Intro To Business Ch6: Question Preview (ID: 21679)

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Most successful entrepreneurs have a lower tolerance for ambiguity.
a) false
b) true

The obligation to complete specific work is called
a) responsiblity
b) accountabliilty
c) span of control
d) authority

Business ideas can come from
a) all of the above
b) hobbies and interests
c) business experiences
d) books and magazines.

Small businesses
a) must focus on products and services that meet the needs of as large a group of customers as possible
b) have an advantage when customers want more individual attention
c) are enerally forced to sell products and services at lower prices than large businesses to compete effectively
d) all of the above

According to the Small Business Administration, a small business is an independent business with fewer than _____ employees.
a) 500
b) 100
c) 50
d) 10

New businesses are often discontinued becuase of
a) all of the above
b) low sales
c) competitive
d) higher than expected expenses

Personal characteristics of successful entrepreneurs include
a) persistence
b) recklessness
c) greed
d) pessimism

A good example of an entrepreneur is a(n)
a) police officer
b) UPS delivery guy
c) gift shop owner
d) checkout clerk at Target

most of the money needed to start a new business comes from the entrepreneur and his or her own family.
a) true
b) false

The American private enterprise system discourages risk-taking and innovation.
a) false
b) true

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