ENT Final – Bolen Set Exam Tested
Questions & Reviewed Correct
Detailed Answers
New Update Study Material!!
1. What term is used to describe individuals or other organizations that impact
the success of a business?
a. capitalists
b. stakeholders
c. corporate managers
d. owners - ANSWER b. stakeholders
2. In the context of the initial developments of the industrial base in the United
States, which of the following statements is true about robber barons?
a. ensured that smaller corps. were effectively put out of business
b. quickly came to dominate new sectors of the economy
c. came to dominate industrial sectors that had existed historically
d. were unable to take advantage of econ. of scale that were possible - ANSWER
b. quickly came to dominate new sectors of the economy
3. The development and implementation of a new business is part __________ &
part ___________. - ANSWER art and science
4. Small companies have flourished in the U.S. because they?
,a. respond more quickly to customer needs
b. have better organizational policies/procedures
c. often expand easily in mature industries
d. employ more skilled people than large businesses - ANSWER a. respond
more quickly to customer needs
5. In the context of entrepreneurship around the world, identify a true statement
about microloans:
a. The repayment rate on such loans is typically 50%
b. Such loans typically see much lower repayment rate than most loans
c. The success of such loans has been substantial, w/ great strides being made in
many desperately poor nations
d. The failure of such loans has resulted in a decr. dedication of the U.S. aid
budget to microloans for developing nations - ANSWER c. The success of such
loans has been substantial, w/ great strides being made in many desperately poor
nations
6. The success of entrepreneurial business occurs partially because they are
___________. - ANSWER more focused than their large corporate
counterparts
7. You should not use a cookie-cutter business plan program because:
a. a good plan is best developed by the individual contemplating the business, not
by a paid consultant
b. each business plan should have its own voice, feel, & presentation
c. all of these answers are correct
, d. potential investors are often family members, which makes it critical that the
entrepreneur seeks to ensure the chances of the success by doing thorough
planning/thinking - ANSWER c. all of these answers are correct
8. Years ago, economists mistakenly predicted that small businesses would -
ANSWER be replaced by a smaller number of big businesses
9. 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
discussion of how society benefits from small business ownership?
a. all of these answers choices are correct
b. entrepreneurs prefer the flexibility to deal w/ the needs of family/kids that
business ownership provides
c. small business owners have greater ability to attract financing from venture
capital firms
d. small business owners leave big businesses because of the lack of promotion
opportunities - ANSWER c. small business owners have greater ability to
attract financing from venture capital firms
10. What term is used to describe Walmart's ability to purchase more advertising
space at a lower cost per ad?
a. buying bonus
b. volume excess
c. economies of scale
d. advertising bonus - ANSWER c. economies of scale
Questions & Reviewed Correct
Detailed Answers
New Update Study Material!!
1. What term is used to describe individuals or other organizations that impact
the success of a business?
a. capitalists
b. stakeholders
c. corporate managers
d. owners - ANSWER b. stakeholders
2. In the context of the initial developments of the industrial base in the United
States, which of the following statements is true about robber barons?
a. ensured that smaller corps. were effectively put out of business
b. quickly came to dominate new sectors of the economy
c. came to dominate industrial sectors that had existed historically
d. were unable to take advantage of econ. of scale that were possible - ANSWER
b. quickly came to dominate new sectors of the economy
3. The development and implementation of a new business is part __________ &
part ___________. - ANSWER art and science
4. Small companies have flourished in the U.S. because they?
,a. respond more quickly to customer needs
b. have better organizational policies/procedures
c. often expand easily in mature industries
d. employ more skilled people than large businesses - ANSWER a. respond
more quickly to customer needs
5. In the context of entrepreneurship around the world, identify a true statement
about microloans:
a. The repayment rate on such loans is typically 50%
b. Such loans typically see much lower repayment rate than most loans
c. The success of such loans has been substantial, w/ great strides being made in
many desperately poor nations
d. The failure of such loans has resulted in a decr. dedication of the U.S. aid
budget to microloans for developing nations - ANSWER c. The success of such
loans has been substantial, w/ great strides being made in many desperately poor
nations
6. The success of entrepreneurial business occurs partially because they are
___________. - ANSWER more focused than their large corporate
counterparts
7. You should not use a cookie-cutter business plan program because:
a. a good plan is best developed by the individual contemplating the business, not
by a paid consultant
b. each business plan should have its own voice, feel, & presentation
c. all of these answers are correct
, d. potential investors are often family members, which makes it critical that the
entrepreneur seeks to ensure the chances of the success by doing thorough
planning/thinking - ANSWER c. all of these answers are correct
8. Years ago, economists mistakenly predicted that small businesses would -
ANSWER be replaced by a smaller number of big businesses
9. 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
discussion of how society benefits from small business ownership?
a. all of these answers choices are correct
b. entrepreneurs prefer the flexibility to deal w/ the needs of family/kids that
business ownership provides
c. small business owners have greater ability to attract financing from venture
capital firms
d. small business owners leave big businesses because of the lack of promotion
opportunities - ANSWER c. small business owners have greater ability to
attract financing from venture capital firms
10. What term is used to describe Walmart's ability to purchase more advertising
space at a lower cost per ad?
a. buying bonus
b. volume excess
c. economies of scale
d. advertising bonus - ANSWER c. economies of scale
