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Entrepreneurship Final Review 1 Flashcards | StudBud
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Entrepreneurship Final Review 1
Entrepreneurship Final Review 1
20 terms
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Entrepreneurship Review 1
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Which process helps aspiring entrepreneurs generate venture ideas?
Creative thinking
Decision-making
Goal-setting
Financial planning
2
When generating ideas for new businesses, entrepreneurs look for ways to perform which action?
Solve problems
Increase liability
Rationalize spending
Control outcomes
3
Identifying new product opportunities usually requires a person possess which characteristic?
Decisiveness
Awareness
Emotional
Indifference
4
Local governments strongly promote and support small businesses mainly due to which factor?
Businesses may become big businesses.
Businesses are owned by one person.
Businesses are important to the economy.
Businesses serve only the local communities.
5
Which example illustrates how environmental factors are interrelated?
The economy affects banking institutions
New legislation will be written in the future.
The economy affects what competitors are doing.
Low investor confidence heavily impacts financial planners.
6
A business that identifies products to sell that fill needs is making which decision?
Quality control
Product mix
Customer service
Line extension
7
a SCORE volunteer,is act as a guide in the business start-up process. He is serving which role?
Mentor
Apprentice
Intermediary
Entrepreneur
8
Which statement is true about a business environment?
It consists of the economy and technology.
It is always changing.
It can be avoided
It may not affect the business, depending on the industry
9
When determining venture-creation opportunities, entrepreneurs must first perform which action?
Select a location
Identify staffing needs
Obtain financing
Conduct research
10
Which positive effect do small businesses have on the local community?
Reduction of competition
Charging of interest
Pay in of taxes
Limitation on job growth
11
The brainstorming process is used to accomplish which primary goal?
Come up with as many ideas as possible.
Rate each idea in relation to one another.
Analyze each idea as it is presented
Come up with a set number of ideas within a certain time.
12
Which statement is most likely to have a negative effect on domestic small-business growth?
Restrictive loan policies
Low interest rates
Involuntary tax reductions
Slow inflation
13
Which statement is true about entrepreneurship and small-business growth?
Small business start-ups are taxed at a higher rate
Consumer spending is a big factor that influence success.
Many people start entrepreneurial ventures during recession.
Trade regulations have little effect on smallbusiness growth
14
Entrepreneurial discovery is an important process in a free-enterprise economic system because
Improve economic sanctions
Form a technological monopoly
Satisfy an unmet demand
Change legal requirements
15
When conducting a environmental scan,which economic factor will a business should consider?
Global trade regulations
Restricted sales territories
Consumer spending habits
Local demographics
16
Which statement is true about entrepreneurial discovery
Provides entrepreneurs with professional development
It ensures that start-up businesses have continuous funding
It is a way to determine the long-term profit
An ongoing process that aids the success rate of a business.
17
Which is an example of a demographic trend?
The aging of the population
A concern for fitness and health
Shifting political climates
Rising interest rates
18
Which is an example of a demographic trend that has encouraged entrepreneurial discovery?
Increased cultural diversity
Technological advancements
Interest rate fluctuations
Industry deregulation
19
Which is considered a reliable information source for a business start-up?
The Small Business Administration (sba.gov)
Wikipedia
The Project Management Institute (pmi.org)
The National Retail Federation (Nrf.com)
20
Which a global trend might push a entrepreneur 2 consider international business opportunities?
Higher allowances
Enforceable trade agreements
Lower tariffs
Flexible currency rates
