Business and Page Ref

Topics: Business, Entrepreneurship, Small business Pages: 31 (6035 words) Published: October 10, 2013
Essentials of Entrepreneurship & Small Business Management, 6e (Scarborough) Chapter 1 The Foundations of Entrepreneurship

1) One of the most significant economic developments in recent business history relates to the: A) growth of blue-chip corporations.
B) development of Pacific Rim countries.
C) entrepreneurial spirit.
D) additional employment opportunities offered by government institutions. Answer: C
Diff: 1Page Ref: 1
AACSB: Reflective Thinking

2) All of the following are characteristics of the typical entrepreneur except: A) confidence in his/her ability to succeed.
B) value of money over achievement.
C) desire for immediate feedback.
D) a future orientation.
Answer: B
Diff: 1Page Ref: 3-6
AACSB: Reflective Thinking

3) Entrepreneurs are characterized by:
A) skill at organizing.
B) desire for immediate feedback.
C) high energy levels.
D) All of the above
Answer: D
Diff: 1Page Ref: 3-5
AACSB: Reflective Thinking

4) An entrepreneur is one who:
A) is willing to attempt to implement a business concept and then give up if it does not meet immediate expectations. B) understands the process of developing an idea and does not need to understand what it means to bring that idea to a viable business concept. C) knows that the concept they are about to develop will result in a profitable business. D) creates a new business concept for the purpose of achieving profit and growth by assembling the necessary resources to capitalize on identified opportunities. Answer: D

Diff: 1Page Ref: 5
AACSB: Analytic Skills

5) Entrepreneurs who repeatedly start businesses and grow to a sustainable size before striking out again are known as ________ entrepreneurs. A) opportunistic
B) persistent
C) serial
D) classic
Answer: C
Diff: 1Page Ref: 5
AACSB: Reflective Thinking
6) Entrepreneurs typically possess:
A) the ability to easily access capital.
B) a set of unique skills that is usually accompanied by advanced degrees in several areas. C) a high level of commitment, have a tolerance for ambiguity, are flexible and tenacious. D) specialized technical abilities.

Answer: C
Diff: 2Page Ref: 6
AACSB: Reflective Thinking

7) In a large organization, an individual may be stifled and limited by a wide variety of factors. However, by owning one's own business, the only limits are one's own creativity, talent, and determination. In this sense, small business ownership offers the advantage of the: A) opportunity to reach one's full potential.

B) opportunity to reap unlimited profits.
C) chance to learn from others' mistakes.
D) ability to accumulate certain wealth.
Answer: A
Diff: 2Page Ref: 8-9
AACSB: Analytic Skills

8) In addition to the opportunity to create their own destiny and enjoy what they do, entrepreneurs also benefit from the ability to: A) earn tremendous wealth without risk and uncertainty.
B) make a difference in an area important to them and be recognized for those efforts. C) create wealth without providing true value.
D) exploit the opportunities that the free enterprise system offers. Answer: B
Diff: 2Page Ref: 9
AACSB: Reflective Thinking

9) Which of the following is a benefit of entrepreneurship?
A) The opportunity to gain control over your own destiny
B) The opportunity to reach your full potential
C) The opportunity to do what you enjoy
D) All of the above
Answer: D
Diff: 1Page Ref: 8-10
AACSB: Reflective Thinking
10) Potential drawbacks of entrepreneurship may include:
A) uncertainty of income, risk, long hours, and high stress. B) uncertainty of income, risk, easy hours, and frequent vacations. C) uncertainty of income, risk, long hours, and the immediate accumulation of wealth. D) certainty of income, risk, long hours, and high stress.

Answer: A
Diff: 2Page Ref: 10-12
AACSB: Reflective Thinking
11) It is estimated that ________ percent of new businesses fail within two years, while ________ percent fail within four...
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