Question 1

Victoria is an employee at Pegasys Inc. ,a consulting firm.She uses the resources of the firm to expand and diversify into related fields.Victoria is most likely to be classified as a(n)_____.

Accepted Answer

A) manager 
B) entrepreneur 
C) stock broker 
D) venture capitalist

Question 2

Internal locus of control involves the personal belief that one controls his or her own destiny.

Accepted Answer

A) True 
 B)False

Question 3

In the past,most entrepreneurs started their ventures without creating formal business plans.

Accepted Answer

A) True 
 B)False

Question 4

As a rule,entrepreneurs believe in their ability to succeed.

Accepted Answer

A) True 
 B)False

Question 5

Entrepreneurs possess all of the following traits EXCEPT _____.

Accepted Answer

A) tolerance for ambiguity 
B) creativity 
C) low self-confidence 
D) vision

Question 6

Countries whose economies are driven by innovation,like Italy and Japan,have lower established business ownership rates.

Accepted Answer

A) True 
 B)False

Question 7

How does Ralph Braun of BraunAbility exemplify the entrepreneurial characteristic of internal locus of control?

Accepted Answer

The answer of How does Ralph Braun of BraunAbility exemplify...

Question 8

Entrepreneurs enjoy guaranteed job security because no one can fire them.

Accepted Answer

A) True 
 B)False

Question 9

In the context of financing,identify a recommendation made by the Small Business Administration (SBA)to entrepreneurs.

Accepted Answer

A) Finding less expensive credit 
B) Charging business expenses to personal credit cards 
C) Establishing a business credit history 
D) Showing a profit on rising revenues

Question 10

Which of the following statements best describes how entrepreneurs view failure?

Accepted Answer

A) They enjoy risk and gambling. 
B) They are easily discouraged when things don't go as planned. 
C) They view failure as a learning experience. 
D) They worry that if they fail they'll never get another opportunity.

Question 11

The business start-up PK Clean,launched by Priyanka Bakaya in Salt Lake,Utah,can be identified as an example of:

Accepted Answer

A) intrapreneurship. 
B) skunkworks. 
C) social entrepreneurship. 
D) serial entrepreneurship.

Question 12

Nina started her own business because she was tired of worrying about corporate downsizing despite her highly positive annual reviews.This is a common motivation for becoming an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 13

Complete the following using the terms listed.
-_____ is the process of promoting innovation within the structure of an existing organization.

Accepted Answer

A) Seed capital 
B) angel investor 
C) venture capitalist 
D) debt financing 
E) Information technology
F)social entrepreneur
G)classic entrepreneur
H)lifestyle entrepreneur
I)equity financing
J)skunkworks
K)Intrapreneurship
L)Internal locus of control
M)equity funds

Question 14

Complete the following using the terms listed.
-_____ enables entrepreneurs to take responsibility for their successes or failures.

Accepted Answer

A) Seed capital 
B) angel investor 
C) venture capitalist 
D) debt financing 
E) Information technology
F)social entrepreneur
G)classic entrepreneur
H)lifestyle entrepreneur
I)equity financing
J)skunkworks
K)Intrapreneurship
L)Internal locus of control
M)equity funds

Question 15

Entrepreneurship is comparable to gambling.

Accepted Answer

A) True 
 B)False

Question 16

Complete the following using the terms listed.
-A(n)_____ is a form of intrapreneurship.

Accepted Answer

A) Seed capital 
B) angel investor 
C) venture capitalist 
D) debt financing 
E) Information technology
F)social entrepreneur
G)classic entrepreneur
H)lifestyle entrepreneur
I)equity financing
J)skunkworks
K)Intrapreneurship
L)Internal locus of control
M)equity funds

Question 17

Identify a true statement about successful entrepreneurs.

Accepted Answer

A) They believe they will achieve their greatest success by working for others. 
B) They have a very low tolerance for failure. 
C) They are often likely to have had parents who were entrepreneurs. 
D) They fit into one specific job title,career path,or industry.

Question 18

All of the following are important characteristics of entrepreneurs EXCEPT:

Accepted Answer

A) tolerance for failure. 
B) internal locus of control. 
C) creativity. 
D) dependence on others.

Question 19

Overseas,workers have yet to discover the benefits of entrepreneurship compared to employment by big firms.

Accepted Answer

A) True 
 B)False

Question 20

Simone is opening a home health care business that she knows will do well in her community.She makes this assumption based on prior research.Although she must repay borrowed funds,Simone chooses _____ to maintain complete control over the business without having to answer to investors or partners.

Accepted Answer

A) debt financing 
B) funding from venture capitalists 
C) funding from angel investors 
D) equity financing

Exam 6: Starting Your Own Business: the Entrepreneurship Alternative

Victoria is an employee at Pegasys Inc. ,a consulting firm.She uses the resources of the firm to expand and diversify into related fields.Victoria is most likely to be classified as a(n) _____.

Internal locus of control involves the personal belief that one controls his or her own destiny.

In the past,most entrepreneurs started their ventures without creating formal business plans.

As a rule,entrepreneurs believe in their ability to succeed.

Entrepreneurs possess all of the following traits EXCEPT _____.

Countries whose economies are driven by innovation,like Italy and Japan,have lower established business ownership rates.

How does Ralph Braun of BraunAbility exemplify the entrepreneurial characteristic of internal locus of control?

Entrepreneurs enjoy guaranteed job security because no one can fire them.

In the context of financing,identify a recommendation made by the Small Business Administration (SBA) to entrepreneurs.

Which of the following statements best describes how entrepreneurs view failure?

The business start-up PK Clean,launched by Priyanka Bakaya in Salt Lake,Utah,can be identified as an example of:

Nina started her own business because she was tired of worrying about corporate downsizing despite her highly positive annual reviews.This is a common motivation for becoming an entrepreneur.

Complete the following using the terms listed. -_____ is the process of promoting innovation within the structure of an existing organization.

Complete the following using the terms listed. -_____ enables entrepreneurs to take responsibility for their successes or failures.

Entrepreneurship is comparable to gambling.

Complete the following using the terms listed. -A(n) _____ is a form of intrapreneurship.

Identify a true statement about successful entrepreneurs.

All of the following are important characteristics of entrepreneurs EXCEPT:

Overseas,workers have yet to discover the benefits of entrepreneurship compared to employment by big firms.

Simone is opening a home health care business that she knows will do well in her community.She makes this assumption based on prior research.Although she must repay borrowed funds,Simone chooses _____ to maintain complete control over the business without having to answer to investors or partners.