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Intro to BUSN Quiz
7
| Question | Answer |
|---|---|
| Which of the following scenarios illustrates entrepreneurship? | Jill who has a degree in landscaping has started her own landscaping service business and has hired several employees under her supervision. |
| Which of the following is an advantage of starting one's own business? | Independence |
| Adrian recently lost his job and has been unsuccessful in finding a new one. To sustain himself and his family, he decides to open a small café. He believes that the café is his only economic option. Adrian is now trying to acquire funds from family and f | necessity entrepreneur |
| Entrepreneurs with an internal locus of control tend to: | feel that their success or failure is largely the result of their own actions |
| Colleen lost an important business project. According to her, she would not have lost the project if she had been organized in her work approach. This scenario indicates that Colleen most likely has a(n) | internal locus of control |
| Lindsay is planning to start a new seafood restaurant. She has considered the opinions of many consultants, friends, and family members about her business idea. Despite overwhelming negativity, Lindsay has faith in her abilities as she possesses five year | confidence |
| Greg started a business of tire shops and one by one opened several shops in various parts of his hometown. However, he had to shut down all the shops because they failed to make profits. At 65 years of age, he raised capital and started Gregton Inc., whi | Tolerance of failure |
| Tyron needs financing for his new business venture. He feels that the best way to obtain the funds would be to tap his personal financial resources. In the context of this scenario, the most appropriate source of personal finance for Tyron would be: | Bob, Tyron's rich uncle with whom he has a close relationship |
| In the context of funding options for small businesses, which of the following statements is true of the U.S. Small Business Administration (SBA)? | It lends microloans through community nonprofit organizations. |
| Eugene Playem, a small firm that develops games, wants to raise capital to develop a new expensive video game. The firm's finance team plans to find several video game enthusiasts online, who can afford to invest money for the video game's development. In | Crowdfunding |
| Audrey launched a start-up called Baintley Inc. Steven, her wealthy friend, believes that her company has high growth potential. He invests in Baintley Inc. in exchange for a share of ownership. In this scenario, Steven is a | angel investor |
| Which of the following is a similarity between angel investors and venture capital firms? | Both put in money in exchange for a share of ownership |
| In the context of small business opportunities, which of the following statements is true of market niches? | They offer more than enough potential for small, specialized companies |
| Which of the following is an advantage for small businesses? | Lower overhead costs |
| Two companies offer Gayle a job. The first is a successful, venture capital-backed, competently led start-up that has been operating for over a year. The second is a well-established corporation that has been running operations for 50 years. Gayle, after | tart-ups find it difficult to provide health insurance coverage to their employees. |
| Which of the following is a similarity between buying an established business and buying a franchise? | Both find getting financing less challenging. |
| Sheila wants to start her own business that would specialize in fashion accessories. However, she decides to continue with her current job at Potters Fashion Inc. as a fashion consultant for another three years to get to know the industry better. Which of | Gaining experience |
| In the context of various strategies that can help you become a successful entrepreneur, which of the following is a difference between Small Business Development Centers (SBDCs) and the Service Corps of Retired Executives (SCORE)? | SBDCs provide a range of free services for small businesses, whereas SCORE provides free counseling for small businesses. |
| Derek, after retiring as the CEO of Solitaire Graces Inc., decides to donate his time and expertise to assist newly established small businesses. He learns about an organization called the Service Corps of Retired Executives (SCORE), which is supported by | Providing free business counseling and mentoring for small business owners |
| In the context of various strategies to become a successful small business owner, which of the following statements is true of an effective business plan? | It takes about six months to write. |
| Small businesses have contributed to the U.S. economy by: | fueling innovation. |
| In the context of how small businesses have contributed to the U.S. economy, in which of the following ways do small firms allow new thinking to take hold? | By displaying a refreshing lack of bureaucracy |
| In the context of the U.S. economy, small businesses: | comprise more than 99% of inner-city business establishments |
| Which of the following nations is most likely to have the lowest percentage of entrepreneurs? | A nation that places complex regulations on businesses |
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