ENT-2113 EXAM LATEST COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS WITH
RATIONALES ALREADY GRADED A+
Threats to ________ are threats to the success of a new business related to its ability to
establish and maintain a high-margin product or service.
A. deficit gaps
B. profit margins
C. sales generation schemes
D. operational financing - Answer -B. profit margins
Large companies understand their customers more in the local area as compared to
small firms.
True or False - Answer -False
The owners and employees of entrepreneurial businesses have an understanding of the
local community not easily obtained by a large conglomerate.
T/F Close to 50 percent of the millionaires in the United States are entrepreneurs. -
Answer -True
The federal General Accounting Office did an analysis of the impact of the closure of
military bases and discovered that in the areas where military bases closed, the
unemployment rate was less than the national average. This is because of the starting
up of new small businesses in the areas. T/F - Answer -True
An entrepreneurial business's resources are less constrained than those of a venture
capital-backed business. T/F - Answer -false
An entrepreneurial business's resources are significantly more constrained than those
of a venture capital-backed business.
The business plan for a small business should be at least 50 pages long. T/F - Answer -
False
It is better to keep the length of the business plan for a small business between 15 to 25
pages.
The term ________ refers to the fact that women, like minorities, may be hired by large
firms but experience limits placed on their advancement.
"androcentric"
"glass cliff"
"grapevine"
"glass ceiling" - Answer -Glass Ceiling
,"glass ceiling" refers to the fact that women, like minorities, may be hired by large firms
but experience limits placed on their advancement. As a result, these women leave the
large firms and start their own businesses.
The development and implementation of a new business is part ________ and part
________.
art; science
resources; hard work
luck; skill
genius; hard work - Answer -art; science
The largest group of new business owners is ________.
women
Hispanics
retired men
Asians - Answer -women
What percentage of U.S. millionaires are self-employed?
33 1/3
50
66.7
25 - Answer -66.7
Almost two-thirds of U.S. millionaires are self-employed, although self-employed people
make up fewer than 20 percent of the workers in the United States.
What are the critical elements that an entrepreneur must solve for success?
sustainable operating profit margins
being properly financed
All of these choices are correct.
an effective sales generation model - Answer -All of these choices are correct.
Microloans have been in existence for years; they are most commonly made directly to
________ for self-development.
women
men
young adults
Hispanics - Answer -women
, Microloan programs have been in existence for years to encourage self-development.
These loans are often for only a few dollars each and are made directly to
entrepreneurs, often women.
Small companies have flourished in the United States because they
respond more quickly to their customers' needs.
often expand easily in mature industries.
employ more skilled people than larger businesses.
have better organizational policies and procedures. - Answer -respond more quickly to
their customers' needs.
dentify a true statement about the history of entrepreneurial businesses in the United
States.
Steel and automobile manufacturing in the United States flourished in the late 1970s
and early 1980s.
The 1880s saw the initial development of the nation's large industrial base.
The Great Depression of the 1930s was harder on mature businesses than on
entrepreneurial businesses.
Entrepreneurial businesses as a percentage of the U.S. economic output began to grow
exponentially following World War II. - Answer -The 1880s saw the initial development
of the nation's large industrial base.
The 1880s saw the initial development of the nation's large industrial base. Until the
mid-1880s, almost all U.S. businesses were still relatively small.
Which of the following is a difference between large organizations and entrepreneurial
businesses?
A. Unlike entrepreneurial businesses, large organizations have a better understanding
of the local community in which they conduct business.
B. Unlike entrepreneurial businesses, large organizations will regularly ignore business
opportunities if they fail to believe the results will generate high profits.
C. Unlike large organizations, entrepreneurial businesses do things more efficiently
because they are easily able to achieve economies of scale.
AND CORRECT DETAILED ANSWERS WITH
RATIONALES ALREADY GRADED A+
Threats to ________ are threats to the success of a new business related to its ability to
establish and maintain a high-margin product or service.
A. deficit gaps
B. profit margins
C. sales generation schemes
D. operational financing - Answer -B. profit margins
Large companies understand their customers more in the local area as compared to
small firms.
True or False - Answer -False
The owners and employees of entrepreneurial businesses have an understanding of the
local community not easily obtained by a large conglomerate.
T/F Close to 50 percent of the millionaires in the United States are entrepreneurs. -
Answer -True
The federal General Accounting Office did an analysis of the impact of the closure of
military bases and discovered that in the areas where military bases closed, the
unemployment rate was less than the national average. This is because of the starting
up of new small businesses in the areas. T/F - Answer -True
An entrepreneurial business's resources are less constrained than those of a venture
capital-backed business. T/F - Answer -false
An entrepreneurial business's resources are significantly more constrained than those
of a venture capital-backed business.
The business plan for a small business should be at least 50 pages long. T/F - Answer -
False
It is better to keep the length of the business plan for a small business between 15 to 25
pages.
The term ________ refers to the fact that women, like minorities, may be hired by large
firms but experience limits placed on their advancement.
"androcentric"
"glass cliff"
"grapevine"
"glass ceiling" - Answer -Glass Ceiling
,"glass ceiling" refers to the fact that women, like minorities, may be hired by large firms
but experience limits placed on their advancement. As a result, these women leave the
large firms and start their own businesses.
The development and implementation of a new business is part ________ and part
________.
art; science
resources; hard work
luck; skill
genius; hard work - Answer -art; science
The largest group of new business owners is ________.
women
Hispanics
retired men
Asians - Answer -women
What percentage of U.S. millionaires are self-employed?
33 1/3
50
66.7
25 - Answer -66.7
Almost two-thirds of U.S. millionaires are self-employed, although self-employed people
make up fewer than 20 percent of the workers in the United States.
What are the critical elements that an entrepreneur must solve for success?
sustainable operating profit margins
being properly financed
All of these choices are correct.
an effective sales generation model - Answer -All of these choices are correct.
Microloans have been in existence for years; they are most commonly made directly to
________ for self-development.
women
men
young adults
Hispanics - Answer -women
, Microloan programs have been in existence for years to encourage self-development.
These loans are often for only a few dollars each and are made directly to
entrepreneurs, often women.
Small companies have flourished in the United States because they
respond more quickly to their customers' needs.
often expand easily in mature industries.
employ more skilled people than larger businesses.
have better organizational policies and procedures. - Answer -respond more quickly to
their customers' needs.
dentify a true statement about the history of entrepreneurial businesses in the United
States.
Steel and automobile manufacturing in the United States flourished in the late 1970s
and early 1980s.
The 1880s saw the initial development of the nation's large industrial base.
The Great Depression of the 1930s was harder on mature businesses than on
entrepreneurial businesses.
Entrepreneurial businesses as a percentage of the U.S. economic output began to grow
exponentially following World War II. - Answer -The 1880s saw the initial development
of the nation's large industrial base.
The 1880s saw the initial development of the nation's large industrial base. Until the
mid-1880s, almost all U.S. businesses were still relatively small.
Which of the following is a difference between large organizations and entrepreneurial
businesses?
A. Unlike entrepreneurial businesses, large organizations have a better understanding
of the local community in which they conduct business.
B. Unlike entrepreneurial businesses, large organizations will regularly ignore business
opportunities if they fail to believe the results will generate high profits.
C. Unlike large organizations, entrepreneurial businesses do things more efficiently
because they are easily able to achieve economies of scale.
