Question 1

The latest U.S.Census reports indicate that firms with more than 500 employees represent approximately 35 percent of all full-time employees in the United States.

Accepted Answer

A) True 
 B)False

Question 2

In their book The Millionaire Next Door, Dr.Thomas Stanley and William Danko state that ________ percent of self-employed millionaires are entrepreneurs.

Accepted Answer

The answer of In their book The Millionaire Next Door,...

Question 3

During the 1970s and 1980s, the ________ occupied the dominant economic position in the world.

Accepted Answer

The answer of During the 1970s and 1980s, the ________...

Question 4

Charles Wilson, secretary of defense for President Eisenhower, stated, "What is good for General Motors is good for the nation."

Accepted Answer

A) True 
 B)False

Question 5

The success of entrepreneurial businesses occurs partially because they are ________.

Accepted Answer

A)  more focused than their large corporate counterparts
B)  invested heavily in policies and procedures
C)  characterized by corporate layers of management
D)  responsible to public stockholders

Question 6

Small businesses act as a catalyst for social change because

Accepted Answer

A)  they have the ability to generate profits in markets ignored by large corporations.
B)  owners have a better understanding of how to operate their business.
C)  they are often started when the economy is booming.
D)  communities always want to have extra money that can be obtained from having small businesses.

Question 7

What term is used to describe individuals or other organizations that impact the success of a business?

Accepted Answer

A)  Corporate managers
B)  Capitalists
C)  Stakeholders
D)  Owners

Question 8

The repayment rate on microloans is typically less than 50 percent, a much lesser repayment rate than on most types of loans.

Accepted Answer

A) True 
 B)False

Question 9

Which one of the following is a huge advantage for small business owners to start a business?

Accepted Answer

A)  Desire to be one's own boss
B)  Benefit the stakeholders
C)  Desire to work for others
D)  Desire to be efficient and productive

Question 10

A venture capital start-up is oriented toward the personal goals of the founder(s).

Accepted Answer

A) True 
 B)False

Question 11

Compared to large corporations, entrepreneurial businesses

Accepted Answer

A)  play just as important a part in our economy.
B)  attract more attention in the media.
C)  are more visible.
D)  have more resources at their disposal.

Question 12

Today many of the multinational firms in the United States are technology firms that began in the late 1970s and early 1980s.

Accepted Answer

A) True 
 B)False

Question 13

Identify a true statement about entrepreneurial firms.

Accepted Answer

A)  Such businesses tend to develop operations in multiple locations very shortly after the initial investment.
B)  Such businesses generally hire an experienced president to grow the company.
C)  The organizational structure in such businesses is often well-developed.
D)  The number of employees in such businesses is unexpected to grow to more than 50 to 100.

Question 14

A small business start-up is typically oriented toward the personal goals of venture capitalists.

Accepted Answer

A) True 
 B)False

Question 15

Large companies understand their customers more in the local area compared to a small firm.

Accepted Answer

A) True 
 B)False

Question 16

Women entrepreneurs are starting small businesses for all but one of the following reasons

Accepted Answer

A)  better ideas for small businesses.
B)  greater control of their lives.
C)  manage family needs.
D)  hit the glass ceiling.

Question 17

Identify a defining characteristic of venture capital start-ups.

Accepted Answer

A)  They are inherently safe operations whose growth is dependent on the exploitation of knowns in the market.
B)  They tend to develop operations in multiple locations very shortly after the initial investment.
C)  They generally have a developing organizational structure that is subject to frequent change.
D)  They are usually self-funded or closely funded.

Question 18

Until the mid-1880s, almost all U.S.businesses were ________.

Accepted Answer

A)  small
B)  medium
C)  large
D)  indifferent

Question 19

There are widespread efforts worldwide to encourage the development of small and medium entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 20

The United States Small Business Administration (SBA)provides a wealth of information and assistance at all levels of organizational development and management for new entrepreneurial businesses.

Accepted Answer

A) True 
 B)False

Exam 1: The Twenty-First-Century Entrepreneur

In their book The Millionaire Next Door, Dr.Thomas Stanley and William Danko state that ________ percent of self-employed millionaires are entrepreneurs.

Correct AnswerverifiedShow Answer

A small business start-up is typically oriented toward the personal goals of venture capitalists.

Correct AnswerverifiedShow Answer

Which one of the following is a huge advantage for small business owners to start a business?

Correct AnswerverifiedShow Answer

The United States Small Business Administration (SBA)provides a wealth of information and assistance at all levels of organizational development and management for new entrepreneurial businesses.

Correct AnswerverifiedShow Answer

Identify a true statement about entrepreneurial firms.

Correct AnswerverifiedShow Answer

Compared to large corporations, entrepreneurial businesses

Correct AnswerverifiedShow Answer

Large companies understand their customers more in the local area compared to a small firm.

Correct AnswerverifiedShow Answer

The latest U.S.Census reports indicate that firms with more than 500 employees represent approximately 35 percent of all full-time employees in the United States.

Correct AnswerverifiedShow Answer

Today many of the multinational firms in the United States are technology firms that began in the late 1970s and early 1980s.

Correct AnswerverifiedShow Answer

Until the mid-1880s, almost all U.S.businesses were ________.

Correct AnswerverifiedShow Answer

The success of entrepreneurial businesses occurs partially because they are ________.

Correct AnswerverifiedShow Answer

What term is used to describe individuals or other organizations that impact the success of a business?

Correct AnswerverifiedShow Answer

Charles Wilson, secretary of defense for President Eisenhower, stated, "What is good for General Motors is good for the nation."

Correct AnswerverifiedShow Answer

There are widespread efforts worldwide to encourage the development of small and medium entrepreneurs.

Correct AnswerverifiedShow Answer

During the 1970s and 1980s, the ________ occupied the dominant economic position in the world.

Correct AnswerverifiedShow Answer

Small businesses act as a catalyst for social change because

Correct AnswerverifiedShow Answer

A venture capital start-up is oriented toward the personal goals of the founder(s).

Correct AnswerverifiedShow Answer

Women entrepreneurs are starting small businesses for all but one of the following reasons

Correct AnswerverifiedShow Answer

The repayment rate on microloans is typically less than 50 percent, a much lesser repayment rate than on most types of loans.

Correct AnswerverifiedShow Answer

Identify a defining characteristic of venture capital start-ups.

Correct AnswerverifiedShow Answer

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