Question 1

Which of the following is true of a traditional small business?

Accepted Answer

A)   It is usually a multi-site business.
B)   It generally has sales between $100,000 and $1,000,000 depending on the industry.
C)   It defines its schedules based on customer needs.
D)   It follows a continuous growth curve.

Question 2

What are the different aspects of entrepreneurship?

Accepted Answer

The different aspects of entrepreneurshi...

Question 3

In lifestyle firms:

Accepted Answer

A)   success is defined by sales of between $100,000 and $1,000,000.
B)   schedules are defined by customer needs.
C)   the income generated usually provides a living for the owner and family.
D)   growth tends to quickly level off.

Question 4

Which of the following is a reward universally mentioned by entrepreneurs?

Accepted Answer

A)   Peer admiration
B)   Personal growth
C)   Political power
D)   Industry recognition

Question 5

Entrepreneurs are exclusively found in farming-related occupations.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is a myth about small businesses?

Accepted Answer

A)   That failed entrepreneurs can succeed if they try again
B)   That a small business will never have enough financing
C)   That students have skills to start small businesses
D)   That small businesses can start during recession

Question 7

A nation where the major forces for jobs,revenues,and taxes come from farming or extractive industries like forestry,mining,or oil production is a(n) :

Accepted Answer

A)   factor-driven economy.
B)   efficiency-driven economy.
C)   innovation-driven economy.
D)   competency-driven economy.

Question 8

What are the different forms of entrepreneurship?

Accepted Answer

There are three forms of entrepreneurshi...

Question 9

What is VIGE? Explain.

Accepted Answer

One approach that has grown dramatically...

Question 10

Which of the following is true of a small business?

Accepted Answer

A)   Its preferred funding source is other people's money.
B)   It sells more when it is facing bankruptcy.
C)   It considers sales as more important than marketing.
D)   It focuses more on effectiveness than on efficiency.

Question 11

According to the BRIE model,which of the following is true of a resource?

Accepted Answer

A)   It includes a business name or government registration.
B)   It refers to moving goods or services to others for money.
C)   It is the most frequently occurring element of the BRIE model.
D)   It includes the product or service to be offered.

Question 12

Which of the following is true of corporate entrepreneurship?

Accepted Answer

A)   It involves the creation of self-sustaining charitable and civic organizations.
B)   It involves revitalizing government agencies.
C)   It is a form of entrepreneurship in which people own their own for-profit business.
D)   It involves bringing new products or services to a market.

Question 13

Which of the following types of entrepreneurship typically concentrates on innovation and customer-focus among all aspects of entrepreneurship?

Accepted Answer

A)   Public entrepreneurship
B)   Corporate entrepreneurship
C)   Independent entrepreneurship
D)   Social entrepreneurship

Question 14

Which of the following is true of social entrepreneurship?

Accepted Answer

A)   It usually has a lot of funding.
B)   It creates organizations which are usually financially dependent on other firms.
C)   It cannot be initiated by a for-profit company.
D)   It does not include innovation as a key element.

Question 15

_____ is an aspect of entrepreneurship which looks at a new thing or a new way of doing things.

Accepted Answer

A)   Customer-focus
B)   Innovation
C)   Creation
D)   Efficiency

Question 16

Lifestyle or part-time firms typically provide enough profit or salary to supplement an income but usually not enough on which to live.

Accepted Answer

A) True 
 B)False

Question 17

What is the role of small businesses in creating new jobs?

Accepted Answer

Small business has added tens of million...

Question 18

A nation where industrialization is the major force providing jobs,revenues and taxes,and where minimizing costs while maximizing productivity is a major goal is a(n) :

Accepted Answer

A)   factor-driven economy.
B)   efficiency-driven economy.
C)   innovation-driven economy.
D)   effectiveness-driven economy.

Question 19

_____ are the smallest full-time business.

Accepted Answer

A)   High-performing small businesses
B)   Traditional small businesses
C)   High-growth ventures
D)   Lifestyle businesses

Question 20

One of the key elements of the BRIE model is a person's intentions to start a business.

Accepted Answer

A) True 
 B)False

Exam 1: Small Business: Its Opportunities and Rewards

Which of the following is true of a traditional small business?

Correct AnswerverifiedShow Answer

_____ are the smallest full-time business.

Correct AnswerverifiedShow Answer

Which of the following is a myth about small businesses?

Correct AnswerverifiedShow Answer

According to the BRIE model,which of the following is true of a resource?

Correct AnswerverifiedShow Answer

Lifestyle or part-time firms typically provide enough profit or salary to supplement an income but usually not enough on which to live.

Correct AnswerverifiedShow Answer

One of the key elements of the BRIE model is a person's intentions to start a business.

Correct AnswerverifiedShow Answer

Which of the following is true of corporate entrepreneurship?

Correct AnswerverifiedShow Answer

Entrepreneurs are exclusively found in farming-related occupations.

Correct AnswerverifiedShow Answer

A nation where the major forces for jobs,revenues,and taxes come from farming or extractive industries like forestry,mining,or oil production is a(n) :

Correct AnswerverifiedShow Answer

What are the different aspects of entrepreneurship?

Correct AnswerverifiedThe different aspects of entrepreneurshi...View AnswerShow Answer

_____ is an aspect of entrepreneurship which looks at a new thing or a new way of doing things.

Correct AnswerverifiedShow Answer

What is the role of small businesses in creating new jobs?

Correct AnswerverifiedSmall business has added tens of million...View AnswerShow Answer

A nation where industrialization is the major force providing jobs,revenues and taxes,and where minimizing costs while maximizing productivity is a major goal is a(n) :

Correct AnswerverifiedShow Answer

Which of the following types of entrepreneurship typically concentrates on innovation and customer-focus among all aspects of entrepreneurship?

Correct AnswerverifiedShow Answer

In lifestyle firms:

Correct AnswerverifiedShow Answer

Which of the following is true of social entrepreneurship?

Correct AnswerverifiedShow Answer

What is VIGE? Explain.

Correct AnswerverifiedOne approach that has grown dramatically...View AnswerShow Answer

Which of the following is true of a small business?

Correct AnswerverifiedShow Answer

What are the different forms of entrepreneurship?

Correct AnswerverifiedThere are three forms of entrepreneurshi...View AnswerShow Answer

Which of the following is a reward universally mentioned by entrepreneurs?

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The different aspects of entrepreneurshi...
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Small business has added tens of million...
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Correct Answer
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Correct Answer
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One approach that has grown dramatically...
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There are three forms of entrepreneurshi...
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Correct Answer
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