Question 1

Small companies have created at least two-thirds of the net new jobs in the U.S. economy.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

Cloud computing allows businesses to use a variety of applications and has reduced costs and added flexibility.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

Most family businesses survive to the fourth generation.

Accepted Answer

A) True 
 B)False

Question 6

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 7

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

Accepted Answer

A)  21 
B)  45 
C)  51 
D)  65 
A)  21 
B)  45 
C)  51 
D)  65

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

The majority of new business owners work fewer than 40 hours per week.

Accepted Answer

A) True 
 B)False

Question 10

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 11

________ entrepreneurs are business builders who seek innovative solutions to some of society's most vexing problems.

Accepted Answer

A)  Social 
B)  Opportunistic 
C)  Serial 
D)  Necessity 
A)  Social 
B)  Opportunistic 
C)  Serial 
D)  Necessity

Question 12

The faster a small company grows, the greater its appetite for cash.

Accepted Answer

A) True 
 B)False

Question 13

Of the 28 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 14

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

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

An entrepreneur is one who ________.

Accepted Answer

A)  is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations 
B)  understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept 
C)  knows that the concept they are about to develop will result in a profitable business 
D)  creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities 
A)  is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations 
B)  understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept 
C)  knows that the concept they are about to develop will result in a profitable business 
D)  creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities

Question 17

Current competitive conditions favor large companies over smaller ones because of their flexibility combined with their ability to use their size to achieve efficiency and economies of scale.

Accepted Answer

A) True 
 B)False

Small companies have created at least two-thirds of the net new jobs in the U.S. economy.

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

Cloud computing allows businesses to use a variety of applications and has reduced costs and added flexibility.

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

Most family businesses survive to the fourth generation.

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

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

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

The majority of new business owners work fewer than 40 hours per week.

One hallmark of successful entrepreneurs is the ability to ________.

________ entrepreneurs are business builders who seek innovative solutions to some of society's most vexing problems.

The faster a small company grows, the greater its appetite for cash.

Of the 28 million businesses in the United States, more than ________ percent are considered small.

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

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

An entrepreneur is one who ________.

Current competitive conditions favor large companies over smaller ones because of their flexibility combined with their ability to use their size to achieve efficiency and economies of scale.

Ethics and Social Responsibility: Doing the Right Thing

Inside the Entrepreneurial Mind: From Ideas to Reality

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership and 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

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

Small companies have created at least two-thirds of the net new jobs in the U.S. economy.

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

Cloud computing allows businesses to use a variety of applications and has reduced costs and added flexibility.

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

Most family businesses survive to the fourth generation.

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

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

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

The majority of new business owners work fewer than 40 hours per week.

One hallmark of successful entrepreneurs is the ability to ________.

________ entrepreneurs are business builders who seek innovative solutions to some of society's most vexing problems.

The faster a small company grows, the greater its appetite for cash.

Of the 28 million businesses in the United States, more than ________ percent are considered small.

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

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

An entrepreneur is one who ________.

Current competitive conditions favor large companies over smaller ones because of their flexibility combined with their ability to use their size to achieve efficiency and economies of scale.

Ethics and Social Responsibility: Doing the Right Thing

Inside the Entrepreneurial Mind: From Ideas to Reality

Conducting a Feasibility Analysis and Designing a Business Model

Crafting a Business Plan and Building a Solid Strategic Plan

Forms of Business Ownership and 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

Sources of Financing: Debt and Equity

Choosing the Right Location and Layout

Global Opportunities

Building a Team and Management Succession

Filters