Question 1

A single retail clothing store that is part of a national chain is generally considered to be a small business.

Accepted Answer

A) True 
 B)False  False

Question 2

Limited liability partnerships are a legal from reserved for self-governing professions like lawyers and accountants.

Accepted Answer

A) True 
 B)False  True

Question 3

Generally, a "business" must have some value of its own, apart from its owner.

Accepted Answer

A) True 
 B)False  True

Question 4

If the owner of a sole proprietorship is killed, the "business" no longer exists as a legal entity.

Accepted Answer

A) True 
 B)False

Question 5

All Business Plans follow the same basic model.

Accepted Answer

A) True 
 B)False

Question 6

The greater the variety of potential customers that a new business has, the greater its potential for profit.

Accepted Answer

A) True 
 B)False

Question 7

Entrepreneurs in Canada tend to work:

Accepted Answer

A) fewer hours than employed people. 
B) about the same number of hours as employed people. 
C) more hours than employed people. 
D) there is no information on who works more hours. 
A) fewer hours than employed people. 
B) about the same number of hours as employed people. 
C) more hours than employed people. 
D) there is no information on who works more hours.

Question 8

The definition of a business may change a number of times during the writing of a business plan.

Accepted Answer

A) True 
 B)False

Question 9

A person can learn the skills of running a small business from this course.

Accepted Answer

A) True 
 B)False

Question 10

Writing a Business Plan is largely a process of:

Accepted Answer

A) step-by-step construction. 
B) revision and rewriting. 
C) getting others to write the plan. 
D) finding the right format. 
A) step-by-step construction. 
B) revision and rewriting. 
C) getting others to write the plan. 
D) finding the right format.

Question 11

It is best to have a partner whose personality is:

Accepted Answer

A) the same as yours. 
B) opposite to yours. 
C) complimentary to yours. 
D) conflicting with yours. 
A) the same as yours. 
B) opposite to yours. 
C) complimentary to yours. 
D) conflicting with yours.

Question 12

Freelancers generally work under long-term contract to one employer at a time.

Accepted Answer

A) True 
 B)False

Question 13

Entrepreneurship is best defined as:

Accepted Answer

A) gambling. 
B) risking money to make profit. 
C) innovation. 
D) the management of people. 
A) gambling. 
B) risking money to make profit. 
C) innovation. 
D) the management of people.

Question 14

"Junk research":

Accepted Answer

A) is based on flawed logic or poor scientific method. 
B) is research conducted by non-academics. 
C) is totally valid, even though it is not recognized by the research community. 
D) is the rigorous study of entrepreneurs. 
A) is based on flawed logic or poor scientific method. 
B) is research conducted by non-academics. 
C) is totally valid, even though it is not recognized by the research community. 
D) is the rigorous study of entrepreneurs.

Question 15

Compared to willing entrepreneurs, "reluctant" entrepreneurs:

Accepted Answer

A) are more likely to be successful in starting a business. 
B) are less likely to be successful in starting a business. 
C) have the same success rates. 
D) are more likely to abandon the process of starting a business. 
A) are more likely to be successful in starting a business. 
B) are less likely to be successful in starting a business. 
C) have the same success rates. 
D) are more likely to abandon the process of starting a business.

Question 16

The term "micro-enterprise" usually refers to a business that has fewer than:

Accepted Answer

A) 2 employees. 
B) 5 employees. 
C) 10 employees. 
D) 100 employees. 
A) 2 employees. 
B) 5 employees. 
C) 10 employees. 
D) 100 employees.

Question 17

Compared to the general population, successful entrepreneurs tend to be:

Accepted Answer

A) more aggressive. 
B) more impulsive. 
C) more confident in their abilities to influence their own futures. 
D) more willing to take advantage of others. 
A) more aggressive. 
B) more impulsive. 
C) more confident in their abilities to influence their own futures. 
D) more willing to take advantage of others.

Question 18

The skills and traits that employers are looking for and the skills and traits needed to own a business are virtually identical.

Accepted Answer

A) True 
 B)False

Question 19

Academics tend to define "small business" as having fewer than:

Accepted Answer

A) 5 employees. 
B) 10 employees. 
C) 100 employees. 
D) 500 employees. 
A) 5 employees. 
B) 10 employees. 
C) 100 employees. 
D) 500 employees.

Question 20

The more specialized that a business is, the more likely it is to:

Accepted Answer

A) make money. 
B) require more customers. 
C) need a large inventory. 
D) go bankrupt. 
A) make money. 
B) require more customers. 
C) need a large inventory. 
D) go bankrupt.

A single retail clothing store that is part of a national chain is generally considered to be a small business.

Limited liability partnerships are a legal from reserved for self-governing professions like lawyers and accountants.

Generally, a "business" must have some value of its own, apart from its owner.

If the owner of a sole proprietorship is killed, the "business" no longer exists as a legal entity.

All Business Plans follow the same basic model.

The greater the variety of potential customers that a new business has, the greater its potential for profit.

Entrepreneurs in Canada tend to work:

The definition of a business may change a number of times during the writing of a business plan.

A person can learn the skills of running a small business from this course.

Writing a Business Plan is largely a process of:

It is best to have a partner whose personality is:

Freelancers generally work under long-term contract to one employer at a time.

Entrepreneurship is best defined as:

"Junk research":

Compared to willing entrepreneurs, "reluctant" entrepreneurs:

The term "micro-enterprise" usually refers to a business that has fewer than:

Compared to the general population, successful entrepreneurs tend to be:

The skills and traits that employers are looking for and the skills and traits needed to own a business are virtually identical.

Academics tend to define "small business" as having fewer than:

The more specialized that a business is, the more likely it is to:

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

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Exam 1: The Concept: What Business Will I Be in

A single retail clothing store that is part of a national chain is generally considered to be a small business.

Limited liability partnerships are a legal from reserved for self-governing professions like lawyers and accountants.

Generally, a "business" must have some value of its own, apart from its owner.

If the owner of a sole proprietorship is killed, the "business" no longer exists as a legal entity.

All Business Plans follow the same basic model.

The greater the variety of potential customers that a new business has, the greater its potential for profit.

Entrepreneurs in Canada tend to work:

The definition of a business may change a number of times during the writing of a business plan.

A person can learn the skills of running a small business from this course.

Writing a Business Plan is largely a process of:

It is best to have a partner whose personality is:

Freelancers generally work under long-term contract to one employer at a time.

Entrepreneurship is best defined as:

"Junk research":

Compared to willing entrepreneurs, "reluctant" entrepreneurs:

The term "micro-enterprise" usually refers to a business that has fewer than:

Compared to the general population, successful entrepreneurs tend to be:

The skills and traits that employers are looking for and the skills and traits needed to own a business are virtually identical.

Academics tend to define "small business" as having fewer than:

The more specialized that a business is, the more likely it is to:

Feasibility: How Do I Know It Will Work

Marketing: How Will I Get Customers

Operations: How Will I Organize the Work

Finances: How Will I Manage the Money

The Business Plans: How Are They Important

The Purchase Alternative: How Do I Buy or Buy Into an Existing Business

The Franchise Alternative: How Do I Buy a Franchise

The Family Firm Alternative: How Do I Take Over My Familys Business

Managing for Growth: How Can I Expand My Business

Managing for Efficiency: How Can I Reduce My Costs and Expenses

Emerging Trends and Issues in Entrepreneurship: How Can I Prepare for the Future

Filters