Which quote can be attributed to Alexis deTocqueville?

"Americans all ages,dispositions, form associations."

What is NOT a primary purpose of a business plan?

Gets out there and sells for the business owner

Which of the following statements about market research is false?

SWOT stands for Strengths, Weaknesses, Options, and Threats

Within the business plan, what is an executive summary?

One-two pages highlighting each section of the business plan

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

Allows entrepreneur to turn an interest into a business idea

The majority of small businesses are

Owned and operated by one person

Which is NOT an example of a market trend:

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

What is an elevator pitch?

A 20 to 60 second presentation about a business

What percentage of entrepreneurs think their venture will be full-time vs. part-time?

33% think it'll be full-time, 67% think it'll be part-time

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Entrepreneurship Final Exam

26 termsStudBud Administration94 plays

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

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

Entrepreneurship Final Exam Flashcards | StudBud

Entrepreneurship Final Exam

26 termsStudBud Administration94 plays

Entrepreneurship Final Exam

Flashcards26 cardsFPractice quizPHost liveL

Questions 26

Answers

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