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Entrepreneurship 1.0
Test Description: Entrepreneurship 1.0
Instructions: Answer all questions to get your test result.
1) Which statement is true about entrepreneurship and small-business growth?
A
Consumer spending is a primary factor that influences entrepreneurial success.
B
Small business start-ups are taxed at a higher rate than multinational companies.
C
Many people start entrepreneurial ventures during times of economic recession.
D
Trade regulations have very little effect on small-business growth.
2) Which statement is true regarding training for entrepreneurial ventures?
A
Once entrepreneurs are educated or trained in their business field, they rarely need further education.
B
Most entrepreneurs must pass state-mandated exams to operate their business.
C
Most successful entrepreneurs have degrees from four-year colleges or universities.
D
The type of training and education that entrepreneurs need depends on the nature of the start-up business.
3) Which source of start-up information would be recommended to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat?
A
Small business administration
B
Coin Laundry Trade Association
C
Local chamber of commerce
D
Service Corps of Retired Executives
4) When writing a letter of inquiry, when should the purpose of the letter be revealed?
A
Once the recipient has agreed to meet
B
After identifying what prompted the inquiry (such as an advertisement)
C
At the beginning of the letter
D
After describing the company
5) Governments can encourage entrepreneurial development by performing which action?
A
Establishing higher ethical standards
B
Passing more legislation with strict guidelines
C
Deregulating and reducing taxes
D
Increasing interest rates on loans
6) Local governments strongly promote and support small businesses mainly due to which factor?
A
Businesses are owned by one person.
B
Businesses are important to the economy.
C
Businesses may become big businesses.
D
Businesses serve only the local communities.
7) What component is important to include in all types of inquiry letters?
A
Attention-getting title
B
Project specifications
C
Contact information
D
Personal qualifications
8) Which statement is most likely to have a negative effect on domestic small-business growth?
A
Restrictive loan policies
B
Slow inflation
C
Low interest rates
D
Involuntary tax reductions
9) Home-based businesses are attractive to many people because of which factor? Home-based businesses usually:
A
provide owners a steady income.
B
yield higher profit margins.
C
require less technical training.
D
have lower start-up costs.
10) What is a disadvantage of entrepreneurship?
A
Personal satisfaction
B
Lower taxes
C
Fewer resources
D
Uncertain income
11) Which is a financial concern that entrepreneurs often face when starting new businesses?
A
Long working hours
B
Irregular paychecks
C
Shorter vacations
D
Lower production standards
12) What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?
A
Flexibility
B
Creativity
C
Risk-taking
D
Self-discipline
13) Entrepreneurs often discover business start-up ideas by looking for gaps between what is being done and which other factor?
A
What needs to be done
B
What was done in the past
C
How things are being done
D
When changes were last made
14) Which positive effect do small businesses have on the local community?
A
Limitation on job growth
B
Charging of interest
C
Reduction of competition
D
Pay in of taxes
15) Alaina needs advice and assistance in starting her new business, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as her guide in the business start-up process. Jack is serving which role?
A
Mentor
B
Intermediary
C
Apprentice
D
Entrepreneur
16) What is a trend that most likely affects the growth of entrepreneurial ventures?
A
The shift to an agricultural-based society
B
A higher demand for more convenience products
C
A rise in the desire for slow-response times
D
The reduced need for health care and related services
17) Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have which characteristic for what they do?
A
Concerns
B
Reservations
C
Passion
D
Apathy
18) Which is considered a reliable information source for a business start-up?
A
The Small Business Administration (www.sba.gov)
B
Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)
C
The National Retail Federation (www.nrf.com)
D
The Project Management Institute (www.pmi.org)
*select an answer for all questions
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