Entrepreneurship and Small Business Management

Chapter 3: Recognizing Opportunity

Practice Test

1
The first step in the entrepreneurial process is to _________________.
A)identify a business opportunity
B)secure financing
C)find a backer
D)find a strategic alliance
2
A/An ______________ conducts business by means of the Internet.
A)home-based business
B)online business
C)service business
D)manufacturing business
3
Services are __________ things that businesses do for us that enhance our lives.
A)basic
B)tangible
C)intangible
D)various
4
____________ is contracting with other companies for services.
A)Hiring
B)Outsourcing
C)Packaging
D)Cooperation
5
Forming a partnership with another company is known as a_____________.
A)joint venture
B)corporation
C)strategic alliance
D)melding
6
A/An ______________ is a new venture started inside a large corporation.
A)corporate venture
B)new company
C)spin-off
D)independent company
7
A/An __________ is a small, specialized market.
A)profit center
B)opportunity
C)mass market
D)niche
8
When you _______, you think freely to generate ideas.
A)brainstorm
B)daydream
C)interface
D)network
9
_____________ describe personal characteristics of a population.
A)Diversities
B)Demographics
C)Ethnicities
D)Cultural segmentation
10
Sometimes reading about a/an___________field can spark an idea that applies to your field.
A)similar
B)unrelated
C)philosophical
D)educational
11
A _______ magazine is a periodical published for specific types of businesses or industries.
A)technology
B)specialty
C)trade
D)news
12
Your_______are the beliefs and principles by which you choose to live.
A)code of ethics
B)corporate ideas
C)mission statement
D)core values
13
Continued customer loyalty after you take over an existing business is called ___________.
A)goodwill
B)customer base
C)inheritance
D)personal relationship
14
A /An______________ is a legal agreement to begin a new business in the name of a recognized company.
A)investment
B)contract
C)franchise
D)venture
15
A/An__________is someone whose job is to bring buyers and sellers together.
A)agent
B)business broker
C)manufacturer's representative
D)business partner
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