Question 1
Collin works for a large bank that recently merged with another financial institution. Word of layoffs has been discussed. Collin is most likely to become an entrepreneur in order to ________.
Answer
become his own boss
obtain job security
succeed financially
improve his quality of life
Question 2
Which of the following persons is LEAST likely to become an entrepreneur?
Answer
An intelligent person
An inquisitive person
A flexible person
A calm, low-energy person
Question 3
Former CEO George Buckley believes that the key to supporting intrapreneurship is the willingness to allocate________.
Answer
targeted employment area and investments
time and money
workers and investments
space and programs
Question 4
All of the following are major advantages of buying an existing business over starting a new business EXCEPT:
Answer
obtaining financing is often easier.
less risk is involved.
product or service is not known in the marketplace.
existing suppliers and employees are in place.
Question 5
Franz and Arlene had an idea for a different type of ice cream. They struggled to open their own small business, and later, to expand production and distribution. Their products are distributed nationwide and their sales continue to increase. Franz and Arlene are examples of ________.
Answer
serial entrepreneurs
classic entrepreneurs
change agents
social entrepreneurs
Question 6
After starting a web design company while still in college, Rodrigo sold the company after graduation. He then opened a computer repair shop; and most recently, he has started a marketing firm that specializes in social media. Rodrigo is an example of a(n):
Answer
serial entrepreneur.
social entrepreneur.
lifestyle entrepreneur.
classic entrepreneur.
Question 7
What makes entrepreneurs unique is their overwhelming desire to ________.
Answer
become successful
utilize their creative energy
manage employees
make their business grow
Question 8
Paterno routinely bids on contracts even though most of the other bidders are extremely large firms. Paterno believes his company offers better service at lower prices. He is exhibiting which personality trait common in entrepreneurs?
Answer
creativity
tolerance for failure
high energy level
self-confidence
Question 9
If you are considering starting your own business, a key priority for you should be to:
Answer
get a loan from your local bank
incorporate your business.
learn the basics of business.
apply for a Small Business Administration loan.
Question 10
The ________ industry represents the greatest percentage of minority-owned businesses.
Answer
Finance
Service
Retail
Transportation
Question 11
The two principal parties in a franchising agreement are the ________.
Answer
manager and worker
franchiser and partners
franchiser and franchisee
venture capitalist and SBA
Question 12
Many businesses fail during the early years because of ________.
Answer
niche marketers
inadequate financing
unmotivated owners
poor planning
Question 13
Although the average farm size has increased in recent years the majority of farmers operate as ________ businesses.
Answer
Government owned
Large
Partnership
Small
Question 14
The majority of all U.S. firms employ:
Answer
more than 5,000 employees
1,000 to 3,000 employees
3,000 to 5,000 employees
500 or fewer employees
Question 15
For its favorable legal climate, as well as the ease and simplicity of its incorporation process, ________ is the most popular state of incorporation for many members of the Fortune 500.
Answer
Delaware
New York
California
Florida
Question 16
Which of the following is the leading cause of today's small business failures?
Answer
management shortcomings
poor products and/or services
no marketing plan
excess government regulation
Question 17
The Foreign Corrupt Practices Act:
Answer
prescribes fines and jail times for U.S. managers who are aware of bribe activity
funds projects that build or expand a nation- infrastructure
mediates trade disputes among trade agreement member nations
promotes trade through financial cooperation
Question 18
When firms develop products and marketing strategies that appeal to the customer tastes and buying habits of particular national markets, they are using a ________.
Answer
global strategy
free trade strategy
uniform strategy
multidomestic strategy
Question 19
Which of the following is the first step in the decision for a business to expand globally?
Answer
determining which foreign markets to enter
determining how much it will cost to enter a new market
deciding how to organize the overseas operations
applying for special export credits
Question 20
During the past decade, the value of U.S. imports and exports has ________.
Answer
Decreased
remained about the same
more than doubled
risen slightly
USA 
India