Quizz

Mira and Caroline started an organization to help communities that do not have a reliable source of electricity. They did this by designing and manufacturing solar powered lamps and selling them at an affordable price to those communities. They enrolled volunteers to help them travel to these communities and set up lamps in every household. In the context of the various types of organizations, Mira and Caroline own a(n) _____.

social business

Leaders who are committed to both good business and changing the world for the better are called ________.

social entrepreneurs

Which of the following statements does not describe an entrepreneur?

An entrepreneur does not take risks.

After delivering practice presentations to her family, Felicia received feedback about her performance. Her family indicated that Felicia may benefit from being more organized and prepared for her presentation to investors. Which of the following behaviors would help Felicia be more prepared for her presentation?

Confirm that the presentation is coherent and logical.

As an entrepreneur, Ellen has been described as having a high level of passion when presenting her business ideas to investors. Which of the following traits best describe Ellen's delivery style?

Ellen uses a lot of gestures to reinforce her key points.

Kurt is making ends meet after he gave up a well-paying job. He did this to spend more time on starting his business of a desk-to-desk courier service. He spends less time at home and spends most nights at his office working out plans and other details with his partner. Which of the following entrepreneurial traits is Kurt exhibiting?

Entrepreneurial sacrifice

Which of the following is true of entrepreneurship in the United States?

Entrepreneurship and small business are a primary source of disruptive innovation.

When purchasing a franchise, the franchisee has the responsibility of managing the existing business and developing new products but without investing his or her money.

False

Jacinta manages a small catering business that supplies meals to around 30 clients. She begins her day at 5 AM and goes to the local market to source her raw materials. She then begins preparations for the day's menu with the help of two assistants. She also personally delivers food to her clients so that she can interact with them directly and obtain feedback about the food quality, which she ensures to incorporate into her business. Jacinta is determined to make her services more profitable and puts in long hours working on building her business. According to the five categories of small-business owners, Jacinta is most likely to be classified as a(n) _____.

Hardworker

Entrepreneurs seek

Challenges

Maria recently opened a small store that sells sewing supplies. She starts work very early and works at the store six days a week. She ensures that she meets her suppliers personally, pays bills, and takes inventory at the end of every week. In the context of the categories of small-business owners, Maria is a(n):

juggler because she likes that she is given the chance to handle everything herself.

In the context of legal structures for a business, a ________ is defined as an unincorporated business owned by an individual for profit.

sole proprietorship

In the context of the different legal structures of companies, a _____ is an artificial entity created by the state and existing apart from its owners.

corporation

Entrepreneurs work well under pressure because:

they have a lot of energy

Jim is a single father. He decides to start a restaurant and borrows money from his parents, which he promises to pay back at a later date. He also takes out a Small Business Administration (SBA) loan to help set up and run his restaurant. In the context of the various ways of arranging finance for a business, which of the following financing options has Jim used?

debt financing

Companies such as Uber and Airbnb, which bridge the digital and physical worlds, are examples of businesses that are based on _____.

disruptive innovation

In the context of buying an existing business, the buyer:

has the advantage of a shorter time to get started and an existing track record.

Jackie is an entrepreneur and is scheduled to deliver a presentation about her business to investors, in order to help raise funds for her business goals. Which of the following characteristics are associated with the preparedness approach to delivering a presentation?

Jackie cites facts and examples during her presentation in order to support her points.

Carter realized there were many restaurants in his area that did not offer delivery services to their customers. He, along with a friend, soon came up with a business plan to provide delivery services for those restaurants for a fee per order. He started a Web site through which people could place orders from the restaurant of their choice, and the food would be delivered to them. Which of the following types of business has Carter started?

Online business

According to Sarah Thébaud, a professor at the University of California, women have less access to capital to start their own businesses because they have to work harder to convince others about their capabilities.

True

Entrepreneurs with _____ are motivated to excel and pick situations in which they are likely to succeed.

a strong need to achieve

In the context of launching an entrepreneurial start-up, a(n) _____ is a document specifying the details prepared by an entrepreneur prior to opening a new company.

business plan