Duplicate of Entrepreneurship Mid-Term Exam Review

Question 1

Before preforming market research, the first thing you should do is?

Accepted Answer

Identify your target market

Question 2

A small non-manufacturing business is defined as having fewer than how many employees?

Accepted Answer

100

Question 3

Which of the following would not be provided by a mentor?

Accepted Answer

financial security

Question 4

Which type of business ownership provides unlimited liability for its owners?

Accepted Answer

sole proprietorship

Question 5

A royalty fee is paid.....

Accepted Answer

all of the above

Question 6

Companies that sell to other companies are called

Accepted Answer

B2B

Question 7

By definition, an entrepreneur

Accepted Answer

risks more than an employee

Question 8

The time period for acting on a business opportunity before is it lost is called the....?

Accepted Answer

Window of Opportunity

Question 9

An entrepreneur

Accepted Answer

is responsible for his or her business success

Question 10

Which of the following is true about American entrepreneurs?

Accepted Answer

all of the above

Question 11

McDonald's is an example of a

Accepted Answer

franchise company

Question 12

Which of the following is a reward of being an entreprenur?

Accepted Answer

all of the above

Question 13

Carrying capacity indicates

Accepted Answer

the growth potential for a business entering a industry

Question 14

Farming is most like which type of business?

Accepted Answer

manufacturing

Question 15

The practice of giving employees the chance to try out new ideas within a company is called

Accepted Answer

intrapreneurship

Question 16

Which of the following products is typically sold to manufacturing businesses?

Accepted Answer

plastic parts

Question 17

Which of the following is a source for gathering secondary data?

Accepted Answer

None of the above

Question 18

You can recognize potential business ideas from which of the following sources?

Accepted Answer

All of The Above

Question 19

A business that sells goods directly to consumers on the Internet is a

Accepted Answer

retailing business

Question 20

Which of the following is not a skill needed by an entrepreneur?

Accepted Answer

artistic skill

Question 21

Which of the following is not a benefit of buying a franchise?

Accepted Answer

More Entrepreneurial Freedom

Question 22

What disadvantage does a general partnership have over a sole proprietorship?

Accepted Answer

all of these

Question 23

A "green" company

Accepted Answer

aims at protecting the environment

Question 24

The natural ability to perform a specific kind of task very well is referred to as having

Accepted Answer

an aptitude

Question 25

A dot-com company is

Accepted Answer

one that runs most of its business from the internet

Question 26

Auto repair is an example of which type of business?

Accepted Answer

service

Question 27

Which of the following is not a risk of being an entrepreneur?

Accepted Answer

getting fired

Question 28

A manufacturer with whom you discuss a product idea should sign this type of agreement.

Accepted Answer

Nondisclosure Agreement

Question 29

Which of the following is not an advantage of a sole proprietorship?

Accepted Answer

unlimited liability

Question 30

An attitude is

Accepted Answer

all of these

Question 31

Which of the following is not generally a personal characteristic of a successful entrepreneur?

Accepted Answer

cautiousness

Question 32

What percentage of business owners used money of their own to start or buy a business?

Accepted Answer

more than 60%

Question 33

You can buy an independent business from a

Accepted Answer

Business Broker

Question 34

A small non-manufacturing business is defined as having fewer than how many employees?

Accepted Answer

100

Question 35

In a sole proprietorship, how many people are responsible for the business?

Accepted Answer

one

Question 36

Which of the following is not part of a SWOT analysis?

Accepted Answer

Organizations

Question 37

Which of the following is not a creative-thinking technique?

Accepted Answer

Being Practical

Question 38

Entrepreneurs have a great need for

Accepted Answer

personal freedom

Question 39

Which advantage does a general partnership have over a sole proprietorship?

Accepted Answer

it provides more than one person for financial backing

Question 40

Which of the following describes creative thinking?

Accepted Answer

All of the above

Question 41

Wholesalers are also known as

Accepted Answer

all of the above

Duplicate of Entrepreneurship Mid-Term Exam Review

Questions 41

Duplicate of Entrepreneurship Mid-Term Exam Review

Questions 41