Question 1

Discuss several ways the Small Business Administration assists entrepreneurs.

Accepted Answer

a.The SBA is a valuable source of inform...

Question 2

Marina has just completed her business degree.She should focus her job search to only include large corporations.

Accepted Answer

A) True 
 B)False

Question 3

Bankers and potential investors are likely to read ___________ first.

Accepted Answer

A)  the executive summary
B)  the marketing plan
C)  the qualifications of the management team
D)  the analysis of the competitionE) None of the above
F) All of the above

Question 4

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Accepted Answer

A) True 
 B)False

Question 5

Chris is an angel investor.This means that he:

Accepted Answer

A)  invests his money in new businesses with potential for growth,hoping for a good return on his investment if they go public.
B)  creates business incubators for startup Web-based firms.
C)  invests in non-profits that plan to change their status when they double in size.
D)  he comes to the rescue of firms who default on their bank loans.E) B) and D)
F) B) and C)

Question 6

To be considered part of a market,an individual must:

Accepted Answer

A)  be a registered buyer.
B)  have made a purchase within the past 30 days.
C)  know the names and addresses of two or more sellers.
D)  have both a willingness to buy and the financial resources needed to buy.E) C) and D)
F) B) and D)

Question 7

The Small Business Administration's microloan program offers small businesses very small loans.

Accepted Answer

A) True 
 B)False

Question 8

Apple Computer's "smart team" is an example of a firm that succeeded by:

Accepted Answer

A)  encouraging each manager to focus on a well defined area of the business and build his own specialized department.
B)  bringing together a group of talented and experienced managers to conceive,develop,and market products.
C)  emphasizing a low price and low cost strategy right from the beginning.
D)  assembling a group of employees whose inexperience was a plus,because they did not come with the baggage and institutional ideas of larger companies.E) All of the above
F) A) and B)

Question 9

Bankers and investors require entrepreneurs to present a well-conceived business plan.

Accepted Answer

A) True 
 B)False

Question 10

Dr.Smiley White just graduated from dental school.He is hoping to acquire the necessary funding to start his own dental practice.One advantage of this type of business is:

Accepted Answer

A)  above average opportunity to borrow funds at a high interest rate
B)  nearly unlimited growth potential
C)  the service is individualized and not easily mass-produced
D)  very low startup costsE) None of the above
F) B) and C)

Question 11

Potential suppliers can be an excellent source of financing for a new business since lending money to a new customer may be very much in their own interest.

Accepted Answer

A) True 
 B)False

Question 12

As an employee of a small business,DeMonte has observed the owner's desire to retire.Since DeMonte would like to buy the business,he needs to determine how much the business is worth.In order to determine a fair price for the business,DeMonte should add up the market value of all of the firm's physical assets such as buildings,machinery,equipment,and inventory,and willingly pay this amount for the business.

Accepted Answer

A) True 
 B)False

Question 13

Entrepreneurs learn that there are many legal and financial issues involved in starting their business.The best way for the small business owner to resolve these issues and protect the firm's resources is:

Accepted Answer

A)  for the owners) to trust his/her common sense.
B)  to hire a full-time lawyer and accountant who work exclusively for the small business.
C)  defer making decisions regarding these issues until the company is bigger.
D)  seek and pay for expert guidance and assistance.E) A) and B)
F) A) and C)

Question 14

Entrepreneurs take calculated risks.

Accepted Answer

A) True 
 B)False

Question 15

Justin feels that his family-run business will be more likely to avoid the problems many growing businesses have with managing employees.His attitude will likely hinder the growth of his company.

Accepted Answer

A) True 
 B)False

Question 16

Entrepreneurs avoid risk and place a high priority on security.

Accepted Answer

A) True 
 B)False

Question 17

While the first job for many people is working for a small business,most of the permanent new jobs are created by larger corporations.

Accepted Answer

A) True 
 B)False

Question 18

Web-based businesses avoid the risk of failure faced by traditional startup businesses.

Accepted Answer

A) True 
 B)False

Question 19

According to the U.S.Department of Commerce,a ________ of small businesses export their goods.

Accepted Answer

A)  small percentage
B)  large percentage
C)  decreasing number
D)  decreasing percentageE) B) and C)
F) All of the above

Question 20

Entrepreneurs applying for a bank loan should realize that bankers will:

Accepted Answer

A)  expect to receive a share of ownership in the business in exchange for their loan.
B)  expect the entrepreneur to provide a business plan.
C)  generally make loans only to small businesses in dot.com related industries.
D)  offer only short-term financing.E) C) and D)
F) None of the above

Exam 6: Entrepreneurship and Starting a Small Business

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Correct Answer
verified

Potential suppliers can be an excellent source of financing for a new business since lending money to a new customer may be very much in their own interest.

Correct Answer
verified

Entrepreneurs applying for a bank loan should realize that bankers will:

Correct Answer
verified

To be considered part of a market,an individual must:

Correct Answer
verified

While the first job for many people is working for a small business,most of the permanent new jobs are created by larger corporations.

Correct Answer
verified

Marina has just completed her business degree.She should focus her job search to only include large corporations.

Correct Answer
verified

Bankers and investors require entrepreneurs to present a well-conceived business plan.

Correct Answer
verified

Dr.Smiley White just graduated from dental school.He is hoping to acquire the necessary funding to start his own dental practice.One advantage of this type of business is:

Correct Answer
verified

Web-based businesses avoid the risk of failure faced by traditional startup businesses.

Correct Answer
verified

Entrepreneurs take calculated risks.

Correct Answer
verified

Correct Answer
verified

Apple Computer's "smart team" is an example of a firm that succeeded by:

Correct Answer
verified

The Small Business Administration's microloan program offers small businesses very small loans.

Correct Answer
verified

According to the U.S.Department of Commerce,a ________ of small businesses export their goods.

Correct Answer
verified

Entrepreneurs avoid risk and place a high priority on security.

Correct Answer
verified

Discuss several ways the Small Business Administration assists entrepreneurs.

Correct Answer
verified
a.The SBA is a valuable source of inform...
View Answer

Bankers and potential investors are likely to read ___________ first.

Correct Answer
verified

Chris is an angel investor.This means that he:

Correct Answer
verified

Justin feels that his family-run business will be more likely to avoid the problems many growing businesses have with managing employees.His attitude will likely hinder the growth of his company.

Correct Answer
verified

Entrepreneurs learn that there are many legal and financial issues involved in starting their business.The best way for the small business owner to resolve these issues and protect the firm's resources is:

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Correct AnswerverifiedShow Answer

Potential suppliers can be an excellent source of financing for a new business since lending money to a new customer may be very much in their own interest.

Correct AnswerverifiedShow Answer

Entrepreneurs applying for a bank loan should realize that bankers will:

Correct AnswerverifiedShow Answer

To be considered part of a market,an individual must:

Correct AnswerverifiedShow Answer

While the first job for many people is working for a small business,most of the permanent new jobs are created by larger corporations.

Correct AnswerverifiedShow Answer

Marina has just completed her business degree.She should focus her job search to only include large corporations.

Correct AnswerverifiedShow Answer

Bankers and investors require entrepreneurs to present a well-conceived business plan.

Correct AnswerverifiedShow Answer

Dr.Smiley White just graduated from dental school.He is hoping to acquire the necessary funding to start his own dental practice.One advantage of this type of business is:

Correct AnswerverifiedShow Answer

Web-based businesses avoid the risk of failure faced by traditional startup businesses.

Correct AnswerverifiedShow Answer

Entrepreneurs take calculated risks.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Apple Computer's "smart team" is an example of a firm that succeeded by:

Correct AnswerverifiedShow Answer

The Small Business Administration's microloan program offers small businesses very small loans.

Correct AnswerverifiedShow Answer

According to the U.S.Department of Commerce,a ________ of small businesses export their goods.

Correct AnswerverifiedShow Answer

Entrepreneurs avoid risk and place a high priority on security.

Correct AnswerverifiedShow Answer

Discuss several ways the Small Business Administration assists entrepreneurs.

Correct Answerverifieda.The SBA is a valuable source of inform...View AnswerShow Answer

Bankers and potential investors are likely to read ___________ first.

Correct AnswerverifiedShow Answer

Chris is an angel investor.This means that he:

Correct AnswerverifiedShow Answer

Justin feels that his family-run business will be more likely to avoid the problems many growing businesses have with managing employees.His attitude will likely hinder the growth of his company.

Correct AnswerverifiedShow Answer

Entrepreneurs learn that there are many legal and financial issues involved in starting their business.The best way for the small business owner to resolve these issues and protect the firm's resources is:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified
a.The SBA is a valuable source of inform...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified