Question 1

About ________percent of businesses in Canada have fewer than 100 employees.

Accepted Answer

A)  10
B)  98
C)  40
D)  26E) All of the above
F) B) and C)

Question 2

Many entrepreneurs see business opportunities in their problems.

Accepted Answer

A) True 
 B)False

Question 3

Society is much more accepting of home-based entrepreneurs than in the past.

Accepted Answer

A) True 
 B)False

Question 4

Entrepreneurs seeking financial support from bankers and potential investors should:

Accepted Answer

A)  be vague regarding their creative business plans to avoid having their idea stolen.
B)  seek their assistance in developing their business plan.
C)  ask for a relatively small amount of capital initially,postponing a full funding request until the investors better understand the business concept.
D)  create a detailed business plan to help the bankers and investors understand why this business will succeed.E) B) and C)
F) C) and D)

Question 5

________are the primary concerns of someone starting a business.

Accepted Answer

A)  Human relations and accounting
B)  Staffing and controlling
C)  Financing and planning
D)  Marketing and public relationsE) None of the above
F) A) and B)

Question 6

Neal,a licensed real estate broker,received notification that his application for a business loan was denied.The bank refused his request because he failed to provide a blueprint identifying the intended target market and competitive strategy.In order to secure a bank loan Neal evidently needs a:

Accepted Answer

A)  business plan.
B)  bankruptcy lawyer.
C)  venture capitalist.
D)  loan advocate.E) A) and D)
F) B) and C)

Question 7

The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.

Accepted Answer

A) True 
 B)False

Question 8

All of the following are hurdles small businesses face when considering exporting  except :

Accepted Answer

A)  there is great deal of required paperwork.
B)  financing is often difficult to find.
C)  cultural differences are not easily understood.
D)  overseas buyers prefer dealing with large corporate bureaucracies.E) B) and C)
F) A) and B)

Question 9

Commercial loan officers and insurance agents offer expert assistance that can be valuable to small business owners.

Accepted Answer

A) True 
 B)False

Question 10

Dr.Smiley White just graduated from dental school.He is hoping to acquire the necessary funding to start his own dentist's office.One advantage of this type of business is the:

Accepted Answer

A)  very low startup costs.
B)  low failure rate.
C)  above average opportunity to borrow funds at a high interest rate.
D)  nearly unlimited growth potential.E) A) and B)
F) A) and C)

Question 11

The goal of an incubator is only to ensure that the small business survives the start-up period.

Accepted Answer

A) True 
 B)False

Question 12

Small businesses employ about 1 million individuals in Canada.

Accepted Answer

A) True 
 B)False

Question 13

Seeking the advice of established small business owners is:

Accepted Answer

A)  only helpful if the person giving the advice has been successful.
B)  often valuable since you can from learn from their experiences.
C)  not recommended since federal privacy laws could be violated.
D)  generally not a good idea since they desire to limit their competition.E) A) and B)
F) None of the above

Question 14

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Accepted Answer

A) True 
 B)False

Question 15

How important is small business to the Canadian economy?

Accepted Answer

It is very important.Data can be found i...

Question 16

An entrepreneur is well served by seeking the counsel of other small-business owners.

Accepted Answer

A) True 
 B)False

Question 17

Many small businesses list managerial incompetence as one of their biggest causes of failure.

Accepted Answer

A) True 
 B)False

Question 18

An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

Accepted Answer

A) True 
 B)False

Question 19

In the business world,a market consists of those people who only have a willingness to buy a particular product.

Accepted Answer

A) True 
 B)False

Question 20

As a(n) ________Rick searches for firms in need of funding to achieve their goals.In return for his investment,Rick becomes a part owner in the business.Rick operates as a(n) :

Accepted Answer

A)  corporate raider.
B)  venture capitalist.
C)  securities trader.
D)  investment analyst.E) A) and B)
F) B) and C)

Exam 7: Entrepreneurship and Starting a Small Business

Many small businesses list managerial incompetence as one of their biggest causes of failure.

Correct AnswerverifiedShow Answer

Neal,a licensed real estate broker,received notification that his application for a business loan was denied.The bank refused his request because he failed to provide a blueprint identifying the intended target market and competitive strategy.In order to secure a bank loan Neal evidently needs a:

Correct AnswerverifiedShow Answer

________are the primary concerns of someone starting a business.

Correct AnswerverifiedShow Answer

About ________percent of businesses in Canada have fewer than 100 employees.

Correct AnswerverifiedShow Answer

In the business world,a market consists of those people who only have a willingness to buy a particular product.

Correct AnswerverifiedShow Answer

The goal of an incubator is only to ensure that the small business survives the start-up period.

Correct AnswerverifiedShow Answer

Dr.Smiley White just graduated from dental school.He is hoping to acquire the necessary funding to start his own dentist's office.One advantage of this type of business is the:

Correct AnswerverifiedShow Answer

Many entrepreneurs see business opportunities in their problems.

Correct AnswerverifiedShow Answer

An entrepreneur is well served by seeking the counsel of other small-business owners.

Correct AnswerverifiedShow Answer

How important is small business to the Canadian economy?

Correct AnswerverifiedIt is very important.Data can be found i...View AnswerShow Answer

Entrepreneurs seeking financial support from bankers and potential investors should:

Correct AnswerverifiedShow Answer

Studies show that seniority is the most important criteria when selecting employees for promotion to management positions.

Correct AnswerverifiedShow Answer

Society is much more accepting of home-based entrepreneurs than in the past.

Correct AnswerverifiedShow Answer

As a(n) ________Rick searches for firms in need of funding to achieve their goals.In return for his investment,Rick becomes a part owner in the business.Rick operates as a(n) :

Correct AnswerverifiedShow Answer

The most important difference between entrepreneurs and micropreneurs is the focus placed by micropreneurs on balancing the demands of work and family.

Correct AnswerverifiedShow Answer

Seeking the advice of established small business owners is:

Correct AnswerverifiedShow Answer

An entrepreneur's personal financial position will have a minor impact on negotiations with bankers for a small business loan.

Correct AnswerverifiedShow Answer

Small businesses employ about 1 million individuals in Canada.

Correct AnswerverifiedShow Answer

All of the following are hurdles small businesses face when considering exporting except :

Correct AnswerverifiedShow Answer

Commercial loan officers and insurance agents offer expert assistance that can be valuable to small business owners.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
It is very important.Data can be found i...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified