Question 1

Entrepreneurial spirit is unique to a small business environment.

Accepted Answer

A) True 
 B)False

Question 2

Venture capitalists provide funds for small businesses as part of their philanthropy programs.

Accepted Answer

A) True 
 B)False

Question 3

One reason why many Canadian small businesses are not involved in exporting is:

Accepted Answer

A)  the government's new homeland security programs limit opportunities for small businesses.
B)  Canadian products are perceived as inferior.
C)  many of these firms do not know how to get started.
D)  there is a limited market for their products.E) C) and D)
F) None of the above

Question 4

Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

Accepted Answer

A) True 
 B)False

Question 5

Since entrepreneurs are starting new businesses,experience gained from working for an established business isn't particularly helpful.

Accepted Answer

A) True 
 B)False

Question 6

Traditionally small business statistics classified the retirement of an owner of a sole proprietorship as a business failure.

Accepted Answer

A) True 
 B)False

Question 7

A ________refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Accepted Answer

A)  consumer collective
B)  consumer co-operative
C)  market
D)  buyer's co-operativeE) A) and B)
F) All of the above

Question 8

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Accepted Answer

A) True 
 B)False

Question 9

Entrepreneurship is another name for management.

Accepted Answer

A) True 
 B)False

Question 10

Over 75% of home based employer businesses are in:

Accepted Answer

A)  manufacturing.
B)  Ontario.
C)  the service sector.
D)  bankruptcy court.E) B) and C)
F) A) and D)

Question 11

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

Accepted Answer

a.Entrepreneurial teams bring experience...

Question 12

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 13

Success in running a business depends on knowing your customers.

Accepted Answer

A) True 
 B)False

Question 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

Credit owing to potential suppliers can be a source of financing for a new business.

Accepted Answer

A) True 
 B)False

Question 17

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

Question 18

The goal of an intrapreneur is to:

Accepted Answer

A)  develop new products and generate new profits for the corporation.
B)  improve quality control in a corporation's production process.
C)  implement cost control policies for existing products.
D)  break up an inefficient big firm into a group of smaller,more efficient business organizations.E) B) and D)
F) C) and D)

Question 19

To be classified as a small business,a firm must have no more than 50 employees.

Accepted Answer

A) True 
 B)False

Question 20

A review of small business successes and failures indicates that the:

Accepted Answer

A)  businesses that are easiest to start offer the greatest potential for long term growth and profits.
B)  reason the service sector is rapidly growing is that these firms are easy to start and keep going,and offer high levels of security and growth potential.
C)  restaurant industry offers the least risk for entrepreneurs.
D)  businesses with the potential of high profit levels tend to be difficult to start and hard to keep going.E) A) and C)
F) A) and B)

Exam 7: Entrepreneurship and Starting a Small Business

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

To be classified as a small business,a firm must have no more than 50 employees.

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

One reason why many Canadian small businesses are not involved in exporting is:

Correct AnswerverifiedShow Answer

A ________refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.

Correct AnswerverifiedShow Answer

Credit owing to potential suppliers can be a source of financing for a new business.

Correct AnswerverifiedShow Answer

Traditionally small business statistics classified the retirement of an owner of a sole proprietorship as a business failure.

Correct AnswerverifiedShow Answer

Over 75% of home based employer businesses are in:

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

A review of small business successes and failures indicates that the:

Correct AnswerverifiedShow Answer

Success in running a business depends on knowing your customers.

Correct AnswerverifiedShow Answer

Venture capitalists provide funds for small businesses as part of their philanthropy programs.

Correct AnswerverifiedShow Answer

The goal of an intrapreneur is to:

Correct AnswerverifiedShow Answer

Because of the stress of being in business for yourself,it's important that entrepreneurs have people around them to help replenish their enthusiasm.

Correct AnswerverifiedShow Answer

Since entrepreneurs are starting new businesses,experience gained from working for an established business isn't particularly helpful.

Correct AnswerverifiedShow Answer

Entrepreneurial spirit is unique to a small business environment.

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

Exporting offers small businesses opportunities to reduce their dependence on domestic sales and extend product lives.

Correct AnswerverifiedShow Answer

Entrepreneurship is another name for management.

Correct AnswerverifiedShow Answer

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a.Entrepreneurial teams bring experience...
View Answer

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