ENTR 187, Sec. 01 Exam 1_Chapter 5

Attempting to make oneself seem more accomplished than reality is referred to as:

Aggrandizing

In door-to-door selling, _____ refers to getting the customer to agree to buy.

Closing

_____ refers to a situation when what is best for one's part-time business is different from what is best for his or her full-time employer.

Conflict of interest

Which of the following is an example of part-time business?

Dorothy, who works in her small bakery for less than 30 hours a week

In deciding whether to make the move from part-time to full time entrepreneurship, the key question is usually government regulations.

False

In stand retail, the key success factor for a stand is:

Having a location where there is enough foot or vehicle traffic.

Which of the following best describes conflict of interest?

Jenson misses his deadlines at his full-time day job because he works late nights as a part-time music producer.

Contracting with people or companies outside one's business to get work done for the business is known as:

Outsourcing

_____ refers to information provided to the government concerning the existence of, name of, nature of, and contact information for one's business.

Registration

Most entrepreneurs start out working part time on their new business.

True

Most small businesses—even part-time ones—need to have a website regardless of whether or not they use it for actual sales.

True

One of the ways to determine the financial situation of a business is by crafting a business plan.

True

The majority of part-time businesses are based in the home.

True

The more time and energy one spends preparing for a part-time business, the longer it takes to make a profit.

True

When pursuing a part-time entrepreneurship, there are usually two major questions: What kind of product or service do you want to offer and how do you want to organize your part-time business.

True

Delegation makes sense in two situations. The first is when others can do things better than you. Which of the following is the second situation in which delegation makes sense?

When you want your business to operate when you are not present.

There are two key groups outside one's business with which one must deal—customers and investors.

False

Intellectual property refers to original works like inventions, visual and performing art works, books, and computer programs.

True