Question 1

Collin works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Collin is most likely to become an entrepreneur in order to ________.

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become his own boss

obtain job security

succeed financially

improve his quality of life

Question 2

 Which of the following persons is LEAST likely to become an entrepreneur?


An intelligent person

An inquisitive person

A flexible person

A calm, low-energy person

Question 3

Former CEO George Buckley believes that the key to supporting intrapreneurship is the willingness to allocate________.


targeted employment area and investments

time and money

workers and investments

space and programs

Question 4

All of the following are major advantages of buying an existing business over starting a new business EXCEPT:


obtaining financing is often easier.

less risk is involved.

product or service is not known in the marketplace.

existing suppliers and employees are in place.

Question 5

Franz and Arlene had an idea for a different type of ice cream. They struggled to open their own small business, and later, to expand production and distribution. Their products are distributed nationwide and their sales continue to increase. Franz and Arlene are examples of ________.


serial entrepreneurs

classic entrepreneurs

change agents

social entrepreneurs

Question 6

After starting a web design company while still in college, Rodrigo sold the company after graduation. He then opened a computer repair shop; and most recently, he has started a marketing firm that specializes in social media. Rodrigo is an example of a(n):


serial entrepreneur.

social entrepreneur.

lifestyle entrepreneur.

classic entrepreneur.

Question 7

 What makes entrepreneurs unique is their overwhelming desire to ________.


become successful

utilize their creative energy

manage employees

make their business grow

 Question 8

Paterno routinely bids on contracts even though most of the other bidders are extremely large firms. Paterno believes his company offers better service at lower prices. He is exhibiting which personality trait common in entrepreneurs?



tolerance for failure

high energy level


Question 9

 If you are considering starting your own business, a key priority for you should be to:


get a loan from your local bank

incorporate your business.

learn the basics of business.

apply for a Small Business Administration loan.

Question 10

The ________ industry represents the greatest percentage of minority-owned businesses.







Question 11

 The two principal parties in a franchising agreement are the ________.


manager and worker

franchiser and partners

franchiser and franchisee

venture capitalist and SBA

Question 12

Many businesses fail during the early years because of ________.


niche marketers

inadequate financing

unmotivated owners

poor planning

Question 13

 Although the average farm size has increased in recent years the majority of farmers operate as ________ businesses.


Government owned




Question 14

The majority of all U.S. firms employ:


more than 5,000 employees

1,000 to 3,000 employees

3,000 to 5,000 employees

500 or fewer employees

Question 15

For its favorable legal climate, as well as the ease and simplicity of its incorporation process, ________ is the most popular state of incorporation for many members of the Fortune 500.



New York



Question 16

Which of the following is the leading cause of today’s small business failures?


management shortcomings

poor products and/or services

no marketing plan

excess government regulation

Question 17

The Foreign Corrupt Practices Act:


prescribes fines and jail times for U.S. managers who are aware of bribe activity

funds projects that build or expand a nation’s infrastructure

mediates trade disputes among trade agreement member nations

promotes trade through financial cooperation

Question 18

When firms develop products and marketing strategies that appeal to the customer tastes and buying habits of particular national markets, they are using a ________.


global strategy

free trade strategy

uniform strategy

multidomestic strategy

Question 19

Which of the following is the first step in the decision for a business to expand globally?


determining which foreign markets to enter

determining how much it will cost to enter a new market

deciding how to organize the overseas operations

applying for special export credits

Question 20

 During the past decade, the value of U.S. imports and exports has ________.



remained about the same

more than doubled

risen slightly





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