Small Business Management and Entrepreneurship MCQ
________ inventory systems are designed to maintain a running count of the items in inventory.
Answer
Correct Answer:
Perpetual
Note: This Question is unanswered, help us to find answer for this one
A(n) ________ is the set of attributes-positive or negative-that people associate with a company.
Answer
Correct Answer:
Brand
Note: This Question is unanswered, help us to find answer for this one
______ motivates the entrepreneur to start his/her business.
Answer
Correct Answer:
A trigger event such as losing a job
Note: This Question is unanswered, help us to find answer for this one
Why do most people start their own businesses?
Answer
Correct Answer:
They want to have control over their own destiny.
Note: This Question is unanswered, help us to find answer for this one
What is the biggest risk in starting your own business?
Answer
Correct Answer:
Not having a steady income and no income for a period of time.
Note: This Question is unanswered, help us to find answer for this one
What is the primary business goal for a small business owner?
Answer
Correct Answer:
Manage the business over a long period of time.
Note: This Question is unanswered, help us to find answer for this one
The innovation process starts with ______.
Answer
Correct Answer:
Researching a new product idea
Note: This Question is unanswered, help us to find answer for this one
When a business has a loyal group of customers and is considered successful, the business is in the ______ stage
Answer
Correct Answer:
Maturity
Note: This Question is unanswered, help us to find answer for this one
______ skills are important in the implementation process, while ______ skills are important once the business has been created.
Answer
Correct Answer:
Entrepreneurship; management
Note: This Question is unanswered, help us to find answer for this one
A person who is good at setting goals and likes to challenge their skills and problem-solving abilities has what trait?
Answer
Correct Answer:
Need to achieve
Note: This Question is unanswered, help us to find answer for this one
During the growth stage of a small business, what is the owner focusing on?
Answer
Correct Answer:
Creating structure and building teams.
Note: This Question is unanswered, help us to find answer for this one
Which statement best typifies the essence of the entrepreneurship process?
Answer
Correct Answer:
Innovation, trigger event, and implementation
Note: This Question is unanswered, help us to find answer for this one
At what stage of the entrepreneurial process is risk highest?
Answer
Correct Answer:
Implementation
Note: This Question is unanswered, help us to find answer for this one
Entrepreneurs ______ the business, and small business managers ______ the business.
Answer
Correct Answer:
Create; grow
Note: This Question is unanswered, help us to find answer for this one
Environmental factors have what impact on a business?
Answer
Correct Answer:
The business must address different factors at different phases of growth.
Note: This Question is unanswered, help us to find answer for this one
Entrepreneurs are ______.
Answer
Correct Answer:
Able to see trends in the market and capitalize on them
Note: This Question is unanswered, help us to find answer for this one
When a small business is sold to another business, the business is considered in the ______ stage.
Answer
Correct Answer:
Harvest
Note: This Question is unanswered, help us to find answer for this one
A specific event or occurrence that sparks the entrepreneur to proceed from _____.
Answer
Correct Answer:
Thinking to doing
Note: This Question is unanswered, help us to find answer for this one
Triggering event is a specific _____ that sparks the entrepreneur to proceed from thinking to doing.
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
Small business management process is the stage of a business’s life that involves _____.
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
Small business management is the ongoing process of _____ an established business.
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
Product is a ?
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
Producing products under its own company’s name is called Private-label Manufacturing.
Answer
Correct Answer:
False
Note: This Question is unanswered, help us to find answer for this one
Need to achieve the personal quality, linked to entrepreneurship, of being motivated to excel and choose situations in which success is likely.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Maturity is the length of time in which a loan must be repaid.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
A person’s belief concerning the degree to which internal or external forces control his or her _____.
Answer
Correct Answer:
Future
Note: This Question is unanswered, help us to find answer for this one
Locus of control is a person’s belief concerning the degree to which _____ forces control his or her future.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
An agreement in which the owner of intellectual property grants _____ permission to produce that product.
Answer
Correct Answer:
Both a and b
Note: This Question is unanswered, help us to find answer for this one
Implementation is the part of the entrepreneurial process that occurs when the organization is _____.
Answer
Correct Answer:
Formed
Note: This Question is unanswered, help us to find answer for this one
Harvest is the stage when the owner removes him- or herself from the business.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Growth in a business is achieved when:
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
Achievement of a critical mass in the business is known as Growth.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Environmental factors are the forces that occur _____ of the business that affect the business and its owner.
Answer
Correct Answer:
Outside
Note: This Question is unanswered, help us to find answer for this one
Entrepreneurship process is the stage of a business’s life that involves _____ of the business.
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
Entrepreneurship is the process of _____ opportunities for which marketable needs exist and assuming the risk of creating an organization to satisfy them.
Answer
Correct Answer:
Identifying
Note: This Question is unanswered, help us to find answer for this one
