Question 1

As a small business owner,Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations.One way to retain her employees and create a high level of motivation would be to:

Accepted Answer

A)   constantly communicate with them that "at least they have a job."
B)   adopt a policy of promoting workers who have been employed the longest.
C)   empower her employees to develop their own ideas.
D)   hire only family members,since they are more loyal.E) B) and D)
F) A) and B)

Question 2

Small businesses often have advantages in international markets.One advantage is:

Accepted Answer

A)   a greater expertise in managing the paperwork required to sell goods in international markets.
B)   a better understanding of the cultural differences involved.
C)   individualized customer service as opposed to impersonal corporate bureaucracies.
D)   the ability to obtain financing through the International Monetary FunD.E) B) and C)
F) None of the above

Question 3

Which of the following government agencies is responsible for encouraging the development of small business?

Accepted Answer

A)   Small Business Administration
B)   Federal Trade Commission
C)   Entrepreneur Assistance Center
D)   Federal Microloan AuthorityE) None of the above
F) All of the above

Question 4

Small businesses must seek advice from outside experts.In order to put together official documents such as leases,contracts,and partnership agreements,it is important to seek the advice of _________.

Accepted Answer

A)   a friend who has already started a business
B)   a competitor in a similar business
C)   an attorney
D)   a marketing expertE) B) and D)
F) A) and B)

Question 5

Discuss the benefits exporting offers to small businesses.Given these benefits,why don't more small firms sell in international markets?

Accepted Answer

a.The world market is potentially a much...

Question 6

Which of the following explains why individuals accept the risks of business ownership?

Accepted Answer

A)   The potential for learning how to be self-disciplined
B)   The sense of self-satisfaction and independence
C)   The challenge of seeking power
D)   The desire to work fewer hoursE) All of the above
F) A) and B)

Question 7

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) A) and D)
F) All of the above

Question 8

Business owners who prefer to maintain their businesses at a manageable size are called:

Accepted Answer

A)   macropreneurs.
B)   intrapreneurs.
C)   micropreneurs.
D)   home workers.E) A) and B)
F) None of the above

Question 9

Only about 10% of all businesses qualify as small businesses using the definition of the Small Business Administration.

Accepted Answer

A) True 
 B)False

Question 10

The U.S.government's Immigration Act of 1990:

Accepted Answer

A)   encouraged entrepreneurs to come to the U.S.through "investor visas".
B)   established a government program to teach American workers displaced by immigration how to start their own businesses.
C)   established guidelines to help entrepreneurs recruit legal aliens as a source of low cost labor.
D)   proposed an exchange program for American and European entrepreneurs to temporarily live internationally in order to open up foreign branches for their businesses.E) A) and B)
F) None of the above

Question 11

As a high net worth individual,Allison searches for growth firms in need of additional funding to achieve their goals.In return for this ___________,Allison expects to assume ownership in the business.

Accepted Answer

A)   analysis
B)   venture capital
C)   corporate loan
D)   securities investmentE) A) and B)
F) A) and C)

Question 12

Conversations with people who start their own business often reveal that:

Accepted Answer

A)   many small business owners got their entrepreneurial idea from a previous job.
B)   it is unusual for experienced corporate managers to start their own businesses.
C)   the most successful entrepreneurs often start their business ventures right after high school.
D)   most small business owners begin with significant personal wealth.E) None of the above
F) B) and C)

Question 13

As the owner of a small manufacturing business,Myles has an interest in exporting.However,he doesn't know how to get started.Fortunately,the government provides an abundance of information to encourage entrepreneurs like Myles.

Accepted Answer

A) True 
 B)False

Question 14

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

Accepted Answer

A) True 
 B)False

Question 15

Successful entrepreneurs rely on others for direction and support.

Accepted Answer

A) True 
 B)False

Question 16

Bing came to the U.S.on a swimming scholarship.After a few months of frustration with trying to find swim goggles like he used in his native country,he started a web site that offered specialty goggles for swimming,skiing,and snowboarding.Before launching the web site and filling orders,Bing spent a few months going to swim meets and gathering preferences about goggles from other swimmers.Bing's actions:

Accepted Answer

A)   showed that he had a ready market for this product.
B)   demonstrated that he had little experience with this product.
C)   showed that he was promoting the web site before it launched.
D)   demonstrated his need to better understand the market.E) C) and D)
F) A) and D)

Question 17

Successful entrepreneurs often make use of professional managers to introduce new ideas.

Accepted Answer

A) True 
 B)False

Question 18

In order to better serve their customers,small business owners should avoid delegating authority to their employees.

Accepted Answer

A) True 
 B)False

Question 19

Located on Monsanto's world headquarters campus,the Nidus Center is a unique ___________ facility.The tenants are biotechnology companies who are at various stages of product development.The agricultural giant,Monsanto,the Danforth Foundation,Washington University St.Louis,St.Louis University,and several venture capital firms contribute seed money for these small start-up ventures that receive approval to further develop their ideas at the Nidus Center.

Accepted Answer

A)   incubator
B)   intrapreneurial
C)   enterprise zone
D)   micropreneurialE) C) and D)
F) All of the above

Question 20

Successful entrepreneurial teams:

Accepted Answer

A)   quickly organize themselves like large corporations.
B)   assign only one person to new product innovation.
C)   bring a variety of talent to the business venture.
D)   outsource most of the details of innovation.E) B) and C)
F) None of the above

Exam 6: Entrepreneurship and Starting a Small Business

As a high net worth individual,Allison searches for growth firms in need of additional funding to achieve their goals.In return for this ___________,Allison expects to assume ownership in the business.

Correct Answer
verified

Successful entrepreneurs rely on others for direction and support.

Correct Answer
verified

Only about 10% of all businesses qualify as small businesses using the definition of the Small Business Administration.

Correct Answer
verified

Correct Answer
verified

Discuss the benefits exporting offers to small businesses.Given these benefits,why don't more small firms sell in international markets?

Correct Answer
verified
a.The world market is potentially a much...
View Answer

Small businesses often have advantages in international markets.One advantage is:

Correct Answer
verified

As a small business owner,Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations.One way to retain her employees and create a high level of motivation would be to:

Correct Answer
verified

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

Correct Answer
verified

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

Correct Answer
verified

Which of the following explains why individuals accept the risks of business ownership?

Correct Answer
verified

Conversations with people who start their own business often reveal that:

Correct Answer
verified

Correct Answer
verified

Small businesses must seek advice from outside experts.In order to put together official documents such as leases,contracts,and partnership agreements,it is important to seek the advice of _________.

Correct Answer
verified

Which of the following government agencies is responsible for encouraging the development of small business?

Correct Answer
verified

As the owner of a small manufacturing business,Myles has an interest in exporting.However,he doesn't know how to get started.Fortunately,the government provides an abundance of information to encourage entrepreneurs like Myles.

Correct Answer
verified

Successful entrepreneurial teams:

Correct Answer
verified

Successful entrepreneurs often make use of professional managers to introduce new ideas.

Correct Answer
verified

The U.S.government's Immigration Act of 1990:

Correct Answer
verified

In order to better serve their customers,small business owners should avoid delegating authority to their employees.

Correct Answer
verified

Business owners who prefer to maintain their businesses at a manageable size are called:

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

As a high net worth individual,Allison searches for growth firms in need of additional funding to achieve their goals.In return for this ___________,Allison expects to assume ownership in the business.

Correct AnswerverifiedShow Answer

Successful entrepreneurs rely on others for direction and support.

Correct AnswerverifiedShow Answer

Only about 10% of all businesses qualify as small businesses using the definition of the Small Business Administration.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Discuss the benefits exporting offers to small businesses.Given these benefits,why don't more small firms sell in international markets?

Correct Answerverifieda.The world market is potentially a much...View AnswerShow Answer

Small businesses often have advantages in international markets.One advantage is:

Correct AnswerverifiedShow Answer

As a small business owner,Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations.One way to retain her employees and create a high level of motivation would be to:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

Correct AnswerverifiedShow Answer

Which of the following explains why individuals accept the risks of business ownership?

Correct AnswerverifiedShow Answer

Conversations with people who start their own business often reveal that:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Small businesses must seek advice from outside experts.In order to put together official documents such as leases,contracts,and partnership agreements,it is important to seek the advice of _________.

Correct AnswerverifiedShow Answer

Which of the following government agencies is responsible for encouraging the development of small business?

Correct AnswerverifiedShow Answer

As the owner of a small manufacturing business,Myles has an interest in exporting.However,he doesn't know how to get started.Fortunately,the government provides an abundance of information to encourage entrepreneurs like Myles.

Correct AnswerverifiedShow Answer

Successful entrepreneurial teams:

Correct AnswerverifiedShow Answer

Successful entrepreneurs often make use of professional managers to introduce new ideas.

Correct AnswerverifiedShow Answer

The U.S.government's Immigration Act of 1990:

Correct AnswerverifiedShow Answer

In order to better serve their customers,small business owners should avoid delegating authority to their employees.

Correct AnswerverifiedShow Answer

Business owners who prefer to maintain their businesses at a manageable size are called:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
a.The world market is potentially a much...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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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