Introduction to Business

Chapter 5: Entrepreneurship

Chapter Practice Review Quizzes

1
What is true of a long-term investment?
A)A "long term" is for less than two years.
B)The investment includes a savings account.
C)The value of the investment fluctuates over time.
D)"Long-term investing" means "to retire."
2
Who would NOT be considered an entrepreneur?
A)a doctor who starts own practice
B)a doctor who is employed by a hospital
C)a doctor who writes a book in his spare time
D)a doctor who works as a consultant
3
Which would most likely describe a successful entrepreneur?
A)lazy
B)shy
C)bossy
D)self-starter
4
Which is NOT a small business?
A)a babysitting team
B)a web store
C)a fast food chain
D)a delivery service consisting of ten teens with bikes
5
Which is often especially important to a small business?
A)creativity
B)digitizing
C)electronics
D)accounting
6
What is a corporation?
A)a business owned by one person
B)a person owned by two people
C)a business bought out by someone new
D)a business with many owners
7
Which is NOT a reward of entrepreneurship?
A)being the boss
B)risking capital resources
C)doing what you enjoy
D)being creative
8
Why do people have trouble getting money to start their own businesses?
A)Banks don't give loans to entrepreneurs.
B)Banks give more money to corporations.
C)Banks are concerned that they won't be repaid.
D)Banks want to own the entrepreneur's business.
9
What is the most important reason many small businesses fail?
A)Entrepreneurs feel insecure.
B)Entrepreneurs sometimes don't start with good financial planning.
C)Entrepreneurs work alone too often.
D)Entrepreneurs get bought out by bigger companies.
10
What is the immediate future of virtual, or online, businesses?
A)More and more are coming on the scene.
B)They are on the decline.
C)No one can predict what will happen next.
D)People aren't as interested in starting them now.
11
What is the most important reason for having a business plan?
A)to do market research
B)to help you focus on how to succeed in your new venture
C)to make a checklist
D)to find out what to produce in your business
12
What is a characteristic of the executive summary in a business plan?
A)It contains details.
B)It discusses how you will fill in any gaps in expertise.
C)It tells the most important points of the business plan.
D)It describes your service plan.
13
What does a mission statement do?
A)describes the company
B)tells your business concept
C)reflects the purpose of the company
D)tells the major goals of a business
14
What other piece of the business plan is related to the market analysis?
A)industry overview
B)mission statement
C)marketing plan
D)competitive analysis
15
Which part of a business plan describes management and tells who will run the firm?
A)operational
B)organizational
C)financial
D)growth
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