Question 1

Marina has just completed her business degree.She should focus her job search to only include large corporations.
Since small businesses create 60-80 percent of the new jobs in the U.S.if Maria focuses on job opportunities with big firms,she is likely to limit her chances of finding employment.

Accepted Answer

A) True 
 B)False

Question 2

Small businesses:

Accepted Answer

A)  deal with similar management issues that large companies face.
B)  deal with very different management issues due to the very different management challenges experienced by small businesses.
C)  do not seek government funding due to the fact that the federal government has made it very clear that it must support large operations before small operations.
D)  concern themselves with state-of-the-art information and accounting technology but not employee relations due to their challenge to financially support employee benefits programs.E) A) and B)
F) A) and C)

Question 3

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

Question 4

Affiliate marketing is a web-based business strategy that:

Accepted Answer

A)  relies on customers that enter the sites of large companies such as GAP™ and Nike™.
B)  asks you to offer the names and emails of ten of your friends who may be interested in the products or services the web-site is selling.
C)  is currently illegal,but difficult to stop.
D)  rewards individuals who are willing to link a company's website to their blog or social network.E) A) and B)
F) A) and C)

Question 5

Large organizations encourage intrapreneurship as a strategy to improve their profitability through new products.

Accepted Answer

A) True 
 B)False

Question 6

A market consists of potential buyers of a good or service.However,for a market to exist:

Accepted Answer

A)  the business requires wholesalers and retailers.
B)  one firm must dominate in sales and product development.
C)  people must have unsatisfied wants and needs as well as a willingness and ability to buy.
D)  the product must be laboratory tested and approved by the Food and Drug Administration (FD
A)  .E) B) and C)
F) C) and D)

Question 7

When comparing small businesses to their larger competitors,it is clear that:

Accepted Answer

A)  bigger is always better.
B)  small firms can always outperform big firms on a level playing field.
C)  small firms often can offer more personalized customer services than big firms.
D)  small firms are slower to respond to opportunities than are large firms.E) A) and B)
F) C) and D)

Question 8

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Accepted Answer

A)  market
B)  consumer cooperative
C)  consumer collective
D)  buyer's cooperativeE) A) and B)
F) A) and C)

Question 9

For the past twenty-five years,state and city governments have promoted facilities where new businesses can open-up shop and share common services such as secretarial,accounting,and legal services.Due to their remarkable success rate,_______________ continue to grow in popularity.

Accepted Answer

A)  enterprise zones
B)  incubators
C)  intrapreneurial development centers
D)  venture farmsE) A) and B)
F) B) and D)

Question 10

If you have managerial skills and leadership ability,you also possess the personality to be an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

The United States government views entrepreneurship as a result of an individual's self-motivation.The government can do very little to encourage an individual to become an entrepreneur.
The U.S.federal government passed the Immigration Act of 1990,which created a category of "investors visas" intended to lure entrepreneurs to our country.Enterprise zones and investment tax credits have also been used to encourage entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 13

After Kate graduated from college,her grandfather created a bookkeeping position for her in his furniture retail business.Her older brother is in charge of purchasing inventory for the stores,yet often the store runs out of popular furniture or become overstocked with pieces that must be marked down to be sold.Kate is confident that her brother is more suited for handling accounting and finance,and she has a pulse on what sells and how much sells.Although she has spoken with her grandfather about it a couple of times,he seems reluctant to change.As the founder of the business,he may:

Accepted Answer

A)  find it difficult to remove family members from positions,even if it is not good for the business.
B)  find it difficult to retrain Kate for the job,and even though his business is losing opportunities,he will stay the course.
C)  he knows that profit margins have declined,and he doesn't care.
D)  have a bigger picture of things,and not feel the need to respond to a family member's request.E) A) and B)
F) All of the above

Question 14

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 B)
F) A) and C)

Question 15

The Small Business Administration sponsors volunteers from industry,trade associations,and education who offer advice to small business owners.These volunteers are called:

Accepted Answer

A)  the Small Business Council of Volunteers.
B)  Partners in Service and Economic Progress.
C)  Small Business Counselors Incorporated.
D)  the Service Corps of Retired Executives.E) B) and C)
F) None of the above

Question 16

Two key management functions that need particular attention when starting a business are:

Accepted Answer

A)  human relations and accounting
B)  planning and financing
C)  marketing and public relations
D)  staffing and controllingE) A) and B)
F) A) and C)

Question 17

Using the analogy of boulders vs.sand for filling a hole,the textbook points out that:

Accepted Answer

A)  small businesses are employing a record number of employees because they have to work twice as hard at producing the same amount of output as a large competitor.
B)  small businesses can serve niche markets that larger firms do not serve well.
C)  the sand represents the small businesses that start and fail each year,while the boulders represent the large companies whose resources permit them to stay the course.
D)  large companies serve market niches so much better than small companies.E) A) and B)
F) B) and C)

Question 18

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Accepted Answer

A)  Intrapreneurs start nonprofit organizations while entrepreneurs start profit-seeking businesses
B)  Intraprenuers are practical while entrepreneurs are creative
C)  Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business
D)  Intrapreneurs limit their efforts to financial investments,while entrepreneurs are involved in the management of all areas of a businessE) B) and C)
F) C) and D)

Question 20

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

Accepted Answer

A)  macropreneurs
B)  intrapreneurs
C)  micropreneurs
D)  home workersE) A) and C)
F) B) and C)

Exam 6: Entrepreneurship and Starting a Small Business

Using the analogy of boulders vs.sand for filling a hole,the textbook points out that:

Correct Answer
verified

If you have managerial skills and leadership ability,you also possess the personality to be an entrepreneur.

Correct Answer
verified

Marina has just completed her business degree.She should focus her job search to only include large corporations. Since small businesses create 60-80 percent of the new jobs in the U.S.if Maria focuses on job opportunities with big firms,she is likely to limit her chances of finding employment.

Correct Answer
verified

Small businesses:

Correct Answer
verified

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Correct Answer
verified

Large organizations encourage intrapreneurship as a strategy to improve their profitability through new products.

Correct Answer
verified

For the past twenty-five years,state and city governments have promoted facilities where new businesses can open-up shop and share common services such as secretarial,accounting,and legal services.Due to their remarkable success rate,_______________ continue to grow in popularity.

Correct Answer
verified

When comparing small businesses to their larger competitors,it is clear that:

Correct Answer
verified

Affiliate marketing is a web-based business strategy that:

Correct Answer
verified

Correct Answer
verified

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Correct Answer
verified

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

A market consists of potential buyers of a good or service.However,for a market to exist:

Correct Answer
verified

Two key management functions that need particular attention when starting a business are:

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

The Small Business Administration sponsors volunteers from industry,trade associations,and education who offer advice to small business owners.These volunteers are called:

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

Using the analogy of boulders vs.sand for filling a hole,the textbook points out that:

Correct AnswerverifiedShow Answer

If you have managerial skills and leadership ability,you also possess the personality to be an entrepreneur.

Correct AnswerverifiedShow Answer

Marina has just completed her business degree.She should focus her job search to only include large corporations. Since small businesses create 60-80 percent of the new jobs in the U.S.if Maria focuses on job opportunities with big firms,she is likely to limit her chances of finding employment.

Correct AnswerverifiedShow Answer

Small businesses:

Correct AnswerverifiedShow Answer

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Correct AnswerverifiedShow Answer

Large organizations encourage intrapreneurship as a strategy to improve their profitability through new products.

Correct AnswerverifiedShow Answer

For the past twenty-five years,state and city governments have promoted facilities where new businesses can open-up shop and share common services such as secretarial,accounting,and legal services.Due to their remarkable success rate,_______________ continue to grow in popularity.

Correct AnswerverifiedShow Answer

When comparing small businesses to their larger competitors,it is clear that:

Correct AnswerverifiedShow Answer

Affiliate marketing is a web-based business strategy that:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Correct AnswerverifiedShow Answer

A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A market consists of potential buyers of a good or service.However,for a market to exist:

Correct AnswerverifiedShow Answer

Two key management functions that need particular attention when starting a business are:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Small Business Administration sponsors volunteers from industry,trade associations,and education who offer advice to small business owners.These volunteers are called:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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