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Chapter 5   ENTREPRENEURSHIP: STARTING AND MANAGING YOUR OWN BUSINESS     TRUE-FALSE QUESTIONS   1)

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Chapter 5   ENTREPRENEURSHIP: STARTING AND MANAGING YOUR OWN BUSINESS

 

 

TRUE-FALSE QUESTIONS

 

1). An entrepreneur is a person who opens and manages his or her own business.

a. True

b. False

 

2. Entrepreneurs, as a general group, dislike risk taking.

a. True

b. False

 

3. Entrepreneurs are people with vision, drive, and creativity, who are willing to take the risk of starting and managing a business to make a profit.

a. True

b. False

 

4. Entrepreneurs typically are innovators who start companies to pursue their ideas for a new product or service.

a. True

b. False

 

5. Micropreneurs are entrepreneurs who start small and plan to stay small.

a. True

b. False

 

6. Multipreneurs are businesspeople who have tried a succession of entrepreneurial start-ups without finding an area in which they could be successful.

a. True

b. False

 

7. A positive aspect of opening a small business is that it takes very little management skill because it is small.

a. True

b. False

 

8. Established small businesses are defined as companies that have been in business at least fifteen years and employ between 50 to 500 employees.

a. True

b. False

 

9. More than half of small businesses have between one and four employees.

a. True

b. False

 

10. The first step in starting your own business is the creation of a unique marketable idea.

a. True

b. False

 

11. Unlike large corporations, sole proprietorships do not need a business plan.

a. True

b. False

 

12. The most common use of a business plan is to persuade lenders and investors to finance the venture.

a. True

b. False

 

13. The two sources for debt financing are angel investors and venture capitalists.

a. True

b. False

 

14. Inadequate early planning is often at the core of small business failures.

a. True

b. False

 

15. It is not advisable for small businesses to use the services of CPAs and lawyers because most businesses are too small to afford the expense.

a. True

b. False

 

16. Many small businesses that sell their products internationally use the services of export management companies (EMCs).

a. True

b. False

 

17. An advantage of a small manufacturer over a large manufacturer is the speed with which new products can be introduced to the marketplace.

a. True

b. False

 

18. Due to their size large businesses tend to have greater flexibility than small businesses.

a. True

b. False

 

19. One of the reasons small businesses continue to thrive in the United States is outsourcing.

a. True

b. False

 

20. One of the biggest advantages that a small business has over a large business is a greater ability to serve specialized markets.

a. True

b. False

 

21. In the past few years, the federal government has cut back burdensome government regulations and paperwork to the point that they are almost non-existent for small business owners.

a. True

b. False

 

22. The Small Business Administration (SBA) assists small businesses by providing advice in management and financial matters.

a. True

b. False

 

23. Direct Small Business Administration (SBA) loans are made from funds set aside each year by Congress.

a. True

b. False

 

24. Entrepreneurial activities are not influenced by changes in the external environment.

a. True

b. False

 

25. One of the reasons why there has been a dramatic increase in the number of small business startups is rapidly changing technology.

a. True

b. False

 

26. Minorities are not interested in becoming entrepreneurs.

a. True

b. False

 

 

MULTIPLE-CHOICE QUESTIONS

 

1. The person who takes the risk of starting and managing a business to make a profit is called a(n):

A. entrepreneur

B. venture capitalist

C. capitalistic adventurer

D. franchiser

E. ultra capitalist

 

2. Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots.  As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

A. entrepreneur

B. venture capitalist

C. capitalistic adventurer

D. franchiser

E. ultra capitalist

 

3. Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii.  Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients.  As a(n) _____, Farmer's annual income exceeds $100,000 annually.

A. venture capitalist

B. franchisee

C. franchisor

D. entrepreneur

E. financier

 

4. An entrepreneur is a person who _____ a business.

A. finances

B. manages

C. locates

D. owns and operates

E. works for

 

5. The difference between the small business owner and the entrepreneur is that the entrepreneur:

A. manages the business

B. files taxes for the business

C. assumes the risk of the business

D. is responsible for the profits of the business

E. is accurately described by all of the above

 

6. The difference between small business owners and entrepreneurs is that small business owners:

A. are innovators

B. started the business to pursue their idea for a new product or service

C. are risk takers

D. accept the status quo and take a short-term view of the future

E. are accurately described by all of the above

 

7. When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast. After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay.  Baer is an example of a(n) ______ entrepreneur.

A. growth-oriented

B. classic

C. opportunistic

D. risk-aversive

E. debt-based

 

8. When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise.  While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation.  Farmer was an example of a _____ entrepreneur.

A. growth-oriented

B. classic

C. opportunistic

D. risk-aversive

E. debt-based

 

9. When Suzanne Pogell wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew.  She finally convinced someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship.  Pogell started small and plans to stay small.  She would be correctly called a(n):

A. interpreneur

B. multipreneur

C. intrapreneur

D. growth entrepreneur

E. micropreneur

 

10. When Allison Logue found out her children were allergic to corn, she started looking for sweets and starches that were corn-free and was dismayed to find very few such products on the market.  As a result, she has started her own small business to produce and market corn-free desserts.  It is a small market, and Logue plans to keep her business small.  Logue is an example of a(n):

A. interpreneur

B. multipreneur

C. intrapreneur

D. growth entrepreneur

E. micropreneur

 

11. Many classic entrepreneurs are _____ who start small and plan to keep their business small.

A. interpreneurs

B. multipreneurs

C. intrapreneurs

D. growth entrepreneurs

E. micropreneurs

 

12. In 2000, Eric Baker and Jeff Fluhr came up with a concept that would do away with scalping if they had their wish, and everyone used StubHub.com.  The Internet company brings people who want tickets and people who have tickets that they are not using together.  The company has assisted in the sale of tens of millions dollars worth of tickets annually and is always trying to sell more.  It charges a small fee for its assistance.  Baker and Fluhr would be classified as:

A. interpreneur

B. multipreneur

C. intrapreneur

D. growth-oriented entrepreneur

E. micropreneur

 

13. _____ are entrepreneurs who start a series of companies.

A. Multipreneurs

B. Intrapreneurs

C. Multi-venturists

D. Multi-faceted venturists

E. Growth capitalists

 

14. Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm.  His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful.  The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a(n):

A. interpreneur

B. multipreneur

C. intrapreneur

D. growth entrepreneur

E. micropreneur

 

15. _____ are entrepreneurs who apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own.  They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer.

A. Multipreneurs

B. Insourced entrepreneurs

C. Intrapreneurs

D. Corporate entrepreneurs

E. Classic entrepreneurs

 

16. Gord Larose and his friend David Allan worked in Ottawa at Nortel Networks, a giant telecommunications-equipment maker.  One Friday afternoon, over a few beers in Larose's kitchen, they dreamed up a scheme for renting software over the Internet.  Instead of quitting their jobs, they reported to work on Monday, explained their plan to their boss, and began working to make their idea a reality.  Four years later, their idea has evolved into an important division of Nortel called Channelware.  Larose and Allan are examples of:

A. interpreneurs

B. multipreneurs

C. intrapreneurs

D. growth-oriented entrepreneurs

E. Insourced entrepreneurs

 

17. Lachlan Stuart is employed by International Paper, a company that values his vision and creativity.  To stay ahead in a very competitive industry, International Paper gives Stuart, and his division has almost complete autonomy to develop innovative and effective communications.  Stuart is an example of a(n):

A. multipreneur

B. insourced entrepreneur

C. intrapreneur

D. corporate entrepreneur

E. classic entrepreneur

 

18. Intrapreneurs:

A. have a high degree of autonomy in spite of the fact they work for a large corporation

B. have the characteristics of creativity, vision, and risk taking.

C. receive regular salaries and employee benefits

D. run mini-companies within large corporations

E. are accurately described by all of the above

 

19. All of the following are characteristics of an entrepreneurial personality EXCEPT:

A. the willingness to take risks

B. creativity

C. problem solving skills

D. a high energy level

E. the willingness to be a follower rather than a leader

 

20. Which of the following is a characteristic of the entrepreneurial personality?

A. Risk-aversion

B. Willingness to be a follower rather than a leader

C. Dependence on others

D. Dependence on others for motivation

E. Ambitious

 

21. Michael Bronner made a fortune in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm.  His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful.  Entrepreneur Bonner would more than likely have which of the following characteristics?

A. Ambitious

B. Independent

C. Self-confident

D. Visionary

E. All of the above

 

22. The first step in starting your own business is:

A. to determine where the funding will come from

B. a self-assessment

C. a business plan

D. find an idea for a new product or service

E. choose a form of business organization

 

23. Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind of business for himself, he did a self-assessment, which indicated that he had an entrepreneurial spirit.  His next step will be to:

A. determine where the funding will come from

B. look for customers

C. create a business plan

D. find the idea for his business

E. choose a form of business organization

 

24. Hannah Li wants to quit her job as a legal secretary and start her own small business.  She knows that she will be successful if she can find the right idea.  Where can Li look for ideas for her new business?

A. Problems she noticed in her old job

B. Her interest in the history of Asian art

C. Suggestions from her family

D. Other businesses in other regions of the country

E. All of the above

 

25. Mark Ghermizian had quit his job and was looking to start a small business so he could be his own boss.  When he read that people spend up to fifteen minutes every day staring at a bathroom stall door, he decided he would find advertisers who wanted to pay to have their advertising messages on bathroom stall doors.  Since he has his idea, Ghermizian’s next step is to:

A. determine if he has the right personality to run a business

B. choose a form of business organization

C. create a name for his business

D. get financing for his new business

E. create prototype ads

 

26. Andy Yocom was looking to start a small business so he could be his own boss.  While golfing one day, he saw prime advertising space on the flags on the course.  He has decided to call his new venture Invision Golf Group Inc.  What should he include in his business plan?

A. a management plan

B. the elements of the company that make it unique

C. an analysis of the market in which the company will operate

D. a financial plan

E. all of the above

 

27. A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.

A. mission statement

B. vision

C. business plan

D. statement of purpose

E. venture plan

 

28. A business plan:

A. describes in detail the idea for the new business and how it will be carried out

B. is used to persuade lenders and investors to finance the venture

C. may take many months to write

D. serves as the first operating plan for a new business

E. is accurately described by all of the above

 

29. Kathy Elliot has decided that she will start an Internet company to sell reliable used cars to customers nationwide.  She has decided to use the sole proprietorship business format.  Elliot’s next step is to write a formal _____ before she applies for a business loan.

A. venture prospectus

B. business plan

C. business essay

D. request for SBA publications

E. market perspective

 

30. A well-written business plan should contain:

A. executive summary or company overview

B. a marketing plan

C. a vision and mission statement

D. a management plan

E. all of the above

 

31. Which of the following elements does NOT typically appear in a well-prepared business plan?

A. qualifications of the owners

B. names of all employees

C. description of the product or service

D. financial plan

E. an analysis of the market

 

32. A common use of business plans is to:

A. comply with SEC regulations

B. persuade lenders and investors to finance the venture

C. persuade customers to buy the new product or service

D. use as a recruitment tool

E. showcase innovative factors to production to make the company a success

 

33. Once the business plan is finished, the next step is to:

A. choose a business format

B. locate customers

C. create a promotional campaign

D. find financing for the business

E. buy all fixed assets needed to operate business

 

34. The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds).

A. credit; leverage

B. equity; debt

C. debt; equity

D. equity; leverage

E. debt; credit

Title: ANSWER: C

REFERENCE: Ready, Set, Start Your Own Business

LEARNING OUTCOME: 4

 

35. _____ financing is a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period.

A. Credit

B. Debt

C. Equity

D. Monetary

E. Venture

 

36. _____ financing is a form of financing consisting of funds raised through the sale of stock in a business.

A. Credit

B. Debt

C. Equity

D. Monetary

E. Venture

 

37. After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel.  To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest).  In other words, he used _____ financing.

A. debt

B. liquid

C. equity

D. venture

E. entrepreneurial

 

38. Jill Hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa.  Hansom used _____ financing.

A. debt

B. liquid

C. equity

D. venture

E. entrepreneurial

 

39. Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers.  Jain used _____ financing.

A. debt

B. liquid

C. equity

D. venture

E. entrepreneurial

 

40. _____ are individual investors or groups of experienced investors who provide funding for start-up businesses.

A. Angel investors

B. Entrepreneurial capitalists

C. Opportunity entrepreneurs

D. Equity entrepreneurs

E. Venture entrepreneurs

 

41. _____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money.

A. Debt financing

B. Venture capital

C. Equity financing

D. Entrepreneurial capital

E. Corporate stock financing

 

42. Angel investors:

A. are most interested in investing in businesses that are well-established

B. are another name for bank loan officers who are responsible for funding start-up businesses

C. provide equity financing to a business by loaning the business money at a low interest rate

D. provide funding for start-up businesses

E. provide debt financing to a business by buying stock within the company

 

43. Venture capital:

A. is another name for the principal which a business borrows from a bank

B. includes all the money the owner of the business invests in his or her new enterprise

C. is borrowed money invested in start-up businesses and provided by the Small Business Administration

D. gives the investor no voice in how the company in which he or she has invested will operate

E. is financing obtained from investment firms that specialize in financing small, high-growth companies

 

44. Who provides the start-up financing for the majority of new small businesses?

A. the business owner and his or her family and friends

B. the Small Business Administration (SBA)

C. the local bank

D. venture capitalists

E. finance companies

 

45. Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information.  During the development of this high-growth company, Arnold and Bradford attracted a group of investors who purchased stock in their company and provided them with ______ financing.

A. debt

B. liquid

C. equity

D. venture

E. entrepreneurial

 

46. Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information.  Early in the development of this high-growth company, Arnold and Bradford attracted a group of investors who provided them with money needed to acquire other Internet companies with similar missions.  The investment group is called:

A. entrepreneurial capitalists

B. equity entrepreneurs

C. angel investors

D. investment counselors

E. consulting owners

 

47. In buying an existing business, the prospective buyer should ask questions about the operation of the business.  Which of the following would be an inappropriate question to ask?

A. Is the business operating at a profit?

B. Why are you selling?

C. What are you going to do with the down payment?

D. Are there any problems with the business?

E. Will the customers stay with the business?

 

48. In buying an existing business, the prospective buyer should ask questions about the operation of the business.  Which of the following would be an appropriate question to ask?

A. Is the business operating at a profit?

B. Why are you selling?

C. Are there any problems with the business?

D. Will the customers stay with the business?

E. All of the above are appropriate questions to ask.

 

49. Businesses close down for many reasons.  Which of the following is NOT a typical reason for a business failure?

A. The owner had inadequate business knowledge.

B. Expenses were lower than the owner expected.

C. The owner lacked management expertise.

D. The owner engaged in inadequate planning.

E. Interest rates were high.

 

50. _____ is at the core of most business failures.

A. Low interest rate

B. Poor cash flow

C. Inadequate planning

D. Too much inventory

E. A too tall hierarchical structure

 

51. One way to ease the burden of managing a business is to:

A. keep minimal inventory on hand

B. only operate the business 20 hours a week

C. do all the work yourself and hire no employees

D. hire outside consultants

E. sell a service instead of a tangible product

 

52. One way to ease the burden of managing a business is to hire an outside consultant.  Which of the following is an example of an outside consultant that might be useful to a small interior design company?

A. a company to mail its brochures to building contractors within a 200 mile area

B. an advertising company to design its ad in the local newspaper

C. a certified public accountant to manage its money

D. an attorney who is well-versed in small business law

E. all of the above

 

53. Marc Adler is the owner of Macquarium, a multimillion-dollar communications company that does everything from video productions to creating Web sites to public relations campaigns.  Macquarium has done this sort of work for BellSouth and SnapOn Tools.  Even though these companies could have prepared their videos and created their Web sites in-house, these tasks were:

A. outsourced

B. supplied outside normal channels

C. autonomous productions

D. seen as conflicting with the mission statements of the companies

E. supplied as part of a relational marketing strategy

 

54. Once small businesses hire employees, they can _____ to increase job satisfaction and retain their employees.

A. provide comfortable working conditions

B. offer flexible working hours

C. provide employee benefit programs

D. share profits with employees

E. do all of the above

 

55. International trade specialists that buy goods at a discount from small businesses and resell them abroad are called:

A. business trade unions

B. export management companies

C. domestic channel members

D. commission house brokers

E. export trading companies

 

56. Amex Inc. is a worldwide company that specializes in high growth industries.  It acts as a global marketer for small manufacturers of medical products, telecommunications products, and data management products.  Amex Inc. is an example of a(n):

A. business trade union

B. export management company

C. domestic channel member

D. commission house broker

E. export trading company

 

57. Export management companies:

A. work on flat fees per month

B. only do consulting work

C. form joint ventures with small exporting businesses

D. handle all aspects of exporting, for a percentage fee of the business

E. import as well as export

 

58. Which of the following is NOT a reason why small business thrives in the United States?

A. personal satisfaction

B. guaranteed profits

C. independence

D. outsourcing

E. ability to use new technology

 

59. Which of the following is a reason why small business thrives in the United States?

A. guaranteed profits

B. regular working hours

C. an aversion to success

D. the ability to avoid outsourcing

E. rapidly changing technology

 

60. Which of the following is NOT one of the advantages of owning a small business?

A. flexibility

B. efficiency of operation

C. ability to serve specialized markets

D. avoidance of taxes

E. personal service

 

61. One of the advantages of owning a small business is:

A. flexibility

B. no taxes

C. interest-free loans

D. guaranteed profit

E. all of the above

 

62. Kirby Frigo has opened a dog grooming business.  Frigo, like other small business owners, probably will experience:

A. guaranteed profits

B. short work hours

C. interest-free loans

D. burdensome government regulations

E. relief from taxation

 

63. All of the following are examples of disadvantages associated with the ownership of a small business EXCEPT:

A. burdensome government regulations

B. fund-raising difficulty

C. being your own boss

D. extreme personal commitment

E. limited management skill

 

64. The _____ is an agency of the federal government that offers both managerial and financial assistance to small businesses.

A. Business Incubator Agency

B. Federal Aid Program

C. Business Welfare Administration

D. Small Business Administration

E. Council for Small Business

 

65. Hawaiian-born Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii.  Which of the following federal agencies should Farmer contact if he needs management assistance?

A. Business Incubator Agency

B. Federal Aid Program

C. Business Welfare Administration

D. Small Business Administration

E. Council for Small Business

 

66. The Small Business Administration (SBA):

A. helps people start and manage small businesses

B. is a privately-owned company

C. is a financial institution

D. does not have a Web site

E. is accurately described by all of the above

 

67. The Small Business Administration (SBA) offers a broad range of aids to small businesses.  They include:

A. guarantees on loans made by private lenders

B. entrepreneurial ideas

C. employee recruiting, hiring, and firing

D. the elimination of sales and employee taxation for the first three years of operation

E. all of the above

 

68. Small Business Investment Companies (SBICs):

A. are licensed by the SBA

B. are privately owned and management investment companies

C. own to earn revenue from their investments in small businesses

D. provide long-term financing for small businesses

E. are accurately described by all of the above

 

69. Privately owned and managed _____ are licensed by the SBA and provide long-term financing for small businesses.

A. Small Business Development Centers

B. Service Corps of Retired Executives

C. Small Business Investment Companies

D. Angel Capital Electronic Networks

E. Active Corps of Executives

 

70. In the management assistance area, the Small Business Administration (SBA) provides all of the following EXCEPT:

A. free college credit courses in management

B. toll-free advice numbers

C. training and educational programs

D. counseling by business development officers

E. free publications on business topics

 

71. Which of the following is a trend that is changing the face of entrepreneurship and small business ownership?

A. stagnant demographics

B. entrepreneurial diversity

C. decreased use of overseas bundling

D. an increase in the number of corporate mergers and acquisitions

E. all of the above

 

 

FILL-IN-THE-BLANK QUESTIONS

 

1. An ______ is a person who takes the risk of starting and operating a business.

 

2. _____ do not own their own companies but apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own.

 

3. Emily Millou is planning to open a bed & breakfast inn.  To borrow money from the bank, she should prepare a ______, a formal, written plan that discloses details about her product, markets, competition, and financial status. 

 

4. One form of business ownership involves _____, a form of business financing consisting of funds raised through the sale of stock.

 

5. A small business owner that uses _____ to finance his or her venture is using borrowed funds that must be repaid with interest over a stated period of time.

 

6. _____ are individual investors or groups of experienced investors who provide funding for start-up businesses.

 

7. _____ is financing obtained from investment companies that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return of their money.

 

8. For fees of five to fifteen percent of gross sales and multi-year contracts, an _____ handle all aspects of exporting for small businesses.

 

9. A company has used ______ if it hires a mailing house to stuff its multi-part advertising message into envelopes and make sure that its mailings comply with government regulations.

 

10. The _____ is the main government agency that assists small businesses with advice and financial assistance.

 

11. _____ are privately owned and managed investment companies that are licensed by the Small Business Administration to provide long-term financing for small businesses.

 

 

SHORT ANSWER QUESTIONS

 

1. List the three categories of entrepreneurs.

 

2. Once you have decided to go into business for yourself, there are three ways that you can acquire this business.  List them.

 

3. What is the first step for starting a new business?

 

4. What is the most common use for a business plan?

 

5. What does the hopeful entrepreneur do once he or she has finished the business plan?

 

6. What are the two types of financing available to entrepreneurs?

 

7. List four common causes for business failure.

 

8. List five reasons why small businesses thrive in the United States.

 

9. List three advantages that small businesses have over larger, more complex companies.

 

10. List three disadvantages that small businesses have over larger, more complex companies.