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Exam 6: Entrepreneurship and Starting a Small Business

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Question 51

True/False

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Venture capitalists provide funds for start-up businesses in exchange for part ownership in the new firm.

A) True
B) False

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Question 52

Multiple Choice

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The executive summary section of the business plan contains

A) computerized information that readers can access interactively.
B) information that will capture the attention of bankers and other investors who receive many business plans every day.
C) qualifications, experience, and education of the entrepreneur and prospective employees.
D) a financial summary prepared by the business's accountant.

E) B) and D)
F) A) and D)

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Question 53

Multiple Choice

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One of the best places for young entrepreneurs to start shopping for an SBA loan is a

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.

An entrepreneurial team is a group of experienced managers who share the same skills and abilities.

Enterprise zones and investor visas are examples of

By passing the Immigration Act of 1990, the U.S. government acted to encourage entrepreneurs to immigrate to the United States.

Pepe has asked about the possibility of obtaining a microloan from the SBA. This type of loan is awarded primarily on the basis of the

Although successful entrepreneurs are more tolerant of uncertainty,

One way to control the legal costs associated with operating a small business is to purchase a prepaid legal plan.

Rachel hopes to start her own business soon, but is concerned about her limited financial resources. She should save money by waiting to meet with lawyers and accountants until the business has grown and has been operating successfully for a few years.

Matteo just left the Army after 20 years of service. During his service, he managed to save a little money and is now entitled to a government pension. His wants to go back to his home state of Arizona and start manufacturing small, solar-powered panels for residential use. Although he knows he needs a storefront and an industrial site, he is not 100 percent convinced about where to locate. However, he does know for certain that one of his top priorities is to limit his tax liability associated with this new business. What would you suggest for Matteo?

As a high net worth individual, Aria searches for developing companies in need of additional funding to achieve their goals. In return for this ________, she expects to give up some percentage of ownership in the business.

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

Since entrepreneurs are starting new businesses, experience gained from working for an established business isn't particularly helpful.

According to the Spotlight on Small Business box, people in college are not ready to start their own business.

Entrepreneurs avoid risk and place a high priority on security.

Laila created a new piece of workout gear. She's calling it the Toned Tushie. Although she couldn't initially find potential investors, she secured a personal loan and borrowed additional money from her parents. Her drive to continue believing in her idea and to remain enthusiastic shows that Laila is

One of the greatest advantages that small businesses have over larger ones is the ability to know their customers better and to adapt quickly to the customers' needs.

The Making Ethical Decisions box "Should You Stay or Should You Go?" addresses a dilemma worthy of consideration. It describes