Entrepreneurship Unit 1

1.

Multiple Choice

1 min

1 pt

One of the most significant economic developments in recent business history relates to the ________.

growth of blue-chip corporations

development of Pacific Rim countries

entrepreneurial spirit

additional employment opportunities offered by government institutions

2.

Multiple Choice

1 min

1 pt

The 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.

prestige

risk

financing opportunities

short-term potential

3.

Multiple Choice

30 sec

1 pt

Increased entrepreneurial activity is a phenomenon unique to the U.S.

TRUE

FALSE

4.

Multiple Choice

45 sec

1 pt

The profile of an entrepreneur includes ________.

a desire for responsibility and moderate risk

confidence in the ability to succeed and determination

a high level of energy, a desire for immediate feedback and a future orientation

All the above

5.

Multiple Choice

45 sec

1 pt

An entrepreneur is one who ________.

is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations

understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept

knows that the concept they are about to develop will result in a profitable business

creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities

6.

Multiple Choice

45 sec

1 pt

All of the following are characteristics of the typical entrepreneur except ________.

confidence in his/her ability to succeed

value of money over achievement

desire for immediate feedback

a future orientation

7.

Multiple Choice

45 sec

1 pt

Entrepreneurs are characterized by ________.

skill at organizing

desire for immediate feedback

high energy levels

All of the above

8.

Multiple Choice

45 sec

1 pt

Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs.

opportunistic

persistent

serial

classic

9.

Multiple Choice

1 min

1 pt

Entrepreneurs typically possess ________.

the ability to easily access capital

a set of unique skills that is usually accompanied by advanced degrees in several areas

a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious

specialized technical abilities

10.

Multiple Choice

30 sec

1 pt

The opportunity to reap impressive profits is the primary motivation for most entrepreneurs.

TRUE

FALSE

11.

Multiple Choice

1 min

1 pt

Which 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 Choice

1 min

1 pt

Potential drawbacks of entrepreneurship may include ________.

uncertainty of income, risk, long hours, and high stress

uncertainty of income, risk, easy hours, and frequent vacations

uncertainty of income, risk, long hours, and the immediate accumulation of wealth

certainty of income, risk, long hours, and high stress

13.

Multiple Choice

1 min

1 pt

It is estimated that ________ percent of new businesses fail within two years, while ________ percent fail within five years.

21; 51

51; 64

35; 41

51; 31

14.

Multiple Choice

45 sec

1 pt

Within five years, ________ percent of new businesses will fail.

21

45

51

65

15.

Multiple Choice

1 min

1 pt

Which of the following is not a factor that contributed to the entrepreneurial boom behind entrepreneurship?

demographic and economic factors

tax breaks

the shift to a service-based economy and international opportunities

technology and cloud computing

16.

Multiple Choice

1 min

1 pt

Entrepreneurs may find benefit from the Internet due to its potential ________.

if the organization is willing to invest millions of dollars in this effort

only if the entrepreneur has a high level of technical abilities

as a relatively low-cost solution to expand its revenue-generating abilities

to take all pressure off other attributes of the business venture

17.

Multiple Choice

1 min

1 pt

International opportunities are ________.

clearly out of reach for entrepreneurial businesses

now within the reach of entrepreneurial businesses and may present significant opportunities

highly limited for entrepreneurs

risky and do not merit serious consideration by the entrepreneur

18.

Multiple Choice

1 min

1 pt

Small companies that operate globally from their inception are referred to as ________.

micromultinationals

intrapreneurial ventures

global companies

international companies

19.

Multiple Choice

45 sec

1 pt

Entrepreneurial couples who work together as co-owners of their business are referred to as ________.

dual entrepreneurs

corporate dropouts

corporate cast-offs

copreneurs

20.

Multiple Choice

45 sec

1 pt

Women in business still experience ________ as they attempt to break the "glass ceiling."

success

opportunities

discrimination

ease of navigation

21.

Multiple Choice

45 sec

1 pt

________ percent of all U.S. businesses are family-owned and managed.

25

50

70

90

22.

Multiple Choice

45 sec

1 pt

Which of the following is a characteristic of copreneurs?

Mutual respect

Complementary business skills

A clear division of roles and authority

All of the above

23.

Multiple Choice

45 sec

1 pt

The average age of the first-time entrepreneurs in the United States is nearly ________.

44

25

19

31

24.

Multiple Choice

30 sec

1 pt

Most home-based businesses are simple cottage industries such as crafts or sewing.

TRUE

FALSE

25.

Multiple Choice

45 sec

1 pt

Ninety-percent of businesses in the United States are family-owned and managed and account for 62 percent of total U.S. employment.

TRUE

FALSE

26.

Multiple Choice

30 sec

1 pt

Corporate downsizing has spawned a generation of entrepreneurs known as "corporate castoffs."

TRUE

FALSE

27.

Multiple Choice

45 sec

1 pt

Of the 28 million businesses in the United States, more than ________ percent are considered small.

50

75

88

99

28.

Multiple Choice

45 sec

1 pt

According to the U.S. Small Business Administration, a common delineation of a small business is one that employs fewer than ________ people.

50

100

250

500

29.

Multiple Choice

45 sec

1 pt

The young, job-creating small companies are known as ________.

assertive

antelopes

aggressive

gazelles

30.

Multiple Choice

30 sec

1 pt

Small businesses actually create more jobs than the number of jobs big businesses create.

TRUE

FALSE

31.

Multiple Choice

45 sec

1 pt

One hallmark of successful entrepreneurs is the ability to ________.

be willing to gamble

fail intelligently

overlook past successes

repeat the same mistake

32.

Multiple Choice

45 sec

1 pt

The primary cause of small business failures is ________.

the lack of capital

management mistakes

poor location

improper inventory control

33.

Multiple Choice

45 sec

1 pt

The only people who ________ are those who never do anything or never attempt anything new.

succeed

prosper

fail

profit

34.

Multiple Choice

1 min

1 pt

Which 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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