% of entrepreneurs starting a business think their venture will be full-time vs. part-time?

33% think it will be full-time, 67% part-time

Which of the following statements about market research is false?

SWOT stands for Strengths, Weaknesses, Options, and Threats.

Which is NOT an example of a market trend:

Mike comes in with his dog every Friday at 4:00pm

Which quote can be attributed to Alexis deTocqueville?

"Americans of all ages constantly form associations."

What does a tool like "mind mapping" help do?

Allows an entrepreneur to turn interest area into a business

Within the business plan, what is an executive summary?

One-two pages highlighting each section of the business plan

What is NOT a primary purpose of a business plan?

Gets out there and sells for the business owner

The majority of small businesses are

Owned and operated by one person

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Entrepreneurship Final Exam

26 termsStudBud Administration37 plays

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

1
Social entrepreneurs:
Have a mission focus
Solve social problems
Are always nonprofits
Two of the answers
2
% of entrepreneurs starting a business think their venture will be full-time vs. part-time?
10% think it will be full-time, 90% part-time
50% think it will be full-time, 50% part-time
33% think it will be full-time, 67% part-time
100% think it will be full-time
3
In gathering market information, which of the below are components you might seek?
What are your customers' likes and dislikes?
Who is your market?
When should you start your business?
All of the answers
4
How many small businesses are there in the U.S.?
400,000
28 million
300 million
5 million
5
Which of the following is NOT a risk of entrepreneurship?
Fear of success
High levels of stress
Uncertain income
Long hours and hard work
6
Until the 1800's, production in the U.S. could be described as:
All of the answers
Economies of scale
One product at a time
Assembly line production
7
What is an elevator pitch?
A 20 to 60 second presentation
A sales presentation of any length
A baseball pitch made in an elevator
8
Entrepreneurs who finish a business plan are twice as likely to:
Grow their business
Go out of business
Two of the answers
Obtain an investment or a loan
9
The following could be a small business:
A hairdresser
A high tech firm
All of the answers
A doctor's office
10
Which of the following statements about market research is false?
Investors expect you to know your market.
Business owners who know their market are more successful.
SWOT stands for Strengths, Weaknesses, Options, and Threats.
SWOT stands 4 Strengths, Weaknesses, Opportunities, Threats
11
Which is NOT an example of a market trend:
Women aged 45-60 buy the dog shampoo most often
Mike comes in with his dog every Friday at 4:00pm
# of allergies has led to a need for cleaner environments
The dog shampoo market is growing by 3% a year
12
Being creative in business can support which of the following:
Staying ahead of the competition
Developing new ideas for products and services
Both answers
13
Which quote can be attributed to Alexis deTocqueville?
"To be or not to be, that is the question."
"Give me liberty, or give me death."
"Americans of all ages constantly form associations."
"We accept the reality of the world."
14
How would you directly poll a customer for their opinions on a product?
A combination of data gathering
Primary data gathering
Secondary data gathering
Tertiary data gathering
15
Going onto a website to read an article about dog toys would be considered:
A primary research technique
A combination research technique
A secondary research technique
A tertiary research technique
16
What does a tool like "mind mapping" help do?
Allows a future entrepreneur to understand their competition
Allows an entrepreneur to turn interest area into a business
Allows a future entrepreneur to map a market landscape
All of the answers
17
Within the business plan, what is an executive summary?
None of the answers
One-two pages highlighting each section of the business plan
A summary of resumes of executives advising the business.
A plan for how executives will be compensated
18
What is NOT a primary purpose of a business plan?
Charts course for business owner
Drives action
Gets out there and sells for the business owner
Provides introduction document for fundraising
19
The majority of small businesses are
Owned and operated by one person
Owned by two people, operated by between 1 and 5 people
Owned by one person, operated by between 1 and 5 people
Owned and operated by two people
20
The term "entrepreneur" means:
One who organizes, manages, and assumes risks
Someone who pioneers change or wants to work for themselves
All of the above
"To undertake" (the derivation of a French word)
21
One person can make a difference as an entrepreneur
False
True
22
Which of the below is NOT a way to protect a creative idea?
Datamark
Trademark
Servicemark
Copyright
23
Today, small business:
Two of the answers
Produces 60-80 percent of all new jobs
Cannot compete with big businesses
Pays 44 percent of the U.S. payroll
24
What is net income?
Revenues plus sales minus expenses
Expenses plus profit
Revenues minus expenses
None of the answers
25
The following are traits of an entrepreneur:
Likes to get up early
Likes to work the same hours every day
Likes routine
Action oriented
26
What is NOT a common type of expense in a business?
Rent
Utilities
Equipment
Sports Tickets

Entrepreneurship Final Exam Flashcards | StudBud

Entrepreneurship Final Exam

26 termsStudBud Administration37 plays

Entrepreneurship Final Exam

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

1
Social entrepreneurs:
Have a mission focus
Solve social problems
Are always nonprofits
Two of the answers
2
% of entrepreneurs starting a business think their venture will be full-time vs. part-time?
10% think it will be full-time, 90% part-time
50% think it will be full-time, 50% part-time
33% think it will be full-time, 67% part-time
100% think it will be full-time
3
In gathering market information, which of the below are components you might seek?
What are your customers' likes and dislikes?
Who is your market?
When should you start your business?
All of the answers
4
How many small businesses are there in the U.S.?
400,000
28 million
300 million
5 million
5
Which of the following is NOT a risk of entrepreneurship?
Fear of success
High levels of stress
Uncertain income
Long hours and hard work
6
Until the 1800's, production in the U.S. could be described as:
All of the answers
Economies of scale
One product at a time
Assembly line production
7
What is an elevator pitch?
A 20 to 60 second presentation
A sales presentation of any length
A baseball pitch made in an elevator
8
Entrepreneurs who finish a business plan are twice as likely to:
Grow their business
Go out of business
Two of the answers
Obtain an investment or a loan
9
The following could be a small business:
A hairdresser
A high tech firm
All of the answers
A doctor's office
10
Which of the following statements about market research is false?
Investors expect you to know your market.
Business owners who know their market are more successful.
SWOT stands for Strengths, Weaknesses, Options, and Threats.
SWOT stands 4 Strengths, Weaknesses, Opportunities, Threats
11
Which is NOT an example of a market trend:
Women aged 45-60 buy the dog shampoo most often
Mike comes in with his dog every Friday at 4:00pm
# of allergies has led to a need for cleaner environments
The dog shampoo market is growing by 3% a year
12
Being creative in business can support which of the following:
Staying ahead of the competition
Developing new ideas for products and services
Both answers
13
Which quote can be attributed to Alexis deTocqueville?
"To be or not to be, that is the question."
"Give me liberty, or give me death."
"Americans of all ages constantly form associations."
"We accept the reality of the world."
14
How would you directly poll a customer for their opinions on a product?
A combination of data gathering
Primary data gathering
Secondary data gathering
Tertiary data gathering
15
Going onto a website to read an article about dog toys would be considered:
A primary research technique
A combination research technique
A secondary research technique
A tertiary research technique
16
What does a tool like "mind mapping" help do?
Allows a future entrepreneur to understand their competition
Allows an entrepreneur to turn interest area into a business
Allows a future entrepreneur to map a market landscape
All of the answers
17
Within the business plan, what is an executive summary?
None of the answers
One-two pages highlighting each section of the business plan
A summary of resumes of executives advising the business.
A plan for how executives will be compensated
18
What is NOT a primary purpose of a business plan?
Charts course for business owner
Drives action
Gets out there and sells for the business owner
Provides introduction document for fundraising
19
The majority of small businesses are
Owned and operated by one person
Owned by two people, operated by between 1 and 5 people
Owned by one person, operated by between 1 and 5 people
Owned and operated by two people
20
The term "entrepreneur" means:
One who organizes, manages, and assumes risks
Someone who pioneers change or wants to work for themselves
All of the above
"To undertake" (the derivation of a French word)
21
One person can make a difference as an entrepreneur
False
True
22
Which of the below is NOT a way to protect a creative idea?
Datamark
Trademark
Servicemark
Copyright
23
Today, small business:
Two of the answers
Produces 60-80 percent of all new jobs
Cannot compete with big businesses
Pays 44 percent of the U.S. payroll
24
What is net income?
Revenues plus sales minus expenses
Expenses plus profit
Revenues minus expenses
None of the answers
25
The following are traits of an entrepreneur:
Likes to get up early
Likes to work the same hours every day
Likes routine
Action oriented
26
What is NOT a common type of expense in a business?
Rent
Utilities
Equipment
Sports Tickets