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- 1. Multiple ChoiceAn entrepreneurworks for someone elsemust employ more than five employeesis responsible for his or her business successmust take college level courses
- 2. Multiple ChoiceEntrepreneurs have a great need forpersonal freedomtaking risksmaking a lot of moneyall the above
- 3. Multiple ChoiceWhich of the following is a reward of being an entrepreneur?making your own hoursacting on your own decisionsdoing work you enjoyall the above
- 4. Multiple Choice________ is the chance of losing somethingRiskRewardenginebusiness
- 5. Multiple ChoiceThe Small Business Administration defines a small, non-manufacturing business as having fewer than ________ employees2550100200
- 6. Multiple ChoiceThe ability to perform a specific kind of task after practice is referred to as havingan aptitudea skillan attitudeself-esteem
- 7. Multiple ChoiceWhich of the following is not generally a personal characteristic of a successful entrepreneur?couragecautiousnesscreativitycuriosity
- 8. Multiple ChoiceWhat percentage of business owners used money of their own, or from their families, to start or buy a business?less than 20 %between 20% and 40%between 40% and 60%more than 60 %
- 9. Multiple ChoiceWhich of the following would not be provided by a mentor?guidancetutoringfinancial securitysuggestions for achieving goals
- 10. Multiple ChoiceOne of the characteristics of a successful entrepreneur is ________, a commitment to being truthful and sincere with others.honestybookkeepingcomputer skillscreativity
- 11. Multiple ChoiceA characteristic of a successful entrepreneur is ________—inventing new ways of doing things and "thinking outside the box."honestybookkeepingcomputer skillscreativity
- 12. Multiple ChoiceAccording to Small Business Administration research, the number of women and minority entrepreneurs has steadily ________ in recent years.increaseddecreasedstayed the samejumped
- 13. Multiple ChoiceSuccessful entrepreneurs need _______ skills so they can create budgetscommunicationmathwritingexecutive
- 14. Multiple ChoiceAnother name for "business" iscapitalenterpriseeconomic systemexchange
- 15. Multiple ChoiceThe United States has which type of economic system?commandsocialistmarketcommunist
- 16. Multiple ChoiceEconomics isa social sciencethe study of how economies workthe study of how people satisfy their wants and needsall of the above
- 17. Multiple ChoiceIn economic terms, scarcity occurs whentoo much money is chasing too many goods or servicesthere is not enough of a good or service to meet the demand for itnot enough money is available for people to buy thingsnatural resources have been used up
- 18. Multiple ChoiceIn a command economy, the government controlspricesownershippropertyall of the above
- 19. Multiple Choice
The fastest growing category of industries in the U.S. is ________ industry
local
service
retail
manufacturing
- 20. Multiple ChoiceOne of the first questions an entrepreneur must answer is: Is there a(n) ________ for my product or service?servicecapitalismdemandcommand
- 21. Multiple ChoiceWhen a musical work is created, it is protected by acopyrightpatenttrademarknone of the above
- 22. Multiple ChoiceA device or process can be protected by atrademarkcopyrightpatentall of the above
- 23. Multiple Choice
Which of the following is the of "C" of a business plan that deals with the business idea?
cash
cooperation
concept
competition
- 24. Multiple Choice
Which of the following is NOT one of "The Three C's" of a business plan?
concept
challenge
customer
capital
- 25. Multiple ChoiceValues shared by all cultures throughout history are called ________ values.universalchallengingtransparentcompetition
- 26. Multiple ChoiceYou can recognize potential business ideas from which of the following sources?changes in lawsnew discoveriesproblems that need solvedall of the above
- 27. Multiple ChoiceWhich of the following attitudes make it difficult to be creative?being judgmentalbeing afraid of failurebeing inflexibleall of the above
- 28. Multiple ChoiceThe first step in creating a new business is the ________ phaseideationsillyinnovationresistance
- 29. Multiple ChoiceThe franchise buyer, the right to sell the company’s products or services in a particular location for a specified amount of time.leaseefranchiseefranchisor
- 30. Multiple ChoiceYour hobbies, talents, & interest are __ of opportunityexternalinternalexisiting
- 31. Multiple ChoiceWhich of the following is NOT a screening question?Does the idea fill a need or want not being met?Do I like my idea?Where will they buy it? (location or online)
- 32. Multiple Choice
Trade shows are a(n)___ source of opportunity
external
internal
a waste of time
monetary
- 33. Multiple ChoiceWhich of the following is not part of a SWOT analysis?strengthsweaknessesthreatsorganizations
- 34. Multiple ChoiceWhen performing a SWOT analysis of a business opportunity, your competitors would be classified as astrengthoptionweaknessthreat
- 35. Multiple ChoiceA(n) _____ risk is one that has been carefully evaluated using such tools as cost/benefit analysis or SWOT analysisstronglowcalculatedthreat
- 36. Multiple Choice
A business that converts materials into goods and then sells those goods to others
manufacturing
service
retail
wholesale
- 37. Multiple Choice
The business type that sells & provides Internet service to residential customers.
manufacturer
service provider
retailer
wholesaler
- 38. Multiple Choice______ businesses buy goods and resell them in small quantities directly to consumers, who are the final buyersmanufacturingserviceretailwholesale
- 39. Multiple Choice
______ businesses buy goods in very large batches and resell the goods in batches to customers who are not the final buyers
manufacturing
service
retail
wholesale
- 40. Multiple ChoiceA legally defined type of business ownership in which a single individual owns the businesssole proprietorshippartnernershipLLCcorporation
- 41. Multiple ChoiceA legally defined business organization in which at least two individuals share the management, profit, and liability of a businesssole proprietorshippartnernershipLLCcorporation
- 42. Multiple ChoiceA legally defined type of business ownership in which the business is considered a “person” under the law, and limited liability is granted to the business owner(s).sole proprietorshippartnernershipLLCcorporation
- 43. Multiple ChoiceWhen businesses act in ways that balance profit and growth with the good of society.mission statementvision statementsocial responsibilitycorporation
- 44. Multiple ChoiceA statement describes why a company exists and guides a company’s work and actionsmission statementvision statementsocial responsibilitycorporation
- 45. Multiple Choice
The goal of a business is stated in the Mission statement and then it is supported in the _____.
mission statement
vision statement
social responsibility
corporation
- 46. Multiple Choice
Businesses have an obligation (of good faith/business) to
employees
customers
suppliers
all of the above
- 47. Multiple Choice
Using a cause or charity to promote your business.
philanthropy
volunteering
sponsorship
cause marketing
- 48. Multiple ChoiceYour _______ measures the amount of carbon you use and thus release into the atmospherecarbon footprintcarbon handprintgreenwashingphilanthropy
- 49. Multiple ChoiceOne way to lower expenses while helping the environment includesUsing environmentally friendly transportationDoing business electronicallyBuying supplies in bulkall of the above
- 50. Multiple Choice
Approximately __% of people work for small businesses and small businesses make up approximately ___% of the GDP.
20%, 40%
90%, 50%
60%, 40%
75%, 20%
- Answer choicesTagsAnswer choicesTags