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Exam 6: Entrepreneurship and Starting a Small Business

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Question 41

Multiple Choice

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Antoine is considering marketing his bicycles in Brazil.If he enters the Brazilian market,he is likely to learn that ___________.

A) some cultures like dealing with individuals from smaller companies rather than large companies
B) he will not be able to keep up with demand
C) most foreign cultures prefer large company relationships to small company relationships
D) there is strong resistance of Brazilian firms with respect to American products

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

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Question 42

True/False

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When Kelsey began the Cookie Kitchen,she located the operation at a small business center to get help with accounting,legal advice,and secretarial help for a very low cost.Electing to join the incubator helped her company to survive because it provided assistance while her company was in its infancy. Incubators are centers that offer new businesses low-cost offices with basic business services such as accounting,legal advice and secretarial help.They provide assistance in the critical stage of early development.

A) True
B) False

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Question 43

Multiple Choice

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One way to get into business is to buy an existing company.The value of the business used to determine a fair purchase price is based on:

Advancements in computer technology put home-based businesses at a disadvantage.

Mini-Case Peppy Roaney believes that pizza is a much more versatile dish than most people realize.As the national marketing manager for Pizza Guys,he observed how consumers were delighted with barbecue pizza,Hawaiian pizza,Mexican pizza and other unique combinations.His suggestions for other unusual pizzas,however,were met with a negative response by his superiors.Even some of his colleagues laughed at his ideas.Peppy's confidence in his ability to understand the market has led him to focus on planning a business of his own.Peppy realizes that he will take a risk when he leaves his job with Pizza Guys and embarks upon a new venture: Peppy's Pizzazzeria.Peppy is excited about the potential of profitably catering to the unmet desires of pizza consumers. -Given Peppy's willingness to accept the risks of opening and running Peppy's Pizzazzeria,he is clearly an example of a(n) :

After graduation,Manny focused his attention on finding full time employment.He has decided to narrow his job search to jobs with a major corporation.His job search strategy:

One advantage enjoyed by small businesses in international markets is that overseas buyers like dealing with individuals rather than large corporate bureaucracies.

Small businesses have not significantly participated in web-based online sales.

The Small Business Administration defines a small business as a firm that:

Which of the following is a characteristic of successful entrepreneurs?

Small Business Administration microloans are based on the borrowers' integrity rather than collateral and credit history.

With fewer employees and less revenue,small businesses have less need for detailed records than do larger business organizations.

The easiest businesses to start also have the least growth potential and the greatest failure rates.

Web-based businesses avoid the risk of failure faced by traditional startup businesses.

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

In order to qualify for a microloan from the SBA,an entrepreneur must have adequate collateral,and a proven track record of success.

Of all nonfarm businesses in the United States,almost 97 percent are considered small by the Small Business Administration (SBA)standards.

Conventional wisdom reports that 44 percent of all small businesses fail in their first four years of operation.

Entrepreneurial teams combine the creative marketing and production ideas of a group of experienced people.

As the owner of a small manufacturing business,Myles has an interest in exporting.However,he doesn't know how to get started.Fortunately,the government provides an abundance of information to encourage entrepreneurs like Myles. The Commerce Department's Bureau of Industry and Security and the Small Business Administration provide export information on the Internet.