Question 1

Explain why some individuals become entrepreneurs.

Accepted Answer

The main reasons include the desire to b

Question 2

The majority of small businesses are owned by ____.

Accepted Answer

A) white females 
B) black males 
C) white males 
D) black females 
A) white females 
B) black males 
C) white males 
D) black females

Question 3

Small business output in the United States generates about _____ of our gross domestic product.

Accepted Answer

A) 10 percent 
B) 90 percent 
C) 50 percent 
D) 75 percent 
A) 10 percent 
B) 90 percent 
C) 50 percent 
D) 75 percent

Question 4

Franchises are often quite _____.

Accepted Answer

A) legally simple 
B) easily acquired 
C) attractive from a tax standpoint 
D) expensive 
A) legally simple 
B) easily acquired 
C) attractive from a tax standpoint 
D) expensive

Question 5

More than three-fourths of all U.S.adults are either self-employed or work for small businesses.

Accepted Answer

A) True 
 B)False

Question 6

The _____

Accepted Answer

A) "Development and Production" 
B) "Marketing" 
C) "Global Issues" 
D) "Goods, Services and the Production Process" 
A) "Development and Production" 
B) "Marketing" 
C) "Global Issues" 
D) "Goods, Services and the Production Process"

Question 7

A business plan explains the goods and services that you intend to sell and specifies the qualifications of your management team.

Accepted Answer

A) True 
 B)False

Question 8

In what industries are small businesses concentrated?

Accepted Answer

Small businesses are concentrated in two

Question 9

Which of the following are provided to business people by the SBA?

Accepted Answer

A) Business training 
B) Individualized advice by a team of retired executives 
C) Help in obtaining financing 
D) All of the above 
A) Business training 
B) Individualized advice by a team of retired executives 
C) Help in obtaining financing 
D) All of the above

Question 10

List three reasons why some businesses fail.

Accepted Answer

The failure rate for small bus

Question 11

Evaluate the differences between starting a new business from scratch and buying an existing business.

Accepted Answer

Although starting a business from scratc

Question 12

The purpose of starting a business is to satisfy customers.

Accepted Answer

A) True 
 B)False

Question 13

The success of small businesses in fostering creativity has caused many large companies to respond by downsizing in order to act more like small companies.

Accepted Answer

A) True 
 B)False

Question 14

The largest areas of the goods-producing sector are construction and manufacturing.

Accepted Answer

A) True 
 B)False

Question 15

There are more than 40 million small businesses in the United States.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following is an advantage to starting a business?

Accepted Answer

A) Financial security 
B) Avoidance of unpleasant work tasks 
C) Opportunity to gain an understanding of all aspects of a business 
D) Lower stress level 
A) Financial security 
B) Avoidance of unpleasant work tasks 
C) Opportunity to gain an understanding of all aspects of a business 
D) Lower stress level

Question 17

As Jacob's business advisor, what would you probably advise him to do?

Accepted Answer

A) Start a business from scratch. 
B) Buy an existing business. 
C) Buy a franchise. 
D) Go into business with his brother. 
A) Start a business from scratch. 
B) Buy an existing business. 
C) Buy a franchise. 
D) Go into business with his brother.

Question 18

As a business owner, you're responsible for making the decisions that pertain to the profitability of your business.This decision-making freedom best reflects the _____ advantage of small business ownership.

Accepted Answer

A) independence 
B) first-mover 
C) lifestyle 
D) financial 
A) independence 
B) first-mover 
C) lifestyle 
D) financial

Question 19

In addition to your initial investment, you will have to pay a(n) _____ to cover your share of national and regional advertising.

Accepted Answer

A) advertising fee 
B) management charge 
C) business assessment 
D) royalty fee 
A) advertising fee 
B) management charge 
C) business assessment 
D) royalty fee

Question 20

Entrepreneurs usually start with few resources but build their businesses with the collective help of family members and investors.

Accepted Answer

A) True 
 B)False

Explain why some individuals become entrepreneurs.

The majority of small businesses are owned by ____.

Small business output in the United States generates about _____ of our gross domestic product.

Franchises are often quite _____.

More than three-fourths of all U.S.adults are either self-employed or work for small businesses.

The _____

A business plan explains the goods and services that you intend to sell and specifies the qualifications of your management team.

In what industries are small businesses concentrated?

Which of the following are provided to business people by the SBA?

List three reasons why some businesses fail.

Evaluate the differences between starting a new business from scratch and buying an existing business.

The purpose of starting a business is to satisfy customers.

The success of small businesses in fostering creativity has caused many large companies to respond by downsizing in order to act more like small companies.

The largest areas of the goods-producing sector are construction and manufacturing.

There are more than 40 million small businesses in the United States.

Which of the following is an advantage to starting a business?

As Jacob's business advisor, what would you probably advise him to do?

As a business owner, you're responsible for making the decisions that pertain to the profitability of your business.This decision-making freedom best reflects the _____ advantage of small business ownership.

In addition to your initial investment, you will have to pay a(n) _____ to cover your share of national and regional advertising.

Entrepreneurs usually start with few resources but build their businesses with the collective help of family members and investors.

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

Explain why some individuals become entrepreneurs.

The majority of small businesses are owned by ____.

Small business output in the United States generates about _____ of our gross domestic product.

Franchises are often quite _____.

More than three-fourths of all U.S.adults are either self-employed or work for small businesses.

The _____

A business plan explains the goods and services that you intend to sell and specifies the qualifications of your management team.

In what industries are small businesses concentrated?

Which of the following are provided to business people by the SBA?

List three reasons why some businesses fail.

Evaluate the differences between starting a new business from scratch and buying an existing business.

The purpose of starting a business is to satisfy customers.

The success of small businesses in fostering creativity has caused many large companies to respond by downsizing in order to act more like small companies.

The largest areas of the goods-producing sector are construction and manufacturing.

There are more than 40 million small businesses in the United States.

Which of the following is an advantage to starting a business?

As Jacob's business advisor, what would you probably advise him to do?

As a business owner, you're responsible for making the decisions that pertain to the profitability of your business.This decision-making freedom best reflects the _____ advantage of small business ownership.

In addition to your initial investment, you will have to pay a(n) _____ to cover your share of national and regional advertising.

Entrepreneurs usually start with few resources but build their businesses with the collective help of family members and investors.

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