Chad Collins
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ENT I 1.0 Unit

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Chad Collins
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ENT I Unit 1.0 Unit Quiz

Question 1 of 19

1

Local governments strongly promote and support small businesses mainly due to which factor?

Select one of the following:

  • Businesses serve only the local communities.

  • Businesses are owned by one person.

  • Businesses may become big businesses.

  • Businesses are important to the economy.

Explanation

Question 2 of 19

1

Which source of start-up information would be recommended to an entrepreneur looking for information about the average start-up and operation costs for a self-serve laundromat?

Select one of the following:

  • Service Corps of Retired Executives

  • Coin Laundry Trade Association

  • Local chamber of commerce

  • Small business administration

Explanation

Question 3 of 19

1

Which statement is true about entrepreneurship and small-business growth?

Select one of the following:

  • Trade regulations have very little effect on small-business growth.

  • Many people start entrepreneurial ventures during times of economic recession.

  • Small business start-ups are taxed at a higher rate than multinational companies.

  • Consumer spending is a primary factor that influences entrepreneurial success.

Explanation

Question 4 of 19

1

Which statement is true regarding training for entrepreneurial ventures?

Select one of the following:

  • Once entrepreneurs are educated or trained in their business field, they rarely need further education.

  • Most successful entrepreneurs have degrees from four-year colleges or universities.

  • The type of training and education that entrepreneurs need depends on the nature of the start-up business.

  • Most entrepreneurs must pass state-mandated exams to operate their business.

Explanation

Question 5 of 19

1

Home-based businesses are attractive to many people because of which factor?Home-based businesses usually:

Select one of the following:

  • yield higher profit margins.

  • provide owners a steady income.

  • have lower start-up costs.

  • require less technical training.

Explanation

Question 6 of 19

1

Which is a financial concern that entrepreneurs often face when starting new businesses?

Select one of the following:

  • Irregular paychecks

  • Long working hours

  • Shorter vacations

  • Lower production standards

Explanation

Question 7 of 19

1

What is a disadvantage of entrepreneurship?

Select one of the following:

  • Fewer resources

  • Personal satisfaction

  • Lower taxes

  • Uncertain income

Explanation

Question 8 of 19

1

Alaina needs advice and assistance in starting her new business, so she contacted the Service Corps of Retired Executives (SCORE). Jack, a SCORE volunteer, agreed to act as her guide in the business start-up process. Jack is serving which role?

Select one of the following:

  • Intermediary

  • Apprentice

  • Entrepreneur

  • Mentor

Explanation

Question 9 of 19

1

Entrepreneurs often discover business start-up ideas by looking for gaps between what is being done and which other factor?

Select one of the following:

  • How things are being done

  • What was done in the past

  • When changes were last made

  • What needs to be done

Explanation

Question 10 of 19

1

Which positive effect do small businesses have on the local community?

Select one of the following:

  • Reduction of competition

  • Pay in of taxes

  • Limitation on job growth

  • Charging of interest

Explanation

Question 11 of 19

1

Which statement is true regarding training for entrepreneurial ventures?

Select one of the following:

  • Orgainization

  • Optimism

  • Innovation

  • Determination

Explanation

Question 12 of 19

1

When writing a letter of inquiry, when should the purpose of the letter be revealed?

Select one of the following:

  • At the beginning of the letter

  • After describing the company

  • Once the recipient has agreed to meet

  • After identifying what prompted the inquiry (such as an advertisement)

Explanation

Question 13 of 19

1

What is a trend that most likely affects the growth of entrepreneurial ventures?

Select one of the following:

  • A rise in the desire for slow-response times

  • The shift to an agricultural-based society

  • A higher demand for more convenience products

  • The reduced need for health care and related services

Explanation

Question 14 of 19

1

What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to work toward a goal?

Select one of the following:

  • Creativity

  • Self-discipline

  • Risk-taking

  • Flexibility

Explanation

Question 15 of 19

1

Which statement is most likely to have a negative effect on domestic small-business growth?

Select one of the following:

  • Involuntary tax reductions

  • Restrictive loan policies

  • Low interest rates

  • Slow inflation

Explanation

Question 16 of 19

1

Governments can encourage entrepreneurial development by performing which action?

Select one of the following:

  • Increasing interest rates on loans

  • Deregulating and reducing taxes

  • Establishing higher ethical standards

  • Passing more legislation with strict guidelines

Explanation

Question 17 of 19

1

Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and enthusiasm with others. In other words, successful entrepreneurs have which characteristic for what they do?

Select one of the following:

  • Reservations

  • Concerns

  • Apathy

  • Passion

Explanation

Question 18 of 19

1

What component is important to include in all types of inquiry letters?

Select one of the following:

  • Contact information

  • Personal qualifications

  • Project specifications

  • Attention-getting title

Explanation

Question 19 of 19

1

Which is considered a reliable information source for a business start-up?

Select one of the following:

  • Wikipedia (www.wikipedia.org/wiki/Entrepreneurship)

  • The Project Management Institute (www.pmi.org)

  • The Small Business Administration (www.sba.gov)

  • The National Retail Federation (www.nrf.com)

Explanation

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