Entrepreneurship Mid-Term Exam - 2nd 40 questions

Question 1

Retail business include shops and grocery stores.

Accepted Answer

true

Question 2

A sole proprietorship is the simplest and least expensive option for business ownership.

Accepted Answer

true

Question 3

Entrepreneurs tend to be people with positive attitudes.

Accepted Answer

true

Question 4

Entrepreneurs do not need "people skills" to be successful.

Accepted Answer

False

Question 5

Critical thinking is negative thinking.

Accepted Answer

False

Question 6

Being good at sports is an example of an aptitude.

Accepted Answer

ture

Question 7

Thinking like an represent can help you become a more valued employee.

Accepted Answer

true

Question 8

Entrepreneur Steve Jobs was one of the founders of Apple Computer.

Accepted Answer

true

Question 9

Burger King is a direct competitor to

Accepted Answer

McDonalds

Question 10

To understand a particular market, you need to research

Accepted Answer

all of these

Question 11

A business broker is someone who is licensed to sell businesses.

Accepted Answer

True

Question 12

Wholesalers sell directly to consumers.

Accepted Answer

false

Question 13

Market Research should be done before and after starting a new business.

Accepted Answer

True

Question 14

A calculated risk is one that carefully considers the potential costs and benefits of an idea.

Accepted Answer

True

Question 15

A green company aims at either protecting or improving the environment.

Accepted Answer

true

Question 16

What is the first step an entrepreneur would take to research a potential business opportunity?

Accepted Answer

identifying research objectives

Question 17

Any restaurant can be considered indirect competition to McDonald's.

Accepted Answer

True

Question 18

For a small business, the mass-market approach is the best strategy.

Accepted Answer

False

Question 19

Psychographics group market segments by where they live.

Accepted Answer

False

Question 20

Which of the following is true about a target market?

Accepted Answer

all of these

Question 21

The primary motivation for becoming an entrepreneur is to make money.

Accepted Answer

fasle

Question 22

Employees typically work longer hours than entrepreneurs.

Accepted Answer

false

Question 23

One way to gain experience in a particular business is through an internship program.

Accepted Answer

true

Question 24

A specialized delivery method can be an example of a differentiator.

Accepted Answer

True

Question 25

Business owners w/ limited liability only risk the money specifically invested in the business.

Accepted Answer

true

Question 26

A manufacturing business buys goods in large quantities and then resells them to retailers.

Accepted Answer

false

Question 27

A personal characteristic needed to be a successful entrepreneur is inflexibility.

Accepted Answer

false

Question 28

Entrepreneur Thomas Edison revolutionized the world of personal computers.

Accepted Answer

false

Question 29

By donating money to a nonprofit organization, an entrepreneur demonstrates

Accepted Answer

philanthropy

Question 30

Fifty years ago, manufacturing businesses played a larger role than service businesses.

Accepted Answer

True

Question 31

Secondary data includes information gathered by the U.S. federal and state governments.

Accepted Answer

True

Question 32

Successful entrepreneurs need math skills so they can create budgets.

Accepted Answer

true

Question 33

Manufacturing businesses are predicted to dominate the United States economy in the future.

Accepted Answer

False

Question 34

Ideas for business opportunities can be found in newspaper and magazines.

Accepted Answer

True

Question 35

The level of liability for a business owner depends on the type of ownership structure.

Accepted Answer

true

Question 36

To determine your competitive advantage, which of the following would you want to know?

Accepted Answer

all of these

Question 37

Corporations are easier to set up than sole proprietorships.

Accepted Answer

False

Question 38

One of the ways to increase your entrepreneurial potential is to find a mentor.

Accepted Answer

True

Question 39

Facts about consumers that relate to their beliefs, lifestyle, and personal preferences are

Accepted Answer

psychographics

Question 40

Competitive data could include the number of employees and the annual sales of a competitor.

Accepted Answer

True

Question 41

One of the ways to increase your entrepreneurial potential is to find a mentor.

Accepted Answer

True

Question 42

In the US, fewer than half of the entrepreneurs have some college education.

Accepted Answer

fasle

Question 43

A skill is an ability that you can learn through training and practice.

Accepted Answer

True

Question 44

A company putting its logo on the uniforms of a sports team is an example of a sponsorship.

Accepted Answer

True

Question 45

The carrying capacity indicates the amount of growth there would be for a new business.

Accepted Answer

True

Question 46

A SWOT analysis measures strengths, weaknesses, opportunities, and time frame.

Accepted Answer

False

Question 47

In today's business world, most entrepreneurs use the internet in some way.

Accepted Answer

true

Question 48

Instead of seeing opportunities, a successful entrepreneur usually sees problems.

Accepted Answer

false

Question 49

One of the rewards of being an entrepreneur is being able to help your community.

Accepted Answer

true

Question 50

Potential customers in a market can include people or business.

Accepted Answer

true

Question 51

Wholesalers are also known as middlemen or distributors.

Accepted Answer

true

Question 52

In a general partnership, all partners have unlimited liability.

Accepted Answer

True

Question 53

McDonald's is an indirect competitor of Burger King.

Accepted Answer

False

Question 54

Competitive intelligence refers to

Accepted Answer

the data collected about competitive businesses

Question 55

Demographics include age, marital status, and education.

Accepted Answer

True

Question 56

A sole proprietorship has limited liability for any business debt.

Accepted Answer

False

Entrepreneurship Mid-Term Exam - 2nd 40 questions

Questions 56

Entrepreneurship Mid-Term Exam - 2nd 40 questions

Questions 56