Chapter 1 -Should You Become an Entrepreneur?

Question 1

A wholesaling business sells products directly to consumers.

Accepted Answer

False

Question 2

In a brainstorming session, it is NOT a good idea to....

Accepted Answer

immediately reject the most outlandish ideas as “foolish” or “crazy”

Question 3

Ideas are different from opportunities.

Accepted Answer

True

Question 4

Which of the following would generally NOT be considered a desirable characteristic of a good team member?

Accepted Answer

confrontational

Question 5

More than half of all new businesses do not survive beyond ten years.

Accepted Answer

True

Question 6

The Food and Drug Administration is an organization that exists to help small businesses and their owners.

Accepted Answer

False

Question 7

One way a business can “go green” is to recycle and work with other green-minded companies.

Accepted Answer

True

Question 8

Absolutely anyone can be a successful entrepreneur.

Accepted Answer

False

Question 9

Entrepreneurial opportunities tend to disappear completely during downturns in the economy.

Accepted Answer

False

Question 10

The FINAL step of the problem-solving model is to....

Accepted Answer

evaluate the action

Question 11

Small firms with fewer than 500 employees represent about what percent of all businesses in the United States?

Accepted Answer

99.9

Question 12

Which of the following type of business sells products directly to consumers?

Accepted Answer

retailing

Question 13

Almost all entrepreneurs are middle-aged people with prior business experience.

Accepted Answer

False

Question 14

An entrepreneur considers if behavior is ethical, the actions and the result of those actions need to be considered.

Accepted Answer

True

Question 15

Employees, customers, and creditors are all stakeholders in an entrepreneur’s business.

Accepted Answer

True

Question 16

“I will learn more about starting my own business” is a good example of a SMART goal.

Accepted Answer

False

Question 17

Most people who own their own businesses do so for more than just monetary gain.

Accepted Answer

True

Question 18

The best way for an entrepreneur to make a decision is to go with her intuition or “gut feeling.”

Accepted Answer

False

Question 19

Which of the following was NOT a provision of the American Recovery & Reinvestment Act of 2009 to help small businesses?

Accepted Answer

tax increase

Question 20

One major advantage of being an entrepreneur is that....

Accepted Answer

entrepreneurs can choose a business that interests them

Question 21

The more often you use the problem-solving model, the better skilled at decision making you will become.

Accepted Answer

True

Question 22

People go into business for themselves because....

Accepted Answer

all of the above

Question 23

People who own, operate, and take the risk of a business venture are called

Accepted Answer

entrepreneurs

Question 24

Thoughts or concepts that come from creative thinking are called

Accepted Answer

ideas

Question 25

Though there are more small businesses in the U.S. than large businesses, the large businesses create the most jobs.

Accepted Answer

False

Chapter 1 -Should You Become an Entrepreneur?

Questions 25

Chapter 1 -Should You Become an Entrepreneur?

Questions 25