ENT 2113 Exam COMPLETE QUESTIONS AND
CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS) ALREADY GRADED A+
A critical element that an entrepreneur must solve for success is to develop the ability to
generate consistent and growing sales.
a. true
b. false - Answer -true
Heather Schuck, owner of Glamajama, is an example of how women can concentrate
on more than one facet of life.
a. true
b. false - Answer -true
The presence of venture capital for start-ups is limited outside of the United States.
a. true
b. false - Answer -true
Every business that has been documented in the Fortune 500 list began as a new
venture by a single individual or a small group of people.
a. true
b. false - Answer -true
A customer of a small business could be considered an important stakeholder to the
success of a company.
a. true
b. false - Answer -true
________ aid(s), counsel(s), assist(s), and protect(s) the interests of small business
concerns.
a. Medium-sized businesses
b. Fortune 500 companies
c. the U.S. Small Business Administration
d. Stakeholders - Answer -c. the U.S. Small Business Administration
The development and implementation of a new business is part ________ and part
________.
a. art; science
b. luck; skill
c. genius; hard work
d. resources; hard work - Answer -a. art; science
During the 1970s and 1980s, the ________ occupied the dominant economic position in
the world.
,a. Americans
b. Germans
c. Russians
d. Japanese - Answer -d. Japanese
Microloans have been in existence for years; they are most commonly made directly to
________ for self-development.
a. young adults
b. men
c. Hispanics
d. women - Answer -d. women
Until the mid-1880s, almost all U.S. businesses were ________.
a. indifferent
b. small
c. medium
d. large - Answer -b. small
The United States Small Business Administration (SBA) was organized as a part of
a. the Small Business Agency of 1960
b. the Small Business Administration Law
c. the Small Business Act of 1950
d. the Small Business Act of July 30, 1953 - Answer -d. the Small Business Act of July
30, 1953
Which of the following is true of robber barons in the context of the history of
entrepreneurial businesses in the United States?
a. They were responsible for the failure of several small businesses.
b. They failed to take advantage of the economies of scale
c. The indulged in great abuses in order to succeed in their business.
d. They dominated those industrial sectors that were already well-established. - Answer
-c. The indulged in great abuses in order to succeed in their business.
The success of entrepreneurial businesses occurs partially because they are ________.
a. characterized by corporate layers of management
b. responsbile to public stockholders
c. invested heavily in policies and procedures
d. more focused than their large corporate counterparts - Answer -d. more focused than
their large corporate counterparts
Which of the following statements is true about venture capital start-ups?
a. They refrain from developing operations in multiple locations very shortly after the
initial investment.
b. They ensure that the business is oriented toward the personal goals of the founders.
c. They have a management structure designed to take advantage of the skills of the
founder or founders.
, d. They are funded by angel investors who invest more than $2 million and expect
extraordinary returns. - Answer -d. They are funded by angel investors who invest more
than $2 million and expect extraordinary returns.
Which of the following was the outcome of the Great Depression of the 1930s?
a. Entrepreneurial business as a percentage of the U.S. economic output began to
decline.
b. It was harder on larger more mature businesses than on entrepreneurial businesses.
c. The government deregulated all small and medium-sized enterprises.
d. It led to the initial development of a large industrial base in the United States. -
Answer -a. Entrepreneurial business as a percentage of the U.S. economic output
began to decline.
Small companies have flourished in the United States because they
a. respond more quickly to their customers' needs
b. have better organizational policies and procedures
c. employ more skilled people than larger businesses
d. often expand easily in mature industries - Answer -a. respond more quickly to their
customers' needs
The Myers-Briggs test is used for personality evaluations.
a. true
b. false - Answer -a. true
One of the negative aspects to being the owner of a family business has to do with firing
a family member.
a. true
b. false - Answer -a. true
Family members are in a unique position to keep an individual focused on pursuing the
wrong approach to an issue.
a. true
b. false - Answer -b. false
An entrepreneur should use personality tests to determine his or her capability for
starting a business.
a. true
b. false - Answer -b. false
The owner must be aware of his or her own tolerance of risk and establish a business
that is consistent with that tolerance.
a. true
b. false - Answer -a. true
Some communities offer facilities that house new businesses and provide resources for
them. These are called ________.
CORRECT DETAILED ANSWERS WITH RATIONALES
(VERIFIED ANSWERS) ALREADY GRADED A+
A critical element that an entrepreneur must solve for success is to develop the ability to
generate consistent and growing sales.
a. true
b. false - Answer -true
Heather Schuck, owner of Glamajama, is an example of how women can concentrate
on more than one facet of life.
a. true
b. false - Answer -true
The presence of venture capital for start-ups is limited outside of the United States.
a. true
b. false - Answer -true
Every business that has been documented in the Fortune 500 list began as a new
venture by a single individual or a small group of people.
a. true
b. false - Answer -true
A customer of a small business could be considered an important stakeholder to the
success of a company.
a. true
b. false - Answer -true
________ aid(s), counsel(s), assist(s), and protect(s) the interests of small business
concerns.
a. Medium-sized businesses
b. Fortune 500 companies
c. the U.S. Small Business Administration
d. Stakeholders - Answer -c. the U.S. Small Business Administration
The development and implementation of a new business is part ________ and part
________.
a. art; science
b. luck; skill
c. genius; hard work
d. resources; hard work - Answer -a. art; science
During the 1970s and 1980s, the ________ occupied the dominant economic position in
the world.
,a. Americans
b. Germans
c. Russians
d. Japanese - Answer -d. Japanese
Microloans have been in existence for years; they are most commonly made directly to
________ for self-development.
a. young adults
b. men
c. Hispanics
d. women - Answer -d. women
Until the mid-1880s, almost all U.S. businesses were ________.
a. indifferent
b. small
c. medium
d. large - Answer -b. small
The United States Small Business Administration (SBA) was organized as a part of
a. the Small Business Agency of 1960
b. the Small Business Administration Law
c. the Small Business Act of 1950
d. the Small Business Act of July 30, 1953 - Answer -d. the Small Business Act of July
30, 1953
Which of the following is true of robber barons in the context of the history of
entrepreneurial businesses in the United States?
a. They were responsible for the failure of several small businesses.
b. They failed to take advantage of the economies of scale
c. The indulged in great abuses in order to succeed in their business.
d. They dominated those industrial sectors that were already well-established. - Answer
-c. The indulged in great abuses in order to succeed in their business.
The success of entrepreneurial businesses occurs partially because they are ________.
a. characterized by corporate layers of management
b. responsbile to public stockholders
c. invested heavily in policies and procedures
d. more focused than their large corporate counterparts - Answer -d. more focused than
their large corporate counterparts
Which of the following statements is true about venture capital start-ups?
a. They refrain from developing operations in multiple locations very shortly after the
initial investment.
b. They ensure that the business is oriented toward the personal goals of the founders.
c. They have a management structure designed to take advantage of the skills of the
founder or founders.
, d. They are funded by angel investors who invest more than $2 million and expect
extraordinary returns. - Answer -d. They are funded by angel investors who invest more
than $2 million and expect extraordinary returns.
Which of the following was the outcome of the Great Depression of the 1930s?
a. Entrepreneurial business as a percentage of the U.S. economic output began to
decline.
b. It was harder on larger more mature businesses than on entrepreneurial businesses.
c. The government deregulated all small and medium-sized enterprises.
d. It led to the initial development of a large industrial base in the United States. -
Answer -a. Entrepreneurial business as a percentage of the U.S. economic output
began to decline.
Small companies have flourished in the United States because they
a. respond more quickly to their customers' needs
b. have better organizational policies and procedures
c. employ more skilled people than larger businesses
d. often expand easily in mature industries - Answer -a. respond more quickly to their
customers' needs
The Myers-Briggs test is used for personality evaluations.
a. true
b. false - Answer -a. true
One of the negative aspects to being the owner of a family business has to do with firing
a family member.
a. true
b. false - Answer -a. true
Family members are in a unique position to keep an individual focused on pursuing the
wrong approach to an issue.
a. true
b. false - Answer -b. false
An entrepreneur should use personality tests to determine his or her capability for
starting a business.
a. true
b. false - Answer -b. false
The owner must be aware of his or her own tolerance of risk and establish a business
that is consistent with that tolerance.
a. true
b. false - Answer -a. true
Some communities offer facilities that house new businesses and provide resources for
them. These are called ________.
