foundations of entrepreneurship exam #1
A corporation is a voluntary agreement under which two people act as co-owners of a business for profit
false
According to the text, consumerism is a social movement focused on the consumption of highly visible, expensive items that improve a persons individual image
false
As globalization gains speed, intercultural communication will become less important to business success
false
Capitalism places paramount importance on the need for the government to intervene in the economy to ensure a fair and equitable distribution of income.
false
Despite their huge populations, China and India represent a much smaller opportunity in terms of size and economic growth
false
External locus of control is a deep-seated sense that the individual is personally responsible for what happens in his or her life
false
For entrepreneurs, there is no correlation between dollars earned and hours worked
false
Gross Domestic Product measures the total value of all the imports and exports of a nation on a quarterly basis
false
In face-to-face communication, the verbal content of a message conveys much more meaning to the listener than the tone of voice and body language
false
In the Forbes article about Bob Parsons, Bob boldly says "luck has nothing to do with it"
false
In the article "What is an Entrepreneur", the writer indicated characteristics of an entrepreneur include vision, focus, money, and passion
false
In the article about Entrepreneurs you have never heard of, the founder of Adways suggests having a formal entrepreneurial education is the key to success
false
In the article about how email can detail your job chances the writer indicated using "email stationary"?
false
In the context of the competitive environment dimension of a business, a product has value when its beneficial to the customer are lesser than the price that the customer pays
false
Most of the entrepreneurs interviewed in the video on celebrity entrepreneurs indicated it was really all about luck
false
Ms. Blakey was successful at everything she did because her Dad made it clear failure was not an option
false
Quotas are taxes levied against imports
false
Rudy owns a small fabrication business that employs 23 workers. As the owner of a small business, one of the major advantages that Rudy enjoys while competing with larger firms is reduced burden of complying with government regulations
false
Socially responsible employers stick to the state laws and do not go beyond them when it comes to providing a good working environment to employees
false
The vast majority of the richest people in the U.S. earned their wealth by obtaining employment in a major corporation and then working their way into positions of senior management within these organizations
false
An merger occurs when two independent businesses combine to form a new organization
true
Capital, one of the factors of production, includes machines, tools, buildings, information, and technology
true
Dominic feels that an incredible string of bad luck has affected his personal life. He also feels that his boss is subjecting him to unfair treatment at work for no fault of his. Dominic's perceptions suggest that he has an external locus of control
true
Effective communication happens when one transmits relevant meaning to one's audience
true
Franchising can be used by companies to move into foreign markets
true
Globalization has made ethics and social responsibility complicated for workers at every level
true
In Bob Parsons' 16 rules he says "never let anybody push you around" and "never expect life to be fair"
true
In the article that stars with the title "Entrepreneurs Succeed by Showing......." the author points out there is usually not one big thing that is the key to success
true
In the context of your career choice, the broader economy will influence the level of your personal financial success
true
People decide to become entrepreneurs for a variety of reasons
true
Sustainable development means weaving environmentalism throughout the business decision-making process
true
The Global Entrepreneurship Monitor (GEM) shows that people living in high-income countries tend to be less willing to start their own businesses than people living low-income countries
true
The balance of trade plays a central role in determining the balance of payments
true
There is no limit on the number of partners who can participate in a general partnership
true
Value is the relationship between the price of a good or a service and the benefits that it offers its customers
true
When companies introduce innovative products and services worldwide, it increases the standard of living for populations
true
A business email should have a compelling subject line
true
A drawback of communism, which was adopted by some countries in the 1900's, was the inability of people to make basic choices such as where to work or what to buy
true
According to the video on capitalism, one tenant of capitalism is private property
true
According to the video on capitalism, one tenant of capitalism is the profit motive
true