Chapter 3 - Recognizing Opportunity (Entrepreneurship)

Question 1

McDonald’s is an example of a(n)

Accepted Answer

franchise.

Question 2

Hiring a firm to design and produce packaging for your product is an example of

Accepted Answer

outsourcing.

Question 3

People today are not as concerned about healing both their bodies & their minds as in the 80's.

Accepted Answer

False

Question 4

The number of businesses that start in the entrepreneur’s home has been growing rapidly.

Accepted Answer

True

Question 5

To find a new business, you may need to hire a(n)

Accepted Answer

business broker.

Question 6

Which of the following terms refers to the seller of a franchise?

Accepted Answer

franchisor

Question 7

Employee leasing companies are one example of a service you can outsource.

Accepted Answer

True

Question 8

trend seeking to achieve environmental & social goals, etc. with the future in mind.

Accepted Answer

green businesses

Question 9

Becoming a creative an opportunistic thinker isn't a prerequisite to success in today’s market.

Accepted Answer

False

Question 10

An asset of acquiring an existing business is customer loyalty, or

Accepted Answer

goodwill.

Question 11

A car dealership is an example of a franchise.

Accepted Answer

True

Question 12

Creativity is something you are born with; you can not learn to be creative.

Accepted Answer

False

Question 13

Which of the following are some of the major trends for the creation of new businesses?

Accepted Answer

all of the above

Question 14

About 47% of all new busiesses today are started by someone under the age of 35.

Accepted Answer

True

Question 15

It is generally more work and more risky to start a business than to buy an existing one.

Accepted Answer

True

Question 16

Federal agencies do not provide information regarding business information and opportunies.

Accepted Answer

False

Question 17

Before you can determine if a new venture is feasible, you must prepare

Accepted Answer

a business plan.

Question 18

To identify consumer markets, you should be aware of

Accepted Answer

demographic changes.

Question 19

Finding employment opportunities for wounded veterans is an example of social entrepreneurship.

Accepted Answer

True

Question 20

One way to prevent some of the problems that family businesses face is to

Accepted Answer

establish clear lines of responsibility.

Questions 20