Question 1

Hannah Li wants to quit her job as a legal secretary and start her own small business.She knows that she will be successful if she can find the right idea.Where can Li look for ideas for her new business?

Accepted Answer

A)  Problems she noticed in her old job
B)  Her interest in the history of Asian art
C)  Suggestions from her family
D)  Other businesses in other regions of the country
E)  All of the above

Question 2

After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel.To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest) .In other words, he used _____ financing.

Accepted Answer

A)  debt
B)  liquid
C)  equity
D)  venture
E)  entrepreneurial

Question 3

The person who takes the risk of starting and managing a business to make a profit is called a(n) :

Accepted Answer

A)  entrepreneur
B)  venture capitalist
C)  capitalistic adventurer
D)  franchiser
E)  ultra capitalist

Question 4

Which of the following elements does NOT typically appear in a well-prepared business plan?

Accepted Answer

A)  qualifications of the owners
B)  names of all employees
C)  description of the product or service
D)  financial plan
E)  an analysis of the market

Question 5

More than half of small businesses have between one and four employees.

Accepted Answer

A) True 
 B)False

Question 6

_____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money.

Accepted Answer

A)  Debt financing
B)  Venture capital
C)  Equity financing
D)  Entrepreneurial capital
E)  Corporate stock financing

Question 7

_____ is at the core of most business failures.

Accepted Answer

A)  Low interest rate
B)  Poor cash flow
C)  Inadequate planning
D)  Too much inventory
E)  A too tall hierarchical structure

Question 8

A small business owner that uses _____ to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.

Accepted Answer

The answer of A small business owner that uses _____...

Question 9

Privately owned and managed _____ are licensed by the SBA and provide long-term financing for small businesses.

Accepted Answer

A)  Small Business Development Centers
B)  Service Corps of Retired Executives
C)  Small Business Investment Companies
D)  Angel Capital Electronic Networks
E)  Active Corps of Executives

Question 10

The first step in starting your own business is:

Accepted Answer

A)  to determine where the funding will come from
B)  a self-assessment
C)  a business plan
D)  find an idea for a new product or service
E)  choose a form of business organization

Question 11

Marc Adler is the owner of Macquarium, a multimillion-dollar communications company that does everything from video productions to creating Web sites to public relations campaigns.Macquarium has done this sort of work for BellSouth and SnapOn Tools.Even though these companies could have prepared their videos and created their Web sites in-house, these tasks were:

Accepted Answer

A)  outsourced
B)  supplied outside normal channels
C)  autonomous productions
D)  seen as conflicting with the mission statements of the companies
E)  supplied as part of a relational marketing strategy

Question 12

For fees of five to fifteen percent of gross sales and multi-year contracts, an _____ handle all aspects of exporting for small businesses.

Accepted Answer

export man...

Question 13

List three advantages that small businesses have over larger, more complex companies.

Accepted Answer

The text lists the following f...

Question 14

Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.

Accepted Answer

A) True 
 B)False

Question 15

Intrapreneurs:

Accepted Answer

A)  have a high degree of autonomy in spite of the fact they work for a large corporation
B)  have the characteristics of creativity, vision, and risk taking.
C)  receive regular salaries and employee benefits
D)  run mini-companies within large corporations
E)  are accurately described by all of the above

Question 16

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands.So Farmer created bottles filled with Hawaiian air and some scented essence beads.When customers shake the bottles up and open the lids, they're transported back to paradise.While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation.Farmer was an example of a _____ entrepreneur.

Accepted Answer

A)  growth-oriented
B)  classic
C)  opportunistic
D)  risk-aversive
E)  debt-based

Question 17

The Small Business Administration (SBA) :

Accepted Answer

A)  helps people start and manage small businesses
B)  is a privately-owned company
C)  is a financial institution
D)  does not have a Web site
E)  is accurately described by all of the above

Question 18

Established small businesses are defined as companies that have been in business at least fifteen years and employ between 50 to 500 employees.

Accepted Answer

A) True 
 B)False

Question 19

Lachlan Stuart is employed by International Paper, a company that values his vision and creativity.To stay ahead in a very competitive industry, International Paper gives Stuart, and his division has almost complete autonomy to develop innovative and effective communications.Stuart is an example of a(n) :

Accepted Answer

A)  multipreneur
B)  insourced entrepreneur
C)  intrapreneur
D)  corporate entrepreneur
E)  classic entrepreneur

Question 20

What are the two types of financing available to entrepreneurs?

Accepted Answer

equity and...

Exam 5: Entrepreneurship: Starting and Managing Your Own Business

_____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money.

Correct Answer
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Correct Answer
verified

Established small businesses are defined as companies that have been in business at least fifteen years and employ between 50 to 500 employees.

Correct Answer
verified

A small business owner that uses _____ to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.

Correct Answer
verified

After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel.To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest) .In other words, he used _____ financing.

Correct Answer
verified

Privately owned and managed _____ are licensed by the SBA and provide long-term financing for small businesses.

Correct Answer
verified

Which of the following elements does NOT typically appear in a well-prepared business plan?

Correct Answer
verified

The person who takes the risk of starting and managing a business to make a profit is called a(n) :

Correct Answer
verified

The first step in starting your own business is:

Correct Answer
verified

List three advantages that small businesses have over larger, more complex companies.

Correct Answer
verified
The text lists the following f...
View Answer

Correct Answer
verified

The Small Business Administration (SBA) :

Correct Answer
verified

Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.

Correct Answer
verified

More than half of small businesses have between one and four employees.

Correct Answer
verified

What are the two types of financing available to entrepreneurs?

Correct Answer
verified
equity and...
View Answer

Correct Answer
verified

For fees of five to fifteen percent of gross sales and multi-year contracts, an _____ handle all aspects of exporting for small businesses.

Correct Answer
verified
export man...
View Answer

Hannah Li wants to quit her job as a legal secretary and start her own small business.She knows that she will be successful if she can find the right idea.Where can Li look for ideas for her new business?

Correct Answer
verified

Intrapreneurs:

Correct Answer
verified

_____ is at the core of most business failures.

Correct Answer
verified

Exam 5: Entrepreneurship: Starting and Managing Your Own Business

_____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Established small businesses are defined as companies that have been in business at least fifteen years and employ between 50 to 500 employees.

Correct AnswerverifiedShow Answer

A small business owner that uses _____ to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.

Correct AnswerverifiedShow Answer

After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel.To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest) .In other words, he used _____ financing.

Correct AnswerverifiedShow Answer

Privately owned and managed _____ are licensed by the SBA and provide long-term financing for small businesses.

Correct AnswerverifiedShow Answer

Which of the following elements does NOT typically appear in a well-prepared business plan?

Correct AnswerverifiedShow Answer

The person who takes the risk of starting and managing a business to make a profit is called a(n) :

Correct AnswerverifiedShow Answer

The first step in starting your own business is:

Correct AnswerverifiedShow Answer

List three advantages that small businesses have over larger, more complex companies.

Correct AnswerverifiedThe text lists the following f...View AnswerShow Answer

Correct AnswerverifiedShow Answer

The Small Business Administration (SBA) :

Correct AnswerverifiedShow Answer

Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.

Correct AnswerverifiedShow Answer

More than half of small businesses have between one and four employees.

Correct AnswerverifiedShow Answer

What are the two types of financing available to entrepreneurs?

Correct Answerverifiedequity and...View AnswerShow Answer

Correct AnswerverifiedShow Answer

For fees of five to fifteen percent of gross sales and multi-year contracts, an _____ handle all aspects of exporting for small businesses.

Correct Answerverifiedexport man...View AnswerShow Answer

Hannah Li wants to quit her job as a legal secretary and start her own small business.She knows that she will be successful if she can find the right idea.Where can Li look for ideas for her new business?

Correct AnswerverifiedShow Answer

Intrapreneurs:

Correct AnswerverifiedShow Answer

_____ is at the core of most business failures.

Correct AnswerverifiedShow Answer

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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The text lists the following f...
View Answer

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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equity and...
View Answer

Correct Answer
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Correct Answer
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export man...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
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