Question 1

One reason why many Canadian small businesses are not involved in exporting is:

Accepted Answer

A)  there is a limited market for their products.
B)  the government's new homeland security programs limit opportunities for small businesses.
C)  many of these firms do not know how to get started.
D)  Canadian products are perceived as inferior.E) B) and C)
F) All of the above

Question 2

There are over 900,000 self-employed women in Canada as of 2008.

Accepted Answer

A) True 
 B)False

Question 3

Most small businesses are foreign-owned and managed.

Accepted Answer

A) True 
 B)False

Question 4

Potential entrepreneurs would be well advised to ask questions.

Accepted Answer

A) True 
 B)False

Question 5

In discussions with bankers,entrepreneurs should be prepared to personally guarantee the loan for their business.

Accepted Answer

A) True 
 B)False

Question 6

The business plan of a new entrepreneur should include all of the following except:

Accepted Answer

A)  target market.
B)  capital required.
C)  competitive advantages.
D)  name of the company.E) A) and B)
F) A) and C)

Question 7

Successful entrepreneurial teams struggle to blend creative business skills with production and marketing skills.

Accepted Answer

A) True 
 B)False

Question 8

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

Accepted Answer

A) True 
 B)False

Question 9

Many business started by entrepreneurs have grown into major corporations employing thousands of workers.

Accepted Answer

A) True 
 B)False

Question 10

If you have managerial skills and leadership ability,you also possess the personality to be an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 11

An entrepreneurial team is a group of experienced managers who share the same skills and abilities.

Accepted Answer

A) True 
 B)False

Question 12

Offering to manage an established business offers experience to a would-be entrepreneur.

Accepted Answer

A) True 
 B)False

Question 13

Advancements in computer technology put home-based businesses at a disadvantage.

Accepted Answer

A) True 
 B)False

Question 14

Entrepreneurs avoid risk and place a high priority on security.

Accepted Answer

A) True 
 B)False

Question 15

Entrepreneurs,like gamblers,enjoy taking risks.

Accepted Answer

A) True 
 B)False

Question 16

Generation X people are not attracted to starting their own business.

Accepted Answer

A) True 
 B)False

Question 17

Web-based business is always a fast road to success.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following would an experienced business owner offer to help someone who is thinking about starting a business venture?

Accepted Answer

A)  Avoid the temptation of buying an existing firm.Build your own reputation and make your mistakes.
B)  Gain experience by working for a successful businessperson.
C)  Postpone consulting with an accountant or lawyer until you can afford their services.
D)  Jump in quickly,before the market conditions change and opportunities are lost.E) C) and D)
F) A) and D)

Question 19

Many micropreneurs operate home-based businesses in the service industry.

Accepted Answer

A) True 
 B)False

Question 20

In an entrepreneurial team,who is responsible for the conception,development,and marketing of products?

Accepted Answer

A)  These matters are handled by the chief executive officer.
B)  These issues are the responsibility of the new product development department.
C)  These issues are the responsibility of all the members of the entrepreneurial team.
D)  These matters are primarily handled by outside business consultants.E) All of the above
F) A) and C)

Exam 7: Entrepreneurship and Starting a Small Business

Many business started by entrepreneurs have grown into major corporations employing thousands of workers.

Correct AnswerverifiedShow Answer

Advancements in computer technology put home-based businesses at a disadvantage.

Correct AnswerverifiedShow Answer

Entrepreneurs avoid risk and place a high priority on security.

Correct AnswerverifiedShow Answer

There are over 900,000 self-employed women in Canada as of 2008.

Correct AnswerverifiedShow Answer

Web-based business is always a fast road to success.

Correct AnswerverifiedShow Answer

An entrepreneurial team is a group of experienced managers who share the same skills and abilities.

Correct AnswerverifiedShow Answer

If you have managerial skills and leadership ability,you also possess the personality to be an entrepreneur.

Correct AnswerverifiedShow Answer

Generation X people are not attracted to starting their own business.

Correct AnswerverifiedShow Answer

Most small businesses are foreign-owned and managed.

Correct AnswerverifiedShow Answer

One reason why many Canadian small businesses are not involved in exporting is:

Correct AnswerverifiedShow Answer

Entrepreneurs are well advised to avoid starting businesses in the same market in which they were previously employed.

Correct AnswerverifiedShow Answer

The business plan of a new entrepreneur should include all of the following except:

Correct AnswerverifiedShow Answer

Entrepreneurs,like gamblers,enjoy taking risks.

Correct AnswerverifiedShow Answer

Many micropreneurs operate home-based businesses in the service industry.

Correct AnswerverifiedShow Answer

Which of the following would an experienced business owner offer to help someone who is thinking about starting a business venture?

Correct AnswerverifiedShow Answer

Successful entrepreneurial teams struggle to blend creative business skills with production and marketing skills.

Correct AnswerverifiedShow Answer

Offering to manage an established business offers experience to a would-be entrepreneur.

Correct AnswerverifiedShow Answer

Potential entrepreneurs would be well advised to ask questions.

Correct AnswerverifiedShow Answer

In discussions with bankers,entrepreneurs should be prepared to personally guarantee the loan for their business.

Correct AnswerverifiedShow Answer

In an entrepreneurial team,who is responsible for the conception,development,and marketing of products?

Correct AnswerverifiedShow Answer

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