Question 1

Over half of small businesses in Canada are found in found industries. Which of the following is NOT one of those four industries?

Accepted Answer

A)  construction 
B)  manufacturing 
C)  professional, scientific and technical services 
D)  wholesale and retail trade 
A)  construction 
B)  manufacturing 
C)  professional, scientific and technical services 
D)  wholesale and retail trade

Question 2

Willa Dakin started a high-tech company that she expects to grow into a major corporation within three years. Which of the following type of entrepreneurs best describes Dakin?

Accepted Answer

A)  blossoming 
B)  latent 
C)  growth-oriented 
D)  potential 
A)  blossoming 
B)  latent 
C)  growth-oriented 
D)  potential

Question 3

What are the three types of entrepreneurs?

Accepted Answer

A)  classic, multipreneur, and intrapreneur 
B)  traditional, multipreneur, and interpreneur 
C)  classic, omnipreneur, and micropreneur 
D)  traditional, dualpreneur, and intrapreneur 
A)  classic, multipreneur, and intrapreneur 
B)  traditional, multipreneur, and interpreneur 
C)  classic, omnipreneur, and micropreneur 
D)  traditional, dualpreneur, and intrapreneur

Question 4

Which of the following is the primary source of financing for all small business start-ups?

Accepted Answer

A)  the owner's personal savings 
B)  supplier and customer credit 
C)  banks 
D)  the Business Development Bank of Canada 
A)  the owner's personal savings 
B)  supplier and customer credit 
C)  banks 
D)  the Business Development Bank of Canada

Question 5

A one- to three-page summary of the business plan is called the corporate summary.

Accepted Answer

A) True 
 B)False

Question 6

What is the difference between the small business owner and the entrepreneur?

Accepted Answer

A)  The entrepreneur is responsible for the profits of the business. 
B)  The entrepreneur assumes the risk of the business. 
C)  The entrepreneur files taxes for the business. 
D)  The entrepreneur manages the business. 
A)  The entrepreneur is responsible for the profits of the business. 
B)  The entrepreneur assumes the risk of the business. 
C)  The entrepreneur files taxes for the business. 
D)  The entrepreneur manages the business.

Question 7

The most common use of a business plan is to persuade lenders and investors to finance the venture.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following best describes angel investors?

Accepted Answer

A)  They provide funding for start-up businesses. 
B)  They are bank loan officers who are responsible for funding start-up businesses. 
C)  They are most interested in investing in businesses that are well established. 
D)  They provide equity financing to a business by loaning the business money at a low interest rate. 
A)  They provide funding for start-up businesses. 
B)  They are bank loan officers who are responsible for funding start-up businesses. 
C)  They are most interested in investing in businesses that are well established. 
D)  They provide equity financing to a business by loaning the business money at a low interest rate.

Question 9

Which of the following is a characteristic of the entrepreneurial personality?

Accepted Answer

A)  ambitious 
B)  being a follower rather than a leader 
C)  risk-aversive 
D)  dependent on others 
A)  ambitious 
B)  being a follower rather than a leader 
C)  risk-aversive 
D)  dependent on others

Question 10

Small businesses account for 90 percent of all employer businesses.

Accepted Answer

A) True 
 B)False

Question 11

According to the text, changes in demographics and society, technology advances, and economic changes offer the best opportunities for which of the following?

Accepted Answer

A)  entrepreneurs 
B)  not-for-profits 
C)  educational institutions 
D)  corporations 
A)  entrepreneurs 
B)  not-for-profits 
C)  educational institutions 
D)  corporations

Question 12

One of the most common reasons for business failures is poor marketing.

Accepted Answer

A) True 
 B)False

Question 13

Seltzer Darrigan borrowed $25,000 from his bank to open an art gallery. Darrigan used which type of financing?

Accepted Answer

A)  venture 
B)  liquid 
C)  debt 
D)  equity 
A)  venture 
B)  liquid 
C)  debt 
D)  equity

Question 14

Jim Lightsey sold stock to investors in order to finance his company, which will run an Internet auction for sports memorabilia. Lightsey used which type of financing?

Accepted Answer

A)  equity 
B)  liquid 
C)  venture 
D)  debt 
A)  equity 
B)  liquid 
C)  venture 
D)  debt

Question 15

Any company that has fewer than 15 employees is considered to be a small business-no matter who or what owns the company.

Accepted Answer

A) True 
 B)False

Question 16

According to the text, which of the following best describes some of the personality traits of an entrepreneur?

Accepted Answer

A)  creativity and financial skill 
B)  energy and optimism 
C)  vision and drive 
D)  people skills and determination 
A)  creativity and financial skill 
B)  energy and optimism 
C)  vision and drive 
D)  people skills and determination

Question 17

Estes Kennedy has decided that he will open a used bookstore as a sole proprietorship. His next step is to write which of the following before he applies for a business loan?

Accepted Answer

A)  a venture prospectus 
B)  a business plan 
C)  a business essay 
D)  a market perspective 
A)  a venture prospectus 
B)  a business plan 
C)  a business essay 
D)  a market perspective

Over half of small businesses in Canada are found in found industries. Which of the following is NOT one of those four industries?

Willa Dakin started a high-tech company that she expects to grow into a major corporation within three years. Which of the following type of entrepreneurs best describes Dakin?

What are the three types of entrepreneurs?

Which of the following is the primary source of financing for all small business start-ups?

A one- to three-page summary of the business plan is called the corporate summary.

What is the difference between the small business owner and the entrepreneur?

The most common use of a business plan is to persuade lenders and investors to finance the venture.

Which of the following best describes angel investors?

Which of the following is a characteristic of the entrepreneurial personality?

Small businesses account for 90 percent of all employer businesses.

According to the text, changes in demographics and society, technology advances, and economic changes offer the best opportunities for which of the following?

One of the most common reasons for business failures is poor marketing.

Seltzer Darrigan borrowed $25,000 from his bank to open an art gallery. Darrigan used which type of financing?

Jim Lightsey sold stock to investors in order to finance his company, which will run an Internet auction for sports memorabilia. Lightsey used which type of financing?

Any company that has fewer than 15 employees is considered to be a small business-no matter who or what owns the company.

According to the text, which of the following best describes some of the personality traits of an entrepreneur?

Estes Kennedy has decided that he will open a used bookstore as a sole proprietorship. His next step is to write which of the following before he applies for a business loan?

Political Environment

Economic Environment

Social Environment

Technological Environment

International Environment

Understanding the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing

Creating Marketing Strategies

Achieving World-class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance

Filters

Exam 6: Entrepreneurship and Small Business

Over half of small businesses in Canada are found in found industries. Which of the following is NOT one of those four industries?

Willa Dakin started a high-tech company that she expects to grow into a major corporation within three years. Which of the following type of entrepreneurs best describes Dakin?

What are the three types of entrepreneurs?

Which of the following is the primary source of financing for all small business start-ups?

A one- to three-page summary of the business plan is called the corporate summary.

What is the difference between the small business owner and the entrepreneur?

The most common use of a business plan is to persuade lenders and investors to finance the venture.

Which of the following best describes angel investors?

Which of the following is a characteristic of the entrepreneurial personality?

Small businesses account for 90 percent of all employer businesses.

According to the text, changes in demographics and society, technology advances, and economic changes offer the best opportunities for which of the following?

One of the most common reasons for business failures is poor marketing.

Seltzer Darrigan borrowed $25,000 from his bank to open an art gallery. Darrigan used which type of financing?

Jim Lightsey sold stock to investors in order to finance his company, which will run an Internet auction for sports memorabilia. Lightsey used which type of financing?

Any company that has fewer than 15 employees is considered to be a small business-no matter who or what owns the company.

According to the text, which of the following best describes some of the personality traits of an entrepreneur?

Estes Kennedy has decided that he will open a used bookstore as a sole proprietorship. His next step is to write which of the following before he applies for a business loan?

Political Environment

Economic Environment

Social Environment

Technological Environment

International Environment

Understanding the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing

Creating Marketing Strategies

Achieving World-class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance

Filters