Technological advancements have made it possible for some entrepreneurs to

operate their businesses entirely from their computers

Which of the following statements is true regarding entrepreneurship

Most people have the ability to become entrepreneurs

How do entrepreneurs develop their skills?

By training and continuous practice

Governments can encourage entrepreneurial development by

deregulating and reducing taxes

How are entrepreneurs similar?

They have strong personal traits, such as determination and confide

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

all aspects of their businesses

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

Type of training/education that entrepreneurs need depends on the business

One difference between entrepreneurs and small-business owners is that

small-business owners generally are not interested in expanding their busin

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LAP PD-066

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Questions 20

Answers

1
The most likely reason an individual might turn a woodworking hobby into a business is because of
personal satisfaction
guaranteed financial security
higher taxes
sales quotas
2
While managers help to make entrepreneurs’ visions a reality, they aren’t required to
set business objectives
assume the risk involved
formulate company policy
implement procedures
3
Technological advancements have made it possible for some entrepreneurs to
reduce the need for maintaining financial records
eliminate the need to pay income and Social Security taxes
run their businesses with fewer computer skills
operate their businesses entirely from their computers
4
Which of the following statements is true regarding entrepreneurship
Entrepreneurship offers limited personal and financial growth possibilities
Personal traits are behaviors that cannot be strengthened
Most entrepreneurs are born with the skills they need for success
Most people have the ability to become entrepreneurs
5
Successful entrepreneurs enjoy their work.They start their businesses so that they can share with others.This is their
passion for what they do.
reservations about what they do.
concerns about what they do.
apathy for what they do.
6
Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and
when changes were last made
what was done in the past
how things are being done
what needs to be done
7
How do entrepreneurs develop their skills?
By becoming an autocratic leader
By seeking little or no advice from others
By reducing their flexibility
By training and continuous practice
8
Michelle’s primary reason for starting her own business is her desire to make her own schedule. Michelle is looking for
tax breaks and deductions
advanced technology
flexibility and independence
personal commitment
9
Which of the following is a way that entrepreneurship helps our society?
Creates new jobs
Reduces taxes
Eliminates financial concerns
Decreases economic growth
10
Governments can encourage entrepreneurial development by
passing more legislation with strict guidelines
deregulating and reducing taxes
increasing interest rates on loans
establishing higher ethical standards
11
Entrepreneurs who are aware of their personal strengths and weaknesses increase their chances of
productivity.
success
outsourcing.
empathy
12
How are entrepreneurs similar?
Start-up business owners rarely fail at their entrepreneurial ventures
They are born with excellent leadership and communication skills
They have strong personal traits, such as determination and confide
Most entrepreneurs go on to start other businesses
13
Environmental protection and the shift towards healthier lifestyles are examples of
solutions.
problems
obstacles.
trends
14
In the early stages of a start-up business, entrepreneurs assume sole responsibility for
the daily activities of competitors
global economic growth rates
all aspects of their businesses
the demand of their products
15
What is a disadvantage of entrepreneurship
Uncertain income
Fewer resources
Lower taxes
Personal satisfaction
16
Before starting their business ventures, which of the following would entrepreneurs recognize first
Regulations
Associations
Opportunities
Reductions
17
Many businesses fail due to insufficient capital. Insufficient capital is also known as a lack of
employees
commitment
money
advertising
18
Even though there is a significant chance that his business will fail, Sidney intends to open a sports memorabilia shop.
Organization
Open-mindedness
Creativity
Willingness to take risks
19
Which of the following statements is true regarding training for entrepreneurial ventures
Most successful entrepreneurs have degrees from four-year colleges or unive
Type of training/education that entrepreneurs need depends on the business
Most entrepreneurs must pass state-mandated exams to operate their business
Once educated/trained in their field, they don't need more education
20
One difference between entrepreneurs and small-business owners is that
small-business owners generally are not interested in expanding their busin
entrepreneurs rarely manage the day-to-day aspects of their businesses
entrepreneurs usually purchase existing businesses or franchise rights
small-business owners usually employ between 500 and 1,000 workers

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