Question 1

Describe how a small business is critical globally.

Accepted Answer

New and growing businesses are criticall...

Question 2

Which of the following statements is true about venture capital start-ups?

Accepted Answer

A)  They refrain from developing operations in multiple locations very shortly after the initial investment.
B)  They are funded by angel investors who invest more than $2 million and expect extraordinary returns.
C)  They have a management structure designed to take advantage of the skills of the founder or founders.
D)  They ensure that the business is oriented toward the personal goals of the founders.

Question 3

In the late 1970s and 1980s, the United States occupied the dominant economic position in the world.

Accepted Answer

A) True 
 B)False

Question 4

Identify a defining characteristic of entrepreneurial firms.

Accepted Answer

A)  These businesses either start or grow quickly to employ a relatively large number of employees.
B)  They tend to develop operations in multiple locations very shortly after the initial investment.
C)  They tend to be oriented toward the personal goals of the founder.
D)  They are inherently risky operations whose growth is dependent on the exploitation of unknowns in the market. C

Question 5

Which kind of business is NOT likely to be eligible for a microloan program?

Accepted Answer

A)  Telecommunication center
B)  Meals delivery
C)  Serving weaving baskets
D)  Washing clothes

Question 6

What are the three goals for a business plan?

Accepted Answer

A business plan for a new entrepreneuria...

Question 7

What term is used to describe Walmart's ability to purchase more advertising space at a lower cost per ad?

Accepted Answer

A)  Advertising bonus
B)  Buying bonus
C)  Volume excess
D)  Economies of scale

Question 8

During Eisenhower's presidency, who stated, "What is good for General Motors is good for the nation"?

Accepted Answer

A)  Franklin Roosevelt
B)  Henry Ford
C)  Andrew Carnegie
D)  Charles Wilson

Question 9

All of these are harvest plan strategies EXCEPT:

Accepted Answer

A)  selling the business to another firm.
B)  selling it to a group of investors.
C)  participating in an IPO (public offering of stock) .
D)  franchising.

Question 10

In 2001, the federal General Accounting Office discovered that in the areas where military bases closed, the unemployment rate was less than the national average.This is because of the start-up of new small businesses in the areas.

Accepted Answer

A) True 
 B)False  True

Question 11

Which of the following is a difference between large organizations and entrepreneurial businesses?

Accepted Answer

A)  Unlike entrepreneurial businesses, large organizations have a better understanding of the local community in which they conduct business.
B)  Unlike entrepreneurial businesses, large organizations will regularly ignore business opportunities if they fail to believe the results will generate high profits.
C)  Unlike large organizations, entrepreneurial businesses are burdened by policies, procedures, corporate layers of management, and public stockholders.
D)  Unlike large organizations, entrepreneurial businesses do things more efficiently because they are easily able to achieve economies of scale.

Question 12

One of the huge advantages of starting one's own business is that someone else can be the boss.Small business owners are motivated by two areas to start a business: the desire to be their own bosses and to set their own working hours.

Accepted Answer

A) True 
 B)False

Question 13

The Small Business Administration was organized as a part of

Accepted Answer

A)  the Small Business Administration Law.
B)  the Small Business Act of July 30, 1953.
C)  the Small Business Act of 1950.
D)  the Small Business Agency of 1960. B

Question 14

________ is a list published annually by Fortune magazine of the largest corporations in the United States.

Accepted Answer

The answer of ________ is a list published annually by...

Question 15

In the context of entrepreneurship around the world, identify a true statement about microloans.

Accepted Answer

A)  Such loans typically see much lower repayment rate than most types of loans.
B)  The failure of such loans has resulted in a decreasing dedication of the U.S.aid budget to microloans for developing nations.
C)  The repayment rate on such loans is typically 50 percent.
D)  The success of such loans has been substantial, with great strides being made in many desperately poor nations.

Question 16

Close to 50 percent of the millionaires in the United States are entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 17

A business plan should be a tool to think through a wide range of issues related to starting and growing a business.

Accepted Answer

A) True 
 B)False

Question 18

Success in an entrepreneurial business can only be achieved with brutally hard and long hours.

Accepted Answer

A) True 
 B)False

Question 19

Why does a small business act as a catalyst for social change?

Accepted Answer

A small business has the ability to garn...

Question 20

What is a lean startup?

Accepted Answer

The term "lean startup" indicates that a...

Exam 1: The Twenty-First-Century Entrepreneur

Describe how a small business is critical globally.

Correct AnswerverifiedNew and growing businesses are criticall...View AnswerShow Answer

Which of the following statements is true about venture capital start-ups?

Correct AnswerverifiedShow Answer

In the late 1970s and 1980s, the United States occupied the dominant economic position in the world.

Correct AnswerverifiedShow Answer

Identify a defining characteristic of entrepreneurial firms.

Correct AnswerverifiedC

Which kind of business is NOT likely to be eligible for a microloan program?

Correct AnswerverifiedShow Answer

What are the three goals for a business plan?

Correct AnswerverifiedA business plan for a new entrepreneuria...View AnswerShow Answer

What term is used to describe Walmart's ability to purchase more advertising space at a lower cost per ad?

Correct AnswerverifiedShow Answer

During Eisenhower's presidency, who stated, "What is good for General Motors is good for the nation"?

Correct AnswerverifiedShow Answer

All of these are harvest plan strategies EXCEPT:

Correct AnswerverifiedShow Answer

In 2001, the federal General Accounting Office discovered that in the areas where military bases closed, the unemployment rate was less than the national average.This is because of the start-up of new small businesses in the areas.

Correct AnswerverifiedTrue

Which of the following is a difference between large organizations and entrepreneurial businesses?

Correct AnswerverifiedShow Answer

One of the huge advantages of starting one's own business is that someone else can be the boss.Small business owners are motivated by two areas to start a business: the desire to be their own bosses and to set their own working hours.

Correct AnswerverifiedShow Answer

The Small Business Administration was organized as a part of

Correct AnswerverifiedB

________ is a list published annually by Fortune magazine of the largest corporations in the United States.

Correct AnswerverifiedShow Answer

In the context of entrepreneurship around the world, identify a true statement about microloans.

Correct AnswerverifiedShow Answer

Close to 50 percent of the millionaires in the United States are entrepreneurs.

Correct AnswerverifiedShow Answer

A business plan should be a tool to think through a wide range of issues related to starting and growing a business.

Correct AnswerverifiedShow Answer

Success in an entrepreneurial business can only be achieved with brutally hard and long hours.

Correct AnswerverifiedShow Answer

Why does a small business act as a catalyst for social change?

Correct AnswerverifiedA small business has the ability to garn...View AnswerShow Answer

What is a lean startup?

Correct AnswerverifiedThe term "lean startup" indicates that a...View AnswerShow Answer

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New and growing businesses are criticall...
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C

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A business plan for a new entrepreneuria...
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True

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B

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A small business has the ability to garn...
View Answer

Correct Answer
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The term "lean startup" indicates that a...
View Answer