Which of the following nations is likely to have the lowest percentage of entrepreneurs?

nation that places complex regulations on businesses

According to SBA, to officially count as a small business:

number of employees should range from fewer than 100 - 1,500

A city wants to revitalize the inner city and stimulate innovation, the best way to do this is

encourage the formation of small business

Which of the following is an advantage of a business plan?

crucial to obtain outside funding

Which of the following statements is true about the Small Business Administration

offers microloans through community nonprofits

Entrepreneurs with a strong internal locus of control tend to:

feel their success/failure is the result of their actions.

Which of the following best describes venture capitalists?

they fund high-potential new companies for part ownership

Entrepreneurship rates are high in countries in which the people

start their own business because they have no other option

Which of the following statements is true about small business

they are often the first to contract when times are tough

An effective business plan is usually

25 - 50 pages long and takes about six months to write

Which of the following is a competitive disadvantage for many small businesses?

lack of business knowledge and expertise

Entrepreneurs must understand that no conventional lender will

loan all of the startups funding

New research shows that small businesses are:

the backbone of urban economies

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Questions 27

Answers

1
Which of the following nations is likely to have the lowest percentage of entrepreneurs?
A nation that provides a low level of employment protection
nation with a business-supportive political culture
A nation with a low per capita income
nation that places complex regulations on businesses
2
According to SBA, to officially count as a small business:
business must stick to the traditional way of thinking
number of employees should range from fewer than 100 - 1,500
level of bureaucracy should be high in order to survive.
average revenue of the business is less than $0.75 million
3
A company that invests in a start-up business with high growth potential for a part ownership
commercial lenders
Venture capital firms
Angel investment firms
Small business development centers.
4
A city wants to revitalize the inner city and stimulate innovation, the best way to do this is
encourage the formation of small business
increase government unemployment benefits
make it illegal for firms to outsource jobs
put inner city businesses under government control
5
Which of the following is an advantage of a business plan?
crucial to obtain outside funding
effective tool in problem solving
helps attract quality talent from the market
assists in public relations and marketing
6
Which of the following is a powerful contribution made by small business in the US economy?
powering the stock market
vitalizing inner cities
vitalizing rural towns
accounting for all private sector output
7
Which of the following components is found in a business plan?
description of the buisiness
contingency plans
finance repatriation method
business expansion agenda
8
___are people who risk their time, money and resources to start and manage a business
entrepreneurs
venture capitalists
stockholders
stakeholders
9
Which of the following statements is true about the Small Business Administration
offers microloans through community nonprofits
specializes in giving out grants and interest-free loans
Gives free money to start-up a business
the role is regulatory and it has not role in credit markets
10
Entrepreneurs with a strong internal locus of control tend to:
have trouble learning from past mistakes
be unwilling to accept personal responsibility
put too much faith in the ability of others to act
feel their success/failure is the result of their actions.
11
Which of the following best describes venture capitalists?
they only invest in rapid growth companies
lend small amounts to start-ups through nonprofit companies
they fund high-potential new companies for part ownership
they partially guarantee loans from local commercial banks
12
When large companies downsize, some people start their own businesses, they are known as:
welfare recipients
necessity entrepreneurs
baby-boomers
post-retirement workers
13
Entrepreneurship rates are high in countries in which the people
have a low entrepreneurial urge & have a low fear of failure
start their own business because they have no other option
have a high level of gvt-provided unemployment protection.
maintain strong government provided unemployment insurance.
14
Which of the following pieces of information is found in SBA resources
international business trends
industry-specific statistics
health tips for entrepreneurs
tips on taking the company public
15
Which of the following statements is true about small business
are less likely to stick to traditional thinking proceses
they are often the first to contract when times are tough
are rarely adversely affected by a major economic crisis
provide jobs for less than 1/4 of the nation's workforce
16
___are small segments of a market with fewer competitors than the market as a whole
market collectives
target markets
exhaustive markets
market niches
17
An effective business plan is usually
1-5 pages long and takes about a week to write
25 - 50 pages long and takes about six months to write
15-20 pages long and takes about about a month to write
100 pages long and takes about one year to write
18
Which of the following is a competitive disadvantage for many small businesses?
ineffective customer service
high overhead costs
lack of business knowledge and expertise
inability to take advantage of technology advancements
19
You are starting your own business, which would be considered a source of personal finance
a loan shark
Your local bank
Bill, your rich uncle
a venture capitalist
20
Entrepreneurs must understand that no conventional lender will
lend any money to start ups
work with large corporations
charge low interest for start ups.
loan all of the startups funding
21
Which of the following is a characteristic of entrepreneurs?
realism
apprehension
apathy
confidence
22
A document that tells the business idea, tells the objectives and gives timelines to investors
business contract
business commission
business plan
business directory
23
Entrepreneurs tend to be tolerant of
incompetence
delays
scarcity
uncertainty
24
Which of the following is an intimidating obstacle that small businesses face?
Obstacles in technology
High health insurance costs
lack of customer service
High overhead costs
25
New research shows that small businesses are:
unaffected by enconomic crisis.
likely to use traditional thinking
likely to fail even after five years
the backbone of urban economies
26
The primary reason people become entrepreneurs is to:
obtain a stable income
avoid risk and uncertainty
revolutionize business models
make more money
27
Which of the following bodies assists entrepreneurs by guaranteeing loans
Small Business Administration
Small Business of America
Department of the Treasury
Federal Reserve

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