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GOVERNMENT
START-UP/OPERATING COSTS
ENTREPRENURIAL DISCOVERY
CREATIVITY
MISC.
100
What is one of the main reasons why small businesses are strongly promoted and supported by local government? A. They serve only their local communities. B. They are owned by one person. C. They may become a big business. D. They are important to the economy.
What is D. They are important to the economy.
100
Which of the following sources of start-up information would you recommend to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat: A. Service Corps of Retired Executives B. Coin laundry trade association C. Local chamber of commerce D. Small business administration
What is B. Coin laundry trade association
100
Entrepreneurial discovery is an important process in a free-enterprise economic system because an entrepreneur or small-business owner can A. satisfy an unmet demand. B. form a technological monopoly. C. improve economic sanctions. D. change legal requirements.
What is A. satisfy an unmet demand.
100
Jessica's hobby is making jewelry. There is potential to sell her bracelets and earrings on eBay. This is an example of identifying a product opportunity by considering A. demographic changes. B. business processes. C. consumer attitudes. D. personal experiences.
What is D. personal experiences.
100
Alaina needs advice and assistance in starting her new business venture, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as Alaina's guide in the business start-up process. Jack is serving as Alaina's A. intermediary B. apprentice C. entrepreneur D. mentor
What is D. mentor
200
Which of the following is a global trend that might encourage an entrepreneur to consider international business opportunities: A. Higher allowances B. Lower tariffs C. Enforceable trade agreements D. Flexible currency rates
What is B. Lower tariffs
200
. Entrepreneurs often discover business start-up ideas by looking for gaps between what is currently being done and A. how things are being done. B. what was done in the past. C. when changes were last made. D. what needs to be done.
What is D. what needs to be done.
200
Which of the following statements is true about entrepreneurial discovery: A. It ensures that start-up businesses have continuous funding. B. It's an ongoing process that facilitates a business's success rate. C. It provides entrepreneurs with professional development training. D. It's a way to determine the long-term profit that a start-up company can generate.
What is B. It's an ongoing process that facilitates a business's success rate.
200
People who are naturally creative often are A. highly educated. B. physically active. C. mentally flexible. D. emotionally controlled.
What is C. mentally flexible.
200
When conducting an environmental scan, which of the following is an economic factor that a business should consider: A. Consumer spending habits B. Global trade regulations C. Local demographics D. Restricted sales territories
What is A. Consumer spending habits
300
What is one of the main reasons why small businesses are strongly promoted and supported by local government? A. They serve only their local communities. B. They are owned by one person. C. They may become a big business. D. They are important to the economy.
What is D. They are important to the economy.
300
One-time start-up costs often include _____________ fees. A. shipping and postage B. incorporation C. trade association D. website maintenance
What is B. incorporation
300
The entrepreneurial discovery process requires knowledge and the recognition of a(n) A. economic crisis. B. preventable accident. C. market need. D. creative observation.
What is C. market need.
300
Which of the following is usually a characteristic of a creative person: A. Likes to seek out new challenges B. Depends on others C. Is patient with other people D. Prefers working under supervision
What is A. Likes to seek out new challenges
300
Which of the following examples illustrates how environmental factors are interrelated: A. The economy affects what competitors are doing. B. New legislation will be written in the future. C. Low investor confidence heavily impacts financial planners. D. The economy affects banking institutions.
What is A. The economy affects what competitors are doing.
400
Small businesses have a positive effect on the local community because they: A. reduce competition. B. pay taxes. C. limit job growth. D. charge interest.
What is B. pay taxes.
400
Costs of sales for a new manufacturing venture typically include A. trade show attendance, raw materials, and equipment. B. raw materials, equipment, and product inventory. C. trade show attendance, product inventory, and internet access. D. internet access, attorney fees, and sales lead lists.
What is B. raw materials, equipment, and product inventory.
400
Which of the following is an example of a demographic trend that has encouraged entrepreneurial discovery: A. Interest rate fluctuations B. Increased cultural diversity C. Industry deregulation D. Technological advancements
What is B. Increased cultural diversity
400
Which of the following personality traits is often associated with creative people: A. Shunning recognition and praise B. Exhibiting low energy levels C. Preferring routine activities D. Acting independently
What is D. Acting independently
400
When determining venture-creation opportunities, entrepreneurs must first A. obtain financing. B. conduct research. C. identify staffing needs. D. select a location.
What is B. conduct research.
500
Governments can encourage entrepreneurial development by A. increasing interest rates on loans. B. deregulating and reducing taxes. C. establishing higher ethical standards. D. passing more legislation with strict guidelines.
What is B. deregulating and reducing taxes.
500
Which of the following statements is true about business start-up requirements: A. Equipment is the least expensive requirement for start-up business. B. New business owners usually need to register for patent protection. C. Purchasing a franchise is usually easy and inexpensive for start-up business owners. D. The financial needs to start a new business depend on the nature of the venture.
What is D. The financial needs to start a new business depend on the nature of the venture.
500
Before identifying your company's USP, ask yourself if A. you really need one to be successful. B. you can afford the advertising costs. C. you already have one without realizing it. D. there are many successful ones you can copy.
What is C. you already have one without realizing it.
500
The plan to increase production by 10% over a two-year period is an example of which management activity: A. developing objectives. B. assigning job tasks. C. controlling expenses. D. directing employees.
What is A. developing objectives.
500
Emotional risks that many entrepreneurs face include A. marital tensions and family problems. B. unemployment and uncertain income. C. competition and difficult suppliers. D. inflation and slow market acceptance.
What is A. marital tensions and family problems.