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Exam 6: Entrepreneurship and Starting a Small Business

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Question 111

True/False

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Prospective entrepreneurs turned down by private lenders have little hope of getting financial help from the Small Business Administration, since the SBA's standards are even tougher than those of private lenders.

A) True
B) False

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Question 112

Multiple Choice

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Which of the following U.S. issues does entrepreneurship most directly affect?

A) The political process
B) The ability to create jobs for others
C) Contributions of money to organizations that help people in need
D) The ability to influence national macroeconomics polices

E) None of the above
F) A) and B)

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Question 113

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Business owners who prefer to maintain their businesses at a manageable size are called

Antonio works for a textbook publisher. However, his dream is to establish a home-based business providing his services to a variety of publishers. Antonio's primary goal is to escape the 9 to 5 world of corporate publishing and to enjoy the opportunity of working for himself. Antonio is an example of a micropreneur.

To be successful, entrepreneurs are dependent on the support of others for encouragement.

Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of ________.

Pepe remains confident and enthusiastic even though his colleagues have poked fun at his ideas. This shows that Pepe is

Alex works for Wheelie's, a large corporation that designs and manufactures accessories for scooters, bicycles, and other children's motorized toys. She is a creative force within the company and has helped create and launch several new successful products. Alex is an example of an intrapreneur.

Small businesses create 65% of the new jobs in the United States each year.

A good business plan describes the nature of the proposed business, the target market, the competitive advantages, and the qualifications of the owners.

Bad luck is the most often reported cause for small business failure.

The number of small businesses that export has increased dramatically recently.

The small business sector that has the best chance of significant growth is legal services.

If you go through the exercise of preparing a business plan, only to determine that you need twice the amount of money to start the business than you have, the SBA and other expert organizations encourage you to go ahead with your plans because if you understand the market, you can use the revenues you accrue to make up the shortfall.

A new business that sets up a(n) ________ from the start is saving itself time and grief later.

The best way to learn about small business is to "bite the bullet" and start your own.

Luxe Labels, LLC, exports specialty printing equipment for the custom labeling, flexible packaging, and carton industry. Thanks to increased support from ________, this company's sales to Brazilian companies and other global opportunities have significantly increased.

There are several ethical considerations when starting a business, but competing against current and former work relationships is always fair game.

Not everyone dreams of owning their own business. Identify and describe at least three attributes of successful entrepreneurs.

Lily, an upperclassman at Riverside College, hopes to start her own business after graduation. 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 her the most?