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