Entrepreneurship Mid-Term Exam Review

Question 1

Which of the following is not generally a personal characteristic of a successful entrepreneur?

Accepted Answer

cautiousness

Question 2

Which of the following describes creative thinking?

Accepted Answer

All of the above

Question 3

Farming is most like which type of business?

Accepted Answer

manufacturing

Question 4

Which of the following is not a creative-thinking technique?

Accepted Answer

Being Practical

Question 5

A small non-manufacturing business is defined as having fewer than how many employees?

Accepted Answer

100

Question 6

A dot-com company is

Accepted Answer

one that runs most of its business from the internet

Question 7

Auto repair is an example of which type of business?

Accepted Answer

service

Question 8

A royalty fee is paid.....

Accepted Answer

all of the above

Question 9

Which of the following products is typically sold to manufacturing businesses?

Accepted Answer

plastic parts

Question 10

A "green" company

Accepted Answer

aims at protecting the environment

Question 11

Which of the following is a reward of being an entreprenur?

Accepted Answer

all of the above

Question 12

A business that sells goods directly to consumers on the Internet is a

Accepted Answer

retailing business

Question 13

Carrying capacity indicates

Accepted Answer

the growth potential for a business entering a industry

Question 14

Which advantage does a general partnership have over a sole proprietorship?

Accepted Answer

it provides more than one person for financial backing

Question 15

Which of the following is not an advantage of a sole proprietorship?

Accepted Answer

unlimited liability

Question 16

Which of the following would not be provided by a mentor?

Accepted Answer

financial security

Question 17

You can buy an independent business from a

Accepted Answer

Business Broker

Question 18

Which of the following is not a risk of being an entrepreneur?

Accepted Answer

getting fired

Question 19

You can recognize potential business ideas from which of the following sources?

Accepted Answer

All of The Above

Question 20

Before preforming market research, the first thing you should do is?

Accepted Answer

Identify your target market

Question 21

A manufacturer with whom you discuss a product idea should sign this type of agreement.

Accepted Answer

Nondisclosure Agreement

Question 22

Which of the following is true about American entrepreneurs?

Accepted Answer

all of the above

Question 23

In a sole proprietorship, how many people are responsible for the business?

Accepted Answer

one

Question 24

Which type of business ownership provides unlimited liability for its owners?

Accepted Answer

sole proprietorship

Question 25

Entrepreneurs have a great need for

Accepted Answer

personal freedom

Question 26

Which of the following is a source for gathering secondary data?

Accepted Answer

None of the above

Question 27

McDonald's is an example of a

Accepted Answer

franchise company

Question 28

An entrepreneur

Accepted Answer

is responsible for his or her business success

Question 29

An attitude is

Accepted Answer

all of these

Question 30

Which of the following is not a benefit of buying a franchise?

Accepted Answer

More Entrepreneurial Freedom

Question 31

The natural ability to perform a specific kind of task very well is referred to as having

Accepted Answer

an aptitude

Question 32

What percentage of business owners used money of their own to start or buy a business?

Accepted Answer

more than 60%

Question 33

The practice of giving employees the chance to try out new ideas within a company is called

Accepted Answer

intrapreneurship

Question 34

Which of the following is not part of a SWOT analysis?

Accepted Answer

Organizations

Question 35

Companies that sell to other companies are called

Accepted Answer

B2B

Question 36

Wholesalers are also known as

Accepted Answer

all of the above

Question 37

By definition, an entrepreneur

Accepted Answer

risks more than an employee

Question 38

The time period for acting on a business opportunity before is it lost is called the....?

Accepted Answer

Window of Opportunity

Question 39

What disadvantage does a general partnership have over a sole proprietorship?

Accepted Answer

all of these

Question 40

Which of the following is not a skill needed by an entrepreneur?

Accepted Answer

artistic skill

Entrepreneurship Mid-Term Exam Review

Questions 40

Entrepreneurship Mid-Term Exam Review

Questions 40