Question 1

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 D

Question 2

Most entrepreneurs believe that ________ is what matters most, but ________ is the most important financial resource for a small business owner.

Accepted Answer

A)  cash; profit 
B)  profit; cash 
C)  profit; inventory 
D)  inventory; cash 
A)  cash; profit 
B)  profit; cash 
C)  profit; inventory 
D)  inventory; cash B

Question 3

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

Accepted Answer

A) True 
 B)False  False

Question 4

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 5

Women in business still experience ________ as they attempt to break the "glass ceiling."

Accepted Answer

A)  success 
B)  opportunities 
C)  discrimination 
D)  ease of navigation 
A)  success 
B)  opportunities 
C)  discrimination 
D)  ease of navigation

Question 6

Approximately ________ percent of corporate managers who are "cast off" as companies downsize become entrepreneurs.

Accepted Answer

A)  5 
B)  15 
C)  20 
D)  45 
A)  5 
B)  15 
C)  20 
D)  45

Question 7

Most entrepreneurs have invested the time to develop a sound business plan.

Accepted Answer

A) True 
 B)False

Question 8

Successful "copreneurs" create a division of labor based on expertise.

Accepted Answer

A) True 
 B)False

Question 9

Discuss the impact of small businesses on the U.S. economy, including sales, GDP, job creation, and innovation.

Accepted Answer

The resurgence of the entrepreneurial sp

Question 10

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 11

David Birch considers "gazelles" those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales.

Accepted Answer

A) True 
 B)False

Question 12

Not all family-owned businesses are small; in fact, approximately one-third of the Fortune 500 companies are family businesses.

Accepted Answer

A) True 
 B)False

Question 13

Small companies that operate globally from their inception are referred to as:

Accepted Answer

A)  micromultinationals. 
B)  intrapreneurial ventures. 
C)  global companies. 
D)  international companies. 
A)  micromultinationals. 
B)  intrapreneurial ventures. 
C)  global companies. 
D)  international companies.

Question 14

Of the 25 million businesses in the U.S., about 40 percent are family owned and managed.

Accepted Answer

A) True 
 B)False

Question 15

Starting a part-time business is a popular gateway to entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 16

About 75 percent of the businesses in the U.S. can be considered "small" businesses.

Accepted Answer

A) True 
 B)False

Question 17

Entrepreneurs choose to enter their particular business fields because they have an interest in them and enjoy those lines of work. They have often made their hobbies their business.

Accepted Answer

A) True 
 B)False

Question 18

Entrepreneurs typically possess:

Accepted Answer

A)  the ability to easily access capital. 
B)  a set of unique skills that is usually accompanied by advanced degrees in several areas. 
C)  a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious. 
D)  specialized technical abilities. 
A)  the ability to easily access capital. 
B)  a set of unique skills that is usually accompanied by advanced degrees in several areas. 
C)  a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious. 
D)  specialized technical abilities.

Question 19

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 20

Surveys show that small business owners believe that, as entrepreneurs, they work harder, earn more money, and are happier than if they worked for a large company.

Accepted Answer

A) True 
 B)False

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

Most entrepreneurs believe that is what matters most, but is the most important financial resource for a small business owner.

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

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

Women in business still experience ________ as they attempt to break the "glass ceiling."

Approximately ________ percent of corporate managers who are "cast off" as companies downsize become entrepreneurs.

Most entrepreneurs have invested the time to develop a sound business plan.

Successful "copreneurs" create a division of labor based on expertise.

Discuss the impact of small businesses on the U.S. economy, including sales, GDP, job creation, and innovation.

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

David Birch considers "gazelles" those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales.

Not all family-owned businesses are small; in fact, approximately one-third of the Fortune 500 companies are family businesses.

Small companies that operate globally from their inception are referred to as:

Of the 25 million businesses in the U.S., about 40 percent are family owned and managed.

Starting a part-time business is a popular gateway to entrepreneurship.

About 75 percent of the businesses in the U.S. can be considered "small" businesses.

Entrepreneurs choose to enter their particular business fields because they have an interest in them and enjoy those lines of work. They have often made their hobbies their business.

Entrepreneurs typically possess:

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.

Surveys show that small business owners believe that, as entrepreneurs, they work harder, earn more money, and are happier than if they worked for a large company.

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

Most entrepreneurs believe that ________ is what matters most, but ________ is the most important financial resource for a small business owner.

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

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

Women in business still experience ________ as they attempt to break the "glass ceiling."

Approximately ________ percent of corporate managers who are "cast off" as companies downsize become entrepreneurs.

Most entrepreneurs have invested the time to develop a sound business plan.

Successful "copreneurs" create a division of labor based on expertise.

Discuss the impact of small businesses on the U.S. economy, including sales, GDP, job creation, and innovation.

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

David Birch considers "gazelles" those businesses that grow at 20 percent or more per year and gross at least $100,000 in annual sales.

Not all family-owned businesses are small; in fact, approximately one-third of the Fortune 500 companies are family businesses.

Small companies that operate globally from their inception are referred to as:

Of the 25 million businesses in the U.S., about 40 percent are family owned and managed.

Starting a part-time business is a popular gateway to entrepreneurship.

About 75 percent of the businesses in the U.S. can be considered "small" businesses.

Entrepreneurs choose to enter their particular business fields because they have an interest in them and enjoy those lines of work. They have often made their hobbies their business.

Entrepreneurs typically possess:

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.

Surveys show that small business owners believe that, as entrepreneurs, they work harder, earn more money, and are happier than if they worked for a large company.

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

Most entrepreneurs believe that is what matters most, but is the most important financial resource for a small business owner.