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ME11 - ENT 1.01 Review Flashcards | StudBud
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ME11 - ENT 1.01 Review
ME11 - ENT 1.01 Review
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#Entrepreneurship 1.01
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Which statement is true regarding training for entrepreneurial ventures?
You must pass state-mandated exams to run a business.
Most successful entrepreneurs have degrees.
Once trained, they rarely need further education.
The nature of the start-up business determines training.
2
What is a main reason why small businesses are promoted & supported by local government?
They may become a big business.
They are owned by one person.
They are important to the economy.
They serve only their local communities.
3
What would you recommend to an entrepreneur looking to open a self-serve laundromat:
Local chamber of commerce
Service Corps of Retired Executives
Small business administration
Coin laundry trade association
4
Which of the following statements is true about entrepreneurship & small business growth:
Small business start-ups are taxed at a higher rate.
Trade regulations have little effect on growth.
People start entrepreneurial ventures during recession.
Consumer spending is a main factor that influences success.
5
Entrepreneurs who enjoy their work and share their interests exhibit which characteristic?
Passion
Apathy
Concerns
Reservations
6
Entrepreneurs discover start-up ideas by looking for gaps between what is being done and ___
When changes were last made
How things are being done
What needs to be done
What was done in the past
7
Service Corps of Retired Executives (SCORE) serves as a _____ to new entrepreneurs.
mentor
intermediary
entrepreneur
apprentice
8
A reliable source of general business start-up information is
the Project Management Institute
the Small Business Administration
Wikipedia
the National Retail Federation
9
Recognizing the possibility of an undesirable outcome but continuing toward a goal exhibits ___
Risk-taking
Creativity
Flexibility
Self-discipline
10
Looking at the glass half full instead of half empty demonstrates __________________.
Optimism
Innovation
Organization
Determination
11
Small businesses have a positive effect on the local community because they:
reduce competition
pay taxes
charge interest
limit job growth
12
Which is most likely to have a negative effect on domestic small-business growth:
Slow inflation
Low interest rates
Restrictive loan policies
Involuntary tax reductions
13
Home-based businesses are attractive to many people because of which factor? They usually:
provide owners a steady income.
have lower start-up costs.
yield higher profit margins.
require less technical training.
14
What is a
disadvantage
of entrepreneurship?
Lower taxes
Personal satisfaction
Uncertain income
Fewer resources
15
Which is considered a reliable information source for a business start-up?
The Project Management Institute (www.pmi.org)
Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
The Small Business Administration (www.sba.gov)
The National Retail Federation (www.nrf.com)
16
Which is a financial concern that entrepreneurs often face when starting new businesses?
Irregular paychecks
Lower production standards
Long working hours
Shorter vacations
