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Exam 6: Entrepreneurship and Starting a Small Business

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Question 1

Multiple Choice

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The goal of an intrapreneur is:

A) to improve quality control in a corporation's production process.
B) to develop new products and generate new profits for the corporation.
C) to implement cost control policies for existing products.
D) to create smaller companies within larger companies.

E) A) and D)
F) A) and B)

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Question 2

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

A) True
B) False

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Question 3

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Web-based businesses avoid the risk of failure faced by traditional startup businesses.

Of all nonfarm businesses in the United States, almost 97 percent are considered small by the Small Business Administration (SBA) standards.

A Small Business Investment Company (SBIC) is a(n) :

To be considered part of a market, an individual must:

The business opportunities with the greatest growth potential tend to be in the high technology industries.

From a competitive standpoint, small businesses cannot expect to successfully compete with large corporations in international markets.

The easiest businesses to start are those that offer the greatest profit potential.

Adequate funding for a small business venture insures its success.

Kylie is employed by Street Wheels, a large corporation that produces accessories for scooters, bicycles, and other children's vehicles. She is a creative force within the company and has helped create and launch several new successful products. Kylie is an example of an intrapreneur.

A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.

The principles of management of a large business are similar to the principles of management of a small business.

Small business employees:

Similar to how large businesses proceed, small businesses make marketing decisions .

While the first job for many people is working for a small business, most of the permanent new jobs are created by larger corporations.

When writing a business plan, prospective entrepreneurs should remember to omit details regarding their experience and education since investors are only interested in the proposed business.

By passing the Immigration Act of 1990, the U.S. government acted to encourage entrepreneurs to immigrate to the United States.

Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.

The entrepreneur's integrity is not relevant to bankers when determining the credit worthiness of a business loan.