Entrepreneurship chapter 5

Outsourcing refers to the assignment of work to others over whom one has power.

false

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

true

The most typical form of aggrandizement in part-time businesses is:

implying that a firm is a full-time one when it is only part time.

A listed, live connection to a different website, which in turn displays a similar link to the first website is called a(n):

reciprocal link.

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

Aggrandizing refers to taking business away from your employer.

False

Primary disadvantages of stand retailing are that it requires a significant amount of capital and time investment.

False

Four aspects of part-time entrepreneurship are very different from full-time business. Gaining legitimacy and trust among customers is one. Which of the following is not one of the other three aspects?

Finding the suppliers most suited to your particular needs.

When comparing the size of U.S. industries by major sector, which industry had the greatest number of establishments and size?

Professional and business services

________ price is a minimum acceptable selling price in an auction.

Reserve

Andrew initially worked with a travel website for few months and then became self-employed by starting a martial arts school, where he taught karate to teenagers. After an year, he closed the school and joined an advertising firm. After two years, he quit the advertising firm and became self-employed as a freelance music composer. Which of the following terms indicates the changes in Andrew's employment structure?

Volatility

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

Registration

The advantage of consignment approaches is that they permit full-time sales with only a part-time involvement from the owner.

TRue

Moonlighting refers to working on one's own part-time job after one's regular job.

True

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

In ________ sales, one firm sells to another firm.

business-to-business (B2B

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

false

An approach to selling in which the salesperson recruits customers to become distributors of the product or service to others is known as ________.

network marketing