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