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Entrepreneurship Quiz Questions Chapters 1, 2, & 3
Typology: Exams
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Almost all entrepreneurs are middle-aged people with prior business experience - Correct answer False A wholesaling business sells products directly to consumers - Correct answer False One way a business can "go green" is to recycle and work with other green-minded companies - Correct answer True When an entrepreneur considers whether or not behavior is ethical, both the actions and the result of those actions need to be considered - Correct answer True The best way for an entrepreneur to make a decision is to go with her intuition or "gut feeling" - Correct answer False "I will learn more about starting my own business" is a good example of a SMART goal - Correct answer False The more you use the problem solving model, the better skilled at decision making you will become - Correct answer True
Absolutely anyone can be a successful entrepreneur - Correct answer False Entrepreneurship opportunities tend to disappear completely during downturns in the economy - Correct answer False Though there are more small businesses un the United States than large businesses=, the large businesses create the most jobs - Correct answer False Employees, customers, and creditors are all stakeholders in an entrepreneur's business - Correct answer True More than half of all new businesses do not survive beyond ten years - Correct answer True Most people who own their own businesses do so for more than just monetary goals - Correct answer True The four interdependent functions of business are product, marketing, management, and finance - Correct answer True Economies are based on both economic and noneconomic wants - Correct answer False Entrepreneurship thrives in a command economy - Correct answer False
Entrepreneurs invest in their communities by contributing to the local economy and by providing jobs - Correct answer True The introduction of the business plan includes a description of the business and goals, the ownership and legal structure, the skills and experience you have, and your advantages over competitors - Correct answer True The content of all business plans is the same, no matter the size or type of business - Correct answer False Information about the insurance and rental or lease agreements should be should be included in the operations section of your business plan - Correct answer True The executive summary should be written before you write the business plan - Correct answer False Trade associations exist to provide information, education, and networking opportunities to individuals in their industry
Lenders want to know where your business will be located because the location because the location of a business is often a critical factor to its success - Correct answer True You should never reveal any financial information in a business plan, in case the plan falls into the wrong hands - Correct answer False Business plans should never be handwritten - Correct answer True Your business plan should never-under any circumstances-list any risks or potential problems your new business could face - Correct answer False You can set up a meeting with a SCORE volunteer for a low fee of just $25 - Correct answer False A business plan makes you think about all aspects of your business - Correct answer True It is against state and federal law for bankers to assist entrepreneurs in the preparation of a business plan - Correct answer False Your business plan needs to convince readers that you have come up with a practical business idea - Correct answer True