Exam 6: Entrepreneurship and Small Business

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?

One of the most common reasons for business failures is lack of experience.

Which of the following is a formal written statement that describes in detail the idea for a new business and how it will be carried out?

One you have decided to go into business for yourself,what are the three ways that you can acquire the business?

Which of the following best describes venture capital?

A positive aspect of opening a small business is that it takes very little management skill because it is small.

The Business Development Bank of Canada provides which of the following services?

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

What is the most common reason that an individual leaves a secure job to start his or her own company?

Some entrepreneurs apply their creativity,vision,and risk taking within a large corporation rather than starting a company of their own.They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer.What type of entrepreneur are they?

List the three categories of entrepreneurs.

One of the reasons that there has been a dramatic increase in the number of small business start-ups is rapidly changing technology.

When buying an existing business,the prospective buyer should ask questions about the operation of the business.Which of the following would be an INAPPROPRIATE question to ask?

Edie Lopez is opening a catering business because,as an entrepreneur,she will enjoy which of the following?

David Dworkin is the founder and owner of Swoozie's,a chain of stores that carry diverse lines of wrapping paper,stationery,invitations,and gifts for affluent women.He opened the business with his own money and that of investors who saw profit potential in his idea.Dworkin is an example of which of the following?

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?

How are baby boomers expected to affect the economy in the future?

Because large businesses are more efficient than small ones,they can keep total costs down and make larger profits.

In buying an existing business,the prospective buyer should ask questions about the operation of the business.Which of the following would be the most appropriate question to ask?

What are the two types of financing available to entrepreneurs?