Question 1

Individuals desiring to learn about small business operations would be well advised to learn from other entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 2

Large multinational firms dominate the international market,leaving few opportunities for small businesses.

Accepted Answer

A) True 
 B)False

Question 3

Anthony,a small business owner,is considering marketing his product in Brazil.If he enters the Brazilian market,he is likely to face all of the following problems  except :

Accepted Answer

A)  difficulties in obtaining adequate financing.
B)  the heavy burden of bureaucratic paperwork.
C)  the cultural differences between Canada and Brazil.
D)  convincing foreign firms to do business with a small firm,rather than a large corporation.E) A) and B)
F) A) and C)

Question 4

As a small business owner,Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations.One way to retain her employees and create a high level of motivation would be to:

Accepted Answer

A)  empower her employees to develop their own ideas.
B)  threaten to fire her existing employees and hire new workers.
C)  adopt a policy of promoting the workers who have been employed the longest.
D)  hire only family members,since they are more loyal.E) A) and B)
F) B) and C)

Question 5

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Accepted Answer

A) True 
 B)False

Question 6

Not everyone dreams of owning their own business.Identify and describe at least three attributes of successful entrepreneurs.

Accepted Answer

While students will likely identify mana...

Question 7

Hiring family members offers the best answer to the problem of attracting qualified employees.

Accepted Answer

A) True 
 B)False

Question 8

Most SME owners are less than 30 years of age.

Accepted Answer

A) True 
 B)False

Question 9

Most entrepreneurs prefer working for someone else.

Accepted Answer

A) True 
 B)False

Question 10

Self-employed women account for about what percentage of all self-employed persons?

Accepted Answer

A)  one-half.
B)  one-quarter.
C)  one-third.
D)  10%.E) C) and D)
F) B) and D)

Question 11

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Accepted Answer

A) True 
 B)False

Question 12

Potential entrepreneurs would be well advised to ask questions.

Accepted Answer

A) True 
 B)False

Question 13

Successful entrepreneurs are self-directed.This means they:

Accepted Answer

A)  are self-disciplined and comfortable being their own boss.
B)  perform all business operations by themselves.
C)  look to others for strength and encouragement.
D)  are self-financed with no assistance from others.E) A) and D)
F) A) and C)

Question 14

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Accepted Answer

A) True 
 B)False

Question 15

Once you have identified your market and its needs,how can you set out to fill those needs?

Accepted Answer

The way to meet your...

Question 16

Web-based businesses:

Accepted Answer

A)  are highly limited in what they sell.
B)  only compete with other small businesses.
C)  do not compete with bricks-and-mortar businesses.
D)  sell a wide variety of items.E) C) and D)
F) All of the above

Question 17

The largest source of capital for entrepreneurs is usually from

Accepted Answer

A)  venture capitalists.
B)  provincial and municipal governments.
C)  loan sharks.
D)  personal savings.E) A) and B)
F) A) and C)

Question 18

Offering to manage an established business offers experience to a would-be entrepreneur.

Accepted Answer

A) True 
 B)False

Question 19

Ellie is a creative person who works for the Bigdome Corporation,a large producer of consumer products.One of her primary duties is to initiate and develop new products to complement the firm's current product line.Evidently Ellie is a(n) :

Accepted Answer

A)  intrapreneur.
B)  entrepreneur.
C)  owner's daughter.
D)  outside consultant.E) B) and D)
F) C) and D)

Question 20

A  Small Business Management  course at a community college may offer entrepreneurs an opportunity to:

Accepted Answer

A)  do a research paper on a topic of interest.
B)  try out ideas on a computer simulation before risking real time and money.
C)  meet with experienced entrepreneurs with diverse backgrounds and learn from their advice.
D)  listen to a qualified instructor solve all of the problems of small business owners.E) B) and C)
F) A) and B)

Exam 7: Entrepreneurship and Starting a Small Business

Hiring family members offers the best answer to the problem of attracting qualified employees.

Correct AnswerverifiedShow Answer

The primary concern of micropreneurs is to balance the risk of starting your own business with the desire to build a powerful organization earning significant profits.

Correct AnswerverifiedShow Answer

Offering to manage an established business offers experience to a would-be entrepreneur.

Correct AnswerverifiedShow Answer

One advantage enjoyed by home-based businesses is the relative ease in attracting new customers.

Correct AnswerverifiedShow Answer

Ellie is a creative person who works for the Bigdome Corporation,a large producer of consumer products.One of her primary duties is to initiate and develop new products to complement the firm's current product line.Evidently Ellie is a(n) :

Correct AnswerverifiedShow Answer

As their firms grow and prosper,busy entrepreneurs take pleasure in delegating authority to others.

Correct AnswerverifiedShow Answer

Self-employed women account for about what percentage of all self-employed persons?

Correct AnswerverifiedShow Answer

Potential entrepreneurs would be well advised to ask questions.

Correct AnswerverifiedShow Answer

Most SME owners are less than 30 years of age.

Correct AnswerverifiedShow Answer

Not everyone dreams of owning their own business.Identify and describe at least three attributes of successful entrepreneurs.

Correct AnswerverifiedWhile students will likely identify mana...View AnswerShow Answer

Successful entrepreneurs are self-directed.This means they:

Correct AnswerverifiedShow Answer

As a small business owner,Tanika can't afford to provide her employees with the high wages and benefits offered by big corporations.One way to retain her employees and create a high level of motivation would be to:

Correct AnswerverifiedShow Answer

Individuals desiring to learn about small business operations would be well advised to learn from other entrepreneurs.

Correct AnswerverifiedShow Answer

Anthony,a small business owner,is considering marketing his product in Brazil.If he enters the Brazilian market,he is likely to face all of the following problems except :

Correct AnswerverifiedShow Answer

Most entrepreneurs prefer working for someone else.

Correct AnswerverifiedShow Answer

Large multinational firms dominate the international market,leaving few opportunities for small businesses.

Correct AnswerverifiedShow Answer

Web-based businesses:

Correct AnswerverifiedShow Answer

A Small Business Management course at a community college may offer entrepreneurs an opportunity to:

Correct AnswerverifiedShow Answer

Once you have identified your market and its needs,how can you set out to fill those needs?

Correct AnswerverifiedThe way to meet your...View AnswerShow Answer

The largest source of capital for entrepreneurs is usually from

Correct AnswerverifiedShow Answer

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While students will likely identify mana...
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The way to meet your...
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