Chapter 3 Quiz

Question 1

Always determine if there is a market for your product/service before opening a business - test

Accepted Answer

True

Question 2

Which of the following best describes the entrepreneur of today?

Accepted Answer

Entrepreneurs are leaders, networkers , build consensus

Question 3

Which of the following is NOT a contribution made by small businesses?

Accepted Answer

Increased Union Membership

Question 4

The best definition of Entrepreneurship is

Accepted Answer

The process of seeking/starting a business -taking a risk

Question 5

BEFORE embarking on a new business venture, which of the following is most important?

Accepted Answer

Make sure there is demand for the product or service -test

Question 6

Each of the following is an example of a goal of the Entrepreneur, EXCEPT which one?

Accepted Answer

Reduced workload

Question 7

Which of the following is one of the key distinctive competencies of small business?

Accepted Answer

Recognizing niche products and niche markets

Question 8

Each of the following is a popular area for small business concentration, EXCEPT which one?

Accepted Answer

Manufacturing

Question 9

Entrepreneurs usually have which of the following basic characteristics?

Accepted Answer

A desire to be their own boss

Question 10

The Sole proprietorship is the easiest and cheapest form or type of business ownership

Accepted Answer

True

Question 11

When PLANNING to start a new business, which of the following is one of the first things you do

Accepted Answer

Find investors

Question 12

Each of the following is a potential source for small business funding, EXCPET for which one?

Accepted Answer

Federal government subsidy loans

Question 13

Which of the following best defines a small business?

Accepted Answer

Small business is independent, relatively little influence

Question 14

When two companies combine to form a new company this is called ________________________

Accepted Answer

Merger

Question 15

Which of the following is the main reason most small businesses are in the services sector?

Accepted Answer

Services require fewer rescources

Question 16

All of the following are basic questions that a business plan should answer EXCEPT which one?

Accepted Answer

Use Sustainability

Question 17

All of the following are reasons for small business failure, EXCEPT for which one?

Accepted Answer

Hard work & Determination

Question 18

Which of the following represents one of the existing trends for small business start-ups?

Accepted Answer

Emergence of e-commerce

Question 19

Which of the following would be the best option for obtaining financing for a new business?

Accepted Answer

Family and Friends

Question 20

Each of the following is one reason why small business succeed, EXCEPT for which one?

Accepted Answer

Abundance of Capital

Question 21

All of the following are viable methods of starting a small business, EXCEPT which one?

Accepted Answer

Consfiscation

Question 22

Each of the following is a type of corporation, EXCEPT for which one?

Accepted Answer

Privately Held

Question 23

Each of the following is an entreprenuer's viewpoint on risk, EXCEPT for which one?

Accepted Answer

Entrepreneurs focus on possibilities for failure

Chapter 3 Quiz

Questions 23

Chapter 3 Quiz

Questions 23