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Exam 6: Entrepreneurship and Starting a Small Business

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Question 161

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The business opportunities with the greatest growth potential tend to be in the high technology industries.

A) True
B) False

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Question 162

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Which of the following sources of investment is the least likely type available to entrepreneurs?

A) Angel investors
B) Small Business Administration loans
C) Venture capitalists
D) Family and friends

E) A) and D)
F) B) and D)

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Question 163

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One way to control the legal costs associated with operating a small business is to purchase a prepaid legal plan.

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

Carrie,a student at Metropolitan Community College,dreams of starting her own business.In an effort to learn as much as she can about small business management,she talked to four friends who each offered their advice.Which of these suggestions is likely to help Carrie the most?

Which of the following statements is not a challenge for home-based businesses?

One reason why many U.S.small businesses are not involved in exporting is:

Upwards of 80% of all U.S.workers find their first job in small business.

Because college students realize the importance of nursing homes for our aging population,students comprise an attractive market for nursing home insurance policies. A market consists of people who have both a willingness to buy and the financial resources needed to make the purchase.College students may lack both of these attributes.

One of the best places for young entrepreneurs to start shopping for a SBA loan is a:

An intrapreneur is the creative person who starts and manages a nonprofit organization.

Compared to small businesses,large firms have a greater ability to provide personalized customer service.

In order to better serve their customers,small business owners should avoid delegating authority to their employees. Successful small businesses often grow beyond the ability of the entrepreneur.Empowering employees produces highly motivated workers with higher job satisfaction.This helps to improve customer service and reduces the wear and tear on the owner-manager.

Business incubators provide assistance to established companies attempting to generate foreign sales.

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

The most common small business failures occur in businesses that are the easiest to start.

Entrepreneurs are less important now than in the past to the U.S.economy.

The Internet provides a resource for entrepreneurs for information regarding the steps needed to take their business online.