Question 1

Gaston knows he cannot be physically present at his new restaurant every hour it is open, so he has decided to share management responsibility and profits equally with two others. Gaston has formed a ________.

Accepted Answer

A)  joint proprietorship 
B)  limited liability corporation 
C)  limited liability partnership 
D)  general partnership

Question 2

The executive summary of a business plan is constructed to remind the executive of his plan for the new business

Accepted Answer

A) True 
 B)False

Question 3

Lucille's venture is finally taking off. To make sure the business grows as she would like, Lucille should consider ________.

Accepted Answer

A)  hiring a consultant to help with major decisions 
B)  enticing management candidates away from her competitors 
C)  investing in extensive training for her employees 
D)  stepping down as CEO in favor of someone with more experience

Question 4

Entrepreneurships are more likely than large businesses to generate patentable ideas.

Accepted Answer

A) True 
 B)False

Question 5

How can downturns be managed successfully?

Accepted Answer

The answer of How can downturns be managed successfully?...

Question 6

Explain the differences between an entrepreneurial venture and a small business.

Accepted Answer

The answer of Explain the differences between an entrepreneurial venture...

Question 7

Entrepreneurship is important to every industry sector in the United States.

Accepted Answer

A) True 
 B)False

Question 8

Identify each of the six legal forms of organizations. Discuss the responsibilities of owners, their liability, and the tax treatment of profits of each form.

Accepted Answer

The answer of Identify each of the six legal forms...

Question 9

Arthur Fry thought his glue was a failure because it didn't stick permanently, but when applied to small squares of paper, it became the popular Post-It ® note. Arthur Fry took advantage of ________.

Accepted Answer

A)  a process need 
B)  the unexpected 
C)  a market structure 
D)  changes in perception

Question 10

As her business grew and competitors entered the market, Inez knew she had to step up her game. What had worked well when the company was brand new no longer enabled her company to meet its goals. Inez realizes she must become a(n) ________ if her company is to continue to grow and prosper.

Accepted Answer

A)  change agent 
B)  better manager 
C)  visionary 
D)  charismatic leader

Question 11

A first step into employee empowerment is to allow employees to vote on issues that pertain to them.

Accepted Answer

A) True 
 B)False

Question 12

The financial data section of the business plan should contain projections for the first five years and a breakeven analysis.

Accepted Answer

A) True 
 B)False

Question 13

Arthur has an idea. After performing a SWOT, he has identified a market that is not being served so he is planning to start a new business and introduce a new product. Arthur is a(n) ________.

Accepted Answer

A)  strategist 
B)  dreamer 
C)  entrepreneur 
D)  independent business developer

Question 14

Dharma is examining her financial position, the market for her proposed new product, the types of ownership available to her, and the tax laws for her area to determine whether she should go forward with her new business. Dharma is conducting a ________

Accepted Answer

A)  market analysis 
B)  technical study 
C)  practicality study 
D)  feasibility study

Question 15

An important difference between entrepreneurs and the rest of us is that entrepreneurs can see opportunities the rest of us miss.

Accepted Answer

A) True 
 B)False

Question 16

The ability of small firms to successfully recruit appropriate employees is one of the most important factors influencing organizational success.

Accepted Answer

A) True 
 B)False

Question 17

People who engage in ________ take advantage of opportunities to create new products or services, or change existing ones.

Accepted Answer

A)  social responsibility 
B)  social engineering 
C)  venture capitalism 
D)  entrepreneurship

Question 18

Innovation is a key aspect of entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 19

Rob is a CPA who works out of an office in his home. His business is named "Friendly Accounting Services." Eventually Rob would like to grow his business to include partners and bookkeepers. We would classify Rob as ________.

Accepted Answer

A)  self-employed 
B)  an entrepreneur 
C)  an employee 
D)  a franchisee

Question 20

A sole proprietor's personal assets are protected from any liability associated with the business.

Accepted Answer

A) True 
 B)False

Exam 10: Entrepreneurial Ventures

Gaston knows he cannot be physically present at his new restaurant every hour it is open, so he has decided to share management responsibility and profits equally with two others. Gaston has formed a ________.

The executive summary of a business plan is constructed to remind the executive of his plan for the new business

Lucille's venture is finally taking off. To make sure the business grows as she would like, Lucille should consider ________.

Entrepreneurships are more likely than large businesses to generate patentable ideas.

How can downturns be managed successfully?

Explain the differences between an entrepreneurial venture and a small business.

Entrepreneurship is important to every industry sector in the United States.

Identify each of the six legal forms of organizations. Discuss the responsibilities of owners, their liability, and the tax treatment of profits of each form.

Arthur Fry thought his glue was a failure because it didn't stick permanently, but when applied to small squares of paper, it became the popular Post-It ® note. Arthur Fry took advantage of ________.

As her business grew and competitors entered the market, Inez knew she had to step up her game. What had worked well when the company was brand new no longer enabled her company to meet its goals. Inez realizes she must become a(n) ________ if her company is to continue to grow and prosper.

A first step into employee empowerment is to allow employees to vote on issues that pertain to them.

The financial data section of the business plan should contain projections for the first five years and a breakeven analysis.

Arthur has an idea. After performing a SWOT, he has identified a market that is not being served so he is planning to start a new business and introduce a new product. Arthur is a(n) ________.

Dharma is examining her financial position, the market for her proposed new product, the types of ownership available to her, and the tax laws for her area to determine whether she should go forward with her new business. Dharma is conducting a ________

An important difference between entrepreneurs and the rest of us is that entrepreneurs can see opportunities the rest of us miss.

The ability of small firms to successfully recruit appropriate employees is one of the most important factors influencing organizational success.

People who engage in ________ take advantage of opportunities to create new products or services, or change existing ones.

Innovation is a key aspect of entrepreneurship.

Rob is a CPA who works out of an office in his home. His business is named "Friendly Accounting Services." Eventually Rob would like to grow his business to include partners and bookkeepers. We would classify Rob as ________.

A sole proprietor's personal assets are protected from any liability associated with the business.