Question 1

Since creating a "perfect business plan" is impossible,entrepreneurs should focus on the other tasks needed to get their firm started.

Accepted Answer

A) True 
 B)False

Question 2

To be considered part of a market,an individual must:

Accepted Answer

A)  be a registered buyer.
B)  have made a purchase within the last 30 days.
C)  know the names and addresses of two or more sellers.
D)  have both a willingness to buy and the financial resources needed to buy.E) A) and D)
F) B) and C)

Question 3

Rockdale College has received a government grant to establish a business incubator.This facility will offer:

Accepted Answer

A)  local government agencies assistance in obtaining funds for urban renewal.
B)  area businesses advice on health care benefits for their employees.
C)  venture capitalists an opportunity to identify new entrepreneurs.
D)  new businesses low-cost office space with basic business services.E) A) and B)
F) None of the above

Question 4

While entrepreneurs frequently earn significant profits for themselves,their impact on society is quite small.

Accepted Answer

A) True 
 B)False

Question 5

Intrapreneurs make use of ________________ to develop and launch new products and generate new profits.

Accepted Answer

A)  their employer's existing human,financial,and physical resources
B)  their own personal financial resources
C)  government supplied physical and financial resources
D)  old ideas abandoned by entrepreneursE) None of the above
F) B) and C)

Question 6

A creative person working within a corporation to launch new products and generate new profits is known as a(n) :

Accepted Answer

A)  arbitrator.
B)  micropreneur.
C)  procrastinator.
D)  intrapreneur.E) B) and C)
F) A) and D)

Question 7

Motivated by his desire to operate his own business,Caleb is considering the purchase of an existing business.As he carefully weights this option,he is likely to find that:

Accepted Answer

A)  very few owners of small businesses have any interest in selling.
B)  his potential for success would greatly improve if he started his own new firm.
C)  the value of an existing business is determined by what the business owns,what it earns,and what makes it unique.
D)  any entrepreneur willing to sell their business is experiencing serious financial problems.E) A) and B)
F) A) and C)

Question 8

Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.

Accepted Answer

A) True 
 B)False

Question 9

Lamont wants to improve his chances to be a successful entrepreneur and so he has written a business plan.One advantage of developing this plan is that it:

Accepted Answer

A)  meets federal reporting requirements of Revenue Canada.
B)  ensures financing will be available from the venture capitalists.
C)  forces Lamont to think carefully about all aspects of his planned business.
D)  will enable him to switch from a sole proprietorship to a corporation without any further paperwork.E) None of the above
F) A) and B)

Question 10

Entrepreneurship involves accepting the risk of starting and running a business.

Accepted Answer

A) True 
 B)False

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

Entrepreneurs in Canada have:

Accepted Answer

A)  often created wealth for themselves,but have had a minor impact on the economy as a whole.
B)  played a major role in developing the Canadian economy.
C)  been successful only when they worked in partnership with the federal government.
D)  played an important role,but are less important now in creating jobs and wealth.E) B) and C)
F) A) and D)

Question 13

Holiday Shores is an expensive,five-star restaurant with an outstanding reputation.Although located about two miles from a high school,the restaurant does not view the students as part of their market.The restaurant's view is likely correct because:

Accepted Answer

A)  the school is more than a mile from the restaurant.
B)  the school cafeteria provides all of the food the students require.
C)  food is a low priority item for most students.
D)  most high school students can't afford to eat at expensive restaurants.E) A) and B)
F) B) and C)

Question 14

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 15

Within the small business sector,there is some debate about what in terms of small-business success and failure?

Accepted Answer

A)  how many new small businesses fail each year
B)  how to make a profit
C)  the skills needed to be an entrepreneur
D)  the role of governmentE) All of the above
F) A) and D)

Question 16

Neal,a licensed real estate broker,received notification that his application for a business loan was denied.The bank refused his request because he failed to provide a blueprint identifying the intended target market and competitive strategy.In order to secure a bank loan Neal evidently needs a:

Accepted Answer

A)  bankruptcy lawyer.
B)  business plan.
C)  venture capitalist.
D)  loan advocate.E) A) and D)
F) A) and C)

Question 17

Opponents of home-based businesses successfully lobbied Parliament to reduce the tax deductions available for home offices.

Accepted Answer

A) True 
 B)False

Question 18

Compared to employees of large businesses,small business employees are less satisfied with their work because they see their jobs as less challenging.

Accepted Answer

A) True 
 B)False

Question 19

The largest source of capital for entrepreneurs is usually from

Accepted Answer

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

Question 20

Most Canadians find their jobs in:

Accepted Answer

A)  government agencies.
B)  large corporations.
C)  the manufacturing sector.
D)  small businesses.E) C) and D)
F) A) and D)

Exam 7: Entrepreneurship and Starting a Small Business

Rockdale College has received a government grant to establish a business incubator.This facility will offer:

Correct AnswerverifiedShow Answer

Entrepreneurship involves accepting the risk of starting and running a business.

Correct AnswerverifiedShow Answer

Most Canadians find their jobs in:

Correct AnswerverifiedShow Answer

Opponents of home-based businesses successfully lobbied Parliament to reduce the tax deductions available for home offices.

Correct AnswerverifiedShow Answer

Compared to employees of large businesses,small business employees are less satisfied with their work because they see their jobs as less challenging.

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

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

Intrapreneurs make use of ________________ to develop and launch new products and generate new profits.

Correct AnswerverifiedShow Answer

Motivated by his desire to operate his own business,Caleb is considering the purchase of an existing business.As he carefully weights this option,he is likely to find that:

Correct AnswerverifiedShow Answer

To be considered part of a market,an individual must:

Correct AnswerverifiedShow Answer

Entrepreneurs in Canada have:

Correct AnswerverifiedShow Answer

Lamont wants to improve his chances to be a successful entrepreneur and so he has written a business plan.One advantage of developing this plan is that it:

Correct AnswerverifiedShow Answer

A creative person working within a corporation to launch new products and generate new profits is known as a(n) :

Correct AnswerverifiedShow Answer

While entrepreneurs frequently earn significant profits for themselves,their impact on society is quite small.

Correct AnswerverifiedShow Answer

Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.

Correct AnswerverifiedShow Answer

Holiday Shores is an expensive,five-star restaurant with an outstanding reputation.Although located about two miles from a high school,the restaurant does not view the students as part of their market.The restaurant's view is likely correct because:

Correct AnswerverifiedShow Answer

Within the small business sector,there is some debate about what in terms of small-business success and failure?

Correct AnswerverifiedShow Answer

The largest source of capital for entrepreneurs is usually from

Correct AnswerverifiedShow Answer

Neal,a licensed real estate broker,received notification that his application for a business loan was denied.The bank refused his request because he failed to provide a blueprint identifying the intended target market and competitive strategy.In order to secure a bank loan Neal evidently needs a:

Correct AnswerverifiedShow Answer

Since creating a "perfect business plan" is impossible,entrepreneurs should focus on the other tasks needed to get their firm started.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified