Entrepreneurship Exam 1

Topics: Entrepreneurship, Economics, Business Pages: 9 (853 words) Published: November 2, 2013
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

Selected Answer:
 False

Question 11
2 out of 2 points

 
 
1. The group invested in your business that is defined by common factors such as demographics, psychographics, age, or geography. This best describes: 1.1. niche market
1.2. target market
1.3. competitive advantage
1.4. culture
 
Answer

Selected Answer:
 2.  [None Given]

Question 12
2 out of 2 points

 
 
1. The breakeven analysis will determine your organization’s breakeven point. The breakeven point: 1.1. provides evidence of market opportunity
1.2. indicate when industry size and growth breakeven with demand 1.3. indicates when the volume of sales in a business exactly covers the fixed cost.
1. indicates the owner net equity
 
Answer

Selected Answer:
 c.  [None Given]

Question 13
2 out of 2 points

 
 
1. The ease or difficulty of a new competitor joining an establish market hinges on:: 1.1. barrier to entry
1.2. niche market
1.3. target market
Answer

Selected Answers:
  
 

Question 14
2 out of 2 points

 
 
4. A competitive strategy combines your business definition with your competitive advantage. To accomplish this, your competitive advantage must be:       a. low-cost
      b. incorporated in your mission
      c. recognized
                       d. sustainable
Answer

Selected Answer:
   [None Given]

Question 15
2 out of 2 points

 
 
The basic unit of a product or service sold by the business:       a. direct labor
      b. unit of sale
      c. gross profit
      d. opportunity cost
Answer

Selected Answer:
   [None Given]

Question 16
2 out of 2 points

 
 
The amount of money remaining after all cost is paid:
       a. taxes
       b. revenue
       c. breakeven amount
       d. profit
Answer

Selected Answer:
   [None Given]

Question 17
2 out of 2 points

 
 
. John is interested in purchasing...
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