ENT 2113 BOLEN Set Exam Tested
Questions & Reviewed Correct
Detailed Answers
New Update Study Material!!
1. Small companies can take advantage of economies of scale better than
large firms. - ANSWER false
2. Close to 50 percent of the millionaires in the United States are
entrepreneurs. - ANSWER true
3. A small business start-up should be designed to take advantages of the
skills of the founder or founders. - ANSWER true
4. An entrepreneurial business's resources are less constrained than those of
a venture capital-backed business. - ANSWER false
5. In the late 1970s and 1980s, the United States occupied the dominant
economic position in the world.
Group starts - ANSWER false
6. Microloans have been in existence for years; they are most commonly made
directly to ________ for self-development. - ANSWER women
,7. Which of the following terms describes a plan to exit a small business? -
ANSWER a harvest plan
8. Characteristics of an entrepreneurial firm start-up include all except - ANSWER
having over 100 employees
9. Which kind of business is not likely to be eligible for a microloan program? -
ANSWER telecommunication center
10. All of these are harvest plan strategies except - ANSWER Franchising
11. The United States Small Business Administration (SBA) was organized as a
part of - ANSWER the Small Business Act of July 30, 1953.
12. Which one of the following is a huge advantage for small business owners to
start a business? - ANSWER desire to be one's own boss
13. Identify a true statement about the history of entrepreneurial businesses in
the United States. - ANSWER The 1880s saw the initial development of the
nation's large industrial base.
14. Which of the following is a difference between large organizations and
entrepreneurial businesses? - ANSWER Unlike entrepreneurial businesses,
large organizations will regularly ignore business opportunities if they fail to
believe the results will generate high profits.
, 15. Owning a small business provides a means to meet varied demands that
individuals face in society. Which of the following is not a need mentioned in the
text's discussion of how society benefits from small business ownership? -
ANSWER Small business owners have greater ability to attract financing from
venture capital firms.
16. Which of the following was the outcome of the Great Depression of the
1930s? - ANSWER Entrepreneurial business as a percentage of the U.S.
economic output began to decline.
17. The break-even point is the time when a new business starts to profit from
incoming revenues. - ANSWER false
18. Unlike the owners of entrepreneurial ventures, the people who manage
operations at large, established corporations do not typically have substantial
ownership in the company. - ANSWER true
19. The unlimited theory suggests that individuals act to maximize their own
individual benefit.
Group starts - ANSWER false
20. Two triggers for staring a new business are talking to successful
entrepreneurs and being laid off from your job. - ANSWER true
21. New entrepreneurial businesses tend to have slack financial resources that
they can rely on, which gives them high flexibility in responding to emergencies.
Group starts - ANSWER false
Questions & Reviewed Correct
Detailed Answers
New Update Study Material!!
1. Small companies can take advantage of economies of scale better than
large firms. - ANSWER false
2. Close to 50 percent of the millionaires in the United States are
entrepreneurs. - ANSWER true
3. A small business start-up should be designed to take advantages of the
skills of the founder or founders. - ANSWER true
4. An entrepreneurial business's resources are less constrained than those of
a venture capital-backed business. - ANSWER false
5. In the late 1970s and 1980s, the United States occupied the dominant
economic position in the world.
Group starts - ANSWER false
6. Microloans have been in existence for years; they are most commonly made
directly to ________ for self-development. - ANSWER women
,7. Which of the following terms describes a plan to exit a small business? -
ANSWER a harvest plan
8. Characteristics of an entrepreneurial firm start-up include all except - ANSWER
having over 100 employees
9. Which kind of business is not likely to be eligible for a microloan program? -
ANSWER telecommunication center
10. All of these are harvest plan strategies except - ANSWER Franchising
11. The United States Small Business Administration (SBA) was organized as a
part of - ANSWER the Small Business Act of July 30, 1953.
12. Which one of the following is a huge advantage for small business owners to
start a business? - ANSWER desire to be one's own boss
13. Identify a true statement about the history of entrepreneurial businesses in
the United States. - ANSWER The 1880s saw the initial development of the
nation's large industrial base.
14. Which of the following is a difference between large organizations and
entrepreneurial businesses? - ANSWER Unlike entrepreneurial businesses,
large organizations will regularly ignore business opportunities if they fail to
believe the results will generate high profits.
, 15. Owning a small business provides a means to meet varied demands that
individuals face in society. Which of the following is not a need mentioned in the
text's discussion of how society benefits from small business ownership? -
ANSWER Small business owners have greater ability to attract financing from
venture capital firms.
16. Which of the following was the outcome of the Great Depression of the
1930s? - ANSWER Entrepreneurial business as a percentage of the U.S.
economic output began to decline.
17. The break-even point is the time when a new business starts to profit from
incoming revenues. - ANSWER false
18. Unlike the owners of entrepreneurial ventures, the people who manage
operations at large, established corporations do not typically have substantial
ownership in the company. - ANSWER true
19. The unlimited theory suggests that individuals act to maximize their own
individual benefit.
Group starts - ANSWER false
20. Two triggers for staring a new business are talking to successful
entrepreneurs and being laid off from your job. - ANSWER true
21. New entrepreneurial businesses tend to have slack financial resources that
they can rely on, which gives them high flexibility in responding to emergencies.
Group starts - ANSWER false
