Question 1

4, The simplest and cheapest legal form of business to start is a .

Accepted Answer

sole proprietorship

Question 2

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

Accepted Answer

A) True 
 B)False  True

Question 3

Identify a specific kind of business that "right now" would be a good time to start. Identify the recent change or changes that have given rise to this opportunity.

Accepted Answer

For full marks, the changes should be recent and the link to the business opportunity should be clear.

Question 4

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 5

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 6

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

Accepted Answer

A) True 
 B)False

Question 7

Discuss the advantages and disadvantages of self-employment compared to working for a large firm

Accepted Answer

Issues discussed should includ

Question 8

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 9

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

Question 10

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 11

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.

Question 12

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 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

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

Accepted Answer

A) True 
 B)False

Question 15

Having total personal responsibility for company debts is called liability.

Accepted Answer

unlimited,

Question 16

All Business Plans follow the same basic model.

Accepted Answer

A) True 
 B)False

Question 17

A business where the owner is officially a "shareholder" is called a

Accepted Answer

The answer of A business where the owner is officially...

Question 18

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 19

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 20

Discuss the nature and findings of the research into the personalities of successful entrepreneurs. Suggest some areas that future studies in this field could investigate.

Accepted Answer

The discussion should focus on

4, The simplest and cheapest legal form of business to start is a .

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

Identify a specific kind of business that "right now" would be a good time to start. Identify the recent change or changes that have given rise to this opportunity.

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

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

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

Discuss the advantages and disadvantages of self-employment compared to working for a large firm

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

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

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

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

It is best to have a partner whose personality is:

Entrepreneurship is best defined as:

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

Having total personal responsibility for company debts is called liability.

All Business Plans follow the same basic model.

A business where the owner is officially a "shareholder" is called a

Compared to willing entrepreneurs, "reluctant" entrepreneurs:

Writing a Business Plan is largely a process of:

Discuss the nature and findings of the research into the personalities of successful entrepreneurs. Suggest some areas that future studies in this field could investigate.

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

4, The simplest and cheapest legal form of business to start is a .

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

Identify a specific kind of business that "right now" would be a good time to start. Identify the recent change or changes that have given rise to this opportunity.

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

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

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

Discuss the advantages and disadvantages of self-employment compared to working for a large firm

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

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

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

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

It is best to have a partner whose personality is:

Entrepreneurship is best defined as:

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

Having total personal responsibility for company debts is called liability.

All Business Plans follow the same basic model.

A business where the owner is officially a "shareholder" is called a

Compared to willing entrepreneurs, "reluctant" entrepreneurs:

Writing a Business Plan is largely a process of:

Discuss the nature and findings of the research into the personalities of successful entrepreneurs. Suggest some areas that future studies in this field could investigate.

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