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Entrepreneurship I Unit 1 Flashcards | StudBud
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Entrepreneurship I Unit 1
Entrepreneurship I Unit 1
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Questions
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Answers
1
Small businesses have a positive effect on thelocal community because they:
limit job growth
charge interest
reduce competition
pay taxes
2
Which of the following is most likelyto have a negative effect on small-business growth:
Restrictiveloan policies
Low interest rates
Slow inflation
Involuntary tax reductions
3
Which of the following statements is true aboutentrepreneurship and small business growth:
Many people startbusinesses in times of economic recession
Small bus are taxed at a higherrate than multinational co
Consumer spending is a primary factor thatinfluences success
Trade regulations have very little effect
4
S
uccessfulentrepreneurs have_________ whatthey
do.
passion for
apathy for
reservations about
concerns about
5
What is a trend that affects the growth ofentrepreneurial ventures?
A rise in consumers' desire for slow-response times
The reduced need for health care and related services
The shift to an agricultural-based society
A higher demand for moreconvenience products
6
What is one of the main reasons why small businesses are promoted & supported by local gov't
?
They serve only their local communities
They are owned by one person
They may become a big business.
They are important to theeconomy
7
What is a disadvantage of entrepreneurship?
Lower taxes
Uncertain income
Fewer resources
Personal satisfaction
8
Which of the following is an example of awritten business inquiry
Email
Report
Memo
Form
9
What would you recommend to one looking for info about the costs for a self-serve laundromat
n laundry trade association
Small business administration
Local chamber of commerce
Service Corps of Retired Executives
10
Jack agreed to act asAlaina's guide in the business startup process. Jack isserving as Alaina's
apprentice
intermediary
entrepreneur
mentor
11
When writing a letter of inquiry, when shouldyou identify the purpose of your letter?
After identifying what prompted your inquiry
Afterdescribing your company
Once therecipient has agreed to meet with you
at the beginning of the letter
12
A reliable source of general business start-upinformation is
the Project Management Institute
Wikipedia
the Small BusinessAdministration
the National Retail Federation
13
Entrepreneurs often discover business start-upideas by looking for gaps in what is being done &
how things are being done
what was done in the past
when changes were last made
what needs to be done
14
Which is afinancial concern that entrepreneurs often face when starting new venture::
regular paychecks
Shorter vacations
Long working hours
Lower production standards
15
Governments can encourage entrepreneurialdevelopment by
passing more legislation with strict guidelines
increasing interest rates on loans
establishing higher ethical standards.
deregulating and reducingtaxes
16
Home-based businesses are attractive to manypeople because the businesses generally
have lower start-up costs
yield higher profit margins
provide owners a steady income
require less technical training
17
What is shown when an one sees the possibilityof an bad outcome & still
workstoward a goal?
Risk Taking
Creativity
Self-Dicipline
Flexibility
18
What component is important to include in all typesof inquiry letters?
Personal qualifications
Project specifications
Attention-getting title
Contact information
19
Even when times are tough 4 Caitlin's business, she remains positive. What is Caitlin showing?
Determination
Organization
Optimism
Innovation
