MKTG Concepts Ch 21: Entrepreneurship and Marketing

Question 1

A disadvantage of a partnership is if money is owned, each partner is responsible for the debt.

Accepted Answer

True

Question 2

One of the reasons people start businesses is to have the freedom do do work they enjoy.

Accepted Answer

True

Question 3

The complete written business plan should be no more than one or two pages long.

Accepted Answer

False

Question 4

All small businesses are owned by entrepeneurs.

Accepted Answer

False

Question 5

Unless an owner can dictate something better a business has than its competitor, it will fail.

Accepted Answer

True

Question 6

Few new small businesses today succeed due to competition from large international businesses.

Accepted Answer

False

Question 7

When selecting an idea for a business to start, an entrepreneur should choose one that...

Accepted Answer

meets his/her interests and skills

Question 8

The business plan should be shared with prospective costumers so they are confident in success.

Accepted Answer

False

Question 9

Often, a business started by an entrepreneur fails when it begins to grow.

Accepted Answer

True

Question 10

Small businesses represent about half of all the businesses representing the United States.

Accepted Answer

False

Question 11

The form of business ownership in which the owners assume the least amount of risk is...

Accepted Answer

corporation

Question 12

The financial section of a business plan includes...

Accepted Answer

identification of startup costs

Question 13

Successful small businesses are seldom owned by people from minority groups

Accepted Answer

False

Question 14

Which of the following is not a characterisic of entrepreneurs?

Accepted Answer

Entrepreneurs are wealthy.

Questions 14