Question 1

What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?

Accepted Answer

a.Entrepreneurial teams bring experience...

Question 2

Entrepreneurs often discover that there are many legal and financial issues involved in starting their business.The best way for the small business owner to resolve these issues and protect the firm's resources is:

Accepted Answer

A)  for the owner(s) to trust their common sense.
B)  to hire a full time lawyer and accountant immediately.
C)  defer making decisions regarding these issues until the company is bigger.
D)  seek expert guidance and assistance.E) A) and B)
F) B) and C)

Question 3

Corporate downsizing reduces the opportunities for home-based businesses.

Accepted Answer

A) True 
 B)False

Question 4

Kathy,like many others in her extended family,works in the furniture store started by her grandfather.As the business has expanded,she has been frustrated because:

Accepted Answer

A)  suppliers are reluctant to do business with a family-run business.
B)  of the accounting rules that apply to family businesses.
C)  profit margins have increased on household furnishings.
D)  you can't fire family.E) B) and C)
F) A) and D)

Question 5

Small businesses employ about 1 million individuals in Canada.

Accepted Answer

A) True 
 B)False

Question 6

Sharaf decided to work for a floral design shop before opening her own shop.She will find that this was a waste of time as her work is used to make someone else successful.

Accepted Answer

A) True 
 B)False

Question 7

Entrepreneurs and new start-up companies can find assistance from incubators.According to the Canadian Association of Business Incubators,incubators today provide what kinds of services?

Accepted Answer

Hands-on management assistance...

Question 8

Aside from personal savings,the only other viable source of financing for an entrepreneur would be funds available from friends and family.

Accepted Answer

A) True 
 B)False

Question 9

Venture capitalists may ask for a large stake in a new business.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following best describes the opportunities available to small businesses in international markets?

Accepted Answer

A)  The world market is a much larger,and potentially more lucrative,market than the Canadian domestic market.
B)  The threat of terrorist activities prevents small businesses from competing internationally.
C)  Most foreign buyers prefer to deal with large,well-known corporations rather than small businesses.
D)  Higher business costs eliminate the profit opportunities in global markets.E) B) and D)
F) C) and D)

Question 11

Bad luck is the most often reported cause for small business failure.

Accepted Answer

A) True 
 B)False

Question 12

Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in:

Accepted Answer

A)  the manufacturing sector.
B)  the food service industry.
C)  a low risk industry.
D)  the agriculture sector.E) All of the above
F) A) and C)

Question 13

Successful entrepreneurs rely on others for direction and support.

Accepted Answer

A) True 
 B)False

Question 14

Individuals motivated to start a home-based business allowing them to balance the demands of business and family are called:

Accepted Answer

A)  entremanures.
B)  intrapreneurs.
C)  micropreneurs.
D)  home workers.E) None of the above
F) A) and B)

Question 15

Entrepreneurs seeking financial support from bankers and potential investors should:

Accepted Answer

A)  be vague regarding their creative business plans to avoid having their idea stolen.
B)  seek their assistance in developing their business plan.
C)  create a detailed business plan to help the bankers and investors understand why this business will succeed.
D)  ask for a relatively small amount of capital initially,postponing a full funding request until the investors better understand the business concept.E) All of the above
F) B) and C)

Question 16

98% of businesses in Canada have fewer than 100 employees.

Accepted Answer

A) True 
 B)False

Question 17

A(n) ____________ is a valuable source of information regarding techniques to reduce a firm's exposure to risk.

Accepted Answer

A)  insurance agent
B)  accountant
C)  liability assessor
D)  union business agentE) A) and D)
F) A) and C)

Question 18

How important is small business to the Canadian economy?

Accepted Answer

It is very important.Data can be found i...

Question 19

Big businesses don't serve all the needs of the market.

Accepted Answer

A) True 
 B)False

Question 20

Art comes up with new ideas or innovations for his company.He is an example of a(n) :

Accepted Answer

A)  intrapreneur
B)  entrepreneurial team
C)  micropreneur
D)  all of the aboveE) A) and D)
F) A) and C)

Exam 7: Entrepreneurship and Starting a Small Business

Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in:

Correct AnswerverifiedShow Answer

Sharaf decided to work for a floral design shop before opening her own shop.She will find that this was a waste of time as her work is used to make someone else successful.

Correct AnswerverifiedShow Answer

Big businesses don't serve all the needs of the market.

Correct AnswerverifiedShow Answer

Entrepreneurs often discover that there are many legal and financial issues involved in starting their business.The best way for the small business owner to resolve these issues and protect the firm's resources is:

Correct AnswerverifiedShow Answer

Individuals motivated to start a home-based business allowing them to balance the demands of business and family are called:

Correct AnswerverifiedShow Answer

98% of businesses in Canada have fewer than 100 employees.

Correct AnswerverifiedShow Answer

Bad luck is the most often reported cause for small business failure.

Correct AnswerverifiedShow Answer

Small businesses employ about 1 million individuals in Canada.

Correct AnswerverifiedShow Answer

Venture capitalists may ask for a large stake in a new business.

Correct AnswerverifiedShow Answer

Aside from personal savings,the only other viable source of financing for an entrepreneur would be funds available from friends and family.

Correct AnswerverifiedShow Answer

What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?

Correct Answerverifieda.Entrepreneurial teams bring experience...View AnswerShow Answer

Entrepreneurs seeking financial support from bankers and potential investors should:

Correct AnswerverifiedShow Answer

How important is small business to the Canadian economy?

Correct AnswerverifiedIt is very important.Data can be found i...View AnswerShow Answer

A(n) ____________ is a valuable source of information regarding techniques to reduce a firm's exposure to risk.

Correct AnswerverifiedShow Answer

Art comes up with new ideas or innovations for his company.He is an example of a(n) :

Correct AnswerverifiedShow Answer

Successful entrepreneurs rely on others for direction and support.

Correct AnswerverifiedShow Answer

Which of the following best describes the opportunities available to small businesses in international markets?

Correct AnswerverifiedShow Answer

Entrepreneurs and new start-up companies can find assistance from incubators.According to the Canadian Association of Business Incubators,incubators today provide what kinds of services?

Correct AnswerverifiedHands-on management assistance...View AnswerShow Answer

Kathy,like many others in her extended family,works in the furniture store started by her grandfather.As the business has expanded,she has been frustrated because:

Correct AnswerverifiedShow Answer

Corporate downsizing reduces the opportunities for home-based businesses.

Correct AnswerverifiedShow Answer

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a.Entrepreneurial teams bring experience...
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It is very important.Data can be found i...
View Answer

Correct Answer
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Hands-on management assistance...
View Answer

Correct Answer
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