Question 1

The majority of small companies are concentrated in the ________ and ________ industries.

Accepted Answer

A) manufacturing; retail 
B) manufacturing; service 
C) retail; service 
D) wholesale; retail 
A) manufacturing; retail 
B) manufacturing; service 
C) retail; service 
D) wholesale; retail

Question 2

Which of the following is/are true regarding business plans?

Accepted Answer

A) Provide a pathway to success. 
B) Allow entrepreneurs to replace faulty assumptions with facts before making the decision to go into business. 
C) Create a benchmark against which entrepreneurs can measure actual company performance. 
D) All of the above 
A) Provide a pathway to success. 
B) Allow entrepreneurs to replace faulty assumptions with facts before making the decision to go into business. 
C) Create a benchmark against which entrepreneurs can measure actual company performance. 
D) All of the above

Question 3

Serial entrepreneurs repeatedly start businesses and grow them to a sustainable size before striking out again.

Accepted Answer

A) True 
 B)False

Question 4

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 5

Within 6 years,________ percent of new businesses will fail.

Accepted Answer

A) 35 
B) 50 
C) 64 
D) 75 
A) 35 
B) 50 
C) 64 
D) 75

Question 6

Small business owners are more likely to underprice their products and services rather than overprice them.

Accepted Answer

A) True 
 B)False

Question 7

Modern technology and office machines enable one-person,home-based businesses to look much bigger than they are to their customers.

Accepted Answer

A) True 
 B)False

Question 8

According to the NFIB Small Business Policy Guide,after 10 years in business,the percentage of small firms surviving is ________.

Accepted Answer

A) 32 
B) 27 
C) 25 
D) 22 
A) 32 
B) 27 
C) 25 
D) 22

Question 9

In terms of innovation and research,small businesses:

Accepted Answer

A) create four times the innovations per research and development dollar than medium-sized firms and 24 times the innovations per research and development dollar than large companies. 
B) contribute 20 percent more innovations per employee than large companies. 
C) have created such important innovations as air conditioning,FM radio,the laser,the automatic transmission,and the personal computer. 
D) All of the above 
A) create four times the innovations per research and development dollar than medium-sized firms and 24 times the innovations per research and development dollar than large companies. 
B) contribute 20 percent more innovations per employee than large companies. 
C) have created such important innovations as air conditioning,FM radio,the laser,the automatic transmission,and the personal computer. 
D) All of the above

Question 10

Women owned businesses dominate ________ and ________ industries.

Accepted Answer

A) manufacturing; retail 
B) services; retail 
C) services; professional 
D) retail; agricultural 
A) manufacturing; retail 
B) services; retail 
C) services; professional 
D) retail; agricultural

Question 11

Although there is a trend toward younger entrepreneurs,most entrepreneurs launch their businesses between the ages of ________ and ________.

Accepted Answer

A) 20; 34 
B) 25; 44 
C) 30; 44 
D) 35; 49 
A) 20; 34 
B) 25; 44 
C) 30; 44 
D) 35; 49

Question 12

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 13

Increasing numbers of women are discovering that the best way to break the "glass ceiling" that prevents them from rising to the top of many organizations is to start their own companies.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

Approximately 95 percent of the world's population lives within the borders of the U.S.

Accepted Answer

A) True 
 B)False

Question 16

What is an entrepreneur? Give a brief profile of a typical entrepreneur.What is the primary motivation for the typical entrepreneur?

Accepted Answer

An entrepreneur is someone who creates a

Question 17

Socioeconomic forces that are driving the positive entrepreneurial trend in the U.S.economy include:

Accepted Answer

A) America's view that entrepreneurs are considered to be "heroes." 
B) entrepreneurial education has increased. 
C) the shift to a service-based economy. 
D) All of the above 
A) America's view that entrepreneurs are considered to be "heroes." 
B) entrepreneurial education has increased. 
C) the shift to a service-based economy. 
D) All of the above

Question 18

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 19

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

Accepted Answer

A) True 
 B)False

Question 20

The number of colleges and universities offering courses in small business management and entrepreneurship is declining.

Accepted Answer

A) True 
 B)False

The majority of small companies are concentrated in the and industries.

Which of the following is/are true regarding business plans?

Serial entrepreneurs repeatedly start businesses and grow them to a sustainable size before striking out again.

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.

Within 6 years,________ percent of new businesses will fail.

Small business owners are more likely to underprice their products and services rather than overprice them.

Modern technology and office machines enable one-person,home-based businesses to look much bigger than they are to their customers.

According to the NFIB Small Business Policy Guide,after 10 years in business,the percentage of small firms surviving is ________.

In terms of innovation and research,small businesses:

Women owned businesses dominate and industries.

Although there is a trend toward younger entrepreneurs,most entrepreneurs launch their businesses between the ages of and .

The primary cause of small business failures is:

Increasing numbers of women are discovering that the best way to break the "glass ceiling" that prevents them from rising to the top of many organizations is to start their own companies.

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

Approximately 95 percent of the world's population lives within the borders of the U.S.

What is an entrepreneur? Give a brief profile of a typical entrepreneur.What is the primary motivation for the typical entrepreneur?

Socioeconomic forces that are driving the positive entrepreneurial trend in the U.S.economy include:

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

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

The number of colleges and universities offering courses in small business management and entrepreneurship is declining.

Inside the Entrepreneurial Mind: From Ideas to Reality

Designing a Competitive Business Model and Building a Solid Strategic Plan

Conducting a Feasibility Analysis and Crafting a Winning Business Plan

Forms of Business Ownership

Franchising and the Entrepreneur

Buying an Existing Business

Building a Powerful Marketing Plan

E-Commerce and the Entrepreneur

Pricing Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Sources of Financing: Debt and Equity

Choosing the Right Location and Layout

Global Opportunities

Building a Team and Management Succession

Filters

Exam 1: The Foundations of Entrepreneurship

The majority of small companies are concentrated in the ________ and ________ industries.

Which of the following is/are true regarding business plans?

Serial entrepreneurs repeatedly start businesses and grow them to a sustainable size before striking out again.

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.

Within 6 years,________ percent of new businesses will fail.

Small business owners are more likely to underprice their products and services rather than overprice them.

Modern technology and office machines enable one-person,home-based businesses to look much bigger than they are to their customers.

According to the NFIB Small Business Policy Guide,after 10 years in business,the percentage of small firms surviving is ________.

In terms of innovation and research,small businesses:

Women owned businesses dominate ________ and ________ industries.

Although there is a trend toward younger entrepreneurs,most entrepreneurs launch their businesses between the ages of ________ and ________.

The primary cause of small business failures is:

Increasing numbers of women are discovering that the best way to break the "glass ceiling" that prevents them from rising to the top of many organizations is to start their own companies.

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

Approximately 95 percent of the world's population lives within the borders of the U.S.

What is an entrepreneur? Give a brief profile of a typical entrepreneur.What is the primary motivation for the typical entrepreneur?

Socioeconomic forces that are driving the positive entrepreneurial trend in the U.S.economy include:

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

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

The number of colleges and universities offering courses in small business management and entrepreneurship is declining.

Inside the Entrepreneurial Mind: From Ideas to Reality

Designing a Competitive Business Model and Building a Solid Strategic Plan

Conducting a Feasibility Analysis and Crafting a Winning Business Plan

Forms of Business Ownership

Franchising and the Entrepreneur

Buying an Existing Business

Building a Powerful Marketing Plan

E-Commerce and the Entrepreneur

Pricing Strategies

Creating a Successful Financial Plan

Managing Cash Flow

Sources of Financing: Debt and Equity

Choosing the Right Location and Layout

Global Opportunities

Building a Team and Management Succession

Filters

The majority of small companies are concentrated in the and industries.

Women owned businesses dominate and industries.

Although there is a trend toward younger entrepreneurs,most entrepreneurs launch their businesses between the ages of and .