Deck 1: Entrepreneurship: a Global Social Movement

Question 1

______ are small, short-term loans to the impoverished who are perceived as ineligible to receive traditional bank loans to start their own businesses.

A)charitable contributions
B)microloans
C)short-term notes
D)miniloans

Answer 1

B

Question 2

Effectual entrepreneurs focus on ______.

A)being effective in their markets
B)creating a future rather than predicting it
C)the tech industry
D)establishing profitable, conservative businesses

Answer 2

B

Question 3

What social media forum did Keverian use for researching her market?

A)Snapchat
B)Facebook
C)LinkedIn
D)Twitter

Answer 3

B

Question 4

The advice given to Keverian was to build a(n) ______ before going out on your own.Learn from the best, then go execute.

A)business plan
B)market analysis
C)overall business toolkit
D)start-up budget

Question 5

Entrepreneurs are not extreme risk-takers ______.

A)is not a true statement because the nature of starting something new, a business, is risky
B)is true because risk can be offset by planning and research
C)is a true statement because new businesses have a high rate of failure
D)because entrepreneurship has nothing to do with risk

Question 6

A franchise is ______.

A)an easy way to own a business given that enough funds exist to cover the franchise costs and start-up costs. Royalties will be paid from the sales proceeds.
B)a gift from a large corporation to another to use their name (trademark) but is not a turnkey operation
C)an illegal form of doing business and is being halted by the federal government
D)the same thing as network marketing

Question 7

Which of the following is NOT a truth about entrepreneurship?

A)Entrepreneurship is reserved for startups.
B)Entrepreneurship can be taught, as it is a method that requires practice.
C)Entrepreneurs collaborate more than they compete.
D)Entrepreneurship is a life skill.

Question 8

By the ______, ______ had reached its height and a growing interest in information technology would set the scene for impending globalization.

A)1970s; corporate entrepreneurship
B)1770s; the war
C)1990s; computer technology
D)year 2000; entrepreneurship

Question 9

Examples of the Second Industrial Revolution of meeting consumer needs to be more connected with others, live in comfort, and be more efficient include which of the following?

A)telephone
B)cell phone
C)laptop
D)automobile

Question 10

Entrepreneurs are ______.

A)overnight global sensations
B)lucky
C)successful only in the tech industries
D)experts in their fields

Question 11

Entrepreneurs Inside ______.

A)are employees working for an entrepreneur
B)are employees who think and act entrepreneurially within organizations; they do not need to gain inside support from senior managers for their initiatives
C)need to develop a team of willing individuals to support their project to get buy-in for their ideas and proving there is a market for them
D)do not exist, as entrepreneurs can exist outside of large corporations

Question 12

______ are people who start several businesses, sometimes at the same time or sometimes one after the other.

A)Social entrepreneurs
B)Serial entrepreneurs
C)High-risk entrepreneurs
D)Low-risk entrepreneurs

Question 13

The risk component for entrepreneurs is ______.

A)unavoidable and entrepreneurship is ideal for extreme risk-takers
B)can be reduced with a good business plan
C)can be reduced with diversification
D)can be managed with the cycle of act-learn-build

Question 14

During the______, everyone had a fairly equal chance of bing an entrepreneur; inventors became more commonplace, producing new products and services alongside the merchants and industrialists.

A)First Industrial Revolution (1776-1865)
B)Second Industrial Revolution (1865-1920)
C)Interwar and Postwar America (1920-1975)
D)Knowledge Economy (1975- present)

Question 15

Corporate entrepreneurs ______.

A)are simply employees with an entrepreneurial spirit
B)cannot exist as corporations and are too huge to manage entrepreneurs
C)are the backbone for corporations wanting to become public
D)tend to explore new possibilities and seek ways in which an organization's current structure and process can enable innovation

Question 16

Entrepreneur is defined as "One who undertakes a project; a manufacturer; a master builder" and

A)dates back to 1780 in colonial America
B)is credited to Steven Jobs
C)is credited to the .com era
D)is credited to common French usage (1600)

Question 17

The entrepreneurial method requires consistent practice so that ______ can be continuously developed and applied to future endeavors.

A)a strong business plan
B)education and application
C)business processes
D)knowledge and expertise

Question 18

The authors define entrepreneurship as ______.

A)actions taken by an individual or a group to create something new
B)starting a business
C)developing a new market
D)a mindset

Question 19

In the knowledge economy, ______.

A)patent laws were enacted to protect the legal ownership of intangible properties
B)changes in patent laws made it easier for entrepreneurs to register their inventions
C)libraries were created
D)cloud services were created

Question 20

Keverian's advice for fellow entrepreneurs is  "You have to be ready to dedicate your ______ to getting that business off the ground. Always know you have the ______ of what your future holds."    

A)finances; vision
B)full-time job; drive
C)finances; control
D)entire life; control

Question 21

A family enterprise is ______.

A)a family farm that has been in the family for generations and does things the same way it always has
B)owned and managed by multiple family members. Each generation has an opportunity to bring the organization forward in new, innovative ways.
C)another name for a partnership between husband and wife
D)a sole proprietorship that hires the owner's spouse and children

Question 22

A B-Corp is ______.

A)a benefit corporation that is certified by the nonprofit B Lab which ensures strict standards of social and environmental performance, accountability, and transparency are met
B)another name for a business corporation that is in the pursuit of profit
C)a benefits corporation that provides payroll and employee benefit services to other businesses
D)the second level of corporations; A-Corps are the top 100 rated and ranked corporations and B-Corps are the next 500 in the ranking.

Question 23

Global Entrepreneurship Monitor focuses its study on the level of total entrepreneurial activity (TEA) in different countries, ______.

A)identifying the percentage of the population of each country between 18 and 64 who are either nascent entrepreneurs or owner-managers of a new business
B)quantifying the number of hours a month entrepreneurs work in their business
C)measuring the opportunities available per country
D)measuring the financial impact of cultural differences between the countries

Question 24

Global Entrepreneurship Monitor (GEM) conducted a study and gathered its data according to ______.

A)the different regions of the world to compare and contrast the impact of culture on entrepreneurship
B)the age and sex of the participants to get their results to determine their impact on entrepreneurism
C)industry and the standard
D)different phases of entrepreneurship: potential entrepreneurs, nascent entrepreneurs, new business owners, and established business owners

Question 25

The famous entrepreneur who had a 10-year rocky history of startups, threats of lawsuits, and filing for bankruptcy before he became successful is ______.

A)Bill Gates
B)Donald Trump
C)Travis Kalanick
D)Steven Jobs

Question 26

Serial entrepreneurs are ______.

A)in real estate linking real estate purchases in a series of several LLCs attached with similar names like "Neck Properties I," "Neck Properties II," " Neck Properties III," and so on
B)people who start several businesses, whether at the same time or one after another
C)business owners in the IT market
D)business owners developing their business vertically from source to sale

Question 27

Social entrepreneurship ______.

A)blends social media (LinkedIn, Facebook, Twitter, etc.) and traditional media (television, radio, newspaper, mail)
B)is defined as a business that is supported by and supports social media
C)is a global movement focusing on social problems while also providing an economic impact for the participants
D)does business in the social sector (restaurants, bars, amusement parks)

Question 28

The global experiment, Unreasonable at Sea, ______.

A)asked each time the ship stopped at a new country, "What is the one thing you want more than anything else in the world?" and one result was Pencils of Promise
B)tried to creatively solve the conflicts in the Middle East
C)asked for each challenge, "What is the worst thing that could happen as a result of this decision?"
D)lasted only 5 years but started the microloan movement in India

Question 29

Sally has an idea for her own business.Which statement is true about Sally's business venture?

A)If her business is successful, the startup does not remain a startup.
B)Her business can develop into a larger organization.
C)Her business can be merged with or acquired by another business.
D)all of these

Question 30

______ is defined as the entrepreneur buying out the existing owner and taking over operations and is sometimes seen as less risky.

A)Going into a partnership with the owner
B)Buying a franchise from a franchise company
C)Buying a small business
D)Purchasing stock from a broker

Question 31

Professor Yunus of the Grameen Bank placed borrowers into small groups and lent to a few; the others would qualify for their loans when the first group began paying their loans back.This process created ______.

A)motivation, accountability, and empowerment
B)competition and greed
C)respect among the women in this cultural setting
D)respect from the men

Question 32

Global Entrepreneurship Monitor (GEM) looks at two groups of entrepreneurs: opportunity-based entrepreneurs and ______.

A)those currently employed but looking at developing their own business
B)necessity-based entrepreneurs who are pushed into starting a business because of a circumstance
C)those with the savings to start a franchise business
D)need-based individuals who need to succeed

Question 33

The gap of venture capital available for men as compared to women is 5 to 15% women to 85 to 95% men. The evidence from the 2014 Diana Project ______.

A)suggests that it is not the women entrepreneurs who need to adapt, but the venture capital model needs to be re-evaluated and updated to keep up with the changing landscape of women's entrepreneurship
B)suggests that women-owned businesses are more risky than men-owned businesses
C)indicates that the men are more interested in developing highly industrialized business while women are more interested in the social/selling business models
D)supports the theory that a business really does not need a large amount of capital to be successful.

Question 34

What makes a country more entrepreneurial than another?

A)It is simply a matter of economics and the level to which a country has developed.
B)Conditions need to be in place to help small and medium businesses to flourish, including support from the government, education, entry regulation, physical infrastructure, and cultural and social norms.
C)the import-export relationships with the United States and the European Economic Community
D)The population drives the market; the larger the population, the more supportive a country can be to the entrepreneurs.

Question 35

Individuals who have set up a business they will own or co-own, which is less than three months old, and has not yet generated wages or salaries for the owners are called ______.

A)potential entrepreneurs
B)failed business owners
C)new business owners
D)nascent entrepreneurs

Question 36

Entrepreneurship is for ______ if given the opportunity to practice.

A)everyone
B)only men
C)only the poor
D)only the lucky

Question 37

Bob, a young person with ideas for his own business, is from a small town and he has no hope of becoming a successful entrepreneur because he does not have the media presence of Gates, Jobs, Zuckerberg, or Musk.This faulty thinking is due to ______.

A)media images of entrepreneurs
B)lack of confidence
C)not living in one of the largest cities in the United States
D)not knowing any politicians

Question 38

Women want to become entrepreneurs ______.

A)for the same reasons as men: to support themselves and their families,  to attain fulfillment of having a career, and to satisfy a desire for financial independence
B)for universal reasons worldwide, to attain fulfillment of having a career, and financial independence
C)to not fear poverty
D)so they can fall back on their husbands and family members if they fail

Question 39

According to Yunus, the professor of economics who started the Grameen Bank, the name Grameen means

A)to trust
B)bank of the villages
C)of the people, for the people
D)small

Question 40

The global experiment, Unreasonable at Sea, ______.

A)held intensive training programs where entrepreneurs were matched with mentors and leveraged their collective technology experience to solve some of the world's most formidable challenges
B)was an experiment putting a group of entrepreneurs on a ship and had them navigate it as a team to sail back to their home port
C)is focused on ocean-based training for entrepreneurs at sea (harnessing salt water, fishing as a renewable resource)
D)is focused on coming up with creative or unreasonable solutions to the world's problems with the oceans (oil tankers leaking, whales beaching, etc.)

Question 41

Tony in his corporate position as a manager had built the reputation as a team builder to create something of value to enhance the company's competitive position and profitability.The shared desire that Tony has with entrepreneurs is ______.

A)the desire to make money
B)the desire to create something of value
C)to own a process
D)to make a difference

Question 42

Collaboration with which of the following groups can increase efficiency and generate new ideas?

A)your employees and family members
B)your customers
C)your customers, suppliers, and competitors
D)your college friends and classmates

Question 43

After World War II, the middle class rose.This meant meeting the growing needs of a growing nation, resulting in ______.

A)a decline in novel product development and an increase in big business
B)fast-food restaurants
C)an increase in entrepreneurial product development
D)the birth of network marketing

Question 44

Susan has applied the act-learn-build philosophy to her startup.To her friends and family, she looks like a risk-taker believing in taking all or nothing.

A)This is a true image.
B)This is not a true image; it just looks that way.
C)Act-Learn-Build has nothing to do with risk.
D)Entrepreneurs do believe in taking all or nothing.

Question 45

In 2014, French entrepreneurs inside a supermarket chain launched a program to reduce food waste by making imperfect vegetables appealing to the consumers.This is an example of ______.

A)entrepreneurship
B)intrepreneurship
C)corporate entrepreneurs
D)entrepreneurs inside

Question 46

In the Pinnacle of Entrepreneurship (Second Industrial Revolution), the entrepreneur ______.

A)was not well respected as all should be working in the factories resulting from the Industrial Revolution
B)were considered self-made men and were glorified in novels; their rags-to-riches stories captivated the soul of Americans
C)worked harder than even before
D)paid higher taxes than their neighbors working in the factories

Question 47

Marilou was a student who had a special energy; she adapted to new conditions easily and took control of personal goals and ambitions.She ______.

A)is an example of being entrepreneurial which empowers to create opportunities and to reach goals
B)was an honor student
C)was a natural-born sales professional
D)was out of the ordinary

Question 48

Sam likes to think outside of the box.He has several ideas that he is developing into his new startup.Part of his philosophy is to create the world he wants to live in and this involves creating his markets and his opportunities.Sam is ______.

A)delusional
B)socialistic
C)an effectual entrepreneur
D)an effective entrepreneur

Question 49

What percentage of business organizations worldwide are family owned?

A)50%
B)60-70%
C)70-80%
D)80-90%

Question 50

A benefit corporation (or B-Corp) is an organization certified by the nonprofit B Lab to ensure strict standards of social and environmental performance, accountability, and transparency are met.According to the book, which of the following statements is true?

A)Large non-profits are leaders in this movement.
B)To host a telethon to raise money, the organization must be a B-Corp.
C)The Buy One Give One promotions are effective in generating sales and improving the level of awareness of specific social issues.
D)all of these

Question 51

As an example of corporate entrepreneurship, a division of AT&T used a television show text-messaging voting system to help raise money for the Hurricane Katrina victims.The television show was ______.

A)The Voice
B)American Idol
C)America's Got Talent
D)So You Think You Can Dance

Question 52

One of the traits of the self-made man in Colonial America before 1776 was ______.

A)that the self-made man was a farmer
B)reveling in the freedom of reinventing himself without the burden of class persecution.As a result new ventures, new markets, and new opportunities developed
C)focused on forging new iron tools to work with
D)negotiating with the Native Americans to learn new ways

Question 53

The confined re-emergence or the knowledge economy is characterized by ______.

A)an increase in outsourcing offshore
B)online universities
C)electric cars
D)information technology, biotech, medical research, and new materials creating new markets and opportunities

Question 54

Which of the following statements are true?

A)Entrepreneurship is predictable and can be taught as a process.
B)Entrepreneurship is not predictable and the entrepreneurial method requires consistent practice.The entrepreneur will want to apply the new skills and knowledge to future projects.
C)Entrepreneurs have a certain set of personality qualities.
D)Entrepreneurs are high risk takers.

Question 55

Sally decided to look into buying a franchise as her entrance into entrepreneurism.Which of the following is NOT a benefit of franchising?

A)A whole franchise network exists to reach out to for help and advice.
B)potential competition from other franchise owners
C)Real estate resources exist to help source the best location for your franchise.
D)In-house personnel and field reps are available to help you and your business succeed.

Question 56

A launching pad for creativity and innovation, the ______ provided the right to private property, access to a banking system, and protection in the form of patent laws.

A)Twelfth Amendment
B)Declaration of Independence
C)Sixteenth Amendment
D)US Constitution

Question 57

Sally decided to look into buying a franchise as her entrance into entrepreneurism.Which of the following is a benefit of franchising?

A)royalties or a percentage of sales to be paid to the franchisor every month
B)strict franchisors' rules with no wiggle room
C)Most products and supplies need to be purchased from the franchisor.
D)technology designed to help manage customers and administration

Question 58

George, a new entrepreneur, was amazed that once he made the jump into his business, he was not alone but instead was part of a group that supported each other and collaborated for the greater good.

A)George's experience is common among entrepreneurs.
B)George opened up too much to the group as they were very competitive.
C)The group that George belonged to was unique.
D)Entrepreneurs compete more than they collaborate.

Question 59

With the economy shifting from production and manufacturing to a service- and knowledge-based economy, the tech entrepreneur was born and characterized as ______.

A)the sons and daughters of prior generations of entrepreneurs
B)millennials who will make up 75% of the workforce by 2025 and will be the most educated and exposed to entrepreneurial education
C)a global citizen constantly seeking outsourcing opportunities
D)focused on developing the next app that will sweep the nation

Question 60

Tony in his corporate position as a manager had built the reputation as a team builder to create something of value to enhance the company's competitive position and profitability.Tony is an example of ______.

A)an entrepreneur
B)a marketing professional
C)a corporate entrepreneur
D)a strategist

Question 61

Anthony wants to start a restaurant but needs help with learning about being an entrepreneur.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

A)financial resources
B)support from government
C)entrepreneurship education
D)research and development transfer

Question 62

Rahul, an immigrant from the Middle East, wants to start a spice business in the United States but wants a secure framework with experts in property rights, accounting, law, investment banking, and technology.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

A)cultural and social norms
B)physical infrastructure
C)entry regulation
D)commercial and legal infrastructure

Question 63

Carlos wants to start an entrepreneurial nonprofit but needs help with funding.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

A)financial resources
B)support from government
C)entrepreneurship education
D)research and development transfer

Question 64

Michael is a franchise restaurant owner.He has which of the following costs?

A)franchise fee to start plus a monthly royalty as a percentage of sales, plus other operational costs
B)a royalty to the franchisor calculated as a percentage of income plus other operational costs
C)his costs are the same as any other restaurant owner
D)his costs equal his sales, that is, the matching principle from accounting

Question 65

Bill is the paternal head of his family and the family enterprise.He is concerned about the business and wants to ensure its survival for the long run.You, as a consultant, advise him to ______.

A)hire you as his advisor
B)begin to pass on his and the family's mindsets and philosophies to the younger generation
C)develop a business plan
D)establish a trust for the business

Question 66

Angela wants to start a company developing apps.She needs access to R&D to be able to use the newest technologies.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, she needs ______.

A)financial resources
B)support from government
C)entrepreneurship education
D)research and development transfer

Question 67

Aaron has a new technology that he wants to launch into a business and needs the market to be open to his new technology.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

A)cultural and social norms
B)physical infrastructure
C)entry regulation
D)commercial and legal infrastructure

Question 68

Cecilia has a business that is very new, less than three months, and she has not been able to pay herself a wage or salary.At this stage, she is a ______.

A)nascent entrepreneur
B)hopeful business owner
C)person seeking advice from the Small Business Administration
D)person seeking a business loan

Question 69

Robert has a business that he wants to pass down to others in his family to run.Robert has ______.

A)an entrepreneurship
B)a family enterprise
C)a role as a an entrepreneur inside
D)interest in a benefit corporation

Question 70

Programs such as the Ernst and Young's EY Entrepreneurial Winning Women program and Springboard have helped to raise the profile of women entrepreneurs by supporting, training, and showcasing women entrepreneurs to the venture capital community through sponsored events and forums.This helps offset one of the findings from the 2014 Diana Project that suggests ______.

A)women need help developing their skills and innate abilities
B)it is not the women entrepreneurs who need to adapt, but rather the venture capital model, which needs to be re-evaluated and updated to keep up with the changing landscape of women's entrepreneurship.
C)women worldwide are less educated than men
D)women are more homebound and need more help to develop products to impact their lives

Question 71

Maria wants to start a landscaping business and needs tax incentives, lower interest rates on her business lines, and education.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, she needs ______.

A)financial resources
B)support from government
C)entrepreneurship education
D)research and development transfer

Question 72

Sarah is an accountant with desires to open her own business.She is looking for office space at a reasonable rate along with Internet service.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, she needs ______.

A)cultural and social norms
B)physical infrastructure
C)entry regulation
D)commercial and legal infrastructure

Question 73

Sources of funding of small amounts, for a very short time, available in developing countries are called ______.

A)charitable contributions
B)business loans
C)microloans
D)miniloans

Question 74

Marcos wants to start a propane delivery and service business but needs help with tax incentives.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

A)financial resources
B)support from government
C)entrepreneurship education
D)research and development transfer

Question 75

Who made the following statement: "You're the job creators, responsible for half of all private sector jobs.You're innovators, producing 13 times more patents per employee than large companies."?

A)the Department of Labor and Economic Development Director
B)President Barack Obama, in the White House ceremony honoring National Small Business Week award winners
C)the secretary of state of New York
D)the Secretary-General of the United Nations General Assembly

Question 76

Pierre, a farmer using vermiculture techniques, is very thankful that he has the freedom to have developed the confidence to choose to be an entrepreneurial farmer.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

A)cultural and social norms
B)physical infrastructure
C)entry regulation
D)commercial and legal infrastructure

Question 77

Bill continues to be downsized from his employers but has good work ethics and strong marketable skills.He decides to start his own business.What type of entrepreneur is he?

A)necessity-based entrepreneur
B)nascent entrepreneur
C)established business owner
D)potential entrepreneur

Question 78

Marlon wants to start a tree service business but needs help with understanding how to run a business.Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs ______.

A)financial resources
B)support from government
C)entrepreneurship education
D)research and development transfer

Question 79

Sam is tired of seeing the injustice and mistreatment of children in the inner cities and has an innovative idea to help them and help develop the self-esteem needed to succeed as adults.Sam is an example of a ______.

A)social entrepreneur
B)potential entrepreneur
C)nascent entrepreneur
D)benefit entrepreneur

Question 80

Sam loves opportunities and looks for one wherever he goes.He saw a need, developed a product, and did this on the side to increase his income.Sam is ______.

A)working two jobs
B)an opportunity-based entrepreneur
C)the definition of an entrepreneur
D)a natural-born salesman