Entrepreneurship Ch. 1
Aptitude is the ability to a.) act quickly b.) evaluate interests c.) learn a particular kind of job d.) all of these
Learn a particular kind of job
It is not necessary to determine how much money it will take to start a business because you will be able to borrow the money you need
False
Your financial and non-financial goals can be unrealistic because you will be able to change them after you start your business.
False
Researchers have determined that successful entrepreneurs a.) want to make their own decisions b.) do not always know what they want c.) like to have someone else make decisions d.) do not need to set goals
want to make their own decisions
The percentage of business in the United States that employ fewer than 20 people is a.) 9% b.) 80% c.) 45% d90%
90%
Entrepreneurs try to a.) identify the needs of the marketplace b.) meet the needs of the marketplace c.) make a profit d.) all of the above
All of the above
To determine your suitability for entrepreneurship, you should assess your a.) strengths and weaknesses b.) interests c.) aptitude d.) all of these
All of these
You can find out about business opportunities from a.) books and magazines b.) government publications c.) the SBA d.) all of these
All of these
In United State history, entrepreneurs have a.) changed American business by developing unneeded products b.) invented machines that decreased productivity c.) been an important part of the American economy d.) helped the american economy stay unchanged
Been an important part of the American economy
What is the difference between an employee and entrepreneur?
Entrepreneur's run and own the business employees work for the business
A travel agency is a retailing business because it sells airline and train tickets
False
Although there have been many important entrepreneurs in the twentieth century, none existed before 1900.
False
An advantage of entrepreneurship is that business owners make all decisions by themselves.
False
Aptitude is the ability to evaluate your strengths and weaknesses.
False
Entrepreneurial businesses include retailing businesses, such as clothing and furniture stores, but do not include service businesses
False
Entrepreneurs and employees are both directly affected by the consequences of the decisions they make
False
Everyone has the qualities and aptitude needed to become a successful entrepreneur.
False
Many companies display their products at the small business administration
False
Most businesses begin operations by borrowing money you plan to earn and how quickly you can pay your debts
False
Small companies cannot take as many risks as large companies, so small companies are less likely to be innovative
False
Successful Entrepreneurs need to be self-confident because they must make decisions alone, but they do not need to be creative because they can hire creative people.
False
non-financial goals include all of the following except a.) serving a community need b.) paying debts c.) doing something you like d.) enjoying personal independance
Paying debts
Manufacturing businesses a.) produce the products they sell b.) grocery store c.) sell services d.) tale resources out of the ground
Produce the products they sell
What innovative entrepreneur was the first to provide employees with paid sick and vacation leave? a.) Rose Knox b.) Henry Ford c.) Olive Beech d.) Clarence Birdseye
Rose Knox
Entrepreneurship involves risk, which is both an advantage and a disadvantage.
True
Financial goals may include how much money you plan to earn and how quickly you can pay your debts
True
Libraries have publications that provide data about employment, payroll, and number of establishments by industry
True
Manufacturing businesses produce the products they sell
True
Small businesses contribute billions of dollars to the United States economy every year
True
Successful entrepreneurs need to be bale to make quick decisions because today's business world is very competitive
True
The Model-T automobile, developed by entrepreneur Henry Ford, was sold at a price most Americans could afford
True
To decide whether or not a business opportunity is realistic for you, you need to compare your background and experience to the experience of people who own that kind of business
True
To determine if entrepreneurship is right for you, you need to perform a self-assessment.
True
You can learn about business opportunities by talking to entrepreneurs and attending the trade shows.
True
Your hobbies, interests, and past experiences are key factors in determining your commitment to a business.
True
During the colonial years in America, Entrepreneurs were a.) bankers b.) auto manufactures c.) oil refiners d.) real estate investors
bankers
Risk is a.) an advantage of entrepreneurship b.) a disadvantage of entrepreneurship c.) both an advantage and disadvantage d.) neither an advantage nor a disadvantage of entrepreneurship
both an advantage and disadvantage
Which of the following is a retailing business? a.) auto repair shop b.) grocery store c.) gold mine d.) farm
grocery store
Financial goals of an entrepreneur can include a.) the best retirement age b.) the monetary value of serving a community in need c.) how much money you will earn d.)how many employees you will have in ten years
how much money you will earn
Two key factors that aid an entrepreneurs commitment to a business are a.) hobbies and sales experience b.) interests and past experiences c.) interests and sales experience d.) hobbies and athletic ability
interests and past experiences
The SBA a.) holds trade shows b.) publishes information that may be helpful for small businesses c.) has a department in most public libraries d.) buys products from entrepreneurs to help them make a profit
publishes information that may be helpful for small businesses
A self-assessment is an evaluation of your a.) hobbies and interests b.) strengths and weaknesses c.) past job experience d.) ability to act quickly
strengths and weaknesses
Define the term entrepreneur
They own, operate, and take the risk of opening their own business
An advantage of entrepreneurship is that nobody tells an entrepreneur what to do.
True
Before starting a business, it is important to identify the kinds of entrepreneurial opportunities that match your aptitudes and interests
True
By assessing different business opportunities, you can identify those that have the best chance of success.
True
Entrepreneurs consistently change American business and contribute to the overall good of the nation.
True
Entrepreneurs set non-financial goals, such as community need, because they want their own business for more than just monetary gain
True
Entrepreneurs try to meet the needs of the marketplace by supplying a service or product
True
What is entrepreneurship and who is involved in it?
You run your own business
In the United States today, small companies a.) can be more creative than large companies b.) have innovative ideas that can lead to technological advances c.) contribute billions of dollars every year to the us economy d.) all of these
all of these
A person who works for someone else is: a.) an entrepreneur b.) an employee c.) taking the risk of a business venture d.) the one who receives the profits of the business
an employee
A person who owns operates, and take the risk of a business venture is a.) not directly affected by his or her decisions b.) an employee c.) an entrepreneur d.) sure to be successful
an entrepreneur
An advantage of entrepreneurship is that entrepreneurs a.) can supervise other people b.) must make decisions by themselves c.) can work in a field that interests them d.) do not need to set goals
can work in a field that interests them
John D. Rockefeller was a nineteenth century entrepreneur who a.) invented a machine to harvest crops b.) controlled almost all oil distribution in the united States c.) transformed marshland into farm land d.) co-founded an aircraft company
controlled almost all oil distribution in the United States
Which of the following is not a characteristic of a successful entrepreneur? a.) determination b.) creativity c.) dependance d) self-confidence
dependance
Non-financial goals are important for an entrepreneur because these goals a.) determine personal satisfaction b.) help sell a product or service c.) determine whether or not the business will be successful d.) enable a business to earn profits
determine personal satisfaction
In comparing different business opportunities, an entrepreneur should a.) set financial goals b.)set non-financial goals c.) determine the hours needed to run the business d.) perform a self-assessment
determine the hours needed to run the business
A disadvantage of entrepreneurship is that entrepreneurs a.) do not have a regular income b.) must implement creative ideas c.) control their own destinies d.) none of these
do not have a regular income
which of the following is not important in determining if a business opportunity is realistic a.) the rate of business failure b.) the market in the community for the type of business c.) the background needed to run the type of business d.) the interest rates for loans at different banks
the interest rates for loans at different banks
special meetings where companies display their products are a.) trade shows b.) entrepreneurial conventions c.) sponsored by the federal government d.) not beneficial fr investigating entrepreneurial opportunities
trade shows