Governments can encourage entrepreneurial development by

deregulating and reducing taxes.

Which of the following statements is true regarding entrepreneurship:

Most people have the ability to become entrepreneurs.

Technological advancements have made it possible for some entrepreneurs to

operate their businesses entirely from their computers.

How are entrepreneurs similar?

They have strong personal traits, such as determination and confidence.

Which of the following statements is true regarding entrepreneurship:

The training & education that entrepreneurs need depends on their busines

How do entrepreneurs develop their skills?

By training and continuous practice

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

all aspects of their businesses.

One difference between entrepreneurs and small-business owners is that

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

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Entrepreneurship I Unit 1.02 Test

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Answers

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

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