Question 1

Discuss the benefits exporting offers to small businesses.Given these benefits,why don't more small firms sell in international markets?

Accepted Answer

a.The world market is potentially a much...

Question 2

An entrepreneurial team consists of:

Accepted Answer

A)  managers with similar skills,abilities,and interests.
B)  experienced managers from different areas of business.
C)  a group of wealthy investors who share a vision for a product.
D)  representatives from management,labour,and the government who work together to solve a company's problems in a creative way.E) B) and C)
F) All of the above

Question 3

For prospective entrepreneurs,enrolling in an Introduction to Business or Small Business Management course offered through their community college:

Accepted Answer

A)  is likely to be wasted time since college courses tend to be too theoretical.
B)  can be helpful by offering them an opportunity to meet experienced small business owners.
C)  would be most helpful after starting their business venture.
D)  would offer training equivalent to two years of on-the-job experience.E) A) and D)
F) B) and D)

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

Question 5

The Internet provides an important opportunity for entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 6

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 7

Successful entrepreneurs are self-directed.This means they:

Accepted Answer

A)  look to others for strength and encouragement.
B)  are self-financed with no assistance from others.
C)  perform all business operations by themselves.
D)  are self-disciplined and comfortable being their own boss.E) None of the above
F) All of the above

Question 8

When preparing the executive summary section of a business plan,it is important to remember:

Accepted Answer

A)  that computer software programs provide the information needed to complete this section.
B)  that the goal is to capture the attention of bankers and other investors who receive many business plans every day.
C)  to list all the qualifications,experience,and education of the entrepreneur.
D)  that a perfect business plan starts in this section.E) A) and B)
F) A) and C)

Question 9

Name three potential sources of capital for small and medium-sized enterprises.

Accepted Answer

Supplier credit,personal savin...

Question 10

Large firms have a greater ability to provide personalized,fast response customer service than do small business organizations.

Accepted Answer

A) True 
 B)False

Question 11

The Internet has slowed small businesses' participation in international markets.

Accepted Answer

A) True 
 B)False

Question 12

The primary concerns of an entrepreneur starting a new business should be planning and financing.

Accepted Answer

A) True 
 B)False

Question 13

An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

Accepted Answer

A) True 
 B)False

Question 14

The management of charities,government agencies,and schools is ________ the management of a business.

Accepted Answer

A)  much different than
B)  much the same as
C)  less well defined than
D)  better organized thanE) All of the above
F) A) and B)

Question 15

Many small businesses in Canada avoid trading internationally because they don't know how to get started.What are some of the other primary reasons?

Accepted Answer

Financing,culture,bu...

Question 16

As a(n) ________ Rick searches for firms in need of funding to achieve their goals.In return for his investment,Rick becomes a part owner in the business.Rick operates as a(n) :

Accepted Answer

A)  investment analyst.
B)  venture capitalist.
C)  corporate raider.
D)  securities trader.E) A) and B)
F) A) and C)

Question 17

It is important for an entrepreneur to be highly energetic.

Accepted Answer

A) True 
 B)False

Question 18

Identifying "poor management" as the cause of a small business failure likely includes poor employee relations.

Accepted Answer

A) True 
 B)False

Question 19

In the business world,a market consists of those people who only have a willingness to buy a particular product.

Accepted Answer

A) True 
 B)False

Question 20

Your brother,a family dentist,has opened a new office in your home town.As a business student you know that this type of business experiences both low failure and growth rates.

Accepted Answer

A) True 
 B)False

Exam 7: Entrepreneurship and Starting a Small Business

An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

Correct AnswerverifiedShow Answer

Successful entrepreneurs are self-directed.This means they:

Correct AnswerverifiedShow Answer

When preparing the executive summary section of a business plan,it is important to remember:

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

Discuss the benefits exporting offers to small businesses.Given these benefits,why don't more small firms sell in international markets?

Correct Answerverifieda.The world market is potentially a much...View AnswerShow Answer

The management of charities,government agencies,and schools is ________ the management of a business.

Correct AnswerverifiedShow Answer

Name three potential sources of capital for small and medium-sized enterprises.

Correct AnswerverifiedSupplier credit,personal savin...View AnswerShow Answer

It is important for an entrepreneur to be highly energetic.

Correct AnswerverifiedShow Answer

The primary concerns of an entrepreneur starting a new business should be planning and financing.

Correct AnswerverifiedShow Answer

Your brother,a family dentist,has opened a new office in your home town.As a business student you know that this type of business experiences both low failure and growth rates.

Correct AnswerverifiedShow Answer

Identifying "poor management" as the cause of a small business failure likely includes poor employee relations.

Correct AnswerverifiedShow Answer

In the business world,a market consists of those people who only have a willingness to buy a particular product.

Correct AnswerverifiedShow Answer

Large firms have a greater ability to provide personalized,fast response customer service than do small business organizations.

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

Many small businesses in Canada avoid trading internationally because they don't know how to get started.What are some of the other primary reasons?

Correct AnswerverifiedFinancing,culture,bu...View AnswerShow Answer

As a(n) ________ Rick searches for firms in need of funding to achieve their goals.In return for his investment,Rick becomes a part owner in the business.Rick operates as a(n) :

Correct AnswerverifiedShow Answer

The Internet provides an important opportunity for entrepreneurs.

Correct AnswerverifiedShow Answer

An entrepreneurial team consists of:

Correct AnswerverifiedShow Answer

For prospective entrepreneurs,enrolling in an Introduction to Business or Small Business Management course offered through their community college:

Correct AnswerverifiedShow Answer

The Internet has slowed small businesses' participation in international markets.

Correct AnswerverifiedShow Answer

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a.The world market is potentially a much...
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Correct Answer
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Supplier credit,personal savin...
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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Correct Answer
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Correct Answer
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The way to meet your...
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Financing,culture,bu...
View 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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