ME11 - Unit 1.00

Question 1

Governments can encourage entrepreneurial development by

Accepted Answer

deregulating and reducing taxes.

Question 2

Joan borrowed $10k to start her own business. Assuming she takes all responsibility for the company's financial risks...

Accepted Answer

sole proprietorship.

Question 3

Before starting their business ventures, which of the following would entrepreneurs recognize first:

Accepted Answer

Opportunities

Question 4

Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and

Accepted Answer

what needs to be done.

Question 5

Which of the following statements is true regarding training for entrepreneurial ventures:

Accepted Answer

education that entrepreneurs need depends on the nature of the start-u

Question 6

A business that is owned by two or more people who share the risk of loss and the chance for profit is known as a

Accepted Answer

partnership.

Question 7

In the early stages of a start-up business, entrepreneurs assume sole responsibility for

Accepted Answer

all aspects of their businesses.

Question 8

Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of

Accepted Answer

empathy.

Question 9

Which of the following is a characteristic of a business-format franchise:

Accepted Answer

Continuous assistance is provided by the franchisor.

Question 10

Environmental protection and the shift towards healthier lifestyles are examples of

Accepted Answer

trends.

Question 11

Which of the following is a benefit of the business-format franchise arrangement:

Accepted Answer

Reduced risk of failure

Question 12

To sell sweatshirts, jackets, & T-shirts w/ ABC University's logo, the Collegiate Sportswear Company pays royalties

Accepted Answer

Licensing agreement

Question 13

Successful entrepreneurs enjoy their work & often start their businesses so that they can share their interest w/ others

Accepted Answer

passion for

Question 14

Technological advancements have made it possible for some entrepreneurs to

Accepted Answer

operate their businesses entirely from their computers.

Question 15

Which of the following is a way that entrepreneurship helps our society:

Accepted Answer

Creates new jobs

Question 16

Even though there is a chance that his business will fail, Sidney intends to open a sports memorabilia shop. What trait?

Accepted Answer

Willingness to take risks

Question 17

While managers help to make entrepreneurs’ visions a reality, they aren’t required to

Accepted Answer

assume the risk involved.

Question 18

Kia’s primary reason for starting her business is her desire to make her own schedule. She is looking forward to the _.

Accepted Answer

flexibility and independence

Question 19

Which of the following statements is true regarding entrepreneurship:

Accepted Answer

Most people have the ability to become entrepreneurs.

Question 20

A type of business ownership in which one or more of the owners does not have full liability is called a

Accepted Answer

limited partnership.

Question 21

How are entrepreneurs similar?

Accepted Answer

They have strong personal traits, such as determination and confidence.

Question 22

Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of

Accepted Answer

money.

Question 23

One difference between entrepreneurs and small-business owners is that

Accepted Answer

small-business owners generally are not interested in expanding

Question 24

A form of business ownership that operates under a charter issued by the state is called a(n)

Accepted Answer

corporation.

Question 25

The most likely reason an individual might turn a woodworking hobby into a business is because of

Accepted Answer

personal satisfaction.

Question 26

How do entrepreneurs develop their skills?

Accepted Answer

By training and continuous practice

Question 27

Jim has some money, and he wants to become a business owner. He has a full time job and little time to operate the biz

Accepted Answer

Corporation

Question 28

What type of business is owned by stockholders who share the business's profits?

Accepted Answer

Corporation

Question 29

What is a disadvantage of entrepreneurship?

Accepted Answer

Uncertain income

Question 30

The business agreement under which a business distributes the goods or services of a parent company is called a

Accepted Answer

franchise.

ME11 - Unit 1.00

Questions 30

ME11 - Unit 1.00

Questions 30