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- 1. Multiple ChoiceOne of the most significant economic developments in recent business history relates to the ________.growth of blue-chip corporationsdevelopment of Pacific Rim countriesentrepreneurial spiritadditional employment opportunities offered by government institutions
- 2. Multiple ChoiceThe recent number of job losses in large corporations compared to the jobs created by small business has changed the perception of ________ for launching a new business.prestigeriskfinancing opportunitiesshort-term potential
- 3. Multiple ChoiceIncreased entrepreneurial activity is a phenomenon unique to the U.S.TRUEFALSE
- 4. Multiple ChoiceThe profile of an entrepreneur includes ________.a desire for responsibility and moderate riskconfidence in the ability to succeed and determinationa high level of energy, a desire for immediate feedback and a future orientationAll the above
- 5. Multiple ChoiceAn entrepreneur is one who ________.is willing to attempt to implement a business concept and then give up if it does not meet immediate expectationsunderstands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business conceptknows that the concept they are about to develop will result in a profitable businesscreates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities
- 6. Multiple ChoiceAll of the following are characteristics of the typical entrepreneur except ________.confidence in his/her ability to succeedvalue of money over achievementdesire for immediate feedbacka future orientation
- 7. Multiple ChoiceEntrepreneurs are characterized by ________.skill at organizingdesire for immediate feedbackhigh energy levelsAll of the above
- 8. Multiple ChoiceEntrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs.opportunisticpersistentserialclassic
- 9. Multiple ChoiceEntrepreneurs typically possess ________.the ability to easily access capitala set of unique skills that is usually accompanied by advanced degrees in several areasa high level of commitment, have a tolerance for ambiguity, are flexible and tenaciousspecialized technical abilities
- 10. Multiple ChoiceThe opportunity to reap impressive profits is the primary motivation for most entrepreneurs.TRUEFALSE
- 11. Multiple ChoiceWhich of the following is a benefit of entrepreneurship?The opportunity to gain control over your own destiny.The opportunity to reach your full potential.The opportunity to do what you enjoy.All of the above
- 12. Multiple ChoicePotential drawbacks of entrepreneurship may include ________.uncertainty of income, risk, long hours, and high stressuncertainty of income, risk, easy hours, and frequent vacationsuncertainty of income, risk, long hours, and the immediate accumulation of wealthcertainty of income, risk, long hours, and high stress
- 13. Multiple ChoiceIt is estimated that ________ percent of new businesses fail within two years, while ________ percent fail within five years.21; 5151; 6435; 4151; 31
- 14. Multiple ChoiceWithin five years, ________ percent of new businesses will fail.21455165
- 15. Multiple ChoiceWhich of the following is not a factor that contributed to the entrepreneurial boom behind entrepreneurship?demographic and economic factorstax breaksthe shift to a service-based economy and international opportunitiestechnology and cloud computing
- 16. Multiple ChoiceEntrepreneurs may find benefit from the Internet due to its potential ________.if the organization is willing to invest millions of dollars in this effortonly if the entrepreneur has a high level of technical abilitiesas a relatively low-cost solution to expand its revenue-generating abilitiesto take all pressure off other attributes of the business venture
- 17. Multiple ChoiceInternational opportunities are ________.clearly out of reach for entrepreneurial businessesnow within the reach of entrepreneurial businesses and may present significant opportunitieshighly limited for entrepreneursrisky and do not merit serious consideration by the entrepreneur
- 18. Multiple ChoiceSmall companies that operate globally from their inception are referred to as ________.micromultinationalsintrapreneurial venturesglobal companiesinternational companies
- 19. Multiple ChoiceEntrepreneurial couples who work together as co-owners of their business are referred to as ________.dual entrepreneurscorporate dropoutscorporate cast-offscopreneurs
- 20. Multiple ChoiceWomen in business still experience ________ as they attempt to break the "glass ceiling."successopportunitiesdiscriminationease of navigation
- 21. Multiple Choice________ percent of all U.S. businesses are family-owned and managed.25507090
- 22. Multiple ChoiceWhich of the following is a characteristic of copreneurs?Mutual respectComplementary business skillsA clear division of roles and authorityAll of the above
- 23. Multiple ChoiceThe average age of the first-time entrepreneurs in the United States is nearly ________.44251931
- 24. Multiple ChoiceMost home-based businesses are simple cottage industries such as crafts or sewing.TRUEFALSE
- 25. Multiple ChoiceNinety-percent of businesses in the United States are family-owned and managed and account for 62 percent of total U.S. employment.TRUEFALSE
- 26. Multiple ChoiceCorporate downsizing has spawned a generation of entrepreneurs known as "corporate castoffs."TRUEFALSE
- 27. Multiple ChoiceOf the 28 million businesses in the United States, more than ________ percent are considered small.50758899
- 28. Multiple ChoiceAccording to the U.S. Small Business Administration, a common delineation of a small business is one that employs fewer than ________ people.50100250500
- 29. Multiple ChoiceThe young, job-creating small companies are known as ________.assertiveantelopesaggressivegazelles
- 30. Multiple ChoiceSmall businesses actually create more jobs than the number of jobs big businesses create.TRUEFALSE
- 31. Multiple ChoiceOne hallmark of successful entrepreneurs is the ability to ________.be willing to gamblefail intelligentlyoverlook past successesrepeat the same mistake
- 32. Multiple ChoiceThe primary cause of small business failures is ________.the lack of capitalmanagement mistakespoor locationimproper inventory control
- 33. Multiple ChoiceThe only people who ________ are those who never do anything or never attempt anything new.succeedprosperfailprofit
- 34. Multiple ChoiceWhich of the following was not identified as one of the suggestions for small business success?Develop a business plan as you grow your business.Manage your financial resources and understand financial statements.Know your business in depth.Learn to manage people successfully.
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