Small Business Management and Entrepreneurship MCQ
Small Business Management and Entrepreneurship MCQ
1. ________ inventory systems are designed to maintain a running count of the items in inventory.
Answer
Correct Answer:
Perpetual
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2. A(n) ________ is the set of attributes-positive or negative-that people associate with a company.
Answer
Correct Answer:
Brand
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3. ______ motivates the entrepreneur to start his/her business.
Answer
Correct Answer:
A trigger event such as losing a job
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4. Why do most people start their own businesses?
Answer
Correct Answer:
They want to have control over their own destiny.
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5. 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.
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6. What is the primary business goal for a small business owner?
Answer
Correct Answer:
Manage the business over a long period of time.
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7. The innovation process starts with ______.
Answer
Correct Answer:
Researching a new product idea
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8. When a business has a loyal group of customers and is considered successful, the business is in the ______ stage
Answer
Correct Answer:
Maturity
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9. ______ skills are important in the implementation process, while ______ skills are important once the business has been created.
Answer
Correct Answer:
Entrepreneurship; management
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10. 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
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11. During the growth stage of a small business, what is the owner focusing on?
Answer
Correct Answer:
Creating structure and building teams.
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12. Which statement best typifies the essence of the entrepreneurship process?
Answer
Correct Answer:
Innovation, trigger event, and implementation
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13. At what stage of the entrepreneurial process is risk highest?
Answer
Correct Answer:
Implementation
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14. Entrepreneurs ______ the business, and small business managers ______ the business.
Answer
Correct Answer:
Create; grow
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15. Environmental factors have what impact on a business?
Answer
Correct Answer:
The business must address different factors at different phases of growth.
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16. Entrepreneurs are ______.
Answer
Correct Answer:
Able to see trends in the market and capitalize on them
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17. When a small business is sold to another business, the business is considered in the ______ stage.
Answer
Correct Answer:
Harvest
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18. A specific event or occurrence that sparks the entrepreneur to proceed from _____.
Answer
Correct Answer:
Thinking to doing
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19. Triggering event is a specific _____ that sparks the entrepreneur to proceed from thinking to doing.
Answer
Correct Answer:
All of the above
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20. Small business management process is the stage of a business’s life that involves _____.
Answer
Correct Answer:
All of the above
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21. Small business management is the ongoing process of _____ an established business.
Answer
Correct Answer:
All of the above
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22. Product is a ?
Answer
Correct Answer:
All of the above
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23. Producing products under its own company’s name is called Private-label Manufacturing.
Answer
Correct Answer:
False
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24. 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
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25. Maturity is the length of time in which a loan must be repaid.
Answer
Correct Answer:
True
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26. A person’s belief concerning the degree to which internal or external forces control his or her _____.
Answer
Correct Answer:
Future
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27. 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
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28. An agreement in which the owner of intellectual property grants _____ permission to produce that product.
Answer
Correct Answer:
Both a and b
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29. Implementation is the part of the entrepreneurial process that occurs when the organization is _____.
Answer
Correct Answer:
Formed
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30. Harvest is the stage when the owner removes him- or herself from the business.
Answer
Correct Answer:
True
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31. Growth in a business is achieved when:
Answer
Correct Answer:
All of the above
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32. Achievement of a critical mass in the business is known as Growth.
Answer
Correct Answer:
True
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33. Environmental factors are the forces that occur _____ of the business that affect the business and its owner.
Answer
Correct Answer:
Outside
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34. Entrepreneurship process is the stage of a business’s life that involves _____ of the business.
Answer
Correct Answer:
All of the above
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35. 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
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