Question 1

Most family businesses survive to the fourth generation.

Accepted Answer

A) True 
 B)False

Question 2

Because of their size and limited resources, small businesses rarely create innovations that are important to the U.S. economy.

Accepted Answer

A) True 
 B)False

Question 3

One hallmark of successful entrepreneurs is the ability to ________.

Accepted Answer

A) be willing to gamble 
B) fail intelligently 
C) overlook past successes 
D) repeat the same mistake 
A) be willing to gamble 
B) fail intelligently 
C) overlook past successes 
D) repeat the same mistake

Question 4

Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies.

Accepted Answer

A) 3 
B) 5 
C) 10 
D) 16 
A) 3 
B) 5 
C) 10 
D) 16

Question 5

Of the 28.8 million businesses in the United States, more than ________ percent are considered small.

Accepted Answer

A) 50 
B) 75 
C) 88 
D) 99 
A) 50 
B) 75 
C) 88 
D) 99

Question 6

Most startup companies can expect to need ________ capital than they anticipate.

Accepted Answer

A) less 
B) the same 
C) more 
D) within 10% of the 
A) less 
B) the same 
C) more 
D) within 10% of the

Question 7

Most home-based businesses are simple cottage industries such as crafts or sewing.

Accepted Answer

A) True 
 B)False

Question 8

Minority-owned businesses have come a long way in the past decade, and their success rate is climbing.

Accepted Answer

A) True 
 B)False

Question 9

Establishing prices that will generate the necessary profits means that business owners must understand how much it costs to make, market, and deliver their products and services.

Accepted Answer

A) True 
 B)False

Question 10

Increased entrepreneurial activity is a phenomenon unique to the U.S.

Accepted Answer

A) True 
 B)False

Question 11

Globally, the rate of entrepreneurial activity is highest among people between the ages of 20 and 44 and the number of Americans in that age range currently is more than ________ million.

Accepted Answer

A) 10 
B) 120 
C) 84 
D) 40 
A) 10 
B) 120 
C) 84 
D) 40

Question 12

Which of the following technological forces is driving the entrepreneurial trend in our nation?

Accepted Answer

A) Cloud computing. 
B) Mobile marketing. 
C) The Internet. 
D) All of the above 
A) Cloud computing. 
B) Mobile marketing. 
C) The Internet. 
D) All of the above

Question 13

John has come to you for advice on starting a business venture. He wants to know the best way to gain the experience he'll need. You suggest that he ________.

Accepted Answer

A) read a small business book 
B) seek knowledge and experience in the field he wishes to enter 
C) determine his weaknesses and return to school for a term or two 
D) just jump in and learn as he goes 
A) read a small business book 
B) seek knowledge and experience in the field he wishes to enter 
C) determine his weaknesses and return to school for a term or two 
D) just jump in and learn as he goes

Question 14

Technology offers a significant advantage for entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 15

The primary cause of small business failures is ________.

Accepted Answer

A) the lack of capital 
B) management mistakes 
C) poor location 
D) improper inventory control 
A) the lack of capital 
B) management mistakes 
C) poor location 
D) improper inventory control

Question 16

Which of the following is not a characteristic of a successful working relationship between copreneurs?

Accepted Answer

A) A clear definition of one partner as "boss" and the other as "subordinate." 
B) Compatible business and life goals. 
C) Complementary business skills. 
D) A clear division of roles and authority based on each partner's skills and abilities. 
A) A clear definition of one partner as "boss" and the other as "subordinate." 
B) Compatible business and life goals. 
C) Complementary business skills. 
D) A clear division of roles and authority based on each partner's skills and abilities.

Question 17

The only people who ________ are those who never do anything or never attempt anything new.

Accepted Answer

A) succeed 
B) prosper 
C) profit 
D) fail 
A) succeed 
B) prosper 
C) profit 
D) fail

Question 18

As an entrepreneur, you are always working for someone else - your customers.

Accepted Answer

A) True 
 B)False

Question 19

Expanding a business usually requires no significant changes in structure or business practices.

Accepted Answer

A) True 
 B)False

Question 20

Entrepreneurs are not willing to give up a steady paycheck.

Accepted Answer

A) True 
 B)False

Most family businesses survive to the fourth generation.

Because of their size and limited resources, small businesses rarely create innovations that are important to the U.S. economy.

One hallmark of successful entrepreneurs is the ability to ________.

Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies.

Of the 28.8 million businesses in the United States, more than ________ percent are considered small.

Most startup companies can expect to need ________ capital than they anticipate.

Most home-based businesses are simple cottage industries such as crafts or sewing.

Minority-owned businesses have come a long way in the past decade, and their success rate is climbing.

Establishing prices that will generate the necessary profits means that business owners must understand how much it costs to make, market, and deliver their products and services.

Increased entrepreneurial activity is a phenomenon unique to the U.S.

Globally, the rate of entrepreneurial activity is highest among people between the ages of 20 and 44 and the number of Americans in that age range currently is more than ________ million.

Which of the following technological forces is driving the entrepreneurial trend in our nation?

John has come to you for advice on starting a business venture. He wants to know the best way to gain the experience he'll need. You suggest that he ________.

Technology offers a significant advantage for entrepreneurs.

The primary cause of small business failures is ________.

Which of the following is not a characteristic of a successful working relationship between copreneurs?

The only people who ________ are those who never do anything or never attempt anything new.

As an entrepreneur, you are always working for someone else - your customers.

Expanding a business usually requires no significant changes in structure or business practices.

Entrepreneurs are not willing to give up a steady paycheck.

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership

Buying an Existing Business

Franchising and the Entrepreneur

Building a Powerful Bootstrap Marketing Plan

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Choosing the Right Location and Layout

Sources of Financing: Equity and Debt

Global Aspects of Entrepreneurship

Building a New Venture Team and Planning for the Next Generation

Filters

Exam 1: The Foundations of Entrepreneurship

Most family businesses survive to the fourth generation.

Because of their size and limited resources, small businesses rarely create innovations that are important to the U.S. economy.

One hallmark of successful entrepreneurs is the ability to ________.

Small companies are incubators of new sales ideas, products and services and create ________ times more patents per employee than large companies.

Of the 28.8 million businesses in the United States, more than ________ percent are considered small.

Most startup companies can expect to need ________ capital than they anticipate.

Most home-based businesses are simple cottage industries such as crafts or sewing.

Minority-owned businesses have come a long way in the past decade, and their success rate is climbing.

Establishing prices that will generate the necessary profits means that business owners must understand how much it costs to make, market, and deliver their products and services.

Increased entrepreneurial activity is a phenomenon unique to the U.S.

Globally, the rate of entrepreneurial activity is highest among people between the ages of 20 and 44 and the number of Americans in that age range currently is more than ________ million.

Which of the following technological forces is driving the entrepreneurial trend in our nation?

John has come to you for advice on starting a business venture. He wants to know the best way to gain the experience he'll need. You suggest that he ________.

Technology offers a significant advantage for entrepreneurs.

The primary cause of small business failures is ________.

Which of the following is not a characteristic of a successful working relationship between copreneurs?

The only people who ________ are those who never do anything or never attempt anything new.

As an entrepreneur, you are always working for someone else - your customers.

Expanding a business usually requires no significant changes in structure or business practices.

Entrepreneurs are not willing to give up a steady paycheck.

Ethics and Social Responsibility: Doing the Right Thing

Creativity and Innovation: Keys to Entrepreneurial Success

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership

Buying an Existing Business

Franchising and the Entrepreneur

Building a Powerful Bootstrap Marketing Plan

E-Commerce and the Entrepreneur

Pricing and Credit Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Choosing the Right Location and Layout

Sources of Financing: Equity and Debt

Global Aspects of Entrepreneurship

Building a New Venture Team and Planning for the Next Generation

Filters