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Entrepreneurship Mid Term

Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operating costs for a self- serve laundromat:
A. Service Corps of Retired Executives
B. Local chamber of commerce
C. Coin laundry trade association
D. Small Business Administration
C. Coin laundry trade association
A reliable online source of general business start-up information is
A. Wikipedia (www.wikipedia.org/wiki/Entrepreneurship).
B. the Project Management Institute (www.pmi.org).
C. the Small Business Administration (www.sba.gov).
D. the National Retail Federation (www.nrf.com).
C. the Small Business Administration (www.sba.gov).
Alaina needs advice and assistance in starting her new business venture, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as Alaina’s guide in the business start-up process. Jack is serving as Alaina’s
A. intermediary.
B. Entrepreneur.
C. apprentice.
D. mentor.
D. mentor.
Which of the following is an example of a written business inquiry:
A. memo outlining an upcoming meeting agenda
B. An e-mail requesting vendor pricing and discounts
C. A form describing an employee’s performance review
D. A report summarizing annual financial information}
B. An e-mail requesting vendor pricing and discounts
When writing a letter of inquiry, when should you identify the purpose of your letter?
A. At the beginning of the letter
B. After describing your company
C. Once the recipient has agreed to meet with you
D. After identifying what prompted your inquiry (such as an advertisement) }
A. At the beginning of the letter
What component is important to include in all types of inquiry letters?
A. Contact information
B. Personal qualifications
C. Attention-getting title
D. Project specifications
A. Contact information
What is one of the main reasons why small businesses are strongly promoted and supported by local government?
A. They serve only their local communities.
B. They are owned by one person
C. They may become a big business. .
D. They are important to the economy.
D. They are important to the economy.
Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can
A. Satisfy an unmet demand.
B. Improve economic sanctions.
C. Form a technological monopoly.
D. Change legal requirements. }
A. Satisfy an unmet demand.
Which of the following statements is true about entrepreneurial discovery:
A. It ensures that start-up businesses have continuous funding.
B. It’s an ongoing process that facilitates a business’s success rate.
C. It provides entrepreneurs with professional development training.
D. It’s a way to determine the long-term profit that a start-up company can generate. }
B. It’s an ongoing process that facilitates a business’s success rate.
The entrepreneurial discovery process requires knowledge and the recognition of a(n)
A. Economic crisis.
B. Market need.
C. Preventable accident.
D. Creative observation. }
B. Market need.
Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery:
A. Interest rate fluctuations
B. Industry deregulation
C. Increased cultural diversity
D. Technological advancements
C. Increased cultural diversity
Identifying new product opportunities usually requires a person to be
A. Decisive.
B. Aware.
C. Emotional.
D. Indifferent.
B. Aware.
After a Korean auto manufacturer built a plant in Ames, Iowa, Kwan noticed a substantial growth of Korean residents in the area, many of whom were relocated to Ames to work for the plant. Kwan decided to import Korean goods and sell them in a small Korean specialty store near town. This is an example of a product opportunity resulting from
A. Advancements in technology.
B. Differences in priorities.
C. Changes in travel habits.
D. Shifts in population ethnicity.
D. Shifts in population ethnicity.
When conducting an environmental scan, which of the following is an economic factor that a business should consider:
A. Consumer spending habits
B. Local demographics
C. Global trade regulations
D. Restricted sales territories
A. Consumer spending habits
Which of the following is a true statement about a business’s environment:
A. It can be avoided.
B. It is always changing.
C. It consists of the economy and technology.
D. It may not affect the business, depending on the industry. }
B. It is always changing.
Which of the following is an example of a demographic trend:
A. The aging of the population
B. ~Rising interest rates
C. ~Shifting political climates
D. ~A concern for fitness and health }
A. The aging of the population
Which of the following examples illustrates how environmental factors are interrelated:
A. The economy affects what competitors are doing.
B. New legislation will be written in the future.
C. Low investor confidence heavily impacts financial planners.
D. The economy affects banking institutions.
A. The economy affects what competitors are doing.
Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities:
A. Higher allowances
B. Enforceable trade agreements
C. Lower tariffs
D. Flexible currency rates
C. Lower tariffs
When determining venture-creation opportunities, entrepreneurs must first
A. Obtain financing.
B. Identify staffing needs.
C. Conduct research.
D. Select a location.
C. Conduct research.
Jessica’s hobby is making jewelry. There is potential to sell her bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering
A. Demographic changes.
B. Consumer attitudes.
C. Business processes.
D. Personal experiences.
D. Personal experiences.
Market opportunity is often affected by
A. Methodology.
B. Rewards.
C. Location.
D. Timing.
D. Timing.
The primary goal during the brainstorming process is to
A. Come up with as many ideas as possible.
B. Analyze each idea as it is presented.
C. Rate each idea in relation to one another.
D. Come up with a set number of ideas within a certain time.
A. Come up with as many ideas as possible.
Which of the following statements is true regarding the use of group creative-thinking techniques to facilitate the idea-generation process:
A. The brainstorming technique usually generates the best ideas.
B. Groups are usually more effective when each member uses mind-mapping techniques.
C. Group members most often generate new ideas by altering or building upon another idea.
D. The Six Thinking Hats technique is generally the most effective idea-generation technique.
C. Group members most often generate new ideas by altering or building upon another idea.
When using mind mapping to generate product ideas, you begin by writing down the main problem or
A. Market opportunity.
B. Primary associations.
C. Supporting facts.
D. Situational analysis.
A. Market opportunity.
When writing a letter of inquiry, when should you identify the purpose of your letter?
A. At the beginning of the letter
B. After describing your company
C. Once the recipient has agreed to meet with you
D. After identifying what prompted your inquiry (such as advertisement)
A. At the beginning of the letter
Before starting business ventures, which of the following would entrepreneurs recognize first:
A. regulations
B. associations
C. opportunities
D. reductions
C. opportunities
Which of the following statements is true regarding entrepreneurship:
A. Entrepreneurship offers limited personal and financial growth possibilities
B. most entrepreneurs are born with the skills they need for success
C. Most people have the ability to become entrepreneurs
D. personal traits are behaviors that cannot be strengthened
C. Most people have the ability to become entrepreneurs
Chyla is a chemical scientist and has been researching various forms of biotechnology that can be used to create a fabric that never needs washing. Chyla is exhibiting the entrepreneurial characteristic of
A. Innovation
B. High Risk
C. Wealth Creation
D. Management
A. Innovation
Drycleaners use a lot of chemicals while providing services. It was found that Darla”s Drycleaners was dumping their used chemicals into a ditch behind their business. The media uncovered this issue in an expose” and many people stopped using Darla”s service. This is an example of which global factor that affects small business/entrepreneural success?
A. Interest rates
B. Currency strength
C. Government intervention
D. Environmental impact
D. Environmental impact
Which of the following is an example of a written business inquiry:
A. A memo outlining an upcoming meeting agenda
B. An e-mail requesting vendor pricing and discounts
C. A form describing an employee’s performance review
D. A report summarizing annual financial information
B. An e-mail requesting vendor pricing and discounts
Myra is interested in starting a new business venture. She does not know much about what type of taxes the business will need to pay. The best source of start-up information for this area would be
A. A tax accountant
B. Local Chamber of Commerce
C. SCORE
D. NASE
A. A tax accountant
Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have ____ what they do.
A. passion for
B. concerns about
C. apathy for
D. reservations about
A. passion for
Kari would like to start her own restaurant. She has has some questions about specific services she would like to offer. What would be the best step for her to take before she proceeds?
A. Ask your friends about it.
B. Ask the bank to give her a loan.
C. Write a letter/email of inquiry to successful chef asking for advice related to services
D. Contact a corporate lawyer.
C. Write a letter/email of inquiry to successful chef asking for advice related to services
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of:
A. empathy
B. productivity
C. outsourcing
D. success
D. success
What is a disadvantage of entrepreneurship?
A. personal satisfaction
B. uncertain income
C. lower taxes
D. fewer resources
B. uncertain income
Governments can encourage entrepreneurial development by
A. increasing interest rates on loans
B. establishing higher ethical standards
C. deregulating and reducing taxes
D. passing more legislation that has strict guidelines
C. deregulating and reducing taxes
13. One difference between entrepreneurs and small business owners is that:
A. entrepreneurs must start businesses from scratch and do not purchase franchises
B. Small-business owners generally are nto interested in expanding their business
C. entrepreneurs rarely manage the day-to-day aspects of their businesses
D. Small-business owners usually employ between 500 and 1,000 workers
B. Small-business owners generally are nto interested in expanding their business
Which of the following statements is true about entrepreneurship and small business growth:
A. Trade regulations have very little effect on small-business growth.
B. Many people start entrepreneurial ventures during times of economic recession.
C. Small business start-ups are taxed at a higher rate than multinational companies.
D. Consumer spending is a primary factor that influences entrepreneurial success.
B. Many people start entrepreneurial ventures during times of economic recession.
Which of the following statements is most likely to have a negative effect on domestic small-business growth:
A. Involuntary tax reductions
B. Restrictive loan policies
C. Low interest rates
D. Slow inflation
B. Restrictive loan policies
What is one of the main reasons why small businesses are strongly promoted and supported by local government?
A. They serve only their local communities.
B. They are owned by one person.
C. They may become a big business.
D. They are important to the economy.
D. They are important to the economy.
Which of the following is a financial concern that entrepreneurs often face when starting new businesses:
A. Irregular paychecks
B. Long working hours
C. Shorter vacations
D. Lower production standards
A. Irregular paychecks
Even when times are tough for Caitlin’s business venture, she tends to remain positive- she looks at the glass as half full rather than half empty. What characteristic of entrepreneurship is Caitlin exhibiting?
A. Organization
B. Optimism
C. Innovation
D. Determination
B. Optimism
Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and
A. how things are being done.
B. what was done in the past.
C. when changes were last made.
D. what needs to be done.
D. what needs to be done.
Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have __________ what they do.
A. reservations about
B. concerns about
C. apathy for
D. passion for
D. passion for
Which of the following statements is true regarding training for entrepreneurial ventures:
A. Once entrepreneurs are educated or trained in their business field, they rarely need further education.
B. Most successful entrepreneurs have degrees from four-year colleges or universities.
C. The type of training and education that entrepreneurs need depends on the nature of the start-up business.
D. Most entrepreneurs must pass state-mandated exams to operate their business.
C. The type of training and education that entrepreneurs need depends on the nature of the start-up business.
What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
A. Creativity
B. Self-discipline
C. Risk taking
D. Flexibility
C. Risk taking
What is a disadvantage of entrepreneurship?
A. Fewer resources
B. Personal satisfaction
C. Lower taxes
D. Uncertain income
D. Uncertain income
Governments can encourage entrepreneurial development by
A. increasing interest rates on loans.
B. deregulating and reducing taxes.
C. establishing higher ethical standards.
D. more legislation w/ strict guidelines passed
B. deregulating and reducing taxes.
What is a trend that affects the growth of entrepreneurial ventures?
A. A rise in consumers’ desire for slow-response times
B. The shift to an agricultural-based society
C. A higher demand for more convenience products
D. The reduced need for health care and related services
C. A higher demand for more convenience products
Home-based businesses are attractive to many people because the businesses generally
A. yield higher profit margins.
B. provide owners a steady income.
C. have lower start-up costs.
D. require less technical training.
C. have lower start-up costs.
Alaina needs advice and assistance in starting her new business venture, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as Alaina’s guide in the business start-up process. Jack is serving as Alaina’s
A. intermediary
B. apprentice
C. entrepreneur
D. mentor
D. mentor
A reliable source of general business start-up information is
A. Wikipedia (www.wikipedia.org/wiki/Entrepreneurship).
B. the Project Management Institute (www.pmi.org).
C. the Small Business Administration (www.sba.gov).
D. the National Retail Federation (www.nrf.com)
C. the Small Business Administration (www.sba.gov).
Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat:
A. Service Corps of Retired Executives
B. Coin laundry trade association
C. Local chamber of commerce
D. Small business administration
B. Coin laundry trade association
What component is important to include in all types of inquiry letters?
A. Contact information
B. Personal qualifications
C. Project specifications
D. Attention-getting title
A. Contact information

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