Question 1

The U.S. Small Business Association (SBA) reports that small firms accounted for _____ percent of net new jobs created between 1993 and 2011.

Accepted Answer

A)  30 
B)  32 
C)  46 
D)  64 
E)  82 
A)  30 
B)  32 
C)  46 
D)  64 
E)  82

Question 2

Entrepreneurs in the optimizer category are rewarded by the personal satisfaction of being business owners.

Accepted Answer

A) True 
 B)False

Question 3

Holly and Trent
While many others dreamed about owning their own business, Holly Gabrel decided to do something about it. Holly knew that being self-employed required long hours and hard work, but with the help of her husband, Trent, Holly was positive that the hours and the work would be rewarded. First, she and Trent developed a new concept in sunglasses that could be used by athletes better than the sunglasses now on the market. Holly and Trent obtained a patent on their invention, and began production and marketing.
-After fully developing their new business idea, Holly and Trent recognize the need to develop a business plan. Typical business plans will include all of the following except:

Accepted Answer

A)  a clear, compelling vision of the company. 
B)  information about competitors. 
C)  sources of start-up funds. 
D)  an analysis of critical risks that may threaten success. 
E)  a description of the company's contingency plans. 
A)  a clear, compelling vision of the company. 
B)  information about competitors. 
C)  sources of start-up funds. 
D)  an analysis of critical risks that may threaten success. 
E)  a description of the company's contingency plans.

Question 4

Entrepreneurs in the sustainer category are rewarded by the personal satisfaction of being business owners.

Accepted Answer

A) True 
 B)False

Question 5

A sole proprietorship is an unincorporated business owned by two or more people.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is not a form of debt financing?

Accepted Answer

A)  A loan from the Small Business Administration (SB
A)  
B)  Crowdfunding 
C)  Personal credit cards 
D)  A bank loan 
E)  Borrowing from family and friends 
A)  A loan from the Small Business Administration (SB
A)  
B)  Crowdfunding 
C)  Personal credit cards 
D)  A bank loan 
E)  Borrowing from family and friends

Question 7

The process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards refers to entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 8

Entrepreneurs who aspire to start an online or mobile business:

Accepted Answer

A)  follow the usual steps required to start a traditional business. 
B)  should be savvy with technology. 
C)  need to be unusually nimble. 
D)  must know when to pivot. 
E)  all of these. 
A)  follow the usual steps required to start a traditional business. 
B)  should be savvy with technology. 
C)  need to be unusually nimble. 
D)  must know when to pivot. 
E)  all of these.

Question 9

One area of great growth and opportunity for women-owned businesses is:

Accepted Answer

A)  expanding globally. 
B)  volunteering as consultants for the Small Business Administration (SB
A) . 
C)  filing patents for the products they produce. 
D)  starting technology firms. 
E)  hiring employees to work for the company. 
A)  expanding globally. 
B)  volunteering as consultants for the Small Business Administration (SB
A) . 
C)  filing patents for the products they produce. 
D)  starting technology firms. 
E)  hiring employees to work for the company.

Question 10

One of the biggest mistakes that new entrepreneurs is in not knowing when to pivot, which means knowing when to abandon a failing business.

Accepted Answer

A) True 
 B)False

Question 11

A group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits is known as:

Accepted Answer

A)  an equity financing firm. 
B)  franchisors. 
C)  a venture capital firm. 
D)  debt financing firm. 
E)  none of these. 
A)  an equity financing firm. 
B)  franchisors. 
C)  a venture capital firm. 
D)  debt financing firm. 
E)  none of these.

Question 12

Which of the following is not an appropriate legal structure for an entrepreneurial company?

Accepted Answer

A)  Proprietorship 
B)  Corporation 
C)  Partnership 
D)  Trade alliance 
E)  All of these are appropriate legal structures for an entrepreneurial company. 
A)  Proprietorship 
B)  Corporation 
C)  Partnership 
D)  Trade alliance 
E)  All of these are appropriate legal structures for an entrepreneurial company.

Question 13

Which of the following statements regarding partnerships is true?

Accepted Answer

A)  When forming a partnership, a formal partnership agreement should be drawn up with the help of an attorney. 
B)  Unlike other forms of ownership, a partnership has a legal life of its own. 
C)  A disadvantage of a partnership is the limited liability of the partners. 
D)  A partnership is an incorporated business owned by two or more people. 
E)  Partnerships often dissolve within two years. 
A)  When forming a partnership, a formal partnership agreement should be drawn up with the help of an attorney. 
B)  Unlike other forms of ownership, a partnership has a legal life of its own. 
C)  A disadvantage of a partnership is the limited liability of the partners. 
D)  A partnership is an incorporated business owned by two or more people. 
E)  Partnerships often dissolve within two years.

Question 14

Being interested in computers, Jose Cohata came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jose started marketing this service to neighbors and area businesses. Jose's activities can be described as:

Accepted Answer

A)  an entrepreneurship. 
B)  an intrapreneurship. 
C)  franchising. 
D)  a business plan. 
E)  a partnership. 
A)  an entrepreneurship. 
B)  an intrapreneurship. 
C)  franchising. 
D)  a business plan. 
E)  a partnership.

Question 15

When pursuing an entrepreneurial dream, there are steps you must take to make the dream a reality. Think of some type of business you might like to start, and write a short essay that outlines the steps you would take when planning to become a business owner. Prepare a sample business plan along with your essay.

Accepted Answer

Step 1. Match a personal skill with a ma

Question 16

Equity financing consists of funds that are invested in exchange for ownership in the company.

Accepted Answer

A) True 
 B)False

Question 17

Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

Accepted Answer

A) True 
 B)False

Question 18

Immigrants are more likely to start small businesses than native-born Americans.

Accepted Answer

A) True 
 B)False

Question 19

Tracy's Trikes believes that each employee should enjoy the idea of working on something that is new, creative, or personally meaningful. Tracy's Trikes exemplifies which of the categories of small-business owners?

Accepted Answer

A)  Optimizers 
B)  Idealists 
C)  Hard workers 
D)  Sustainers 
E)  Jugglers 
A)  Optimizers 
B)  Idealists 
C)  Hard workers 
D)  Sustainers 
E)  Jugglers

Question 20

A domain name gives a company an address on the Web and a unique identity.

Accepted Answer

A) True 
 B)False

The U.S. Small Business Association (SBA) reports that small firms accounted for _____ percent of net new jobs created between 1993 and 2011.

Entrepreneurs in the optimizer category are rewarded by the personal satisfaction of being business owners.

Entrepreneurs in the sustainer category are rewarded by the personal satisfaction of being business owners.

A sole proprietorship is an unincorporated business owned by two or more people.

Which of the following is not a form of debt financing?

The process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards refers to entrepreneurship.

Entrepreneurs who aspire to start an online or mobile business:

One area of great growth and opportunity for women-owned businesses is:

One of the biggest mistakes that new entrepreneurs is in not knowing when to pivot, which means knowing when to abandon a failing business.

A group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits is known as:

Which of the following is not an appropriate legal structure for an entrepreneurial company?

Which of the following statements regarding partnerships is true?

Being interested in computers, Jose Cohata came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jose started marketing this service to neighbors and area businesses. Jose's activities can be described as:

Equity financing consists of funds that are invested in exchange for ownership in the company.

Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

Immigrants are more likely to start small businesses than native-born Americans.

Tracy's Trikes believes that each employee should enjoy the idea of working on something that is new, creative, or personally meaningful. Tracy's Trikes exemplifies which of the categories of small-business owners?

A domain name gives a company an address on the Web and a unique identity.

The World of Innovative Management

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Planning and Global Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Organization Structure

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Invidividual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Filters

Exam 6: Managing Start-Ups and New Ventures

The U.S. Small Business Association (SBA) reports that small firms accounted for _____ percent of net new jobs created between 1993 and 2011.

Entrepreneurs in the optimizer category are rewarded by the personal satisfaction of being business owners.

Entrepreneurs in the sustainer category are rewarded by the personal satisfaction of being business owners.

A sole proprietorship is an unincorporated business owned by two or more people.

Which of the following is not a form of debt financing?

The process of initiating a business venture, organizing the necessary resources, assuming the associated risks, and enjoying the rewards refers to entrepreneurship.

Entrepreneurs who aspire to start an online or mobile business:

One area of great growth and opportunity for women-owned businesses is:

One of the biggest mistakes that new entrepreneurs is in not knowing when to pivot, which means knowing when to abandon a failing business.

A group of companies or individuals that invests money in new or expanding businesses for ownership and potential profits is known as:

Which of the following is not an appropriate legal structure for an entrepreneurial company?

Which of the following statements regarding partnerships is true?

Being interested in computers, Jose Cohata came up with an idea of personalizing the screen saver programs with family pictures. After trying a couple of programs, Jose started marketing this service to neighbors and area businesses. Jose's activities can be described as:

Equity financing consists of funds that are invested in exchange for ownership in the company.

Entrepreneurs see themselves as being less in control of their environment, generally speaking, and can be expected to have an external locus of control.

Immigrants are more likely to start small businesses than native-born Americans.

Tracy's Trikes believes that each employee should enjoy the idea of working on something that is new, creative, or personally meaningful. Tracy's Trikes exemplifies which of the categories of small-business owners?

A domain name gives a company an address on the Web and a unique identity.

The World of Innovative Management

The Evolution of Management Thinking

The Environment and Corporate Culture

Managing in a Global Environment

Managing Ethics and Social Responsibility

Planning and Global Setting

Strategy Formulation and Execution

Managerial Decision Making

Designing Organization Structure

Managing Change and Innovation

Managing Human Resources

Managing Diversity

Understanding Invidividual Behavior

Leadership

Motivating Employees

Managing Communication

Leading Teams

Managing Quality and Performance

Filters