Entrepreneurship Exam 1

Question 1
2 out of 2 points

1. _____The entrepreneur is owner, but not the employee.
Answer

Selected Answer: False

Question 2
2 out of 2 points

______United States economy is a free enterprise system because all are free to start a business.
Answer

Selected Answer: True

Question 3
2 out of 2 points

_____The operation of a small business is the same at that of a large business
Answer

Selected Answer: False

Question 4
2 out of 2 points

._____The terms salary and wages mean the same thing and can be used interchangeably
Answer

Selected Answer: False

Question 5
2 out of 2 points

._____Successful companies have been started by people who are not in it for the money.
Answer

Selected Answer: True

Question 6
2 out of 2 points

6._____ Cost is the money and time you will have to invest –as well as the opportunities you will be giving up to start your business
Answer

Selected Answer: True

Question 7
2 out of 2 points

7_____If you are able to find a sufficiently large niche to sustain your business, you can set your company a part from the competition and maintain the advantage.
Answer

Selected Answer: True

Question 8
2 out of 2 points

8_____The business plan is an effective tool, but does not guarantee business success.
Answer

Selected Answer: False

Question 9
2 out of 2 points

9_____The function of the mission statement is to clarify what you are trying to do while providing direction and motivation to employees.
Answer

Selected Answer: True

Question 10
2 out of 2 points

10.____The culture of an organization, whether intentional or unintentionally created, is largely defined by employees at the bottom of the organization. Answer