Question 1

Angel investors are the government agencies that invest money in new companies before they go public.

Accepted Answer

A) True 
 B)False

Question 2

According to economist Bruce Kirchhoff,small business failures are:

Accepted Answer

A)  lower than traditionally reported.
B)  understated to keep small business creation enthusiasm.
C)  accurate and alarming.
D)  inconclusive.E) A) and C)
F) None of the above

Question 3

Questions about how much authority to delegate,and to whom,are easier issues for a family-run businesses since they "can't fire family."

Accepted Answer

A) True 
 B)False

Question 4

A new business that sets up a(n) _____________ from the start is saving itself time and grief later.

Accepted Answer

A)  angel investment network
B)  good accounting system
C)  detailed supplier network
D)  vertical marketing systemE) All of the above
F) A) and B)

Question 5

Corporate management has been the training ground for many new entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 6

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

Question 7

Small businesses have very few opportunities to outsource their business.
With new technology,outsourcing opportunities for small businesses have increased.As indicated in the Reaching Beyond our Borders box,websites such as Elance provide small businesses with a central hub to offer their business services to others,as well as find services that they need.

Accepted Answer

A) True 
 B)False

Question 8

Many micropreneurs are home-based business owners.

Accepted Answer

A) True 
 B)False

Question 9

Successful entrepreneurs rely on others for direction and support.

Accepted Answer

A) True 
 B)False

Question 10

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) A) and B)
F) A) and C)

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

A review of small business successes and failures indicates that the:

Accepted Answer

A)  businesses that are easiest to start offer the greatest potential for long term growth and profits.
B)  restaurant industry offers the least risk for entrepreneurs.
C)  businesses with potential of high profit levels tend to be difficult to start and hard to keep going.
D)  reason the service sector is rapidly growing is that these firms are easy to start and keep going,and offer high levels of security and growth potential.E) A) and B)
F) All of the above

Question 13

Management includes attention toward financing the business,hiring employees,marketing,and record keeping.

Accepted Answer

A) True 
 B)False

Question 14

A successful web-based strategy that helps a business spread the word about its web site and products is called _____________.

Accepted Answer

A)  wildfire marketing
B)  "it's all about the buzz"
C)  social marketing
D)  affiliate marketingE) A) and B)
F) None of the above

Question 15

The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.

Accepted Answer

A) True 
 B)False

Question 16

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Accepted Answer

A) True 
 B)False

Question 17

Successful entrepreneurs are self-nurturing.This means they:

Accepted Answer

A)  look to others for strength and encouragement.
B)  self-finance their business with no assistance from others.
C)  perform all business operations by themselves.
D)  believe in themselves and their ideas.E) None of the above
F) B) and D)

Question 18

Kenya recently quit a job with a large corporation to start her own business.While she realizes that her decision comes with risk,she is excited for the chance to be independent and by the challenges of running her own firm.Kenya is an example of a(n) :

Accepted Answer

A)  intrapreneur.
B)  entrepreneur.
C)  venture capitalist.
D)  raconteur.E) A) and D)
F) None of the above

Question 19

Small businesses are important to the U.S.economy because:

Accepted Answer

A)  they fill-in the gaps when large businesses want to let workers go on vacation;or when large businesses want to temporarily cease production
B)  banks and other financial services companies would not have borrowing customers,because small businesses borrow more than large businesses
C)  they pay most of the tax revenue collected by the U.S.government
D)  they create over 60% of new jobs each year and generate over 50% of the U.S.GDPE) None of the above
F) A) and B)

Question 20

To be classified as a small business,a firm must have no more than 100 employees.

Accepted Answer

A) True 
 B)False

Exam 6: Entrepreneurship and Starting a Small Business

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

Correct Answer
verified

Correct Answer
verified

A new business that sets up a(n) _____________ from the start is saving itself time and grief later.

Correct Answer
verified

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

Correct Answer
verified

The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.

Correct Answer
verified

According to economist Bruce Kirchhoff,small business failures are:

Correct Answer
verified

Successful entrepreneurs are self-nurturing.This means they:

Correct Answer
verified

Angel investors are the government agencies that invest money in new companies before they go public.

Correct Answer
verified

Management includes attention toward financing the business,hiring employees,marketing,and record keeping.

Correct Answer
verified

Successful entrepreneurs rely on others for direction and support.

Correct Answer
verified

Corporate management has been the training ground for many new entrepreneurs.

Correct Answer
verified

Questions about how much authority to delegate,and to whom,are easier issues for a family-run businesses since they "can't fire family."

Correct Answer
verified

Many micropreneurs are home-based business owners.

Correct Answer
verified

A review of small business successes and failures indicates that the:

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

To be classified as a small business,a firm must have no more than 100 employees.

Correct Answer
verified

Small businesses are important to the U.S.economy because:

Correct Answer
verified

A successful web-based strategy that helps a business spread the word about its web site and products is called _____________.

Correct Answer
verified

Kenya recently quit a job with a large corporation to start her own business.While she realizes that her decision comes with risk,she is excited for the chance to be independent and by the challenges of running her own firm.Kenya is an example of a(n) :

Correct Answer
verified

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Correct Answer
verified

Exam 6: Entrepreneurship and Starting a Small Business

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A new business that sets up a(n) _____________ from the start is saving itself time and grief later.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.

Correct AnswerverifiedShow Answer

According to economist Bruce Kirchhoff,small business failures are:

Correct AnswerverifiedShow Answer

Successful entrepreneurs are self-nurturing.This means they:

Correct AnswerverifiedShow Answer

Angel investors are the government agencies that invest money in new companies before they go public.

Correct AnswerverifiedShow Answer

Management includes attention toward financing the business,hiring employees,marketing,and record keeping.

Correct AnswerverifiedShow Answer

Successful entrepreneurs rely on others for direction and support.

Correct AnswerverifiedShow Answer

Corporate management has been the training ground for many new entrepreneurs.

Correct AnswerverifiedShow Answer

Questions about how much authority to delegate,and to whom,are easier issues for a family-run businesses since they "can't fire family."

Correct AnswerverifiedShow Answer

Many micropreneurs are home-based business owners.

Correct AnswerverifiedShow Answer

A review of small business successes and failures indicates that the:

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

To be classified as a small business,a firm must have no more than 100 employees.

Correct AnswerverifiedShow Answer

Small businesses are important to the U.S.economy because:

Correct AnswerverifiedShow Answer

A successful web-based strategy that helps a business spread the word about its web site and products is called _____________.

Correct AnswerverifiedShow Answer

Kenya recently quit a job with a large corporation to start her own business.While she realizes that her decision comes with risk,she is excited for the chance to be independent and by the challenges of running her own firm.Kenya is an example of a(n) :

Correct AnswerverifiedShow Answer

Successful micropreneurs require self-discipline to separate work from family responsibilities.

Correct AnswerverifiedShow Answer

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