost one-third of small businesses that have employees go out of business within the first two years.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is among the rewards of being a small business owner?

Accepted Answer

A) Freedom from fiscal responsibility 
B) Free time 
C) Freedom from job-related stress 
D) Lifestyle freedom 
A) Freedom from fiscal responsibility 
B) Free time 
C) Freedom from job-related stress 
D) Lifestyle freedom

Question 15

Scenario-Based
In order to meet the financial needs for future business growth as well as current demands, TruWood Cabinet Makers must secure a business loan of $125,000 from a local bank.The loan committee has asked owner and general manager Jarret Jones to write a comprehensive business plan that meets all of First Security Bank's requirements for such a large loan.After a lot of research and careful writing, the plan is constructed and ready for presentation to the loan committee.
-The

Accepted Answer

A) "Executive Summary" 
B) "Vision Statement" 
C) "Statement of Goals" 
D) "Mission Statement" 
A) "Executive Summary" 
B) "Vision Statement" 
C) "Statement of Goals" 
D) "Mission Statement"

Question 16

The startup phase of a business usually lasts for more than _____.

Accepted Answer

A) 6 months 
B) 3 years 
C) 5 years 
D) 1 year 
A) 6 months 
B) 3 years 
C) 5 years 
D) 1 year

Question 17

In which industries would you find a heavy concentration of small businesses?

Accepted Answer

A) Veterinary services 
B) Florist 
C) Aluminum manufacturing 
D) Both (a) and (b) 
A) Veterinary services 
B) Florist 
C) Aluminum manufacturing 
D) Both (a) and (b)

Question 18

According to the Small Business Administration, one of the most common reasons for starting a business is to _____.

Accepted Answer

A) be your own boss 
B) develop managerial skills 
C) achieve financial security 
D) manage team-oriented projects 
A) be your own boss 
B) develop managerial skills 
C) achieve financial security 
D) manage team-oriented projects

Question 19

The dollars and cents of the business plan are especially important to loan committees.Jones is well aware that an entrepreneur must show how, when, and why the business will make a profit.He thus ensures that his _____

Accepted Answer

A) financial plan 
B) marketing 
C) production and operations 
D) management 
A) financial plan 
B) marketing 
C) production and operations 
D) management

Question 20

The _____

Accepted Answer

A) "Core Values" 
B) "Mission Statement" 
C) "Dos and Don'ts" 
D) "Key Competencies" 
A) "Core Values" 
B) "Mission Statement" 
C) "Dos and Don'ts" 
D) "Key Competencies"

To succeed in a business, a new owner must understand _____.

Entrepreneurs typically copy what is being done by others rather than take changing situations into account.

In what ways do small businesses help the U.S.economy?

Which of the following is not an advantage of buying an existing business?

To be successful in business, you should:

A local bakery is acting as a _____ when it sells desserts to a restaurant.

Which of the following is a characteristic of an entrepreneur?

The "Target Market"

At the end of the day, entrepreneurs' successes will depend on their ability to manage and grow the organizations that they created to implement their visions.

The past two decades have seen a _____ in the number of businesses owned by women and minorities.

Explain at least three of the nine keys to succeeding in managing a business.

The "Executive Summary"

Almost one-third of small businesses that have employees go out of business within the first two years.

Which of the following is among the rewards of being a small business owner?

The startup phase of a business usually lasts for more than _____.

In which industries would you find a heavy concentration of small businesses?

According to the Small Business Administration, one of the most common reasons for starting a business is to _____.

The dollars and cents of the business plan are especially important to loan committees.Jones is well aware that an entrepreneur must show how, when, and why the business will make a profit.He thus ensures that his _____

The _____

The Foundations of Business

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Exam 2: Entrepreneurship

To succeed in a business, a new owner must understand _____.

Entrepreneurs typically copy what is being done by others rather than take changing situations into account.

In what ways do small businesses help the U.S.economy?

Which of the following is not an advantage of buying an existing business?

To be successful in business, you should:

A local bakery is acting as a _____ when it sells desserts to a restaurant.

Which of the following is a characteristic of an entrepreneur?

The "Target Market"

At the end of the day, entrepreneurs' successes will depend on their ability to manage and grow the organizations that they created to implement their visions.

The past two decades have seen a _____ in the number of businesses owned by women and minorities.

Explain at least three of the nine keys to succeeding in managing a business.

The "Executive Summary"

Almost one-third of small businesses that have employees go out of business within the first two years.

Which of the following is among the rewards of being a small business owner?

The startup phase of a business usually lasts for more than _____.

In which industries would you find a heavy concentration of small businesses?

According to the Small Business Administration, one of the most common reasons for starting a business is to _____.

The dollars and cents of the business plan are especially important to loan committees.Jones is well aware that an entrepreneur must show how, when, and why the business will make a profit.He thus ensures that his _____

The _____

The Foundations of Business

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters