Question 1

In what way are incubators helpful to entrepreneurs?

Accepted Answer

A)  They attract business investment by offering lower taxes. 
B)  They offer small businesses low-cost workspaces with basic services. 
C)  They help specifically identified minorities launch new businesses. 
D)  They invest in new enterprises in return for part ownership. 
E)  They offer short-term credit to pay off supplies or services.

Question 2

Mary and Prashant Bakshi want to buy a hotel. It would provide them with a place to live, and instead of recruiting employees, they could hire family members to help run their business. The Bakshis have just graduated from college, and they haven't saved much money. Fortunately, they can call upon plenty of family and friends for financial assistance. Once they launch their new hotel, the Bakshis also plan to trade free hotel stays to suppliers in exchange for goods and services, a source of financing a new enterprise known as a(n) ________ arrangement.

Accepted Answer

A)  matching 
B)  self-financing 
C)  venture 
D)  angel 
E)  barter

Question 3

A(n) ________ is a company that invests in new businesses in return for part ownership of them.

Accepted Answer

A)  angel investor 
B)  financial institution 
C)  venture capitalist 
D)  mentor 
E)  capital investor

Question 4

While a(n) ________ offers small businesses low-cost offices with basic services, a(n) ________ takes it one step further by offering support and funding opportunities and enlisting the business as a protégé, providing training, and strategic partners to help the business launch its growth.

Accepted Answer

A)  accelerator; incubator 
B)  enterprise zone; strategic partnership 
C)  strategic partnership; enterprise zone 
D)  incubator; accelerator 
E)  angel investor; venture capitalist

Question 5

This question has been deleted. Please remove it from your assignment

Accepted Answer

The answer of This question has been deleted. Please remove...

Question 6

Explain why a high need for achievement and action orientation is important for an entrepreneur's success.

Accepted Answer

The answer of Explain why a high need for achievement...

Question 7

A(n) ________ outlines a proposed firm's goals and the methods for achieving them, while a(n) ________ communicates to investors the story and opportunity of the business in a short, meaningful way.

Accepted Answer

A)  business plan; pitch deck 
B)  pitch deck; business plan 
C)  business plan; executive summary 
D)  executive summary; pitch deck 
E)  business plan; business model

Question 8

The four characteristics of an entrepreneur are (1) self-confidence and belief in personal control, (2) need for achievement and action orientation, (3) tolerance for ambiguity and risk, and a

Accepted Answer

A)  willingness to let go of control. 
B)  tranquil and easygoing attitude. 
C)  high energy level. 
D)  low tolerance for making mistakes. 
E)  tendency to react with caution.

Question 9

A company that implements creative improvements to its internal processes can experience lower operations costs and improved employee satisfaction. These creative improvements relate to which pillar for successful growth?

Accepted Answer

A)  research and development 
B)  caring for your most valuable assets 
C)  risk and response 
D)  social responsibility 
E)  community support

Question 10

According to most definitions, a small business almost always has ________ employees.

Accepted Answer

A)  entrepreneurial 
B)  risk-taking 
C)  one hundred or fewer 
D)  fifty or fewer 
E)  twelve to twenty

Question 11

Supporting oneself by working from home is a realistic possibility, but only for freelancers in creative fields, such as writers and designers.

Accepted Answer

A) True 
 B)False

Question 12

A special type of enterprise zone, known as a(n) ________ enterprise zone, is located in economically distressed areas in the industrial or commercial areas of cities.

Accepted Answer

A)  micro 
B)  strategic 
C)  urban 
D)  incubator 
E)  venture

Question 13

One reason for choosing to take over an existing business rather than starting a new business from scratch is

Accepted Answer

A)  to get a better deal on equipment. 
B)  to inherit existing employees. 
C)  to avoid micromanagement. 
D)  to grow more slowly. 
E)  to reduce uncertainty.

Question 14

According to the Small Business Administration, the common saying "Small business is the backbone of the United States"

Accepted Answer

A)  was once true, but not anymore. 
B)  amounts to false advertising. 
C)  is absolutely false. 
D)  is very misleading. 
E)  is absolutely accurate.

Question 15

Which slide in a pitch deck shows that you have a measurable set of customers to prove you have business potential?

Accepted Answer

A)  traction 
B)  solution 
C)  business model 
D)  market 
E)  investing

Question 16

"What kind of industry am I entering, and how is my idea different?" is one of the questions you should ask yourself when

Accepted Answer

A)  planning an employee buyout. 
B)  coming up with a business idea. 
C)  trying to get a business loan. 
D)  researching properties to buy. 
E)  preparing to write a business plan.

Question 17

A pitch deck is designed to communicate information to

Accepted Answer

A)  potential employees. 
B)  competitors. 
C)  upper-level management. 
D)  potential investors. 
E)  suppliers and distributors.

Question 18

A mission statement is a document that guides small-business owners as they prepare to open their new businesses; it identifies the firm's goals, the methods for achieving them, and the standards for measuring success.

Accepted Answer

A) True 
 B)False

Question 19

Business owners who work and operate their business alone are referred to as

Accepted Answer

A)  solopreneurs. 
B)  intrapreneurs. 
C)  incubators. 
D)  opportunists. 
E)  micromanagers.

Question 20

Which is a successful rule for overcoming the challenges of working from home?

Accepted Answer

A)  Take advantage of the flexibility and vary your working hours. 
B)  Keep all correspondence to email to increase efficiency. 
C)  Maintain the same routine at home as you would if you were in an office. 
D)  Dress in work clothes only if you have a client meeting or a video conference. 
E)  Isolate yourself from others, so you can concentrate better and get your work done.

Exam 4: The Development of the Global Economy

In what way are incubators helpful to entrepreneurs?

A(n) ________ is a company that invests in new businesses in return for part ownership of them.

While a(n) offers small businesses low-cost offices with basic services, a(n) takes it one step further by offering support and funding opportunities and enlisting the business as a protégé, providing training, and strategic partners to help the business launch its growth.

This question has been deleted. Please remove it from your assignment

Explain why a high need for achievement and action orientation is important for an entrepreneur's success.

A(n) outlines a proposed firm's goals and the methods for achieving them, while a(n) communicates to investors the story and opportunity of the business in a short, meaningful way.

The four characteristics of an entrepreneur are (1) self-confidence and belief in personal control, (2) need for achievement and action orientation, (3) tolerance for ambiguity and risk, and a

A company that implements creative improvements to its internal processes can experience lower operations costs and improved employee satisfaction. These creative improvements relate to which pillar for successful growth?

According to most definitions, a small business almost always has ________ employees.

Supporting oneself by working from home is a realistic possibility, but only for freelancers in creative fields, such as writers and designers.

A special type of enterprise zone, known as a(n) ________ enterprise zone, is located in economically distressed areas in the industrial or commercial areas of cities.

One reason for choosing to take over an existing business rather than starting a new business from scratch is

According to the Small Business Administration, the common saying "Small business is the backbone of the United States"

Which slide in a pitch deck shows that you have a measurable set of customers to prove you have business potential?

"What kind of industry am I entering, and how is my idea different?" is one of the questions you should ask yourself when

A pitch deck is designed to communicate information to

A mission statement is a document that guides small-business owners as they prepare to open their new businesses; it identifies the firm's goals, the methods for achieving them, and the standards for measuring success.

Business owners who work and operate their business alone are referred to as

Which is a successful rule for overcoming the challenges of working from home?